Robert Shiller, the Sterling Professor of Economics and professor of finance, was presented with the Global Economy Prize at the Kiel Institute for the World Economy in Kiel, Germany, on June 17.
The award, presented by the Kiel Institute for the World Economy, the city of Kiel, and the Schleswig-Holstein Chamber of Commerce, “is meant to honor those who have proposed creative, pathbreaking initiatives to deal with globalization and who dare envision a more wholesome future by addressing the global problems of our time.”
The institute said that Shiller “is known for challenging and refuting the conventional view in economics of rational investors and efficient markets that are self-correcting and always return to equilibrium.”
A winner of the 2013 Nobel Prize in Economic Sciences, Shiller is known for his research and writing on behavioral economics, financial bubbles, and real estate, among other areas. His books include Phishing for Phools: The Economics of Manipulation and Deception (2015), Finance and the Good Society (2012), Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism (2009), Subprime Solution: How the Global Financial Crisis Happened, and What to Do about It (2008), and Irrational Exuberance (2000).
Other 2018 winners of the Global Economy Prize included Klaus Martin Schwab, the founder of the World Economic Forum in Davos, Switzerland, and Bas van Abel, the founder and CEO of Fairphone B.V., a maker of socially and environmentally sustainable smartphones.