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Human Capital Theory
 
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This video is about Human Capital Theory
Views: 37327 Stefanie Adams
9of19 - Investment in Schooling and Training - The Labor Market
 
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GARY BECKER This the ninth lecture in the "Lectures on Human Capital" series by Gary Becker. This series of lectures recorded during the Spring of 2010 are from ECON 343 - Human Capital, a class taught every year by Gary Becker at the University of Chicago. In this class, Becker expounds upon the theory of Human Capital that he helped create and for which he won the Nobel Prize. Please see attached lecture notes, video annotations, and reading list for more information. --- Professor Becker continues to discuss the model of investment in education introduced in the previous lecture. In this lecture, he carefully lists, describes and analyses each of the parameters involved in the decision that individuals make when going or not to college. He also works through some comparative statics exercises about these parameters. In this lecture, Becker also discusses a number of stylized facts about the labor market for man, women, and minorities including participation rates, wage differentials and how these have changed over time. Key concepts: discount factor, foregone earnings, lifetime earnings differential, life expectancy, return to education, basic facts about the labor market. Main discussions: • Lecture 9, (09:50-10:55): Professor Becker discusses the decision to invest in education. • Lecture 9, (49:05-54:30): Professor Becker discusses the discrimination against women in the marketplace. • Lecture 9, (01:14:00-01:24:25): Professor Becker discusses the development of the wage differential between men and women in the 20th century. References: • Chapter V: Rates of Return from College Education in Becker, Gary. 1974. Human Capital. Third ed. pp. 161-204. • Salvador Navarro Lozano. Notes on Gary Becker's Human Capital and the Economy. pp. 18-21. -- Lecture Notes: https://mindonline.uchicago.edu/media... Reading List: https://mindonline.uchicago.edu/media... Video Annotations: https://mindonline.uchicago.edu/media... ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: A destination for inquiry, research, and education, the University of Chicago empowers scholars to challenge conventional thinking. Our diverse community of creative thinkers celebrates ideas, and is celebrated for them. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-home News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected]
What is HUMAN CAPITAL? What does HUMAN CAPITAL mean? HUMAN CAPITAL meaning, definition & explanation
 
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✪✪✪✪✪ WORK FROM HOME! Looking for US WORKERS for simple Internet data entry JOBS. $15-20 per hour. SIGN UP here - http://jobs.theaudiopedia.com ✪✪✪✪✪ ✪✪✪✪✪ The Audiopedia Android application, INSTALL NOW - https://play.google.com/store/apps/details?id=com.wTheAudiopedia_8069473 ✪✪✪✪✪ What is HUMAN CAPITAL? What does HUMAN CAPITAL mean? HUMAN CAPITAL meaning - HUMAN CAPITAL pronunciation - HUMAN CAPITAL definition - HUMAN CAPITAL explanation - How to pronounce HUMAN CAPITAL? Human capital is a term popularized by Gary Becker an economist from the University of Chicago and Jacob Mincer that refers the stock of knowledge, habits, social and personality attributes, including creativity, embodied in the ability to perform labor so as to produce economic value. Alternatively, Human capital is a collection of resources—all the knowledge, talents, skills, abilities, experience, intelligence, training, judgment, and wisdom possessed individually and collectively by individuals in a population. These resources are the total capacity of the people that represents a form of wealth which can be directed to accomplish the goals of the nation or state or a portion thereof. It is an aggregate economic view of the human being acting within economies, which is an attempt to capture the social, biological, cultural and psychological complexity as they interact in explicit and/or economic transactions. Many theories explicitly connect investment in human capital development to education, and the role of human capital in economic development, productivity growth, and innovation has frequently been cited as a justification for government subsidies for education and job skills training. "Human capital" has been and continues to be criticized in numerous ways. Michael Spence offers signaling theory as an alternative to human capital. Pierre Bourdieu offers a nuanced conceptual alternative to human capital that includes cultural capital, social capital, economic capital, and symbolic capital. These critiques, and other debates, suggest that "human capital" is a reified concept without sufficient explanatory power. It was assumed in early economic theories, reflecting the context, i.e., the secondary sector of the economy was producing much more than the tertiary sector was able to produce at the time in most countries – to be a fungible resource, homogeneous, and easily interchangeable, and it was referred to simply as workforce or labor, one of three factors of production (the others being land, and assumed-interchangeable assets of money and physical equipment). Just as land became recognized as natural capital and an asset in itself, human factors of production were raised from this simple mechanistic analysis to human capital. In modern technical financial analysis, the term "balanced growth" refers to the goal of equal growth of both aggregate human capabilities and physical assets that produce goods and services. The assumption that labour or workforces could be easily modelled in aggregate began to be challenged in 1950s when the tertiary sector, which demanded creativity, begun to produce more than the secondary sector was producing at the time in the most developed countries in the world. Accordingly, much more attention was paid to factors that led to success versus failure where human management was concerned. The role of leadership, talent, even celebrity was explored. Today, most theories attempt to break down human capital into one or more components for analysis – usually called "intangibles". Most commonly, social capital, the sum of social bonds and relationships, has come to be recognized, along with many synonyms such as goodwill or brand value or social cohesion or social resilience and related concepts like celebrity or fame, as distinct from the talent that an individual (such as an athlete has uniquely) has developed that cannot be passed on to others regardless of effort, and those aspects that can be transferred or taught: instructional capital. Less commonly, some analyses conflate good instructions for health with health itself, or good knowledge management habits or systems with the instructions they compile and manage, or the "intellectual capital" of teams – a reflection of their social and instructional capacities, with some assumptions about their individual uniqueness in the context in which they work. In general these analyses acknowledge that individual trained bodies, teachable ideas or skills, and social influence or persuasion power, are different.
Views: 16675 The Audiopedia
2of19 - Human Capital, and Intergenerational Mobility - The basic model (1of2)
 
