Dear Potential Learner,
Please take some time to read through this note before deciding to enroll.
This course, Narrative Economics, is relatively short and proposes a simple concept: we need to incorporate the contagion of narratives into our economic theory. You can think of narratives as stories that shape public beliefs, which in turn influence our decision making. Understanding how people arrived at certain decisions in the past can aid our understanding of the economy today and improve our forecasts of the future.
Popular thinking heavily influences our answers to questions such as how much to invest, how much to spend or save, whether to go to college or take a certain job, and many more. Narrative economics is the study of the viral spread of popular narratives that affect economic behavior. I believe incorporating these ideas into our research must be done both to improve our ability to anticipate and prepare for economic events and help us structure economic institutions and policy. Until we better incorporate it into our methods of analysis and forecasting, we remain blind to a very real, very palpable, very important mechanism for economic change. Even in the dawning age of the Internet and artificial intelligence, so long as people remain ultimately in control, human narratives will matter. Maybe they will especially matter as the new technology exploits human weaknesses and creates new venues for narrative contagion. If we do not understand the epidemics of popular narratives, we cannot fully understand changes in the economy and in economic behavior.
The course is broken into 4 modules:
Part I introduces basic concepts and demonstrates how popular stories change over time to affect economic outcomes, including recessions, depressions and inequality as well as effective inspiration and growth.. These stories can be observed from diverse sources such as politics, the media, or even popular songs.
Part II seeks to answer why some stories go viral, while others are quickly forgotten, by defining our narrative theory more firmly. This module enumerates and explores a list of seven propositions to help discipline any analysis of economic narratives.
Part III examines nine perennial narratives that have proved their ability to influence important economic decisions. They include narratives regarding artificial intelligence, stock market bubbles, and job insecurity.
Part IV looks to the future and highlights the opportunities for consilience in Narrative Economics. We share some thoughts about where narratives are taking us at this point in history and what kind of future research could improve our understanding of them.
This course offers only the beginnings of a new idea and a few suggestions for how it could be used by economists and financial professionals. The tone is not prescriptive or authoritative, as perhaps my Coursera course, Financial Markets, is in places. It represents the beginning of the journey (epidemic). This course is my way of floating the “germ” of this idea out into the broader community of not only professionals but of anyone who is interested in discovering how and why things become “important” to us as a society. I hope some of you will become infected by this idea, mutate it, spread it, and advance it. The beginning of the journey is the easy part. The challenge will come in taking these concepts to the next level. We have the tools to incorporate narratives into our research and the moral obligation to act; only the work remains.
- Robert J. Shiller
Status: Social Studies
Social Studies
Status: Financial Forecasting
Financial Forecasting
Beginner·Course·6 hours
Featured reviews
5.0
·Reviewed Jan 31, 2024
Prof. Shiller presented an interesting way to look at economic issues. This is a much more approachable way of viewing economic problems.
5.0
·Reviewed Sep 12, 2023
Absolutely fascinating and delightful. Very engaging lessons, excellent resources, and highly effected quizzes and tests.
5.0
·Reviewed Apr 18, 2023
Great intro to using Google Ngrams, excellent historical context for presenting the argument of narrative causality effects on trends, popular opinion and societal shifts.
5.0
·Reviewed Dec 18, 2024
Prof Robert is an engaging instructor to help learners grasp the concepts and applications by scaffolding the topics easy to understand and apply.
5.0
·Reviewed Jul 30, 2023
Great professor and great content. The topics inspired me to start thinking differently about economic and personal narratives. I highly recommend this course.
5.0
·Reviewed Aug 15, 2023
Thank you so much yale university. I AM VERY THANKFUL TO YOUR GREAT EFFORTS ON YOUR INVOLVEMENT IN MY STUDIES . Which lead my career to start a journey.
5.0
·Reviewed Jul 4, 2023
Thanks Prof Robert Shiller for putting together this wonderful course and offering it for free. I really enjoyed learning about Narrative Economics.
5.0
·Reviewed Apr 16, 2023
A great way to learn more about what is happening in an economy. Another example of why economics should be much more than math.
5.0
·Reviewed Jun 21, 2023
I just loved the course, it is extremely insightful and really pushes you ti see major economic events through a new lenses..
4.0
·Reviewed May 11, 2023
A great introduction to the new field of Narrative Economics, A must course to understand how Narratives influence our everyday life and Economics.
4.0
·Reviewed Jun 27, 2023
This short course is not as useful as Prof. other class Financial Markets but thank you for introducing the new concept for narrative economics to me
5.0
·Reviewed Aug 6, 2023
Prof. Robert Shiller is something more than an economist. It's my dream to attend some of his live classes. He's extremely elegant person.
All reviews
Showing: 19 of 248
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Most Helpful
T
Tanya
5.0
·Reviewed Apr 14, 2023
This course is packed with cross-disciplinary insights into how narratives shape our decision-making behavior and choices in economics. It gives a good overview of some of the most popular and perennial narratives and how they change over time with historical and current-time examples. It's a great course for someone who wants to deepen their understanding of economic,s current affairs, communication, narrative and behavioral studies.
