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Understanding Money

“We can live a better life if we understand how money works” (Dan Ariely)
While money and the power of it has evolved, the economy has also changed continually.
Four lecturers present little-known stories about money and offer economic insights for a better life.

The Psychology of Money
The Power of Money
Everything You Need to Know about Economics
The World Economy Post-COVID

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The Psychology of Money

In his lectures, The Psychology of Money, Dan Ariely warns against our propensity to make monetary decisions with our emotions rather than with reason. Using the way we feel to make these choices leads us to think irrationally and – more often than not – leads us to the wrong decision.

Dan Ariely

Dan Ariely is an American behavioral economist who earned a Ph.D. in cognitive psychology from the University of North Carolina at Chapel Hill and completed a second Ph.D. in marketing at Duke University. In 2008, Fortune named him one of the ‘10 new gurus you should know’ in economics. He became widely known from his book, Predictably Irrational, in which he shed light on our psychological tendencies in our everyday life and introduced new fundamental theories of behavioral economics. This work made him a bestselling writer and earned him praise from experts and the general public alike. Since then, his resume of work expanded to include contributions to outlets such as The New York Times, The Wall Street Journal, The Washington Post, and The Boston Globe.

His research into the actions of the everyday consumer has been continuously adding to our fundamental understanding behavioral economics. He helped come up with concept of the IKEA effect in collaboration with Harvard's Michael Norton, a theory which helps us understand how one's labor leads people to overvalue their creations. And since 2013, he has been disseminating enjoyable and easy-to-understand works on behavioral economics for everyone to learn from.

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The Power of Money

A lifelong economist’s perspective: “How to understand the economy through the lens of money”

Thomas Sargent

Thomas Sargent is a macroeconomist and expert in monetary economics. In 2011, he received the Nobel Prize in Economic Sciences for furthering the development of the rational expectations theory, which greatly affected the field of macroeconomics.

The theory of rational expectations suggests that it is difficult for the government to achieve its desired effects no matter what economic policy is implemented because people make rational judgments by utilizing all sources of information. This theory suggests a new framework for analyzing changes in government policy and points out the limitations of the Keynesian Economics, which claims that the government can control unemployment, prices, and gross domestic product (GDP). This marked the end of the Keynesian era of economic thought.

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Everything You Need to Know about Economics

All about economics, explained by Gregory Mankiw, author of Principles of Economics

N. Gregory Mankiw

Gregory Mankiw is an esteemed professor of economics at Harvard University and taught the introductory economics course Ec 10, one of the most popular courses at the university. Almost every student of economics knows of him, as he is the author of Principles of Economics, the textbook used by hundreds of thousands of economics students every year since its first publication in 1997.

In addition to the chairmanship of the Council of Economic Advisers in the George W. Bush Administration from 2003 to 2005, he has served as an economic advisor to the US Congressional Budget Office and researcher at the National Bureau of Economic Research. He’s an active participant in academic and policy debates, and he is considered one of the most influential economists of our time. He also runs his own popular economics blog, offering his knowledge and thoughts on the global economy to anyone with a curiosity to keep up with his work.

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The World Economy Post-COVID

In March of 2020, the world experienced the shock of the COVID-19 outbreak. The world economy was thrown into an unprecedented crisis, and governments and central banks proposed various policies to overcome it. How will the world economy change after the COVID-19 pandemic? Will extreme inflation really devastate counties around the world?

Paul Krugman

Paul Krugman, a U.S. economist with degrees in economics from Yale and MIT, currently teaches at the Graduate Center of CUNY. He is the recipient of the 1991 John Bates Clark Medal award from the American Economic Association and the 2008 Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography. At the time, he was only 55 years old, the second youngest person to ever win this particular Nobel Prize.

He became internationally renowned for his predictions of the 1997 Asian financial crisis and the 2007 U.S. subprime mortgage crisis. Noted for his strong opinions and emphatic tone used while criticizing his counterparts, Krugman was also listed among the 50 Most Influential Economists by IDEAS / RePEc. Paul Krugman is considered the most prolific writer in economics since John Maynard Keynes and has been actively involved in writing articles for The New York Times since 2000.

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