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GARY BECKER This the second lecture in the "Lectures on Human Capital" series by Gary Becker. This series of lectures recorded during the Spring of 2010 are from ECON 343 - Human Capital, a class taught every year by Gary Becker at the University of Chicago. In this class, Becker expounds upon the theory of Human Capital that he helped create and for which he won the Nobel Prize. Please see attached lecture notes, video annotations, and reading list for more information. --- Professor Becker models the investment in the human capital that parents make on behalf of their children. He analytically develops a simple one-overlapping generation rational choice model in which the parents can only spend income on their own consumption goods or in the human capital investment of their children. He then derives the comparative statics predictions that are implied. These results set up a discussion about intergenerational income mobility and regression to the mean in this context. Finally, he begins to discuss capital markets and their imperfections. Throughout the discussion, Becker assumes the following: a single kind of human capital investment, one-parent household (i.e. no marriage or unisex model), and a one-child household. The parameters in this model are the altruism and the income of the parents, and the parameter that converts the human capital of the kids into earnings. Common microeconomic theory assumptions about utility and production functions are settled. Key concepts: altruism, capital markets, capital markets imperfections, consumption goods, intergenerational income mobility, investment in human capital, one-overlapping generation rational choice model. Main discussions: • Lecture 2, (06:00-09:25): Professor Becker provides context for the model he develops. • Lecture 2, (14:00-15:10, and 17:10-19:40): Professor Becker explains the meaning of parental altruism in his model. • Lecture 2, (23:50-26:00): Professor Becker discusses why diminishing marginal returns of human capital investment is a reasonable assumption. • Lecture 2, (29:00-30:50): Professor Becker explains how the future earnings of the kids are determined and the role played by the parameters in the function that converts a child's human capital into earnings. • Lecture 2, (01:01:50-01:06:50): Professor Becker starts the discussion about intergenerational income mobility and regression to the mean in this context. • Lecture 2, (01:12:20-01:14:10): Professor Becker stresses the difference between intergenerational income mobility and income equality. • Lecture 2, (02:15:50-01:02:20): Professor Becker discusses capital markets and its imperfections. Main quotes: • "(...) if the world was full of selfish parents we can close up this part of the analysis and go home". References: • Chapter 1: Single-Person Households in Becker Gary. A Treatise on the Family. Enlarged ed. pp. 20-30. • Salvador Navarro Lozano. Notes on Gary Becker's Human Capital and the Economy. pp. 7-11. -- Lecture Notes: https://mindonline.uchicago.edu/media... Reading List: https://mindonline.uchicago.edu/media... Video Annotations: https://mindonline.uchicago.edu/media... ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: A destination for inquiry, research, and education, the University of Chicago empowers scholars to challenge conventional thinking. Our diverse community of creative thinkers celebrates ideas, and is celebrated for them. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-home News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected]
11of19 - Investment in Schooling and Training - Non-monetary benefits of human capital (1of2)
 
