In his very interesting book, Richard Curtin (who has directed the consumer sentiment survey of the University of Michigan for several decades) argues that consumers form expectations in a complex way using conscious and nonconscious processes. Passion and reason are combined with public and private information to form the basis for the decisions and expectations of consumers.
A really good book: You can download it from Cambridge University Press or from amazon:
The economist Jan Eeckhout argues that over the past decades, a low number of companies have reaped most of the rewards of technological progress, increased their profits, while wages on average only grew at moderate rates. A provocative book, one does not have to agree with everything to find it very interesting:
You can download it from Princeton University Press or from amazon:
Robert Shiller’s book on “narrative economics” was published in 2019 and argued that economics should more often investigate narratives that drive the economy. He suggested that such narratives can be analyzed in a similar way as contagious diseases (this was before the coronavirus pandemic). In the book, he argues that economic facts are also driven by feelings. These feelings are in turn influenced by “economic narratives”, for instance, stories on how the economy works.
Highly recommended! It can be ordered at Princeton University Press or amazon:
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