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Technology and Invention in Finance Financial Markets (ECON 252) -Year 2008 Technology and innovation underlie finance. In order to manage risks successfully, particularly long-term, we must pool large amounts of risk among many, diverse people and overcome barriers such as moral hazard and erroneous framing. Inventions such as insurance contracts and social security, and information technology all the way from such simple things as paper, and the postal service to modern computers have helped to manage risks and to encourage financial systems to address issues pertaining to risk. The tax and welfare system is one of the most important risk management systems. 00:00 - Chapter 1. Introduction 05:22 - Chapter 2. Introduction to the History of Risk Management 12:31 - Chapter 3. Long-Term Risk, Risk-Pooling, and Moral Hazard 26:51 - Chapter 4. Inequality and Communism from the View of Risk 35:53 - Chapter 5. Framing: Its Influence on Consumer Perception 47:59 - Chapter 6. The Development of Insurance and other Unobvious Financial Inventions 01:01:00 - Chapter 7. From the Paper Machine to the Present: Information Technology and Its Impact on Postal Service and Social Security Complete course materials are available at the Open Yale Courses website: http://open.yale.edu/courses This course was recorded in Spring 2008.

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