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GARY BECKER This the eleventh lecture in the "Lectures on Human Capital" series by Gary Becker. This is part 1 of a two-part lecture; see Lecture 12 for part 2 of this lecture. This series of lectures recorded during the Spring of 2010 are from ECON 343 - Human Capital, a class taught every year by Gary Becker at the University of Chicago. In this class, Becker expounds upon the theory of Human Capital that he helped create and for which he won the Nobel Prize. Please see attached lecture notes, video annotations, and reading list for more information. --- Professor Becker explains the limitations of the previous model that tries to explain the decision of going to college. Then, he models the decision of education investment in a more general way with a utility maximizing rational choice model. He offers a two period uncertainty model in which agents invest in their human capital in the first period. He explains how this model can be generalized to N periods. He explains how the human capital that the agent has affects the probability of surviving to the next period. Based on this model, he reinforces the idea of the complementary property between different forms of human capital. Professor Becker also shows how the incentives to invest in education are affected by the probability of surviving to later periods in life. These lectures show how more educated people also have better non-monetary outcomes. Finally, Professor Becker explains why education improves marital prospects and why education improves family earnings. He introduces the gains from marriage to this model. Key concepts: family earnings, full income, leisure, life expectancy, marital prospects, probability of surviving. Main discussions: • Lecture 11, (06:00-09:15): Professor Becker discusses one of his favorite pieces of data on life expectancy and education. He explains how this data evidences that educated people live longer in Russia and Estonia. Also, he claims that this data reveals that educated people fare better through chaotic times. • Lecture 11, (10:40-11:55): Professor Becker talks about a debate that he had with Richard Posner about drunk drivers. • Lecture 11, (13:10-15:05): Professor Becker explains why the returns to college look similar for men and women if the data is correctly interpreted. • Lecture 11, (43:40-45:00): Professor Becker explains why college students take a lot of leisure. • Lecture 11, (01:10:40-01:13:45): Professor Becker explains why utility levels appear in the first order condition when discussing value of life problems. • Lecture 12, (14:15-19:35): Professor Becker discusses the health effects on education and vice versa. He gives some evidences about the differences of these effects across women and men. • Lecture 12, (42:30-45:50): Professor Becker explains the economic returns from studying the liberal arts. Main quotes: • "Education improves you marital prospects ... and more educated people tend to marry other more educated people." • "If you look at anything... educated people are better at it... anything that's considered good.... adaptation to the iPad, is something new (...) I got one (...) I think it's a great piece of equipment." • "Education helps you to adapt better to new environments." References: • Chapter 4: Assortative Mating in Marriage Markets in Becker Gary. A Treatise on the Family. Enlarged ed. pp. 108-134. • Chapter V: Rates of Return form College Education in Becker, Gary. 1974. Human Capital. Third ed. pp. 161-204. -- Lecture Notes: https://mindonline.uchicago.edu/media/ssd/econ/becker/Lecture_Notes-Human_Capital.pdf Reading List: https://mindonline.uchicago.edu/media/ssd/econ/becker/Sp2007readinglist.pdf Video Annotations: https://mindonline.uchicago.edu/media/ssd/econ/becker/Annotations_to-videos-Human_Capital.pdf ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: A destination for inquiry, research, and education, the University of Chicago empowers scholars to challenge conventional thinking. Our diverse community of creative thinkers celebrates ideas, and is celebrated for them. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-home News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected]
Strategy-Proofness, Investment Efficiency and Marginal Returns
 
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In this presentation, Scott Duke Kominers noted that mechanism design tends to examine only the market clearing stage. The field treats human capital as a fixed or predetermined input, rather than a dynamic range of possibilities. His own model uncovers a relationship between three variables: strategy-proofness, investment efficiency, and marginal rewards. If you experience technical difficulties with this video or would like to make an accessibility-related request, please send a message to [email protected]
UnCommon Core | Human Capital Investment, Inequality, and Growth with economist Kevin Murphy
 
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Recently the seeming permanence of the rise of earnings inequality has motivated policy proposals to mitigate its impact, including more progressive income taxation, wealth and inheritance taxes, and pay regulation. In this UnCommon Core, economist Kevin Murphy argues that most of these treat the symptom rather than the disease. Instead he suggests a focus on the supply side, where the human capital choices of individuals and families affect the skill composition of the labor force. ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: A destination for inquiry, research, and education, the University of Chicago empowers scholars to challenge conventional thinking. Our diverse community of creative thinkers celebrates ideas, and is celebrated for them. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-home News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected]
Strategy-Proofness, Investment Efficiency and Marginal Returns
 
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John Hatfield examines how market mechanisms affect the level of investment before participants formally enter the market. They offered the example of ex ante investment in human capital induced by later entrance into the labor market. The researchers then looked at how these levels of investment may be optimized. Their results show that investment is optimized when the mechanism is ex post efficient and strategy proof. If you experience technical difficulties with this video or would like to make an accessibility-related request, please send a message to [email protected]
Panel 1 -- Human Capital Theory and Economic Policy
 
