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Finance and the Good Society by Robert J. Shiller

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Chapter 17

Trustees and Nonprofit Managers

Trustees manage portfolios to support others’ causes—causes that tend to outlive their clients, the people who defined them. Nonprofit organizations make grants or undertake activities in support of a cause. They enable people to see to it that their purposes are carried forward on a large scale and over a long time frame, though not always as perfectly as they might have wished. Defining such institutions is a difficult financial problem, but one with which we, at this point in history, have had some success.

Trustees Make Long-Term Purposes Achievable

Most human goals have an implicit time frame, and many goals cannot be achieved without consistent activity over a long period of time.

Trust companies, ...

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