Business, Politics & Society

Reading Economics

Paul Krugman

Lesson time 12:59 min

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.

Play
Paul Krugman
Teaches Economics and Society
Nobel Prize-winning economist Paul Krugman teaches you the economic theories that drive history, policy, and help explain the world around you.
Get All-Access

Preview

There's an awful lot of nonsense in economics. Some of it's said with great passion and authority because economics, there-- people have stakes in it and people have prejudices. Stuff-- there's lots of stuff that people want to believe or the people who have money and power want you to believe. And being able to winnow that, being able to get through and say, OK. That-- that's not a real argument, or, those facts are not true. This is something that sounds serious. Learning how to sort through and figure out what-- what parts are fake and what parts aren't is probably the most important thing. [MUSIC PLAYING] So I start my day. I read a couple of standard, you know, mainstream sources. I start-- start with the-- with the "New York Times." I'd have to say that even that wasn't true, but it is, in fact, true. I love "The Washington Post." I will look-- I often just look at-- actually at Bloomberg just to see more businessy slant on what's happening. I'm a big fan of Vox, which is a-- vox.com, which is a sort of analytically-oriented news reporting and has quite a lot of good stuff there. I do do Twitter. I tweet myself, although I never ever look at the responses. And I have about 30 people I follow. Then just hyperlink hop, right? You find something that is helpful, but will often lead you to something else, which will lead you to something else. But put in a 45 minutes or an hour, and that doesn't sound like much to me, because that's what my life is built around. But you spend-- or even half an hour just skimming these things every morning, and you're going to have a-- a pretty good sense of what are the issues that are-- that are bubbling up at the moment. [MUSIC PLAYING] A couple of things are good guides to whether you're at least seeing a serious argument. And one is just to ask, is there an argument, or is it just assertions? So I've had a couple of times where, you know some, op-ed's been published, and people will send me-- to me and say, what-- what do you think of this argument? And I'll say, I don't see any argument here. I just see a bunch of assertions. I don't see that there's any logical chain of thought or any evidence. It's just, this is bad. We must not do this. And if we do this, everything will be great. And so, you know, ask-- ask yourself, leaving aside the question of style of forcefulness, where is the argument? How-- what-- what is the basis for this person's assertions? Then if it is, an actual argument you want to think a little bit, does it-- does it hang together? And that-- that could be hard. But you might want to just ask internally, does it actually seem to make sense? By and large, bad ideas that prevail are-- are simple. They're-- they're easier to-- to grasp, easier to state than-- than the good ideas. I think Mencken said something about for any-- any complex problem, there is a solution that is simple, clear, and wrong. There's always someone who has this, here's-- ...


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.

Very good introduction. Looking forward to the rest of the class.

It was great having a class from a leader in the field on a more academic subject!

Some great insight into a topic I had little knowledge of. I will definitely continue to learn more on this topic because of this MasterClass hosted by Mr. Paul Krugman.

This entire lesson was just to me was to look, analyze and find additional information to inform your understanding of the matter, Paul provided an insight into how he looks at matters. I particularly like his use of real time stories to make his point.


Comments

A fellow student

Excellent! Not just telling us to be critical, but great tips on doing just that.

Graeme R.

Such great advice! Economics seems to have some great minds, who are wrong sometimes, and some charlatans who use their easily purchasable influence to support the highest bidder.

Pisko

Read both sides of every story, what the Dems say, what the Reps say n think 4 yourself. Another way is 2 not to worry about reading/watching news at all, n focus on ur business/community so news r written about what u do

Jack

Krugman has shifty eyes when he speaks. This is more of a political agenda series than a good economics course.

charles S.

'By and large, bad ideas that prevail ... are simple' 'For any complex problem, there is a solution that is simple, clear and wrong'. Brilliant!

Robert G.

I agree. Everybody is wrong sometimes. I also believe great ideas can come from anywhere.

Robert G.

Facts are important. History. Compare what works well and benefits the economy SafeNet.

Kenneth S.

The professor’s readying list: The New York Times, The Washington Post, Bloomberg, demonstrates that he avoids ideas that clash with his.

Thiago D.

This class, alone, might become a whole masterclass, given the importance of being able to recognize fake news or fake data in traditional media or in any place information is shared. I liked the tips on spotting questionable assertions and facts in the news, but most importantly I liked the idea of researching the track record of journalists and economists. In the age of social media and the like, it's easy to fall in the trap of believing right away anything that resembles true information and news. Learning to assess who gets most things right and who at least takes back wrong predictions has become as important as investing time in informing oneself. Also, and this might seem quite obvious, economists and journalists are human beings who make mistakes from time to time, and to see someone admitting to have gotten it wrong is not at all a sign of weakness of intellect, but rather honesty and should be seen as good practice.