Making It Work for Real People: The Democratization of Finance -Year 2008 Financial Markets (ECON 252) Professor Shiller, in his final lecture, reviews some of the most important tools for individual risk management. Significant inequality in domestic and international communities has created a need for social insurance programs, such as those created in Germany in the late 1800s. The tax system, bankruptcy laws, and government insurance programs are used to manage risk of personal wealth. However, each of these inventions must take account of psychological factors, such as moral hazard, in order to be effective without eliminating incentives to participate in the workforce, or other negative side effects. With regard to careers, including those in finance, young people should frame decisions with morality and purpose in mind, and with a broad perspective of both. 00:00 - Chapter 1. Sources of Financial Inequality 10:24 - Chapter 2. A Call for Social Insurance: The Government's Role in Risk Management 25:50 - Chapter 3. Social Security in the United States 34:32 - Chapter 4. Bankruptcy as a Risk Management Device 50:30 - Chapter 5. Balancing Morality and Psychology: Career Advice for Young Adults 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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Channels: Finance
Tags: bailouts bankruptcy continuous workout mortgage democratization of finance graduated income tax inequality moral hazard progressive risk management social insurance security
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Lec 1-Year 2008 Finance and Insurance as Powerful Forces in Our
Lec 2 -Year 2008 - The Universal Principle of Risk Management: Pooling
Lec 3 -Year 2008 - Technology and Invention in Finance
Lec 4 -Year 2008 - Portfolio Diversification and Supporting Financial
Lec 5 -Year 2008 - Insurance: The Archetypal Risk Management
Lec 6 -Year 2008 - Efficient Markets vs. Excess Volatility
Lec 7 -Year 2008 - Behavioral Finance: The Role of Psychology
Lec 8 -Year 2008 - Human Foibles, Fraud, Manipulation, and Regulation
Lec 9 -Year 2008 - Guest Lecture by David Swensen
Lec 10 -Year 2008 - Debt Markets: Term Structure
Lec 12 -Year 2008 - Real Estate Finance and its Vulnerability to Crisis
Lec 13 -Year 2008 - Banking: Successes and Failures
Lec 14 -Year 2008 - Guest Lecture by Andrew Redleaf
Lec 15 -Year 2008 - Guest Lecture by Carl Icahn
Lec 16 -Year 2008 - The Evolution and Perfection of Monetary Policy
Lec 17 -Year 2008 - Investment Banking and Secondary Markets
Lec 18 -Year 2008 - Professional Money Managers and Their Influence
Lec 19 -Year 2008 - Brokerage, ECNs, etc.
Lec 20 -Year 2008 - Guest Lecture by Stephen Schwarzman
Lec 21 -Year 2008 - Forwards and Futures
Lec 22 -Year 2008 - Stock Index, Oil and Other Futures Markets
Lec 23 -Year 2008 - Options Markets
Lec 25 -Year 2008 - Learning from and Responding to Financial Crisis I
Lec 26 -Year 2008 Learning from and Responding to Financial Crisis II