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Hidden Brain

Hidden Brain Media

Arts, Science, Performing Arts, Social Sciences

4.6 • 40.4K Ratings

🗓️ 4 November 2019

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Can we affect the rise and fall of the economy? This week on Hidden Brain, we talk with Nobel Prize-winning economist Robert Shiller about the powerful ways in which stories and psychology shape our economic lives. He argues that narratives affect not just the purchases we make as individuals, but the fate of our entire economic system.

Transcript

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0:00.0	This is Hidden Brain, I'm Shankar Vedanta.
0:03.0	We begin today with the story of an economic bubble,
0:07.0	or to be more precise, Armenia.
0:10.0	Helpinthekop, helpinthekop, helpinthekop.
0:13.0	This mania took place in Amsterdam in the 1630s.
0:18.0	Picture a city of canals, elegant townhouses,
0:22.0	and a populace obsessed with one thing.
0:25.0	Helpinthekop, helpinthekop, helpinthekop.
0:27.0	Tulips.
0:30.0	Best purchase of your life, helpinthekop.
0:33.0	Amsterdam was the site of a big flowers market.
0:36.0	It still is.
0:37.0	People would trade tulips,
0:39.0	and there were some tulips that were especially beautiful,
0:43.0	they thought.
0:44.0	And so people wanted those,
0:46.0	and the price started going up.
0:48.0	This is economist Robert Schiller,
0:50.0	and when he says prices started going up,
0:52.0	what he means is,
0:54.0	they started going up a lot.
0:56.0	People were getting rich, trading in tulips.
	...

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