Economists can’t agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Prof. Lo cuts through the debate in this course with a new framework—the Adaptive Markets Hypothesis—in which rationality and irrationality coexist.
Topics:

Introduction and Financial Orthodoxy
Rejecting the Random Walk and Efficient Markets
Behavioral Biases and Psychology
The Neuroscience of Decision-Making
Evolution and the Origin of Behavior
The Adaptive Markets Hypothesis
Hedge Funds: The Galapagos Islands of Finance
Applications of Adaptive Markets
The Financial Crisis
Ethics and Adaptive Markets
The Finance of the Future and the Future of Finance

As part of the Open Learning Library (OLL), this course is free to use. You have the option to sign up and enroll if you want to track your progress, or you can view and use all the materials without enrolling. Resources on OLL allow learners to learn at their own pace while receiving immediate feedback through interactive content and exercises.

This course exposes students to current issues and language use in German technology, business, and international industrial relations, and discusses ramifications of these issues in a larger social and cultural context. We seek to prepare students who wish to work or study in a German-speaking country by focusing on specialized vocabulary and systematic training in speaking and writing skills to improve fluency and style and emphasizing communicative strategies that are crucial in a working environment. Discussion and analysis of newspaper and magazine articles, modern expository prose, and extensive use of online material are included. Taught in German.

14.461 is an advanced course in macroeconomics that seeks to bring students to the research frontier. The course is divided into two sections. The first half is taught by Prof. Iván Werning and covers topics such as how to formulate and solve optimal problems. Students will study fiscal and monetary policy, among other issues. The second half, taught by Prof. George-Marios Angeletos, covers recent work on multiple equilibria, global games, and informational fictions.

Professor Blanchard will discuss shocks, labor markets and unemployment, and dynamic stochastic general equilibrium models (DSGE models). Professor Lorenzoni will cover demand shocks, macroeconomic effects of news (with or without nominal rigidities), investment with credit constraints, and liquidity with its aggregate effects.

14.462 is the second semester of the second-year Ph.D. macroeconomics sequence.
The course is intended to introduce the students, not only to particular areas of current research, but also to some very useful analytical tools. It covers a selection of topics that varies from year to year. Recent topics include:

Growth and Fluctuations
Heterogeneity and Incomplete Markets
Optimal Fiscal Policy
Time Inconsistency
Reputation
Coordination Games and Macroeconomic Complementarities
Information

In analyzing fiscal issues, conventional public finance approaches focus mainly on taxation and public spending. Policymakers and practitioners rarely explore solutions by examining the fundamental problem: the failure of interested parties to act collectively to internalize the positive externalities generated by public goods. Public finance is merely one of many possible institutional arrangements for assigning the rights and responsibilities to public goods consumption. This system is currently under stress because of the financial crisis. The first part of the class will focus on collective action and its connection with local public finance. The second part will explore alternative institutional arrangements for mediating collective action problems associated with the provision of local public goods.
The objective of the seminar is to broaden the discussion of local public finance by incorporating collective action problems into the discourse. This inclusion aims at exploring alternative institutional arrangements for financing local public services in the face of severe economic downturn. Applications of emerging ideas to the provision of public health, education, and natural resource conservation will be discussed.

This course meets weekly to discuss recent aerospace history and current events, in order to understand how they are responsible for the state of the aerospace industry. With invited subject matter experts participating in nearly every session, students have an opportunity to hone their insight through truly informed discussion. The aim of the course is to prepare junior and senior level students for their first industry experiences.

This course provides an overview of airline management decision processes with a focus on economic issues and their relationship to operations planning models and decision support tools. It emphasizes the application of economic models of demand, pricing, costs, and supply to airline markets and networks, and it examines industry practice and emerging methods for fleet planning, route network design, scheduling, pricing and revenue management.

The course is intended for people who would like a deeper understanding of the American housing finance system. The focus will be on providing necessary background knowledge rather than on evaluating specific policy proposals.  Near the end of the course, participants will be encouraged to bring up policy issues and to discuss them in light of the information presented.

This course covers the key quantitative methods of finance: financial econometrics and statistical inference for financial applications; dynamic optimization; Monte Carlo simulation; stochastic (Itô) calculus. These techniques, along with their computer implementation, are covered in depth. Application areas include portfolio management, risk management, derivatives, and proprietary trading.

