ECON 252: Financial Markets
Lecture 03 - Technology and Invention in Finance. Technology and innovation underlie finance. In order to manage risks successfully, particularly long-term, we must pool large amounts of risk among many, diverse people and overcome barriers such as moral hazard and erroneous framing. Inventions such as insurance contracts and social security, and information technology all the way from such simple things as paper, and the postal service to modern computers have helped to manage risks and to encourage financial systems to address issues pertaining to risk. The tax and welfare system is one of the most important risk management systems. (from oyc.yale.edu)
| Lecture 03 - Technology and Invention in Finance |
| Time | Lecture Chapters |
| [00:00:00] | 1. Introduction |
| [00:05:22] | 2. Introduction to the History of Risk Management |
| [00:12:31] | 3. Long-Term Risk, Risk-Pooling, and Moral Hazard |
| [00:26:51] | 4. Inequality and Communism from the View of Risk |
| [00:35:53] | 5. Framing: Its Influence on Consumer Perception |
| [00:47:59] | 6. The Development of Insurance and Other Unobvious Financial Inventions |
| [01:01:00] | 7. From the Paper Machine to the Present: Information Technology and Its Impact on ....Postal Service and Social Security |
| References |
| Lecture 3 - Technology and Invention in Finance Instructor: Professor Robert J. Shiller. Resources: Lecture 3 [PDF]. Transcript [html]. Audio [mp3]. Download Video [mov]. |
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