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Modern Economic Issues

Better inform yourself about the most impactful economic issues of today with this course by an award-winning economist.
Ask anything about The Great Courses
 
 
What Economists Know about Economic Policy

01: What Economists Know about Economic Policy

We introduce the course's basic structure and explore the grounding of economics in the concepts of scarcity, tradeoffs, efficiency and the operation of the marketplace.

36 min
Economy Up or Down? How to Tell

02: Economy Up or Down? How to Tell

We look at several ways economists evaluate economic health and performance, and the problems some critics have with key indicators such as unemployment, inflation, and gross domestic product.

30 min
Economists' View of the Future

03: Economists' View of the Future

Will future generations live in a better world, or will things fall apart? This lecture explains the forces pushing long-term economic growth, and outlines the main hazards to the smooth economic sailing that economists foresee.

31 min
Productivity and Productivity Growth

04: Productivity and Productivity Growth

The key to growth in an economy is growth in productivity. We look at how this happens, and note some recent trends, before concluding with some key policy questions: How can we boost productivity growth? Is it worth the trouble?

36 min
Inflation—Why the Measure Matters

05: Inflation—Why the Measure Matters

We explore how inflation is measured and the problems that inflation or deflation can cause and examine the underlying causes, before turning to economists' thoughts about what policy makers ought to do.

30 min
Unemployment—A Global Perspective

06: Unemployment—A Global Perspective

How is the unemployment rate measured? Who is more likely to be unemployed? This lecture discusses the tradeoffs involved in various policies designed to influence the unemployment rate.

28 min
Economic Inequality

07: Economic Inequality

Economic inequality is higher in the United States than in many other economically advanced nations. We look at why and explore the lack of consensus on how to reduce inequality.

33 min
The Fallacy of Trade Barriers

08: The Fallacy of Trade Barriers

Building on insights first put forth by Adam Smith, this lecture explores why 92 percent of economists in a recent survey agreed that barriers to trade usually reduce the general welfare of a society, and why such barriers have nevertheless persisted.

32 min
Trade Imbalances and Saving

09: Trade Imbalances and Saving

We confront another worry many people have about international trade: Why does the United States seem to chronically run up huge trade deficits? Our task will be to understand what has caused such deficits and what can and should be done about them.

29 min
Budget Deficits—Past, Present, and Future

10: Budget Deficits—Past, Present, and Future

Combined federal, state, and local government spending in the United States exceeds the gross domestic product of every other country in the world, leaving annual budget deficits that usually run into the hundreds of billion of dollars.

32 min
Taxes and the Income Tax Code

11: Taxes and the Income Tax Code

This lecture examines the primary sources and types of taxes used in the United States, and then it considers principles of efficient and fair taxation developed by economists.

31 min
Rx for Social Security

12: Rx for Social Security

Critics complain that Social Security is a poor investment that will not be able to pay off on its current promises, that it depresses savings, and that it systematically shortchanges certain groups. We look at each of these criticisms and examine proposals to overhaul the system.

33 min
Economic Answers for an Aging Population

13: Economic Answers for an Aging Population

According to a survey of professional economists, the greatest challenges that Americans face in the future are tied to aging. We look at the many factors that come into play, including not only the Social Security funding gap but also productivity, innovation, and savings.

34 min
Financing World-class Health Care

14: Financing World-class Health Care

Only a fifth of Americans think our health system works well. In this lecture we examine the successes of this system and explore the root causes of inefficiencies in the health care industry.

33 min
Supply, Demand, and the Future of Oil

15: Supply, Demand, and the Future of Oil

Is there any way to insulate ourselves from price swings and dependence on foreign oil? Is there any effective way to pull down the price of energy? This lecture examines these crucial questions.

31 min
Pollution—Tax or Trade?

16: Pollution—Tax or Trade?

Reducing pollution levels has obvious benefits, but it also has costs. Though cleaning up our atmosphere certainly has been worthwhile, there are many cases of misallocated resources at the margin. We look at economists' preferred solutions to the problem of pollution.

30 min
Global Climate Change—Costs and Benefits

17: Global Climate Change—Costs and Benefits

This lecture considers the likely economic impact of rising levels of greenhouse gases which most economists believe will be surprisingly small, and explores the economic tradeoffs inherent in any good solution to pollution and climate change.

34 min
Minimum Wage and the Poverty Rate

18: Minimum Wage and the Poverty Rate

This first labor-market-oriented lecture begins by reviewing how wage rates are determined, before turning to a pro-and-con exploration of the important public policy initiative of raising the minimum wage.

28 min
It Pays to Be Married

19: It Pays to Be Married

Though average incomes in the United States are about the highest in the world, 37 million Americans still live below the official poverty line. This lecture explores the nuances of how poverty rates are determined and what prevents them from falling, examines the impact of marriage, and considers ways of combating poverty.

