Economics Archives

Closing Pharmacies Across the US Spark Panic

Why are many US pharmacies closing? What does that mean for the local communities? Major pharmacy chains like Rite Aid, CVS, and Walgreens are closing hundreds of stores, creating “pharmacy deserts.” Continued pharmacy closures could exacerbate healthcare disparities, necessitating new approaches for equitable access to vital medications and health services in all communities. Continue reading to learn about the reason for the closing pharmacies and the potential effects.

Robert Shiller’s Narrative Economics: Overview & Takeaways

What can we learn about economics by taking a “narrative” approach? How can such a perspective help us predict future economic events? Robert Shiller’s Narrative Economics acknowledges that numbers and statistics often take center stage in economics. But, we often overlook the influence of narratives and popular ideas. The book shows what we can learn about economics when we consider these additional factors. Continue reading for an overview of this book that encourages us to look broader and deeper to understand our world.

Robert Shiller: Bitcoin’s Value Is Tied to Its Narrative

Do you own Bitcoin or other cryptocurrency? Is investing in Bitcoin a good idea? According to Robert Shiller, Bitcoin provides an excellent example of the power of an economic narrative. He explains the fascinating Bitcoin narrative within a larger discussion of how we understand and predict economic behaviors in a qualitative rather than quantitative way. Read more to learn about the Bitcoin narrative and why it’s compelling to so many.

Economic Growth of the 1920s and 1950s: New-Era Thinking

What caused the economic growth of the 1920s? In what ways was this similar to the 1950s economic boom? The economic growth of the 1920s and the 1950s economic boom was caused by “new era” economics, a mindset where investors began to believe that market growth would continue for a long period of time due to cultural changes. To understand why these booms happened, you need to understand this mindset. Learn what caused the economic growth of the 1920s and 1950s and how new-era thinking contributed.

What Makes Something Go Viral? 5 Reasons Ideas Catch On

What makes something go viral? Why do some ideas catch on when others don’t? Economist Robert J. Shiller contends that narratives drive behavior far more than we might realize. He outlines five factors that contribute to the widespread dissemination of economic narratives: memorable visuals, emotional resonance, influential endorsers, holistic explanations, and a human-centric focus. Continue reading to understand these virality factors that apply to narratives of all kinds.

Stock Market Speculation & the 2 Types of Psychological Anchors

What causes stock market speculation? How do psychological anchors influence investors? Stock market speculation is influenced by psychological anchors, both quantitative and moral, which ground an investor’s decisions even more than recent news about company performance. Taking a look at how these anchors work gives insight into why certain stocks grow and when. Let’s take a look at how quantitative and moral psychological anchors and how they influence stock investors.

Gold Standard vs. Fiat Currency: Is the Issue Just Psychological?

Which is better—the gold standard or fiat currency? Could you make a sound economic argument for your position? In Narrative Economics, economist Robert J. Shiller argues that human beliefs and actions, rather than numbers and statistics, ultimately drive economics. Specifically, he writes that beliefs about the gold standard are part of a recurring American economic narrative. Read more to learn Shiller’s take on the gold standard vs. fiat currency debate.

Tips on Investing in Stocks: How to Avoid Overspeculation

What are some tips on investing in stocks? How can you avoid being caught in a speculative bubble? The best tips on investing in stocks include recognizing overpriced assets in the market and diversifying your portfolio. To avoid overpaying for stocks, you should consider these factors more in-depth. Learn why stocks become overpriced and how to avoid losing money in investments.

Machines Taking Over Jobs: A Tale as Old as Time

Are you worried that you’ll lose your job to a machine? What’s the historical precedence for this concern? Economist Robert J. Shiller points to several narratives that tap into fundamental themes that have shaped our collective understanding of past economic events. In turn, the narratives themselves come to have a profound influence on future events. One of these narratives entails machines taking over jobs. Keep reading to learn about this recurring economic narrative that provides some needed perspective.

2 Narratives Borne Out of Elon Musk’s Charismatic Leadership

Why is there a market for electric vehicles? Why are people venturing into the arena of space travel? Economist Robert J. Shiller asserts that certain narratives take off and take hold because they receive influential endorsements. He credits the charismatic leadership of Elon Musk for two of these economic narratives. Keep reading to learn how Elon Musk’s charismatic leadership has captured our imagination in two sectors of the economy.