For Nobel Prize-winner Paul Krugman, economics is not a set of answers—it’s a way of understanding the world. In his economics MasterClass, Paul teaches you the principles that shape political and social issues, including access to health care, the tax debate, globalization, and political polarization. Heighten your ability to read between the lines and decipher the underlying economics at play.
Overview
Syllabus
- Introduction
- Meet your new instructor: Nobel Prize-winning economist Paul Krugman. Paul will cover many of the issues you see in the headlines everyday—and provide tools to help you make sense of it all.
- What Is Economics?
- Paul believes that at its heart, economics is about people—how they earn a living and how they spend their income.
- Two Fundamental Principles of Economics
- First—people respond to incentives. Second—each transaction has an equal give and take. Paul breaks down economic thinking into two main principles and teaches you the intricacies of each.
- Major Developments in Economic Thought
- Paul walks you through the history of economic thought through the theories of Adam Smith and John Maynard Keynes to make an important point—you have to understand the past to improve the future.
- Understanding Macroeconomics: The Fed and IS-LM (Wonkish)
- Learn how the Federal Reserve works to keep the economy healthy, and about the theoretical framework it uses to inform its decisions.
- How ‘08 Happened
- Learn about the market patterns and unregulated financial activities that led to our worst financial crisis since the Great Depression, and how to prepare yourself for the uncertain economic future.
- The Economic Theory of Crises
- Learn how these concepts played out in Japan's 1998 crash and the 2008 recession in the US.
- Economic Solutions to Crises
- Paul details monetary solutions vs. fiscal solutions, how to rethink deficit spending, and what to do to brace for the next crisis.
- Inequality: The Growing Gap
- The growing income gap poses a danger to the well-being of our economy. Learn the history of economic inequality, how race is always related, and the economic effects of growing up boomer vs. growing up millennial.
- Inequality: Our Divided Society
- Learn the social and cultural costs of our inequality, and ways to advocate for a more equal society.
- Understanding Taxes
- Paul explores the data behind “supply side” taxation, the potential impact of the 2017 tax cuts, and how the American tax plan affects each of us.
- The Economics of Technological Progress
- Learn the impact of technological expansion on the job market, the economy as a whole, and on the individual citizen.
- Health Care: The Problems
- Health care is central to American lives and the American economy. Paul breaks down the economics of the private health care market and explains two “market killers” in our current system.
- Health Care: The Solutions
- Using examples from health care systems in the UK, Canada, and Switzerland, Paul examines three approaches to universal healthcare, noting the positives and challenges of each.
- Theories of Trade (Wonkish)
- Through a discussion of his Nobel Prize-winning idea, the New Trade Theory, Paul explains the history and continued impact of trade on the economy.
- Understanding the Hyperglobalized World
- Globalization has forever changed the way we communicate and do business. Paul discusses the transformative technologies that led to efficient global trade and the impact of those developments on our country’s economy.
- China: The Disruptive Miracle
- Paul explains China’s rapid economic growth and details how the influx of their exported goods impact economies and rules of trade worldwide.
- Economic Geography
- Through the example of Silicon Valley, Paul illustrates how economics can even control the geographic movement of people.
- Reading Economics
- Paul teaches you how to read and interpret developing economic issues in order to stay informed. Learn his personal tools and techniques for spotting critical, accurate information in breaking news.
- Seeing the World Like an Economist
- For Paul, being an economist requires thinking critically and learning from others. Learn his critical thinking methodology, like how to look for natural experiments, think past your own bias, and use the information at your fingertips.
- Writing Economics
- Using his column “Myths of Austerity,” Paul demonstrates how he uses language, current events, and more to break down a complex topic while keeping the reader informed and engaged.
- Closing
- Paul ends his class with parting advice for aspiring activists and policy makers, or those who wish to become more informed citizens: remember to stay aware, to read, to listen, and to remain an active participant in society.
Taught by
Paul Krugman
