Economic Risks
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Census data is often politically influenced and hence inaccurate. The birthrate in developing countries is nearly twice that in developed countries. Most humans live in less developed countries, so the world birthrate is near the higher number. The world birthrate is two and a half times the death rate; we are not close to population stabilization. Almost everywhere, the death rate has been drastically reduced; further changes will not...more
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In many regions, the central cultural idea is that of a lineage, a family and its line of male ancestors and descendants. The prime duty in these cultures is to keep the lineage going. Religion is small scale with the ancestors performing many of the functions of gods. Denser populations and larger political entities lead to large-scale religion where conformity is stressed and cultural rules are codified in a book and not subject to...more
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Banks, which were first created in primitive form by goldsmiths hundreds of years ago, have evolved into central economic institutions that manage the allocation of resources, channel information about productive activities, and offer the public convenient investment vehicles. Although there are several types of banking institutions, including credit unions and Saving and Loan Associations, commercial banks are the largest and most...more
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Marxism is the second Enlightenment tradition upon which the course will focus. Contrary to popular belief, Marx did not hate capitalism but derived from economic analysis that it would self-destruct and lead to socialism. It is also a myth that Marx did not care about freedom; he was only egalitarian in the sense that he wanted everyone to have freedom. Ergo, Professor Shapiro asserts that Marx's dialectical materialism is as committed...more
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Central Banks, originally created as bankers' banks, implement monetary policy using their leverage over the supply of money and credit standards. Since the Bank of England was founded in 1694, through the gold standard which lasted until the 1930s, and into modern times, central banks have pursued monetary policy to stabilize the banking system. Central banks monitor currency flows and inflation, acting when crises, such as bank runs,...more
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Until now, the models we've used in this course have focused on the case where everyone can perfectly forecast future economic conditions. Clearly, to understand financial markets, we have to incorporate uncertainty into these models. The first half of this lecture continues reviewing the key statistical concepts that we'll need to be able to think seriously about uncertainty, including expectation, variance, and covariance. We apply...more
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The sanitary movement was an approach to public health first developed in England in the 1830s and '40s. With increasing industrialization and urbanization, the removal of filth from towns and cities became a major focus in the struggle against infectious diseases. As pioneered by Edwin Chadwick, the sanitary movement also embraced an explicit political objective, according to which urban cleansing took on a figurative as well as a...more
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Part 1 -Debating Same Sex Marraige: If principles of justice depend on the moral or intrinsic worth of the ends that rights serve, how should we deal with the fact that people hold different ideas and conceptions of what is good? Students address this question in a heated debate about whether same-sex marriage should be legal. Can we settle the matter without discussing the moral permissibility of homosexuality or the purpose of...more
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Professor Shapiro continues his examination of Jeremy Bentham's formulation of classical utilitarianism, with a focus on the distributive implications of the theory of "maximizing the greatest happiness of the greatest number." He engages students in a discussion of a guiding principle of classical utilitarianism, the principle of diminishing marginal utility, and some traditional critiques of this principle. Professor Shapiro examines...more
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Professor Blight begins this lecture with an attempt to answer the question "why did the South secede in 1861?" Blight offers five possible answers to this question: preservation of slavery, "the fear thesis," southern nationalism, the "agrarian thesis," and the "honor thesis." After laying out the roots of secession, Blight focuses on the historical profession, suggesting some of the ways in which historians have attempted to explain the...more
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One of the central questions in assessing Stalinism is whether or not the abuses of the latter were already present in the first years of the Russian Revolution. The archival evidence suggests that this is partly the case, and that even in its early stages Soviet Russia actively persecuted not just those who were believed to have profited unfairly, without laboring, but also non-Russian ethnic groups. Stalin, although not an ethnic...more
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The global AIDS pandemic furnishes a case study for many of the themes addressed throughout the course. While in the developed West the disease largely afflicts concentrated high-risk groups such as intravenous drug users and the sexually promiscuous, in Southern Africa it is much more a generalized disease of poverty. In countries such as Botswana and Swaziland, the economic and social consequences of the disease have created a vicious...more
