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September 19@resfoundation 1#NarrativeEconomics
Fake news, real economy
Can stories drive economic events?
Robert J. Shiller, author and Nobel Prize-winning economist
Dharshini David, author and BBC Economics correspondent
Chair: Torsten Bell, Chief Executive of the Resolution Foundation (Chair)
@resfoundation
“Most [decisions]… can only be taken as a result of animal spirits — of a
spontaneous urge to action rather than inaction, and not as the outcome
of a weighted average of quantitative benefits multiplied by quantitative
probabilities.”
John Maynard Keynes
The General Theory of Employment Interest and Money (1936)
2
3
Today’s narrative?
Personal financial and general economic optimism compared to growth in GDP per capita
@resfoundation
Notes: (a) Question: ‘How do you expect the financial position of your household to change over the next 12 months?’. (b) Question: ‘How do you expect the
general economic situation of this country to develop over the next 12 months?’. Chart uses 12 month rolling averages.
Source: RF analysis of GfK/ EC & ONS

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Fake news, real economy: Can stories drive economic events?

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  • 2. @resfoundation “Most [decisions]… can only be taken as a result of animal spirits — of a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of quantitative benefits multiplied by quantitative probabilities.” John Maynard Keynes The General Theory of Employment Interest and Money (1936) 2
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