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American Economic Review: Vol. 103 No. 3 (May 2013)


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Reflections on Finance and the Good Society

Article Citation

Shiller, Robert J. 2013. "Reflections on Finance and the Good Society." American Economic Review, 103(3): 402-05.

DOI: 10.1257/aer.103.3.402


The concept of the Good Society--grounded in principles of reciprocity and the Golden Rule--is as ancient as human civilization. To many the concept may appear in conflict with the goings-on of financial markets. This may be especially true after the financial crisis. Financial theory and financial legislation cannot ignore this apparent conflict, but must instead find ways to reduce it. When teaching economics it is important to convey how individuals and organizations impose rules and standards which help reconcile their deeply-held beliefs with their business practices.

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Shiller, Robert J. (Yale U)

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G01: Financial Crises
G10: General Financial Markets: General (includes Measurement and Data)

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