The Economics of Uncertainty

By: Connel Fullenkamp, The Great Courses

Narrated by: 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.

©2015 The Great Courses (P)2015 The Teaching Company, LLC

A good, wide-ranging, plain-language intro to risk

This is a very good entry point to thinking about and measuring risk and employing various tools to deal with it. It is not confined to business but addresses plenty of issues in personal finance and decision-making. Lots of vocabulary is here with straightforward explanations. I like this professor as a source of solid work and very professional delivery.
I have moved on to other works on risk management and found this background useful.

solid but leaves some obscurity

was very solid basic information but left some concepts too lightly touched....build value by solving a need....

Too simplistic, suitable for children almost

Perhaps you would find this worth your time if you had never ever read or spent any time thinking about probability theory and stuff like that. But I found this way too simplistic to be interesting and I will not be able to finish it. The narrator is OK even though I'm a bit allergic to not very funny pre-written jokes accompanied by hints of chuckling.

Amazing course!

I definitely recommend listening to this course to everyone, not just the individuals with interest in finance or economy. Professor Fullenkamp introduces and explains concepts that even having a high level knowledge about them would change the way you think and deal with the uncertainties in your day to day life.
Thank you Dr. Fullenkamp and the Great Courses for helping us to add to our human capital!

Outstanding!

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 applicable

Which character – as performed by Professor Connel Fullenkamp – was your favorite?

Not applicable

Was there a moment in the book that particularly moved you?

Not applicable

Any additional comments?

Another outstanding lecturer by The Great Courses is Timothy Taylor; he lectures Economics.

It's OK for students, don't expect much though

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.

A comprehensive introduction

great lectures, easy to follow, good examples, great content for any non specialist in the master of economics

Needs an editor

Not a smooth listen. Pros: mostly interesting and chapters are well organized. The author has obviously spent many years lecturing on the subject. Cons: overexplains some simple concepts while brushing over concepts that were more complex. Also ideological bias (conservative) undermines the authority of the presentation.

Good but not what I was expecting and a little adv

advanced theories for the everyday Joe

some useful concepts but little practical application

worthwhile if you have a passion for this but not something you can just pick up

Great content, one caveat.

Just wanted to mention how annoying the sing-song, artificial tone of the lecturer gets. That said, the lectures are slow-paced but have plenty of really interesting ideas ranging from decision/game theory to finance. Definitely worth it.