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Gary S. Becker, Claudia Goldin, and Kevin Murphy discuss human capital and its importance in a modern, information-based economy. Read more: http://bfi.uchicago.edu/events/201201... If you experience technical difficulties with this video or would like to make an accessibility-related request, please send a message to [email protected]
15of19 - The New Economics of Mortality - Health and Marriage Markets
 
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GARY BECKER This the fifteenth lecture in the "Lectures on Human Capital" series by Gary Becker. This series of lectures recorded during the Spring of 2010 are from ECON 343 - Human Capital, a class taught every year by Gary Becker at the University of Chicago. In this class, Becker expounds upon the theory of Human Capital that he helped create and for which he won the Nobel Prize. Please see attached lecture notes, video annotations, and reading list for more information. --- Professor Becker returns to the model developed in Lecture 13. However, he extends the model in a way that allows two different kinds of investment in health. In particular, he deals with a case where people can spend in consumption goods, leisure, investing in preventing cancer and investing in preventing cardiovascular diseases. Then, he shows what happens with the spending in each of the diseases when medicine progresses in fighting one of the diseases. These models of health spending on different classes of disease have important consequences for how funding for drug research is allocated and the health care decisions that individuals take. Next, Becker shifts attention to the study of marriage markets. He develops a model of matching and he explains how sorting happens in different contexts. He stresses out how education influences the marriage results. At the end of the lecture, Professor Becker discusses how the investment in kids behaves in these kinds of mode and why the marriage markets do not produce a zero sum game. Key concepts: consumption goods, convex cost function of health investment, leisure, matching, marriage market, positive sorting by education, sorting, statistical value of life, utility levels, polygamy in marriage markets. Main discussions: • Lecture 15, (18:40-25:45): Professor Becker shows what happens with the spending in each of the diseases when medicine progresses in fighting one of the diseases. • Lecture 15, (29:50-31:10): Professor Becker explains the positive sorting by education of men and women when they marry. • Lecture 15, (52:00-54:30): Professor Becker analyzes the marriage market outcomes form a social planner's point of view. • Lecture 15, (01:13:25-01:16:20): Professor Becker explains why marriage markets are not a zero sum game. Main quotes: • "One of the gains of increasing your education is that you improve your marital prospects". • "More educated people are more likely to marry... more likely to stay married and (...) there is strong positive sorting by the education of men and women". References: • Salvador Navarro Lozano. Notes on Gary Becker's Human Capital and the Economy. pp. 21-25. • Chapter 4: Assortative Mating in Marriage Markets in Becker Gary. A Treatise on the Family. Enlarged ed. pp. 108-134. -- Lecture Notes: https://mindonline.uchicago.edu/media/ssd/econ/becker/Lecture_Notes-Human_Capital.pdf Reading List: https://mindonline.uchicago.edu/media/ssd/econ/becker/Sp2007readinglist.pdf Video Annotations: https://mindonline.uchicago.edu/media/ssd/econ/becker/Annotations_to-videos-Human_Capital.pdf ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: A destination for inquiry, research, and education, the University of Chicago empowers scholars to challenge conventional thinking. Our diverse community of creative thinkers celebrates ideas, and is celebrated for them. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-home News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected]
Life Expectancy, Medical Testing, and Human Capital Investment
 
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When facing a grim diagnosis of a life-shortening incurable disease, ignorance may be bliss—or at least a desirable state—and knowledge will change your life choices, according to research by Emily Oster, a faculty member with the Institute's Chicago Price Theory Initiative. If you experience technical difficulties with this video or would like to make an accessibility-related request, please send a message to [email protected]
14of19 - The New Economics of Mortality - Statistical value of life framework and Health
 
