The Case-Shiller Index is the last word on US home prices. Now, how many modern day economists can boast of having an index named after them? However, Robert Shiller is not the bragging type for he knows financial history inside out. Charles Dow managed that distinction along with Edward Jones, but that was over a century ago and they were both financial journalists who went on to create The Wall Street Journal. Not that Shiller had a smooth run. After calling the top of the dot-com boom, he was in danger of looking like a one-trick pony as his prediction in 2005 about a housing crisis took its own time coming. The crisis did come and it’s after effects are still being felt. Hence investors made a beeline when he visited India for the first time. When we finally meet him, Shiller mentions that he is as jetlagged and groggy when he arrived as he has been rushing into “meeting after meeting”. His sleepy demeanor belies his prescient understanding of market bubbles, but during our interaction, he lets it slip that Mumbai’s real estate market has him foxed. Well then, Professor Shiller, welcome to the club.
"Bubbles only burst after the critics of the bubble have been discredited...
Robert Shiller, professor of Economics, Yale University
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