"Lec Last - Finding your Purpose in a World of Financial Capitalism" Financial Markets (2011) (ECON 252) After reviewing the main themes of this course, Professor Shiller shares his views about finance from a broader perspective. His first topic, the morality of finance, centers on Peter Unger's Living High and Letting Die and William Graham Sumner's What the Social Classes Owe Each Other. Subsequently, he addresses the hopelessness about the world's future that some see from Malthus' dismal law from the Essay on the Principle of Population, but contrasts it with a positive outlook on purposes and goals in life. While discussing the endurance and survival of financial contracts, he outlines the cases of Germany after World War I, Iran after the Islamic Revolution, and South Africa after the end of apartheid, in which financial contracts prevailed, but does not fail to mention the cases of Russia after the Russian Revolution and Japan after World War II, in which it has not been the case. After a brief comparison between Mathematical Finance and Behavioral Finance, he elaborates on the interplay between wealth and inequality, building on Jacob Hacker's and Paul Pearson's Winner-Take-All Politics, Karl Marx's Das Kapital, and Robert K. Merton concept of the cosmopolitan class. Following this, he emphasizes the democratization of finance as an important future trend and provides examples for this process from his books The Subprime Solution,The New Financial Order and Finance and the Good Society. Professor Shiller concludes the course with advice for finding the right career, highlighting the role of random events, but also the importance of a long-horizon outlook and an orientation towards history in the making. 00:00 - Chapter 1. The Course and Its Major Themes in Retrospect 06:48 - Chapter 2. The Morality of Finance 16:06 - Chapter 3. Hopelessness: Challenging Malthus's Dismal Law 30:05 - Chapter 4. The Endurance and Survival of Financial Contracts 37:41 - Chapter 5. The Importance of Financial Theory 39:13 - Chapter 6. Welfare and Poverty 50:36 - Chapter 7. The Democratization of Finance 01:02:18 - Chapter 8. Advice for the Right Career Complete course materials are available at the Open Yale Courses website: http://oyc.yale.edu This course was recorded in Spring 2011.
Video is embedded from external source so embedding is not available.
Video is embedded from external source so download is not available.
Channels: Finance
Tags: Lec Last - Finding your Purpose in a World of Financial Capitalism
Uploaded by: yalefinancialmkt ( Send Message ) on 14-09-2012.
Duration: 75m 52s
No content is added to this lecture.
This video is a part of a lecture series from of Yale
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