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GARY BECKER This the fourteenth lecture in the "Lectures on Human Capital" series by Gary Becker. This series of lectures recorded during the Spring of 2010 are from ECON 343 - Human Capital, a class taught every year by Gary Becker at the University of Chicago. In this class, Becker expounds upon the theory of Human Capital that he helped create and for which he won the Nobel Prize. Please see attached lecture notes, video annotations, and reading list for more information. --- Professor Becker continues to discuss the health investment problem and the Statistical Value of Life. Then, he develops a three period expected utility maximizing problem of investment in health which explicitly makes a difference between the conditional and the unconditional probabilities of surviving. Then, he explains how the investment in health in one period impacts the unconditional probability to survive in further periods, even when investment in health only determines the conditional probability of surviving to the second period. As a consequence, he explains, it is more efficient to invest in good health during young ages; also, he explains the economic and demographic importance of health investments. Also, he explains the time consistency issues in this kind of problem and why the agent's utility maximizing problem takes the unconditional probability of surviving as opposed to the conditional one. Key concepts: conditional probability of surviving, diminishing returns on health spending, health investment, investment in health during young ages, statistical value of life, unconditional probability of surviving. Main discussions: • Lecture 14, (45:10-47:10): Professor Becker explains how the investment in health in one period impacts the unconditional probability to survive in further periods, even when investment in health only determines the conditional probability of surviving to the second period. • Lecture 14, (45:10-47:10): Professor Becker explains why it is more valuable to invest in health during younger ages. • Lecture 14, (52:40-57:15): Professor Becker shows the benefits of investing in health in a generalized model with n periods of life. • Lecture 14, (48:10-51:05): Professor Becker gives his opinion about what the health priorities should be in African countries where AIDS is a major issue. Main quotes: • "Other things the same it is rational to go first (invest in health as human capital) for the early ages". • "By raising your conditional probability of surviving to early ages you are also raising your unconditional probability of surviving to later ages". References: • Salvador Navarro Lozano. Notes on Gary Becker's Human Capital and the Economy. pp. 21-25 -- Lecture Notes: https://mindonline.uchicago.edu/media/ssd/econ/becker/Lecture_Notes-Human_Capital.pdf Reading List: https://mindonline.uchicago.edu/media/ssd/econ/becker/Sp2007readinglist.pdf Video Annotations: https://mindonline.uchicago.edu/media/ssd/econ/becker/Annotations_to-videos-Human_Capital.pdf ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: A destination for inquiry, research, and education, the University of Chicago empowers scholars to challenge conventional thinking. Our diverse community of creative thinkers celebrates ideas, and is celebrated for them. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-home News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected]
LAW AND ECONOMICS (rev.)
 
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Notes for Economics www.saseassociates.com 0:18 Intro 0:40 Jurist Oliver Wendell Holmes, Jr. 0:58 Jurist Richard Posner 1:14 Economist Ronald Coase 1:42 Economist Gary Becker 2:05 Applications of Economics to Law 2:36 Summary Today, we look at the connection between law and economics • We will consider what a couple of eminent jurors have said about Law and Economics • Then, we'll discuss the work of eminent economists who pioneered the application of economics to law. • Finally, we'll review the many ways that economics is used in courts of law. LAW and ECONOMICS Pt 2 In The Path of Law, Justice Oliver Wendell Holmes, Jr. commented: "For the rational study of the law...the man of the future is the man of statistics and the master of economics...." In his Essays in Law and Economics, Justice Richard Posner explained: "[T]he legal system contains many parallels to, and overlaps with, the systems that economists have studied successfully." LAW and ECONOMICS Pt 3 Many economists devote their time and energy applying economic analysis to legal issues. One of the pioneers is Dr. Ronald Coase who defined the nature of a business firm in terms of transaction cost. He explained that the more transactions that can be handled cost effectively within a business, the larger that firm will be. Nobel Prize recipient Gary Becker modeled human behavior as investments in human capital, distribution of work and leisure time in the family, rational behavior in crime and punishment, and discrimination in markets for labor and goods. Today, economic analysis is applied to many areas of law including Antitrust issues, industrial regulation, taxation policy, and financial loss damage determination. LAW and ECONOMICS Pt 4 Furthermore, the application of economics is extended to other areas of legal practice including property law, contracts, torts, criminal law, civil procedure, and constitutional law. In the economy of the United States, the two major applications of economic theory and analysis are in the intellectual foundation of deregulation, and as the force behind antitrust law in respect to corporations. LAW and ECONOMICS Summary. To sum up, we have seen that jurists and economist have understood the connection between law and economics for a long time and that economic analysis has become inseparable from the passage and enforcement of our national laws. Dr. Sase helps attorneys settle their cases. For cases that do not settle pre-trial, he provides expert opinion based on analysis and reports. John Sase, Ph.D. is an economic expert witness who determines economic damages and gives testimony. As an economist calculating economic damages by analyzing quantitative and qualitative data, he prepares detailed reports with an extensive narrative and sufficient detailed spreadsheets that he uses when he appears as an economic expert witness. Dr. Sase helps attorneys settle their cases. For cases that do not settle pre-trial, he provides expert opinion based economic damage analysis and reports Throughout his career, the majority of the cases on which Dr. Sase has worked have involved the determination of economic losses accruing to human beings over time. These damages are due to severe injury or loss of employment as well as to the losses that beset the families of victims who have suffered wrongful death or disablement. In order to perform this work, a forensic economist must remain objective while relying upon data, theories, and literature from the sub-field of Economics known as Human Capital, the stock of competences, knowledge, and personality attributes embodied in one's ability to perform any kind of labor that produces an economic value. Dr. Sase is a practicing forensic economist/accountant. This means that his work includes measuring and analyzing economic losses; preparing written determinations of these losses; consulting with attorneys and their clients; participating in discovery depositions initiated by opposing counsel; and providing testimony of my findings, conclusions, and opinions in courts of law. His preparatory background has been a joint Masters in Economics and an MBA with additional electives in Accounting, and a Doctorate in Economics with applied fields in Business, Industrial Organization, and Urban Economics. To date, Dr. Sase has served on more than 400 cases involving injury, wrongful death, employment law, small businesses/professional practices, and intellectual properties. Including small to moderate size class actions, he has helped more than 2,000 plaintiffs and defendants. Also, I recommend Tom Ireland's article on the Interface Between Law and Economics and Forensic Economics: http://heinonline.org/HOL/LandingPage?handle=hein.journals/jole7&div=8&id=&page=
Views: 5158 Video Economist
6of19 - Human Capital, and Intergenerational Mobility - Bequests and other topics of the household
 