This course focuses on alternative ways in which the issues of growth, restructuring, innovation, knowledge, learning, and accounting and measurements can be examined, covering both industrialized and emerging countries. We give special emphasis to recent transformations in regional economies throughout the world and to the implications these changes have for the theories and research methods used in spatial economic analyses. Readings will relate mainly to the United States, but we cover pertinent material on foreign countries in lectures.

Word Count: 3417

Included H5P activities: 5

(Note: This resource's metadata has been created automatically by reformatting and/or combining the information that the author initially provided as part of a bulk import process.)

This course covers empirical strategies for applied micro research questions. Our agenda includes regression and matching, instrumental variables, differences-in-differences, regression discontinuity designs, standard errors, and a module consisting of 8–9 lectures on the analysis of high-dimensional data sets a.k.a. "Big Data".

The fact of scarcity forces individuals, firms, and societies to choose among alternative uses – or allocations – of its limited resources. Accordingly, the first part of this summer course seeks to understand how economists model the choice process of individual consumers and firms, and how markets work to coordinate these choices. It also examines how well markets perform this function using the economist's criterion of market efficiency.
Overall, this course focuses on microeconomics, with some topics from macroeconomics and international trade. It emphasizes the integration of theory, data, and judgment in the analysis of corporate decisions and public policy, and in the assessment of changing U.S. and international business environments.

15.012 Applied Macro- and International Economics uses case studies to investigate the macroeconomic environment in which firms operate. The first half of the course develops the basic tools of macroeconomic management: monetary, fiscal, and exchange rate policy. The class discusses recent emerging market and financial crises by examining their causes and considering how best to address them and prevent them from recurring in the future. The second half evaluates different strategies of economic development. Topics covered in the second half of this course include growth, the role of debt and foreign aid, and the reliance on natural resources.

This course seeks to establish understanding of the development processes of societies and economies by studying several dimensions of sustainability (environmental, social, political, institutional, economy, organizational, relational, and personal) and the balance among them. It explores the basics of governmental intervention, focusing on areas such as the judicial system, environment, social security, and health, and builds skills to determine what type of policy is most appropriate. We also consider implications of new technologies on the financial sector: Internationalization of currencies, mobile payment systems, and cryptocurrencies, and discuss the institutional framework to ensure choices are sustainable across all dimensions and applications.

This course examines how people learn, practice, and evaluate traditional and contemporary craft techniques. Social science theories of design, embodiment, apprenticeship learning, skill, labor, expertise, and tacit knowledge are used to explore distinctions and connections among art, craft, and science. We will also discuss the commoditization of craft into market goods, collectible art, and tourism industries. Ethnographic and historical case studies include textiles, glassblowing, quilting, cheese making, industrial design, home cooking, factory and laboratory work, CAD-CAM. In-class demonstrations and hands-on craft projects will be included.

This paper enable to have a better understanding of microeconomics. It helps the student to apply the concepts in real life. 

In 2008, the Beijing Urban Design Studio will focus on the issue of Beijing's urban transformation under the theme of de-industrialization, by preparing an urban design and development plan for the Shougang (Capital Steel Factory) site. This studio will address whether portions of the old massive factory infrastructure can be preserved as a national industrial heritage site embedded into future new development; how to balance the cultural and recreational value of the site with environmental challenges; as well as how to use the site for urban development. A special focus of the studio will be to consider development approaches that minimize energy utilization.
To research these questions, students will be asked to interact with clients from the factory, local residents, city officials and experts on transportation, environment, energy and real estate. They will assess strategic options for the steel factory and propose comprehensive plans for the design and development of the brownfield site.

The Beijing Urban Design Studio is a joint program between the MIT and Tsinghua University Schools of Architecture and Planning. The goal of the studio is to foster international cooperation through the undertaking of a joint urban design and planning initiative in the city of Beijing involving important, often controversial, sites and projects. Since 1995, almost 250 MIT and Tsinghua University students and faculty have participated in this annual studio, making it one of the most successful and enduring international academic programs between China and the US. It has received the Irwin Sizer Award from MIT for outstanding innovation in education. The studio takes place over five weeks in June and July including several weeks in residence at Tsinghua University and two brief study tours to locations and projects that inform the work. It will include 18-20 MIT and 10-15 Tsinghua Architecture and Planning students. The Beijing City Planning Institute, responsible for strategic planning in the city, participates in the studio as the client.

