From Paul Krugman's MasterClass

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.

Topics include: Introduction

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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.

Topics include: Introduction

Paul Krugman

Teaches Economics and Society

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We live in strange times. I first got into economics back around the early 1970s. We were having the first oil crisis and the first major outbreak of inflation. I remember thinking, boy, things are crazy now. They're never gonna be this crazy again. And actually, they just kept on getting crazier. [INTERPOSING VOICES] - We're tracking markets now trading at lows that we haven't seen for years. - Protesters camped out near Wall Street, demonstrating against what they call corporate greed. - President Obama today declared his signature healthcare program, widely known as Obamacare, is here to stay. - Donald Trump's long threatened tariffs against China went into effect. - Finds us more divided than ever. - No no, hold on a second. Let me-- [INTERPOSING VOICES] PAUL KRUGMAN (VOICEOVER): There's an awful lot of nonsense in economics. Some of it's said with great passion and authority. But learning how to sort through and figure out what parts are fake and what parts aren't is the most important thing. We are at a time when fake news has itself become fake news. So it's never been more important to educate yourself, because the kind of understanding that's going to get us through all of this is going to have to come from you. You have to figure this out for yourself and maybe someone like me can provide a little bit of guidance. I'm Paul Krugman. And this is my MasterClass. What you're going to learn here is how to think like an economist, what it means to not just parrot some slogans or-- or the market's up or the market's down, but actually how people who've taken this stuff seriously, who work at it, who try to-- to get at the truth, how they actually approach it. I hope I can give you some sense of that and give you some tools, some-- some basic concepts, not gonna give you all of the stuff that's in a thousand-page economics textbook. You're not here for that. And you're-- you're here for what does-- what do you try to be an enlightened citizen of the world need to know? What can you do as a way to make sense of the headlines in your paper or even just the things you see as you drive down the road? Some of you might end up becoming economists. Some of you will end up going into business, where you get to apply, maybe, some of what's here. But mostly, I think we all are better citizens, more satisfied people if we understand something about the world we live in. And it's-- economics is just such a big part. I'd like you to come out as a-- as a-- a critical thinker, someone who's informed enough to be able to make decisions about what is-- what really is-- is worth listening to. And maybe it'll even help you make a few life decisions. Although, you know, a self-help guide, I'm not. But if you've made it through to-- to this point, thank you. You've-- you've fulfilled what is really my biggest wish in life, which is to have other people care.

Think like an economist

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.

Reviews

4.7
Students give MasterClass an average rating of 4.7 out of 5 stars.

the course should be more accurately named US Economics and Society, but still a pleasure

Thanks for this course! It would be interesting to see other economists with similar courses.

Surprisingly, this class gave me some ideas for marketing. I own a small business. This class helped me to visualize the larger market while at the same time understanding that all economics is about people, and their inherent predictability.

i have some fundamental knowledge about the economics. however, some of the principles in economics cannot explain or apply to the daily situations. Paul's class is inspiring and the critical thinking in the "conventional knowledge" is a necessity to ask the questions and then through hard thinking to find out that answer.

Comments

Tammi L.

This intro was perfect, it made me want to care and be more informed so I can be satisfied! Thank you for sharing

Richard W.

I teach consumer math, investment math and personal finance at an adult ed program and was asked to teach acourse in political economy and current events. I will use this course as a foundation for the political economy course. Looking forward to it!

Robert K.

My motivation to take this class is to try to understand how the ultra-liberal neo-keynesian academics rationalize about their policies that will ultimately bring down our western civilization. Please study proper economic thinking: https://mises.org

Ekin Ö.

I am a software developer but have a massive interest in economics. It was interesting for me to see that I think like an economist (based on Richard Nisbett's article) because the sunk cost fallacy is a very known term to me. I learned this from a business book I read years ago and applied it both in my career and personal life. Seeing the article in the introduction made me even more interested in this course. Yay! :-)

A fellow student

The article was interesting. To the first question, I couldnt make up my mind. There were a couple unanswered questions. How much am I interested in the teams that are playing. For me this is a big one. I would go if it was "my" team playing, especially if I didn't live near my old home town. I dont care so much about the star, I pay for the experience. So how would all that fit in? I would remodel the hospital. For the last question, I would never have waited. Being in line is something that I despise. I would have spent the time to find somewhere else that sounded better. So I feel like I sort of think like one but not fully? Good article though.

Bobbi !.

I am pleased I chose to take this course. Not having the understanding needed to create language to describe the world around you is a major set back for a writer. I've been waiting for something like this for a while.

Terry H.

Good start. The Nisbett article suggests I don't think like an economist (yet). I mean, there is Stubhub.

Anne A.

The Nisbitt article hit so close I winced. I recently spent an awful and grueling evening of dinner theater, really bad show and the worst of it was no dinner served until it was almost over after two and half hours, and we were famished. And we sat there and sat there in abject misery because we'd already paid for it.

Bob P.

Looking forward to this master class. I have to say that the concentration of wealth and imposition of poverty on the masses we're seeing today indicated that we have a failed economy, regardless of what the corporatists say opposite that claim in their "trickle down" fraud on the masses. I'm hoping that this class will help me to better articulate and flesh out that conviction in a form that could persuade those after me to work for a better future, even if I am ultimately just a single voice screaming in the silent void of space.

Kyle W.

I will be taking a very long plane flight and would like to download these video lessons onto my Mac. Is this possible?