36
Lectures
30
minutes/lecture
1.
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, and efficiency—and the operation of the marketplace.
1.
What Economists Know about Economic Policy
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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.
19.
It Pays to Be Married
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2.
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.
2.
Economy Up or Down? How to Tell
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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.
20.
Pay Gaps by Sex and Race
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3.
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.
3.
Economists' View of the Future
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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?
21.
Economic Impact of Immigration
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4.
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?
4.
Productivity and Productivity Growth
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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.
22.
Labor Unions in Contemporary Economics
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5.
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.
5.
Inflation—Why the Measure Matters
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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.
23.
Productivity Trends in Schools
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6.
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.
6.
Unemployment—A Global Perspective
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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.
24.
Higher Education—Supply and Demand
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7.
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.
7.
Economic Inequality
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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.
25.
Wal-Mart and Productivity Growth
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8.
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.
8.
The Fallacy of Trade Barriers
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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.
26.
Corporate Governance in a Strong Economy
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9.
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.
9.
Trade Imbalances and Saving
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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.
27.
Zero-Sum Game of Conspicuous Consumption
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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.
10.
Budget Deficits—Past, Present, and Future
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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.
28.
Economic Upside of Postal Reforms
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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.
11.
Taxes and the Income Tax Code
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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.
Is Everything a Commodity?
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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.
12.
Rx for Social Security
|
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.
30.
Economics of the Baseball Industry
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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.
13.
Economic Answers for an Aging Population
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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.
31.
Examining Economic Response to Terrorism
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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.
14.
Financing World-class Health Care
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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.
32.
Helping Poor Countries
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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.
15.
Supply, Demand, and the Future of Oil
|
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.
Upsides and Downsides of Urban Sprawl
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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.
16.
Pollution—Tax or Trade?
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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.
34.
Economic Costs and Benefits of Gambling
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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.
17.
Global Climate Change—Costs and Benefits
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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.
35.
Economists’ View of Overeating
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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.
18.
Minimum Wage and the Poverty Rate
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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.
36.
American Economy in the 21st Century
|
36
Lectures
30
minutes/lecture
1.
Why Think about Capitalism?
You consider how capitalism works, its political prerequisites, and its political, moral, and cultural ramifications through key elements of capitalism and its origins.
1.
Why Think about Capitalism?
|
19.
Individual and Community—Tönnies vs. Simmel
In the last third of the 19th century, a newly unified Germany went through a process of capitalist transformation, leading to debate about capitalism's social, cultural, and political ramifications.
19.
Individual and Community—Tönnies vs. Simmel
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2.
The Greek and Christian Traditions
You learn how modern Western intellectuals have evaluated capitalism by starting with the two great premodern traditions: the civic republican tradition and the Christian tradition.
2.
The Greek and Christian Traditions
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20.
The German Debate over Rationalization
Georg Simmel, Max Weber, and Werner Sombart offered three different perspectives on the cultural and spiritual effects of the spread of capitalism and its ideas of rationality and calculation.
20.
The German Debate over Rationalization
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3.
Hobbes's Challenge to the Traditions
Hobbes criticized these traditions, emphasizing happiness in this world as the goal of government and refuting the notion that government exists to guide us to some shared purpose or highest ideal.
3.
Hobbes's Challenge to the Traditions
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21.
Cultural Sources of Capitalism—Max Weber
You examine the cultural sources of disparate group success under capitalism, with special focus on Weber's The Protestant Ethic and the Spirit of Capitalism (1905) and Sombart's The Jews and Modern Capitalism (1911).
21.
Cultural Sources of Capitalism—Max Weber
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4.
Dutch Commerce and National Power
In the 17th century, the Dutch Republic provided an example of a highly commercial society of increasing power, leading European thinkers to reformulate civic republicanism in a more commercial direction.
4.
Dutch Commerce and National Power
|
22.
