Lecture 24 - Making It Work for Real People: The Democratization of Finance

author: Robert J. Shiller, Department of Economics, Yale University
recorded by: Yale University
published: Oct. 7, 2009,   recorded: March 2008,   views: 2827
released under terms of: Creative Commons Attribution No Derivatives (CC-BY-ND)
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Description

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.

Reading assignment:

Teresa Sullivan et al., The Fragile Middle Class: Americans in Debt, chapter 8 (pp. 238-61)

Peter Unger, Living High and Letting Die: Our Illusion of Innocence

Robert Shiller, Irrational Exuberance, chapter 11

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PowerPoint slides from screen - Lecture 24[PDF]

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