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After declaring that the world was in a state of “ late Great Depression ” this week, renowned Yale economist Robert Shiller hedged his words.
“Did I say that? Well, I think there are a lot of analogies to what we’ve been going through to that of the Great Depression, but I don’t really think we’re in a depression, so I might have said it slightly wrong,” he said in an interview on CNBC’s “ The Kudlow Report .”
The interview, which was conducted Tuesday, aired Wednesday.
Shiller, co-developer of the Case-Shiller index on housing trends and author of “ Finance and the Great Society ,” said that while the United States wasn’t in a recession, certain elements of the economy resembled one.
“The persistence of high unemployment is a problem,” he said, along with interest rates at “Depression levels.”
On Monday, Shiller told “ Squawk Box Europe ” that the world was in a “new age of austerity.”
“Our whole economy has been affected by variations in confidence. Central banks are sort of trusted, but the actions they have often affect people’s confidence by appearance rather than substance. We’re not in the most trusting mood now,” he said in that interview.
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