In the Trump era, excess is in and modesty is out.

After years of stealth wealth, humility and downsizing, the president-elect is ushering in a new era of living large, Nobel Prize-winning economist Robert Shiller said Wednesday.

"We used to be more into modest living," the Yale professor told CNBC, speaking about the years after the financial crisis. "Now people are thinking, '[that] doesn't work.' You know? You have to live big-league and you're on your way."



While there's no empirical evidence pointing to this shift, Shiller said the excitement is visible at Trump rallies and in the stock market. Despite a slight dip on Wednesday, the Dow Jones industrial average remained near 20,000.