Robert Shiller: Pandemic of fear could tip economy into a depression (via TradingNation)
Nobel-prize winning economist Robert Shiller warns a pandemic of fear could tip the economy into an undeserved depression.
Shiller, an expert in how our emotions drive financial decisions, finds the sheer volume of chatter surrounding depression risks due to the coronavirus could severely hurt the economy. "This isn't the same story as the Great Depression. The Great Depression lasted ten years. They didn't have an unemployment rate under 12% until the decade was over," the Yale University professor told CNBC's "" on Thursday. "It's a popular narrative. But this is a pandemic. It shouldn't last ten years. It should be over in one or two years."
Even though he suggests there are few parallels between the 1930s and now, Shiller contends there's no question the downturn will be severe.Shiller, who wrote the 2019 book "
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