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Reflections on Finance and the Good Society

Listed author(s):
  • Robert J. Shiller

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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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.103.3.402
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File URL: http://www.aeaweb.org/aer/ds/may2013/P2013_0245_ds.zip
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Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 103 (2013)
Issue (Month): 3 (May)
Pages: 402-405

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Handle: RePEc:aea:aecrev:v:103:y:2013:i:3:p:402-05
Note: DOI: 10.1257/aer.103.3.402
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References listed on IDEAS
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  1. Ernst Fehr & Simon G├Ąchter, 2000. "Fairness and Retaliation: The Economics of Reciprocity," Journal of Economic Perspectives, American Economic Association, vol. 14(3), pages 159-181, Summer.
  2. Claire A. Hill, 1997. "Securitization: A Low-Cost Sweetener For Lemons," Journal of Applied Corporate Finance, Morgan Stanley, vol. 10(1), pages 64-71.
  3. Alvin E. Roth, 2007. "Repugnance as a Constraint on Markets," Journal of Economic Perspectives, American Economic Association, vol. 21(3), pages 37-58, Summer.
  4. Robert J. Shiller, 2012. "Finance and the Good Society," Economics Books, Princeton University Press, edition 1, number 9652, June.
  5. Kuran, Timur, 1996. "The Discontents of Islamic Economic Morality," American Economic Review, American Economic Association, vol. 86(2), pages 438-442, May.
  6. Gorton, Gary B., 2010. "Slapped by the Invisible Hand: The Panic of 2007," OUP Catalogue, Oxford University Press, number 9780199734153.
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