Robert Shiller: A Picture Tells a Thousand Words

… It seemed to me that economists often seemed to live in a rarefied world. Often, there are very simple explanations of why people do what they do, and economists ignore them. … I didn’t have a complete affection for this rational expectations theory. It was something to work on at that time. I didn’t fully believe that people could be so calculating in their expectations.
—Robert J. Shiller, in an interview by John Y. Campbell (PDF) Macroeconomic Dynamics, 2004, as presented by the Cowles Foundation for Research in Economics, Yale University

Robert Shiller has won the Nobel Prize in Economics, with Eugene F. Fama and Lars Peter Hansen. Their prize is the most accessible award in decades. Their work directly affects your future.