This is the 20th anniversary of the Beijing Urban Design Studio, which is a joint program between the MIT and Tsinghua University Schools of Architecture and Planning. The goal of the studio is to foster international cooperation through the undertaking of a joint urban design and planning initiative in the city of Beijing involving important, often controversial, sites and projects. Since 1995, almost 250 MIT and Tsinghua University students and faculty have participated in this annual studio, making it one of the most successful and enduring international academic programs between China and the U.S. It has received the Irwin Sizer Award from MIT for outstanding innovation in education. The studio takes place over five weeks in June and July including several weeks in residence at Tsinghua University and two brief study tours to locations and projects that inform the work. It will include 18-20 MIT and 10-15 Tsinghua Architecture and Planning students. The Beijing City Planning Institute, responsible for strategic planning in the city, participates in the studio as the client.

This textbook provides a much-needed legal examination of the criticisms often levelled at the human rights record of the WTO, and Assesses whether developed States have an obligation towards developing nations to create a fairer trading system in the light of the failure of the Doha Round.

Budgeting is the most basic and most important tool in anyone's financial toolbox. With this resource, students are given the hands-on opportunity to create budgets for fictional "Regan" during her sophomore year in nursing school, and, later, as a recent graduate with an apartment and a new car. Using either Microsoft® Excel or Google Docs, the students download our budgeting tool with space for their own budget, as well as the examples they created by establishing Regan's budget.

This is the first edition of the open text book Building a Competitive Investment Climate on First Nation Lands. This textbook is for students who are First Nation and tribal government employees or students who would like to work for or with First Nation and tribal governments. The purpose of this textbook is to help interested First Nation and tribal governments build a competitive investment climate. Work began on this text book in early 2012 with a generous grant from the Donner Canadian Foundation. Financial support was also provided by the First Nations Tax Commission and the Tulo Centre.

The purpose of this class is to advance your understanding of how to use financial information to value and analyze firms. We will apply your economics/accounting/finance skills to problems from today's business news to help us understand what is contained in financial reports, why firms report certain information, and how to be a sophisticated user of this information.

Long Description:
This pamphlet is part of the series, “Moving Beyond Capitalism – Now.”

The first two parts appear here, and two additional parts by Howard Waitzkin will follow. These four parts show: Capitalist-oriented industrial agriculture and its destruction of habitat are the upstream causes that led to the COVID-19 pandemic as well as other past and future pandemics of devastating, emerging viral pathogens. COVID-19 may trigger a collapse of the global capitalist system but it is not the cause. Health-care and public-health systems organized around capitalist principles don’t do well in pandemics, compared to those not organized around capitalist principles. The current economic collapse, triggered by a pandemic, opens a door for revolutionary transformation.

Several chapters by other authors will appear soon.

Please contact us with any questions or concerns (info@darajapress.com).

Word Count: 14444

(Note: This resource's metadata has been created automatically as part of a bulk import process by reformatting and/or combining the information that the author initially provided. As a result, there may be errors in formatting.)

Capital markets include the stock and bond markets, and this is where businesses turn for funding when they need investors. In this course, students will learn how capital markets keep the economy moving and how they provide opportunities for businesses, entrepreneurs and investors to achieve their goals.

This course addresses the evolution of the modern capitalist economy and evaluates its current structure and performance. Various paradigms of economics are contrasted and compared (neoclassical, Marxist, socioeconomic, and neocorporate) in order to understand how modern capitalism has been shaped and how it functions in today's economy. The course stresses general analytic reasoning and problem formulation rather than specific analytic techniques. Readings include classics in economic thought as well as contemporary analyses.

This course is an introduction to economics for non-majors and political economy, with an emphasis on the moral and ethical problems that markets solve, and fail to solve. Taught by Professor Michael Munger of Duke University, this course includes full length lectures, links to readings, and a sample final exam.

Cards, Cars and Currency is a set of personal finance programs that encourages participants to learn about three areas of personal finance: credit cards, debit cards and purchasing a car. Cards, Cars and Currency includes five individual programs that can be used together or individually to enhance personal finance learning.

This is a course for those who are interested in the challenge posed by massive and persistent world poverty, and are hopeful that economists might have something useful to say about this challenge. The questions we will take up include: Is extreme poverty a thing of the past? What is economic life like when living under a dollar per day? Why do some countries grow fast and others fall further behind? Does growth help the poor? Are famines unavoidable? How can we end child labor—or should we? How do we make schools work for poor citizens? How do we deal with the disease burden? Is micro finance invaluable or overrated? Without property rights, is life destined to be "nasty, brutish and short"? Has globalization been good to the poor? Should we leave economic development to the market? Should we leave economic development to non-governmental organizations (NGOs)? Does foreign aid help or hinder? Where is the best place to intervene?
MITx Online Version
This course is part of the Micromaster’s Program in Data, Economics, and Design of Policy through MITx Online. The course is entirely free to audit, though learners have the option to pay a fee, which is based on the learner's ability to pay, to take the proctored exam, and earn a course certificate. To access the course, create an MITx Online account and enroll in the course 14.73x The Challenges of Global Poverty.