33 min
Pay Gaps by Sex and Race

20: Pay Gaps by Sex and Race

Pay gaps in the United States are present virtually everywhere. This lecture explores economists' understanding of pay gap disparities not only along gender lines, but also along racial and ethnic lines.

34 min
Economic Impact of Immigration

21: Economic Impact of Immigration

This lecture begins with changes in the economic characteristics of immigrants coming to the United States, then moves on to the central question in the current immigration debate: How do immigrants affect the labor market and government expenditures?

32 min
Labor Unions in Contemporary Economics

22: Labor Unions in Contemporary Economics

We examine the historical and current role of labor unions in the U.S. economy, including their impact on compensation, productivity, investment, profits, and job satisfaction, before closing with a brief discussion of recent proposals to change laws affecting organized labor.

31 min
Productivity Trends in Schools

23: Productivity Trends in Schools

Though economists anticipate a bright future, they do spot a few clouds on the horizon, including the challenge that is the focus of this lecture: an underperforming educational system that has been the focus of many conflicting suggestions for reform.

34 min
Higher Education—Supply and Demand

24: Higher Education—Supply and Demand

The good news is that American universities are the best in the world. The bad news is that they are also expensive, with tuition continuing to soar. This lecture explores the factors behind exploding tuition levels.

30 min
Wal-Mart and Productivity Growth

25: Wal-Mart and Productivity Growth

Wal-Mart is the world's largest corporation, yet in recent years it has become a dirty word in some circles. This lecture uses the tools of economics to examine how the chain's presence affects consumers, competitors, labor, and suppliers.

32 min
Corporate Governance in a Strong Economy

26: Corporate Governance in a Strong Economy

Not all companies have been as successful as most economists would consider Wal-Mart to be. Management all too often crosses the line and breaks the law. We look at the dark side of corporate life and how it affects our economy.

31 min
Zero-Sum Game of Conspicuous Consumption

27: Zero-Sum Game of Conspicuous Consumption

Contemporary critics argue that the quest for status through what economist Thorstein Veblen a century ago labeled "conspicuous consumption" is a zero-sum game, wastes resources, and is a sign of an inefficient economy. This lecture examines this argument and considers what might be done.

30 min
Economic Upside of Postal Reforms

28: Economic Upside of Postal Reforms

Do the problems of the U.S. Postal Service actually arise from its unique monopoly position? This lecture explores the history of the Postal Service and its performance history, and it closes by looking at different approaches from around the world.

30 min
Is Everything a Commodity?

29: Is Everything a Commodity?

At their best, competitive markets can make for the most efficient allocation of resources. But where should we set their boundaries? Case in point: Thousands die each year waiting for organ transplants, but is paying people for organ donations a good solution?

29 min
Economics of the Baseball Industry

30: Economics of the Baseball Industry

This lecture examines whether or not the presence of professional sports franchises justifies publicly subsidized stadiums, before moving on to a closer look at Major League Baseball in general.

31 min
Examining Economic Response to Terrorism

31: Examining Economic Response to Terrorism

What are the short- and long-term impacts of terrorism on an economy? We look at the relationship between the two and consider ways to reduce terrorism, including a controversial proposal to establish a market to predict terrorist events.

33 min
Helping Poor Countries

32: Helping Poor Countries

Two centuries after the dawn of the era of modern economic growth, a number of regions have been left behind. This lecture examines the magnitude of their poverty, economists' understanding of why they have failed to prosper, and what might be done to change things.

33 min
Upsides and Downsides of Urban Sprawl

33: Upsides and Downsides of Urban Sprawl

We look at urban sprawl, beginning with how it is measured and the primary factors believed to cause it. In asking whether urban sprawl is ultimately good or bad, we close by considering the wisest policies to adopt in the face of evidence about its mixed impact.

33 min
Economic Costs and Benefits of Gambling

34: Economic Costs and Benefits of Gambling

What is the impact of casinos on consumer well-being, employment, and income levels? We try to determine whether or not casinos are a useful economic development tool, and consider ways to reduce the substantial social costs gambling can also generate.

32 min
Economists’ View of Overeating

35: Economists’ View of Overeating

While overeating may not seem an economic issue, most economists believe it is. We explore the economic forces that explain why Americans and people around the world have gotten heavier, the costs this imposes, and public policies that might address the problem.

31 min
American Economy in the 21st Century

36: American Economy in the 21st Century

We look at questions raised by these lectures, and conclude by recapping the most important points of the course and the most important advice economists have offered on the key challenges facing the American economy, now and in the future.

31 min

Overview Course No. 5610

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About

Robert Whaples

Despite all of the changes in the economy since this course was taped, I continue to receive emails from Teaching Company customers commenting on the usefulness and relevance of this set of lectures.

INSTITUTION

Wake Forest University
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