With a new Afterword on the current state of the stock market, the ongoing debate over the “new economy,” and the larger implications of “irrational exuberance.”

In this controversial, hard-hitting account of today’s explosive market, Robert J. Shiller, a leading expert on market volatility, evokes Alan Greenspan’s infamous 1996 reference, “irrational exuberance,” to explain the alternately soaring and declining stock market. Shiller’s unconventional yet persuasive argument credits an unprecedented confluence of events with driving stocks to uncharted heights, and he analyzes the structural, cultural, and psychological factors behind these levels of growth not reflected in any other sector of the economy. Now more relevant than ever, this analysis is both chilling and convincing—a must-read for the individual investor, the policy maker, and the investment professional.


From the Trade Paperback edition.
New York Times Bestseller

"Should be compulsory reading for anybody interested in Wall Street or financially exposed to it."
The Economist

"The national bestseller that revolutionized the way we think about the stock market"
—Robert J. Shiller

“A dose of realism that serious investors will ignore at their peril.”
The Wall Street Journal

One of Business Week’s Ten Best Business Books of 2000

Irrational Exuberance [is] a dazzling, richly textured, provocative book…by far the most important book about the stock market since Jeremy J. Siegel’s 1994 Stocks for the Long Run, offering a cogent statement of the bears’ view of events to come. Shiller is not merely a bear—he is a grizzly.”
Business Week


From the Trade Paperback edition.