Shiller: We're in Age of 'Late Great Depression'

The world is in a state of “late Great Depression,” well-known economist and author Robert Shiller told CNBC.The Yale economics professor, who helped devise the Case-Shiller index for housing market trends, and famously called the dotcom bubble of the early 2000s and the housing market bubble later in the decade, told “Squawk Box Europe” that the world is in a “new age of austerity.”