Narrative economics

Shiller has always said that economic trends were driven as much by feeling as fact. Now he’s taking the argument further with the notion that certain stories catch hold in the public imagination, and then set in motion specific economic events or even long-lasting trends (one fascinating titbit is that the Great Depression may have been prolonged by the very Puritan behaviour that it encouraged, as a broad economic story developed around the morality and necessity of thrift).

https://finance.yahoo.com/m/5da755c6...html?.tsrc=rss