Financial Markets (2011) (ECON 252)

Professor Shiller provides a description of the course, including its general theme, the relevant textbooks, as well as the interplay of his course with Professor Geanakoplos’s course “Economics 251–Financial Theory.” Finance, in his view, is a pillar of civilized society, dealing with the allocation of resources through space and time in order to manage big and important risks. After talking about finance as an occupation, he emphasizes the moral imperative to use wealth for the purposes of philanthropy, in the spirit of Andrew Carnegie, but also of Bill Gates and Warren Buffett. Subsequently, he introduces the guest speakers David Swensen, Yale University’s chief investment officer, Maurice “Hank” Greenberg, former Chief Executive Officer (CEO) at American International Group (AIG) and current CEO of C.V. Starr & Co. and of Starr International, and Laura Cha, former vice chair of the China Securities Regulatory Commission, member of the Executive Council of Hong Kong and of the government of the People’s Republic of China, and director of the Hong Kong Shanghai Banking Corporation (HSBC). Finally, he concludes with a description of the topics to be discussed in each lecture.

00:00 – Chapter 1. Introduction to the Course
06:12 – Chapter 2. Broader Context of the Course
22:41 – Chapter 3. Finance as an Occupation
30:40 – Chapter 4. Using Wealth for a Purpose
40:30 – Chapter 5. Outside Speakers and Teaching Assistants
50:26 – Chapter 6. Outline of the Lectures

Complete course materials are available at the Open Yale Courses website:

This course was recorded in Spring 2011.

Category: Video

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

6 Responses to “Shiller’s Financial Markets Course (Open Yale Courses)”

  1. Mike in Nola says:

    Very intriguing. The course on France after 1871 is very good.

  2. Internet Tourettes says:

    Just for fun I signed up for the Stamford retirement class mentioned in the NYT this Sunday. Even though I have a ABD in economics, its nice to take a referesher class. From the lectures I have viewed so far, its a pretty good course. I am really impresssed with the quality of the MOOC’s being offered these days and will most likely take the Shiller class in the future….

  3. ironman says:

    BR – great timing with the Nobel prize announcement this morning!…

    The Economics Nobel for Shiller’s contributions is well deserved – Shiller’s work is what directly made our own contributions to the science possible, and believe it or not, Shiller’s contributions to economic theory are the lesser of his real accomplishments – they are outshone by the quality of his observations.

    As we once described it, Robert Shiller is to modern financial theory today as Tycho Brahe was to the science of astronomy in the 1500s – his observations of stock prices and earnings, as well as housing prices, directly enabled much of the theoretical work that has since greatly improved our understanding of how the world of markets really works.

  4. [...] Barry Ritholtz, The Big Picture, Shiller’s Financial Markets Course (Open Yale Courses) , here. [...]

  5. VennData says:

    Anyone who gets a Nobel must NOT be listened to. Follow Ted Cruz! He is a real leader,

    He cares about ruining Obama but that’s exactly what we need given how HORRIBLE things have been.

    Stop Obama! Ruin everything

  6. RW says:

    From a practical, investing perspective Robert Shiller has long been an economist worth taking very seriously. The value of his empirical work cannot be praised highly enough (did I mention it also falsified the efficient market hypothesis).

    On Robert Shiller’s “Animal Spirits” Lecture at the New School

    …Financial markets are not supposed to be just more boring versions of Las Vegas, or ways for the Princes of Wall Street to become fabulously rich by extracting surplus value from the rest of us.

    Financial markets are supposed to tell the real economy the value of providing for the future–of taking resources today and using them nor just for consumption or current enjoyment but in building up technologies, factories, buildings, and companies that will produce value for the future. And Shiller has, more than anyone else, argued economists into admitting that financial markets are not very good at this job.