Schumpeter on Innovation and Resentment
Joseph Schumpeter was among the most wide-ranging analysts of capitalism. But unlike most mainstream economists of his day, Schumpeter focused on the role of entrepreneurs, whose dynamism, he believed, caused resentment of capitalism.
22.
Schumpeter on Innovation and Resentment
|
5.
Capitalism and Toleration—Voltaire
In his Letters on England (1734), Voltaire argued that commerce provides a means for people of different orientations to cooperate.
5.
Capitalism and Toleration—Voltaire
|
23.
Lenin's Critique—Imperialism and War
You examine Vladimir Lenin's idea that capitalism fosters imperialism and related arguments by the British liberal John Hobson and Marxists Rudolf Hilferding and Rosa Luxembourg, before taking up a refutation offered by Schumpeter.
23.
Lenin's Critique—Imperialism and War
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6.
Abundance or Equality—Voltaire vs. Rousseau
Enlightenment thinkers debated the moral status of material well-being. Voltaire argued that the abundance created by commerce was the basis of civilization. Rousseau countered that material progress had increased inequality and undermined virtue.
6.
Abundance or Equality—Voltaire vs. Rousseau
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24.
Fascists on Capitalism—Freyer and Schmitt
This lecture looks at the critiques of the Weimar Republic's liberal democracy by political analyst Carl Schmitt and sociologist Hans Freyer, who argued that capitalist democracy posed a threat to effective government and national power.
24.
Fascists on Capitalism—Freyer and Schmitt
|
7.
Seeing the Invisible Hand—Adam Smith
In The Wealth of Nations, Adam Smith explained how a competitive market could channel self-interest into socially beneficial directions.
7.
Seeing the Invisible Hand—Adam Smith
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25.
Mises and Hayek on Irrational Socialism
This lecture looks at ideas about the importance of markets introduced by Ludwig von Mises and further developed by his student, Friedrich von Hayek, whose "neo-liberal" approach focused on individual liberty and the restriction of government. Hayek's theories about the roots of Fascism and the link between anti-Semitism and anticapitalism are also examined.
25.
Mises and Hayek on Irrational Socialism
|
8.
Smith on Merchants, Politicians, Workers
Smith argued that capitalism diverged from his competitive model, with each economic group trying to use its political power to promote its own interest. He urged policymakers to promote competitive markets that served the general interest.
8.
Smith on Merchants, Politicians, Workers
|
26.
Schumpeter on Capitalism's Self-Destruction
You focus on Schumpeter's version of the notion that capitalism ignites processes that destroy its institutional foundations—set forth in his Capitalism, Socialism, and Democracy.
26.
Schumpeter on Capitalism's Self-Destruction
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9.
Smith on the Problems of Commercial Society
Smith's influence was probably greatest in arguing against government's direct economic involvement, but Smith, in fact, believed that a well-functioning government was the only source of many essential functions for a commercial society.
9.
Smith on the Problems of Commercial Society
|
27.
The Rise of Welfare-State Capitalism
Perhaps the most important transformation of capitalism in the mid-20th century was the development of welfare-state capitalism. This lecture explores its origins and the varieties of welfare-state capitalism that developed after World War II.
27.
The Rise of Welfare-State Capitalism
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10.
Smith on Moral and Immoral Capitalism
You explore Smith's views on how a capitalist society could make people better and better off—but that lack of the rule of law, or inequality before it, could cause commerce to lead to immoral outcomes.
10.
Smith on Moral and Immoral Capitalism
|
28.
Pluralism as Limit to Social Justice—Hayek
This lecture examines Hayek's conception of the links between capitalism and Liberalism, which called into question many of the premises of those who wanted to use the welfare state to shape society.
28.
Pluralism as Limit to Social Justice—Hayek
|
11.
Conservatism and Advanced Capitalism—Burke
Edmund Burke offered a conservative analysis of the hazards posed by some forms of capitalism. His Reflections on the Revolution in France (1790) remains the most influential work of conservative thought ever published.
