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Finance and the Good Society by Robert J. Shiller

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Chapter 14

Educators

At this point we have discussed the most central roles and responsibilities in the financial world, and we now move to some of those on its periphery. But peripheral does not mean less important, merely less involved in day-to-day operations. Educators are of central importance to the functioning of the financial system. Delicate as the proper functioning of the system is, it requires some understanding of the origins of its institutions, its practices, and their purpose, and a sense of how one’s own career can fit into that picture.

Errors by educators in recent decades seem to have played an important role in the severe financial crisis that began in 2007. In particular, the efficient markets theory was oversold to students, ...

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