Lecture 3 - Technology and Invention in Finance
recorded by: Yale University
published: Oct. 7, 2009, recorded: March 2008, views: 5789
released under terms of: Creative Commons Attribution No Derivatives (CC-BY-ND)
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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.
- Robert Shiller, The New Financial Order, Introduction
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