Nobel Prize-winning economist Robert Shiller recently made the case that large homes are a waste of money, according to Forbes.
When The Wall Street Journal recently asked a handful of financial experts to pinpoint how Americans are most wasteful with their money, Shiller revealed his distaste for oversize real estate.
"Big houses are a waste. People are still in a mode of thinking about houses that is kind of 19th century. As we modernize, we don't need all this space," Shiller told The Journal's Chris Kornelis.
"For example, we don't need elaborate kitchens, because we have all kinds of delivery services for food. And maybe you don't need a workshop in your basement, either. You used to have a filing cabinet for your tax information, but now it's all electronic, so you don't need that, either. And bookshelves, for people who read a lot. We have electronic books now, so we don't need bookshelves anymore," Shiller said.
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