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Robert Shiller is one of the world's most celebrated economists, winner of the Nobel Prize 2013 and author of a hugely influential book called Irrational Exuberance.

He told Today's James Naughtie: "I'm a big admirer of Britain..I don't understand why we don't call it the 'mother country' more than we do"

Shiller goes on to explain how he thinks the government could improve the economic prospects of Britain: "It seems to me there's a little bit too much fiscal conservatism in Britain."

"We could solve the environmental problems of the world, cure diseases, that's how we make progress."

"Building houses is not particularly advantageous, we want to stimulate activities that matter."

The Nobel Prize winner went on to suggest governments across the globe should try to develop a contingency plan for a world of "much greater inequality" called the inequality indexation.

"A law that says anytime in the future when inequality reaches a certain level we put in an automatic tax on the rich"

"If you don't put it in place you will have the opposite, a new class of rich people with power to lobby. I'm worried about a future... where it's massively unequal and there is great unrest as a result".

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