11.
Conservatism and Advanced Capitalism—Burke
|
29.
Herbert Marcuse and the New Left Critique
During the 1960s, Herbert Marcuse's most influential work analyzed contemporary capitalism's ability to keep the masses quiescent by manipulating their needs.
29.
Herbert Marcuse and the New Left Critique
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12.
Conservatism and Periphery Capitalism—Möser
Justus Möser is an example of a conservative in a largely precommercial society, for whom the spread of international capitalism was a threat to existing ways of life.
12.
Conservatism and Periphery Capitalism—Möser
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30.
Contradictions of Postindustrial Society
In the 1970s, Daniel Bell argued that America had entered a postindustrial age and that capitalism undermined the work ethic, frugality, and deferred gratification that it depended on.
30.
Contradictions of Postindustrial Society
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13.
Hegel on Capitalism and Individuality
This lecture introduces you to Hegel's ideas about capitalism, individuality, and how institutions foster individuality.
13.
Hegel on Capitalism and Individuality
|
31.
The Family under Capitalism
This lecture examines some useful conceptual frameworks for thinking about the links between capitalism and the family.
31.
The Family under Capitalism
|
14.
Hamilton, List, and the Case for Protection
You encounter two voices in the early debate over free international trade: Alexander Hamilton, who made the case for protecting "infant industries," and Friedrich List, who developed Hamilton's ideas into a national industrial policy.
14.
Hamilton, List, and the Case for Protection
|
32.
Tensions with Democracy—Buchanan and Olson
You explore James M. Buchanan's critique of Keynesianism based on public choice theory and Mancur Olson's explanation of how the logic of collective action could lead to economic stagnation.
32.
Tensions with Democracy—Buchanan and Olson
|
15.
De Tocqueville on Capitalism in America
Alexis de Tocqueville's Democracy in America explores the propensity toward individualism and materialism in America and the countervailing influence of republican institutions and religion.
15.
De Tocqueville on Capitalism in America
|
33.
End of Communism, New Era of Globalization
This lecture explores the origins and nature of the newest era of globalization and puts it into historical perspective.
33.
End of Communism, New Era of Globalization
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16.
Marx and Engels—The Communist Manifesto
Karl Marx and Friedrich Engels concluded that industrial capitalism profited only the wealthy while leading to the material and moral degradation of the masses. Nevertheless, in The Communist Manifesto (1848), they also recognized capitalism's achievements and possibilities.
16.
Marx and Engels—The Communist Manifesto
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34.
Capitalism and Nationalism—Ernest Gellner
An interpretation of modern history argues that the processes that made capitalism possible also led to changes in personal identity that made nationalism attractive.
34.
Capitalism and Nationalism—Ernest Gellner
|
17.
Marx's Capital and the Degradation of Work
Marx spent most of the decades after The Communist Manifesto working on his comprehensive analysis of the capitalist economy. Although he provided a searing portrait of the industrial factory's degradation of labor, he overlooked the trends that argued against his theory.
17.
Marx's Capital and the Degradation of Work
|
35.
The Varieties of Capitalism
You examine capitalist societies from five perspectives—political structures, types of welfare states, developmental strategies, forms of business, and extent of equality.
35.
The Varieties of Capitalism
|
18.
Matthew Arnold on Capitalism and Culture
The British poet and cultural critic Matthew Arnold was concerned about "Philistinism"—spiritual and cultural narrowing in a capitalist society and the spill-over effect of applying a narrowly utilitarian, market mentality to other areas.
18.
Matthew Arnold on Capitalism and Culture
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36.
Intrinsic Tensions in Capitalism
Why has capitalism been so productive and innovative, and why has it outlasted its competitors, such as Socialism? You look at some recent thinking on this and at some intrinsic tensions in capitalism.
36.
Intrinsic Tensions in Capitalism
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