Robert Shiller is perhaps best known for his Case-Shiller home price index and for having correctly identified the previous bubble in financial markets in his 2000 book Irrational Exuberance . Shiller is concerned with risk and uncertainty in human affairs and has never been a proponent of the orthodoxy which either claims that bubbles do not exist(!) or that markets should be left to themselves since they instantly and efficiently incorporate all known information, something known as the Efficient Market Hypothesis .
Barry Ritholz discusses the hubris of economics in a must read post, and over at Washington´s Blog another great post points out that economists had a incentive to be wrong.
Now Robert Shiller´s criticism of prevailing economic orthodoxy may not be as acid but it is nevertheless a damning indictment. Below is his lecture on Behavioral Finance and a very informative article on the decline (one would hope) of the Efficient Markets Theory and the rise of Behavioral Finance.
From Efficient Market Theory to Behavioral Finance