TELEVISION

Economics of Uncertainty

Series: Great Courses
3.9
(21)
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Episodes
24
Rating
TVPG
Year
2015
Language
English
Publisher
The Great Courses

About

Learn to cope with uncertainty and risk with advice from a master economist. Economic uncertainty is like the weather: you can't stop storms, but understanding them prepares you. Uncertainty is beyond our control, but when you take the mystery and dread out of uncertainty, you can respond much more effectively. The practical and empowering lectures of The Economics of Uncertainty give you tools to deal with risk.

Related Subjects

Episodes

1 to 3 of 24

1. Man, Nature, and Economic Uncertainty

30m

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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.

2. Turning Uncertainty into Risk

30m

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When faced with an uncertain situation, try turning it into a risky situation. Risk is probability. Knowledge is power. This may sound counterintuitive, but it's a surprisingly effective approach, pioneered by University of Chicago economist Frank Knight. See where it applies and does not apply in economic settings.

3. Five Ways to Face the Unknown

30m

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In dealing with uncertainty, it makes sense to have an arsenal of different strategies. Explore five techniques for risk management that can be used in every sphere of life: producing information, diversifying, sharing risk, avoiding risk, and absorbing risk. Probe instructive examples of each.

Extended Details

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