Macro Markets: Creating Institutions for Managing Society’s Largest Economic Risks.

SHILLER, Robert J.

$750.00

Item Number: 130611

Oxford: Oxford University Press, 1993.

First edition of this classic work by the Nobel Prize-winning economist and winner of the first Paul A. Samuelson Award. Octavo, original cloth. Signed and dated by the author on the title page, “Robert J. Shiller Oct. 8, 2015.” Fine in a near fine dust jacket.

Arguing that we have largely inadequate financial markets, dealing with relatively small risks, Robert Shiller makes a unique set of proposals for marketizing the biggest economic risks faced by society today, risks that really matter to most people. The new markets could diminish the impact of international economic fluctuations and reduce the inequality of wealth. He proposes new international markets for claims on national incomes, on components and aggregates of national incomes, and for property such as real estate, and argues that these markets might dwarf our stock markets in their activity and significance. "A brilliant new book that I highly recommend" (Peter L. Bernstein).