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GARY BECKER This the sixth lecture in the "Lectures on Human Capital" series by Gary Becker. This series of lectures recorded during the Spring of 2010 are from ECON 343 - Human Capital, a class taught every year by Gary Becker at the University of Chicago. In this class, Becker expounds upon the theory of Human Capital that he helped create and for which he won the Nobel Prize. Please see attached lecture notes, video annotations, and reading list for more information. --- Professor Becker extends the analysis for two kids in the same framework that he works with in the previous lectures. He investigates what happens when two kids have the same ability, what happens when the two kids different abilities, what happens when the parents are more altruistic with one kid than with the other. He addresses the problem in both the perfect and the imperfect capital markets contexts. Then, Professor Becker addresses the problem of uncertainty in the ability distribution of the kids: he explains how this uncertainty influences the parent's decision to invest in their child's human capital. He develops this model under an expected utility framework. Afterwards, he returns to the single child model. Becker allows the possibility that parents can invest in other capital for their child in addition to human capital. He does not specify what kind of capital. He just introduces another kind of capital that can be an alternative for parental expenditures. Therefore, the richness of the kids, in this context, is not just determined by the human capital invested in them but also by the capital bequest that they receive in their adulthood. Key concepts: bequests, expected utility, social planner, uncertainty, efficiency-equity trade-off, physical capital, rate of return. Main discussions: • Lecture 6, (04:25-5:20): Professor Becker compares the efficiency-equity trade-off that parents carry on when the abilities of their children are different with that the government faces when implementing public policy and choosing taxes for citizens. • Lecture 6, (43:25, 44:45): Professor Becker continues the previous discussion. • Lecture 6, (01:14:05-01:16:40): Professor Becker illustrates graphically the decision between parental investment in human capital and parental investment in physical capital and the returns received by both of these decisions. Main quotes: • "Parents make compromises when investing in their differently abled children... they face a trade-off as the government does when trading-off between taxing people [in order to achieve equity] and the dead-weight loss that results". References: • Salvador Navarro Lozano. Notes on Gary Becker's Human Capital and the Economy. pp. 14-15, 16-18. • Chapter 8: Altruism in the Family in Becker Gary. A Treatise on the Family. Enlarged ed. pp. 277-306. -- Lecture Notes: https://mindonline.uchicago.edu/media... Reading List: https://mindonline.uchicago.edu/media... Video Annotations: https://mindonline.uchicago.edu/media... ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: A destination for inquiry, research, and education, the University of Chicago empowers scholars to challenge conventional thinking. Our diverse community of creative thinkers celebrates ideas, and is celebrated for them. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-home News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected]
8of19 - Investment in Schooling and Training - Transmitting preferences to children
 
