Do sistema financeiro ao “animal spirit”

Shiller argues that financial theory possesses intrinsic beauty linked to symmetry, which transcends mere market equilibrium. He emphasizes the connection between inequality and risk analysis, highlighting how excessive debt leads to financial crises and systemic effects, often relying on governments for salvation. Shiller critiques the focus on profit maximization for managers, suggesting that self-esteem preservation is paramount. He references Fama's controversial conclusion that stock speculation perfects market prices. The psychological aspect, or 'animal spirit,' influences both investors and consumers, with positional consumption reflecting social status. Shiller proposes a progressive consumption tax to mitigate negative effects, considering marginal propensity to consume based on income.