Preview
We live in strange times. I first got into economics back around the early 1970s. We were having the first oil crisis and the first major outbreak of inflation. I remember thinking, boy, things are crazy now. They’re never gonna be this crazy again. And actually, they just kept on getting crazier.
[INTERPOSING VOICES]
– We’re tracking markets now trading at lows that we haven’t seen for years.
– Protesters camped out near Wall Street, demonstrating against what they call corporate greed.
– President Obama today declared his signature healthcare program, widely known as Obamacare, is here to stay.
– Donald Trump’s long threatened tariffs against China went into effect.
– Finds us more divided than ever.
– No no, hold on a second. Let me–
[INTERPOSING VOICES]
PAUL KRUGMAN (VOICEOVER): There’s an awful lot of nonsense in economics. Some of it’s said with great passion and authority. But learning how to sort through and figure out what parts are fake and what parts aren’t is the most important thing. We are at a time when fake news has itself become fake news.
So it’s never been more important to educate yourself, because the kind of understanding that’s going to get us through all of this is going to have to come from you. You have to figure this out for yourself and maybe someone like me can provide a little bit of guidance. I’m Paul Krugman. And this is my MasterClass.
What you’re going to learn here is how to think like an economist, what it means to not just parrot some slogans or– or the market’s up or the market’s down, but actually how people who’ve taken this stuff seriously, who work at it, who try to– to get at the truth, how they actually approach it.
I hope I can give you some sense of that and give you some tools, some– some basic concepts, not gonna give you all of the stuff that’s in a thousand-page economics textbook. You’re not here for that. And you’re– you’re here for what does– what do you try to be an enlightened citizen of the world need to know? What can you do as a way to make sense of the headlines in your paper or even just the things you see as you drive down the road?
Some of you might end up becoming economists. Some of you will end up going into business, where you get to apply, maybe, some of what’s here. But mostly, I think we all are better citizens, more satisfied people if we understand something about the world we live in.
And it’s– economics is just such a big part. I’d like you to come out as a– as a– a critical thinker, someone who’s informed enough to be able to make decisions about what is– what really is– is worth listening to. And maybe it’ll even help you make a few life decisions. Although, you know, a self-help guide, I’m not. But if you’ve made it through to– to this point, thank you. You’ve– you’ve fulfilled what is really my biggest wish in life, which is to have other people care.
Think like an economist
For Nobel Prize-winner Paul Krugman, economics is not a set of answers—it’s a way of understanding the world. In his economics MasterClass, Paul teaches you the principles that shape political and social issues, including access to health care, the tax debate, globalization, and political polarization. Heighten your ability to read between the lines and decipher the underlying economics at play.
LESSON PLAN
01. Introduction
Meet your new instructor: Nobel Prize-winning economist Paul Krugman. Paul will cover many of the issues you see in the headlines everyday—and provide tools to help you make sense of it all.
02. What Is Economics?
Paul believes that at its heart, economics is about people—how they earn a living and how they spend their income.
03. Two Fundamental Principles of Economics
First—people respond to incentives. Second—each transaction has an equal give and take. Paul breaks down economic thinking into two main principles and teaches you the intricacies of each.
04. Major Developments in Economic Thought
Paul walks you through the history of economic thought through the theories of Adam Smith and John Maynard Keynes to make an important point—you have to understand the past to improve the future.
05. Understanding Macroeconomics: The Fed and IS-LM (Wonkish)
Learn how the Federal Reserve works to keep the economy healthy, and about the theoretical framework it uses to inform its decisions.
06. How ‘08 Happened
Learn about the market patterns and unregulated financial activities that led to our worst financial crisis since the Great Depression, and how to prepare yourself for the uncertain economic future.
07. The Economic Theory of Crises
Learn how these concepts played out in Japan’s 1998 crash and the 2008 recession in the US.
08. Economic Solutions to Crises
Paul details monetary solutions vs. fiscal solutions, how to rethink deficit spending, and what to do to brace for the next crisis.
09. Inequality: The Growing Gap
The growing income gap poses a danger to the well-being of our economy. Learn the history of economic inequality, how race is always related, and the economic effects of growing up boomer vs. growing up millennial.
10. Inequality: Our Divided Society
Learn the social and cultural costs of our inequality, and ways to advocate for a more equal society.
11. Understanding Taxes
Paul explores the data behind “supply side” taxation, the potential impact of the 2017 tax cuts, and how the American tax plan affects each of us.
12. The Economics of Technological Progress
Learn the impact of technological expansion on the job market, the economy as a whole, and on the individual citizen.
13. Health Care: The Problems
Health care is central to American lives and the American economy. Paul breaks down the economics of the private health care market and explains two “market killers” in our current system.
14. Health Care: The Solutions
Using examples from health care systems in the UK, Canada, and Switzerland, Paul examines three approaches to universal healthcare, noting the positives and challenges of each.
15. Theories of Trade (Wonkish)
Through a discussion of his Nobel Prize-winning idea, the New Trade Theory, Paul explains the history and continued impact of trade on the economy.
16. Understanding the Hyperglobalized World
Globalization has forever changed the way we communicate and do business. Paul discusses the transformative technologies that led to efficient global trade and the impact of those developments on our country’s economy.
17. China: The Disruptive Miracle
Paul explains China’s rapid economic growth and details how the influx of their exported goods impact economies and rules of trade worldwide.
18. Economic Geography
Through the example of Silicon Valley, Paul illustrates how economics can even control the geographic movement of people.
19. Reading Economics
Paul teaches you how to read and interpret developing economic issues in order to stay informed. Learn his personal tools and techniques for spotting critical, accurate information in breaking news.
20. Seeing the World Like an Economist
For Paul, being an economist requires thinking critically and learning from others. Learn his critical thinking methodology, like how to look for natural experiments, think past your own bias, and use the information at your fingertips.
21. Writing Economics
Using his column “Myths of Austerity,” Paul demonstrates how he uses language, current events, and more to break down a complex topic while keeping the reader informed and engaged.
22. Closing
Paul ends his class with parting advice for aspiring activists and policy makers, or those who wish to become more informed citizens: remember to stay aware, to read, to listen, and to remain an active participant in society.
Sales Page:_https://www.masterclass.com/classes/paul-krugman-teaches-economics-and-society
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