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GARY BECKER This the eighth lecture in the "Lectures on Human Capital" series by Gary Becker. This series of lectures recorded during the Spring of 2010 are from ECON 343 - Human Capital, a class taught every year by Gary Becker at the University of Chicago. In this class, Becker expounds upon the theory of Human Capital that he helped create and for which he won the Nobel Prize. Please see attached lecture notes, video annotations, and reading list for more information. --- In the first hour of the lecture, Professor discusses the preference transmission model that he discussed in his Nobel Prize Lecture. However, in this lecture he deepens the analysis: he offers necessary and sufficient conditions for "investment in guilt to happen", he points out the plausibility of corner solutions in some of the choice variables, and he goes through the insights offered by the first order conditions of this rational choice model. Then, he turns into what he calls a "much more traditional human capital problem" by introducing investment in education. He proposes a model in which the individuals face the decision whether or not to go to college. In this model, the individuals compare the lifetime earnings differential of going to college versus the foregone earnings plus the tuition costs. The ratio of the benefits with respect to the costs is defined as the return of going to college. Key concepts: bequest, foregone earnings, investment in guilt, lifetime earnings differential, returns to education, schooling decisions. Main discussions: • Lecture 8, (00:00-01:02:50): Professor Becker develops the preference transmission model that is discussed in his Nobel Prize Lecture. • Lecture 8, (30:00-40:40): Professor Becker set ups the context in which he analyses the investment in education problem. Main quotes: • "You arrive at age 18 with a certain amount of human capital (...) maybe that's why it's such a free game to blame your parents for anything". References: • Gary Becker. 1992. Nobel Prize Lecture: The Economic Way of Looking at Life. http://home.uchicago.edu/~gbecker/Nob... • Chapter V: Rates of Return form College Education in Becker, Gary. 1974. Human Capital. Third ed. pp. 161-204. -- Lecture Notes: https://mindonline.uchicago.edu/media... Reading List: https://mindonline.uchicago.edu/media... Video Annotations: https://mindonline.uchicago.edu/media... ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: A destination for inquiry, research, and education, the University of Chicago empowers scholars to challenge conventional thinking. Our diverse community of creative thinkers celebrates ideas, and is celebrated for them. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-home News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected]
10of19 - Investment in Schooling and Training - Higher education and College
 
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GARY BECKER This the tenth lecture in the "Lectures on Human Capital" series by Gary Becker. This series of lectures recorded during the Spring of 2010 are from ECON 343 - Human Capital, a class taught every year by Gary Becker at the University of Chicago. In this class, Becker expounds upon the theory of Human Capital that he helped create and for which he won the Nobel Prize. Please see attached lecture notes, video annotations, and reading list for more information. --- Professor Becker continues to elaborate on the decision to attend college. He also discusses hypotheses for why the cost of tuition has risen. Becker then discusses the consequences of this rise in tuition and how it affects the cost functions of different industries. He explains why many people misunderstand the causation of the rise in tuition and illustrates what he believes are the correct forces. He discusses how the recursive property of human capital is present in this context. Also, he explains why students have a better deal in these days than they had in the past. He questions if college subsidization causes a progressive taxing structure. He claims that the benefits of going to college are mostly private ones and illustrates why there are not large externalities associated with college education. He gives a theoretical and an empirical discussion about the college/high school wage gap in the U.S. He offers facts of other developed and developing countries as well. He also dicusses the extremely negative consequences of dropping out of high school: "high school drop outs are socially condemned in almost every dimension". Finally, he explains why people drop out. Key concepts: benefits of going to college, high school drop out, externalities from education, sheepskin effect, subsidies to education, rising cost of college tuition. Main discussions: • Lecture 10, (13:15-09:40): Professor Becker discusses the misunderstandings about the causes of the rise in tuition and gives some insights about the recursive property of human capital in this context. Also, he discusses issues about subsidies and externalities in the context of investment in education. • Lecture 10, (17:40-24:00): Professor Becker recommends some public policies in order to get more people to finish high school in an efficient way. • Lecture 10, (26:15-27:45): Professor Becker explains why GED programs do not work. Main quotes: • "You have an increase not only in the earnings of college graduates relative to high school graduates but you have an increase in the net benefits... the rate of return ... of the college education, despite the increase in tuition. So, I don't feel sorry for the students who have to pay this higher tuition". References: • Chapter V: Rates of Return form College Education in Becker, Gary. 1974. Human Capital. Third ed. pp. 161-204. • Salvador Navarro Lozano. Notes on Gary Becker's Human Capital and the Economy. pp. 18-21. -- Lecture Notes: https://mindonline.uchicago.edu/media/ssd/econ/becker/Lecture_Notes-Human_Capital.pdf Reading List: https://mindonline.uchicago.edu/media/ssd/econ/becker/Sp2007readinglist.pdf Video Annotations: https://mindonline.uchicago.edu/media/ssd/econ/becker/Annotations_to-videos-Human_Capital.pdf ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: A destination for inquiry, research, and education, the University of Chicago empowers scholars to challenge conventional thinking. Our diverse community of creative thinkers celebrates ideas, and is celebrated for them. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-home News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected]
Understanding Inequality and What to Do About It
 
