Lesson 2 of 21
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. Finally, he concludes with a description of the topics to be discussed in each lecture.