It’s often said that asset markets are driven by greed and fear. Professor Robert Shiller is in no doubt which of the two is in control right now. The Nobel laureate and best-selling author thinks the credit crisis, rising inequality and the relentless march of technology are making investors around the world nervous.
“People are fundamentally worried about what kind of income they will have — or that their children will have — in 30 or 40 years,” he says.
This is in marked contrast to what he calls “the millennium boom” — the run-up in markets in the late 1990s — and the “ownership society boom” that ran from about 2000 to 2007.
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