"Lec 22 - Public and Non-Profit Finance" Financial Markets (2011) (ECON 252) As an introduction to public and nonprofit finance, Professor Shiller reflects on the remarkable financial structures that we have in support of public causes, making possible the achievement of higher goals that transcend individual satisfaction of needs. He gives examples of nonprofits, illustrating how that financial form can support a moral mission and social purpose. There is however sometimes a fine line between for-profit and public enterprises, because similar companies can be either for-profit or non-profit and because governments regulate and collect corporate profits taxes on for profit-organizations, implicitly creating a public purpose for them. Subsequently, he covers state and local finance, outlining the difference between operating budgets and capital budgets as well as the tax-exemption of municipal bonds. During the last part of the lecture, he provides an overview of historic improvement in governmental social insurance that ranges from progressive taxes to public services and to old age, survivors, and disability insurance. All of these advances in public and nonprofit finance have taken place in step with other advances in human society, notably advances in information technology. 00:00 - Chapter 1. Organizations Supporting Individual Causes 06:45 - Chapter 2. Nonprofits: Pursuing Common Interests 18:55 - Chapter 3. Government Involvement in For-Profits 32:26 - Chapter 4. Social Entrepreneurship and Distinguishing between Nonprofits and For-Profits 36:43 - Chapter 5. Municipal, State and Local Finance 46:06 - Chapter 6. Tax-Exemption of Municipal Bonds 51:24 - Chapter 7. Government Social Insurance -- From Progressive Taxes to Old Age, Survivors, and Disability Insurance (OASDI) 01:00:10 - Chapter 8. The Invention of Social Insurance in Germany 01:10:20 - Chapter 9. Review of the Social Purpose of Finance and of Behavioral Finance Complete course materials are available at the Open Yale Courses website: http://oyc.yale.edu This course was recorded in Spring 2011.
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Lec 1 - Introduction and What this Course Will Do for You and Your Purposes
Lec 2 - Risk and Financial Crises
Lec 3 - Technology and Invention in Finance
Lec 4 - Portfolio Diversification and Supporting Financial Institutions
Lec 5 - Insurance, the Archetypal Risk Management Institution, its Opportunities and Vulnerabilities
Lec 6 - Guest Speaker David Swensen
Lec 8 - Theory of Debt, Its Proper Role, Leverage Cycles
Lec 11 - Behavioral Finance and the Role of Psychology
Lec 12 - Misbehavior, Crises, Regulation and Self Regulation
Lec 14 - Guest Speaker Maurice
Lec 15 - Forward and Futures Markets
Lec 16 - Guest Speaker Laura Cha
Lec 20 - Professional Money Managers and their Influence
Lec 21 - Exchanges, Brokers, Dealers, Clearinghouses
Lec Last - Finding your Purpose in a World of Financial Capitalism