
The Economics of Uncertainty
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Narrated by:
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Connel Fullenkamp
Economies are deeply complex systems. The marketplace involves many economic actors behaving in rational and irrational ways, sustaining a dizzying array of interconnected activity. Because of the number of participants involved, the unpredictability of their actions, and the sheer variety of possible actions, some degree of economic uncertainty is inevitable.
In one of the most dramatic displays of economic uncertainty in our times, a wave of toxic loans almost brought down the American financial system in 2008-2009, and with it jobs and savings. Few experts forecast this catastrophe, which stands as a lesson in the power of economic forces to defy our predictions. This event may have been exceptional, but every day we are all at the mercy of economic uncertainty in matters such as the stock market, insurance, and career and retirement planning.
Uncertainty also plagues us in smaller ways. For example, everyone is familiar with rising prices, but the Internet now makes it possible for online shoppers to be charged more based on their buying history, adding a new level of unpredictability to pricing. And anytime you hire someone for a service - from roofing to dentistry - you face the principal-agent problem, in which the person hired may take unethical advantage of your lack of expertise.
Indeed, these large and small risks are so pervasive that it is all too easy to conclude that nothing can be done. But economic uncertainty is like the weather: You can't stop storms from happening, but understanding how and why they happen allows you to be prepared. In the same way, economic uncertainty is beyond our control, but we're in a much better position to respond if we know what's happening and why.
In 24 practical and empowering half-hour lectures, The Economics of Uncertainty takes the mystery and dread out of uncertainty, giving you the tools to deal with risk in every phase of your life.
PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your Library section along with the audio.
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I have moved on to other works on risk management and found this background useful.
A good, wide-ranging, plain-language intro to risk
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solid but leaves some obscurity
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Too simplistic, suitable for children almost
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Thank you Dr. Fullenkamp and the Great Courses for helping us to add to our human capital!
Amazing course!
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Would you recommend this audiobook to a friend? If so, why?
This is a college-level course on finance. Prof Fullenkamp is crystal-clear and understandable.Who was your favorite character and why?
Not applicableWhich character – as performed by Professor Connel Fullenkamp – was your favorite?
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Another outstanding lecturer by The Great Courses is Timothy Taylor; he lectures Economics.Outstanding!
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Would you try another book from The Great Courses and/or Professor Connel Fullenkamp?
The book is OK. Definitely a VERY useful read for students and young people, but rather trivial if you know what insurance is and how it works. So, a great book for a beginner audience, too simple for more advanced readers.It's OK for students, don't expect much though
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A comprehensive introduction
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Needs an editor
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some useful concepts but little practical application
worthwhile if you have a passion for this but not something you can just pick up
Good but not what I was expecting and a little adv
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Great content, one caveat.
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