F
Felix
5.0
·Reviewed Aug 18, 2023
It's a real good course full of history lessons and its narrative expressions that have forged our current economy! The Professor explains everything very clearly and makes it a very fun experience!
E
Eric
5.0
·Reviewed May 1, 2023
I am a huge fan of Prof Shiller and he has had a remarkable and influential career. This course is a cri de coeur for the continued exploration of the role of narrative in economics. He would like economics to take more account of stories. And he has an empirical tool, Google ngrams, which allows him to look at the prevalence of different words and phrases over time. This is a lot of fun and interesting. And leads to many hours of random investigation - which it is clear that Prof Shiller has undertaken.
Prof Shiller also borrows from epidemiology to discuss "contagion" of narratives, but either this one petered out or I missed something, as I'm not quite sure what to do with the linkage.
It's still early days for narrative economics. I would have welcomed a definition or taxonomy of narratives, as well as perhaps a discussion of different types of contagion. (Prof Shiller does lay out a few types of narratives along with the dynamics of them, but I was hoping for something that would enable us to define and classify narratives.
Thanks Prof Shiller for all your great work.
S
Sutapa
5.0
·Reviewed Aug 11, 2023
Professor Shiller is delightful both in how he presents and his materials. I can imagine him in the Yale Neuroscience library deep into narratives of how the brain works or doesn't work. He is absolutely right about Consilience of knowledge and that people who get a good or great liberal arts education have the potential to become future leader. A bachelor's in business or journalism may seem like a path to get a great initial job but that level of specialization doesn't prepare you when you want to switch careers or climb the corporate ladder to management. People who are consilient are better prepared.
The initial chapters on narratives, their strengths and weaknesses, their ability to last, all are presented in a beautiful way.
Thanks, Prof. Shiller
Y
Yao
5.0
·Reviewed Feb 13, 2025
The professor conducted the lectures in a way that felt truly natural, almost as if we were in a real classroom setting. Many online lecturers tend to appear rigid or overly scripted in front of the camera, but this course maintained an authentic teaching style. The lectures were not only insightful but also introduced practical research methods and fun, real-world examples. Highly recommended!
J
Jodi
5.0
·Reviewed May 7, 2023
This was a wonderful course. I learned what narrative economics means and the importance of narratives in a field that has traditionally not used them much. It has broaden my outlook and understanding of some of today's issues with the national debt, recession, employment concerns, as well as related areas such as college, and what defines success. The professor was great!
B
BM
5.0
·Reviewed Apr 1, 2023
Fascinating topic! I really enjoyed the course and learning about an alternate way to think about human development. It was fascinating to learn about different periods in history and pivotal moments; Great exposure to n-grams; Very cool tool!
J
Joanne
5.0
·Reviewed May 15, 2023
I think this could have been better described, as it’s not the same kind of course as Prof. Schiller’s other Econ courses. But it’s a fascinating topic and I was delighted to see and hear how he approached this relatively new topic.
C
Clàudia
5.0
·Reviewed Apr 10, 2023
Amazing course. I enjoyed it so much.
It has lots of economy and social behaviour analysis, all related to historic events and trends.
Full of curiosities.
Thank you so much.
Clàudia Gas Vallès
J
Jacob
5.0
·Reviewed Apr 27, 2025
Another fantastic course by Prof. Shiller. It not only helps increase knowledge of what drives economics but instils a greater knowledge of society through good stories and engaging topics.
A
Anna
5.0
·Reviewed Apr 1, 2023
A short and inspiring course to pay more attention what goes on in the world, to stop and think if the narrative is a repetition and what impact it might have on today & tomorrow.
T
Terry
5.0
·Reviewed Apr 17, 2023
A great way to learn more about what is happening in an economy. Another example of why economics should be much more than math.
L
Lee
5.0
·Reviewed Mar 31, 2023
The course is intersting and taught in a really encouraging way. I enjoyed it a lot and can only recommend to take part.
J
Jonathon
5.0
·Reviewed Mar 26, 2023
Fantastic course - a great introduction to narrative economics and a field of study that I hope will gain more traction.
R
Ruge
5.0
·Reviewed Apr 9, 2023
It is such a great course that I have watched some clips twice. Insightful, informative, and interesting.
D
David
5.0
·Reviewed Feb 11, 2025
Such a fresh look at economics and what influences our behavior! Wonderful food for thought here.
D
David
5.0
·Reviewed Apr 23, 2023
Very short course -- but provided a good overview on a new way to observe and identify trends.
A
Angie
5.0
·Reviewed May 4, 2023
Very much inspiring. Definitely one of the best courses I have enrolled in recent years.
M
Mark
5.0
·Reviewed Jun 20, 2023
Good presentation and great production values. A pleasure to watch.