This course is a service-learning, project-based studio course that focuses on collaborative design of civic media. Students will work in diverse teams with community partners to create civic media projects grounded in real-world community needs. This course covers co-design and lean UX methods, and best practices for including communities in iterative stages of project ideation, design, prototyping, testing, launch, and stewardship. Students should have an interest in collaboration with community-based organizations.

This course will examine literature and practice regarding community-owned enterprise as an alternative means of increasing community participation and development. The use of cooperatives, credit unions, land trusts, and limited stock ownership enterprises for increasing community participation and empowerment will be examined.

In the Comparative Advantage courses, students meet Jack Of All Trades, a most awesome superhero. In all tasks, Jack can do everything better and faster (he has absolute advantage), but does that mean he must do everything while the rest of the people stand around helplessly? Find out if justice is served when a formerly idle citizen, Andy, wades through the depths of opportunity cost and the benefits of comparative advantage.

Competition in Telecommunications provides an introduction to the economics, business strategies, and technology of telecommunications markets. This includes markets for wireless communications, local and long-distance services, and customer equipment. The convergence of computers, cable TV and telecommunications and the competitive emergence of the Internet are covered in depth. A number of speakers from leading companies in the industry will give course lectures.

Credit can be a powerful tool in your financial toolbox if you understand how to use it wisely. In this course, you'll learn about different types of credit and the costs associated with using credit. You'll learn the importance of building strong credit by borrowing wisely and paying promptly, arranging credit for making major purchases like a car or home, avoiding common credit mistakes, and monitoring your own credit. You'll also learn about credit reports, your credit score, and steps you can—and should—take to build your own credit cred!

In the trilogy of D-Lab courses, D-Lab: Dissemination focuses on disseminating innovations among underserved communities, especially in developing countries. Students acquire skills related to building partnerships and piloting, financing, implementing, and scaling-up a selected innovation for the common good. The course is structured around MIT and outside competitions. Teams develop an idea, project or (social) business plan that is "ready to roll" by term's end. Course includes an on-line forum discussion board, student-led case studies and a final proposal or business plan for realizing your dream innovation.

D-Lab Development addresses issues of technological improvements at the micro level for developing countries—in particular, how the quality of life of low-income households can be improved by adaptation of low cost and sustainable technologies. Discussion of development issues as well as project implementation challenges are addressed through lectures, case studies, guest speakers and laboratory exercises. Students form project teams to partner with mostly local level organizations in developing countries, and formulate plans for an IAP site visit. (Previous field sites include Ghana, Brazil, Honduras and India.) Project team meetings focus on developing specific projects and include cultural, social, political, environmental and economic overviews of the countries and localities to be visited as well as an introduction to the local languages.

D-Lab: Design addresses problems faced by undeserved communities with a focus on design, experimentation, and prototyping processes. Particular attention is placed on constraints faced when designing for developing countries. Multidisciplinary teams work on semester-long projects in collaboration with community partners, field practitioners, and experts in relevant fields. Topics covered include design for affordability, design for manufacture, sustainability, and strategies for working effectively with community partners and customers. Students may continue projects begun in EC.701J D-Lab I: Development.

This course introduces methods for harnessing data to answer questions of cultural, social, economic, and policy interest. We will start with essential notions of probability and statistics. We will proceed to cover techniques in modern data analysis: regression and econometrics, design of experiments, randomized control trials (and A/B testing), machine learning, and data visualization.
We will illustrate these concepts with applications drawn from real-world examples and frontier research. Finally, we will provide instruction on the use of the statistical package R, and opportunities for students to perform self-directed empirical analyses.
MITx Online
This course draws materials from 14.310x Data Analysis for Social Scientists, which is part of the MicroMasters Program in Data, Economics, and Design of Policy offered by MITx Online. The MITx Online course is entirely free to audit, though learners have the option to pay a fee, which is based on the learner’s ability to pay, to take the proctored exam and earn a course certificate. To access that course, create an MITx Online account and enroll in the course 14.310x Data Analysis for Social Scientists.