We all know that, in the face of the Occupy Wall Street movement, somebody has to step in and serve as a shill for the banks.
And who better to fill the role than Yale University economist Robert J. Shiller?
The notion that businesses are prone to act immorally and aggressively, Mr. Shiller says, is an illusion.
“This assumption, if left unchallenged, will create resentment toward business that will inhibit its proper functioning,” he writes, “thus threatening to slow the advance of the world’s prosperity in coming years.” . . .
Mr. Shiller also appeared to defend the high salaries paid to financial executives. “Unequal pay of executives is part of our society,” he said. “We should be careful about modifying it.”