On 25 September 2012, the Rafael del Pino Foundation organised the Keynote Conference "Finance in a just society: Stop condemning the financial system and, for the common good, let's take it back".on the occasion of the presentation of his book of the same title.
Robert Shiller argues that: "Democratising finance means, first, getting our financial institutions to reach more people, second, covering the kinds of risks that people care about, and third, getting people more involved in financial decisions with the help of advisors and having the right information, all of which will help people manage risk and take better advantage of opportunities.
Professor Shiller's view on whether people should have better financial education was very precise: "I think financial education is an important issue that is not well solved, schools should provide financial education at all levels of education, despite the difficulties in adequately educating everyone in finance. It is like medicine, you cannot deal with medical problems by asking people to learn medicine, they need a doctor to tell them what is wrong with them and give them very clear instructions. It's the same with finance, I think we should all have personal financial advisors".
Professor Shiller wrote his book "Finance in a Just Society" after the crisis began, "because I thought the hostility to the financial sector is misplaced. People may be angry about what's going on but we need finance; and we need it in its various forms. What people should really be doing, if they are motivated by 15M, Occupy Wall Street or any other similar movement, is learning about finance and engaging in the debate about improving this fundamental sector of society".
Robert J. Shiller is Stanley B. Resor Professor of Economics at Yale University and a Research Associate at the Yale School of Management's International Center for Finance and the National Bureau of Economic Research. Professor Shiller has served as Vice President of the American Economic Association and President of the Eastern Economic Association.