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Man, Nature, and Economic Uncertainty

Lecture no. 1 from the course: The Economics of Uncertainty

Man, Nature, and Economic Uncertainty

Taught by Professor Connel Fullenkamp | 33 min | Categories: The Great Courses Plus Online Economics & Finance Courses

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.

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p********m
September 25, 2019
Summary Implications of Lecture 1: The 2008 financial crisis was an "unpredictable" black swan event triggered by self-centered decisions by individuals and those darn big banks, piling up financial sand for themselves. Not a word about government encouragement toward risky subprime mortgage loans (Fannie Mae, Freddie Mac), or warnings given by other economists and Wall Street financiers about the house of cards built on a foundation of sand (The Big Short). No no, just "the system is so complex and sophisticated, oh dear, we couldn't predict that one." I don't think Professor Fullenkamp really understands what happened in the 1930s Depression era either, and I'm not inclined to watch anymore. 2008 was predicted, the advice was ignored, and companies got bailed out at the expense of the people who lost their homes (which they largely could not afford).

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m********m
December 3, 2018
Life is a risk, this course is worth your time :-)

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e********m
December 8, 2016

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