Both policymakers and the public need to be mindful that managing an economy is much harder than nearly anyone understands, says Yale professor and housing guru Robert Shiller says.
"This is more of an experiment than people realize — an ongoing, evolving experiment that can blow up," Shiller told Miller-McCune magazine. "That's the problem."
Shiller says the "incredible stability of the U.S. economy since World War II" caused economists and others to lose sight of this.
"I think the government deserves credit for stepping in and moving fairly fast, in some cases, to deal with this ... but still we are in the downward spiral because it hasn't been aggressive enough, and now we are in a more difficult situation because our confidence has been damaged," Shiller says.
The entire economic system needs a redesign in order to reduce the likelihood of the present economic crisis happening again, Shiller says — and that redesign will take a long time.
"You have to remember that the reforms that were spurred by the Great Depression were not just in Roosevelt's first 100 days, it was a decade-long phenomenon," Shiller points out.
"That's the way it goes. Ten years from now we will be seeing new legislation that will advance the economy."
The economic stimulus bill recently passed by Congress was the largest such endeavor since FDR’s administration, others noted.
“We have plenty of big, complicated pieces of legislation that come down the pike, but this bill is unprecedented,” political analyst Stuart Rothenburg told Bloomberg.
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