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Author
Language
English
Description
In The World Is Flat, the highly-regarded New York Times columnist Thomas L. Friedman advances the work on globalization that made his The Lexus and the Olive Tree a bestseller. Claiming that the world is now at an important historical point--as important as the changes brought by the discoveries by Columbus or by the Industrial Revolution--Friedman analyzes the events, inventions, and business practices that have resulted in a changed world, one...
Publisher
The Great Courses
Pub. Date
2015.
Language
English
Description
Look at possible catastrophes that are decades away: alarming trends such as overpopulation, scarcity of raw materials, and environmental degradation. Observe that society has so far escaped the worst predictions of experts, and explore why that is and what the future may really hold..
Publisher
The Great Courses
Pub. Date
2015.
Language
English
Description
Improve your ability to handle uncertainty by studying two ways that people reach decisions. System 1 excels at making snap judgments, while System 2 is analytical, methodical, and more time-consuming. Weigh the strengths and weaknesses of each, focusing on the problem of estimating probabilities..
Publisher
The Great Courses
Pub. Date
2015.
Language
English
Description
Nothing is as certain and yet so unpredictable as the business cycle; economic expansion is invariably followed by a recession—and vice versa—but economists are at a loss to forecast the timing. Study different theories of the business cycle, and learn how to prepare for the next boom or bust..
Publisher
The Great Courses
Pub. Date
2015.
Language
English
Description
Examine tools that professionals use to hedge against financial risk, such as forward contracts and financial options. Study the suitability of these instruments for individuals. Then probe a more flexible strategy: real options, which are opportunities that can be seized or declined as conditions warrant..
Publisher
The Great Courses
Pub. Date
2015.
Language
English
Description
Having learned to convert uncertainty to risk in Lecture 2, now go deeper by investigating how probabilities can gauge rewards and risks. Test risk-assessing tools used in finance, including expected value, variance, standard deviation, coefficient of variation, Sharpe ratio, covariance, and beta..
Publisher
The Great Courses
Pub. Date
2015.
Language
English
Description
Even in times of low inflation, no one knows when prices will take off again. Look into the causes of inflation, efforts to control it, and the surprising wisdom of promoting a small degree of inflation. Also examine the disaster of deflation, which is a generalized drop in prices..
Publisher
The Great Courses
Pub. Date
2015.
Language
English
Description
Use game theory to shed light on strategic interactions, which are competitive transactions involving people or organizations. Such interactions can range from negotiating the sale of a house to pricing products for maximum sales. As an example, analyze an intriguing competition between two potato chip brands..
Publisher
The Great Courses
Pub. Date
2015.
Language
English
Description
Examine two different types of probability. Frequency-based probabilities rely on many examples of a phenomenon, while subjective probabilities call on personal experience and judgment, often drawing on relatively few cases. Learn to think critically about these two approaches, and know when to use them..
Publisher
The Great Courses
Pub. Date
2015.
Language
English
Description
Professor Fullenkamp begins with “black swan” events—occurrences that are considered as improbable as black swans. A notable recent example is the 2008 financial crisis. This leads to an examination of the nature of uncertainty and the best strategy for dealing with it..
Publisher
The Great Courses
Pub. Date
2015.
Language
English
Description
Learn to cope with uncertainty and risk with advice from a master economist. Economic uncertainty is like the weather: you can’t stop storms, but understanding them prepares you. Uncertainty is beyond our control, but when you take the mystery and dread out of uncertainty, you can respond much more effectively. The practical and empowering lectures of The Economics of Uncertainty give you tools to deal with risk..
Publisher
The Great Courses
Pub. Date
2015.
Language
English
Description
In dealing with uncertainty, it makes sense to have an arsenal of different strategies. Explore five techniques for risk management that can be used in every sphere of life: producing information, diversifying, sharing risk, avoiding risk, and absorbing risk. Probe instructive examples of each..
Publisher
The Great Courses
Pub. Date
2015.
Language
English
Description
Examine another outcome of asymmetric information: the moral hazard problem. This peril arose spectacularly in the 2008 financial crisis, with the widespread sale of bad loans to unwitting investors. But it also lurks in many small-scale transactions. Discover what you can do to combat it..
Publisher
The Great Courses
Pub. Date
2015.
Language
English
Description
Statistics are essential tools for dealing with uncertainty, but they should be used with caution. Put numbers such as the unemployment rate and consumer price index into context, probing how such statistics are measured and what the sampling error and confidence interval say about their reliability..
Publisher
The Great Courses
Pub. Date
2015.
Language
English
Description
Government policies are a major source of uncertainty, since they can alter our lives in unpredictable ways. Study the surprising outcomes from several government interventions in the U.S. economy. In particular, look at the regulatory cycle model, which shows how a complex system responds to new regulations..
Publisher
The Great Courses
Pub. Date
2015.
Language
English
Description
Investigate the multitude of ways you can insure against misfortune, from extended warranties to travel insurance to identity-theft protection—not to mention health, car, home, and life insurance. Learn how insurance products work, and get tips on what you should cover and at what value..
Publisher
The Great Courses
Pub. Date
2015.
Language
English
Description
When faced with an uncertain situation, try turning it into a “risky” situation. Risk is probability. Knowledge is power. This may sound counterintuitive, but it’s a surprisingly effective approach, pioneered by University of Chicago economist Frank Knight. See where it applies and does not apply in economic settings..
Publisher
The Great Courses
Pub. Date
2015.
Language
English
Description
Gambling makes some people nervous, but it gives valuable insight into any type of risk-taking activity, including investing and entrepreneurship. Explore the role of games of skill and chance in the economy, and apply their lessons to activities such as banking and retirement planning..
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