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This event brought together a panel of three leading economists—Thomas Piketty, Kevin Murphy, and Steven Durlauf—to discuss the sources of the rise in inequality in advanced industrialized countries over the past 40 years, the problems it poses, and effective responses. Nobel laureate James Heckman moderated the panel and guided the discussion. This event was cosponsored by the Becker Friedman Institute, the Harris School of Public Policy, the Human Capital and Economic Opportunity Global Working Group, and the Center for the Economics of Human Development. If you experience technical difficulties with this video or would like to make an accessibility-related request, please send a message to [email protected]
Consumer Behavior (S1134) - Full Video
 
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Is the economic theory of utility a useful way of understanding consumer behavior? Ronald Coase and Gary Becker, Nobel Economists at the University of Chicago, explain and discuss the theory of rational maximizing utility. They describe how consumers rank preferences and then attempt to choose the highest preference according to their resources, and they discuss whether firms and households operate with similar principals. They consider whether it is necessary to even have utility theory, and whether economists have been misled on this subject. ©1995 32 min Check out our Facebook page here: https://www.facebook.com/FreeToChooseNetwork Visit our media website to find other programs here: http://freetochoosemedia.org/index.php Connect with us on Twitter here: https://twitter.com/FreeToChooseNet Learn more about our company here: http://freetochoosenetwork.org Shop for related products here: http://www.freetochoose.net Stream from FreeToChoose.TV here: http://freetochoose.tv
Dr. Jeff DeGraff & Staney DeGraff "The Innovation Code: The Creative Power [...]" | Talks at Google
 
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In The Innovation Code, Jeff DeGraff (the “Dean of Innovation”), and Staney DeGraff introduce a simple framework to explain the ways different kinds of thinkers and leaders can create constructive conflict. They show you the four steps to normalize conflict, channel it, and develop something completely new, using tools, methods, examples, exercises, and assessments. Get the book here: https://goo.gl/6sVYeM
Views: 2839 Talks at Google
A Celebration of the Life and Work of Gary S. Becker
 
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A celebration of the life and work of Gary S. Becker (1930-2014) was held at the University of Chicago’s Rockefeller Memorial Chapel on October 31, 2014. The speakers were Robert J. Zimmer, President of the University; Judy Becker, daughter of Gary Becker; Kevin M. Murphy, the George J. Stigler Distinguished Service Professor, Department of Economics, University of Chicago Booth School of Business, and Law School; Henry Harboe, grandson of Gary Becker; Stephen M. Stigler, the Ernest DeWitt Burton Distinguished Service Professor, Department of Statistics and the College; Cyrus Claffey, stepson of Gary Becker; and Edward P. Lazear, Jack Steele Parker Professor of Human Resources Management and Economics, Stanford University, and Morris A. and Nona Jean Cox Senior Fellow, Hoover Institution. ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: A destination for inquiry, research, and education, the University of Chicago empowers scholars to challenge conventional thinking. Our diverse community of creative thinkers celebrates ideas, and is celebrated for them. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-home News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected]
The Return to Education
 
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Part 4 of Unemployment: An Economist's Perspective. Melinda Pitts, research economist and director of the Atlanta Fed's Center for Human Capital Studies, gives an economist's view of unemployment. She discusses how the labor market differs from a product market, different ways of looking at and measuring unemployment, and other issues concerning unemployment.
Views: 505 AtlantaFed
PRC Forum: Gary Becker (U1027) - Full Video
 
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Dr. Gary Becker, 1992 Nobel Economist and Professor of Economics and Sociology at the University of Chicago, explains why the family is and will continue to be a dominant player in economic activities. National productivity is largely dependent upon the family’s investment in education. Human capital development is more important than physical capital accumulation. ©1988/58 min. Check out our Facebook page here: https://www.facebook.com/FreeToChooseNetwork Visit our media website to find other programs here: http://freetochoosemedia.org/index.php Connect with us on Twitter here: https://twitter.com/FreeToChooseNet Learn more about our company here: http://freetochoosenetwork.org Shop for related products here: http://www.freetochoose.net Stream from FreeToChoose.TV here: http://freetochoose.tv
Gary Becker: Fear, Technology, & Education
 
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http://chicagohumanities.org - See more Chicago Humanities Festival events. How does fear govern the way we live? Why do we fear certain entities? How do old fears transform themselves into new ones as society changes over time? In 2008, Nobel Prize­ winning economist Gary Becker analyzed these issues and more, examining variation in sources of fear across demographics and the results of fears on our individual and collective lives.
On the Economics of Persuasion and Indoctrination
 
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Efforts to persuade are an important part of economic activity. Advertising, promotions, political campaigns, and parental teachings within a household are just a few examples of economic persuasion. So what does the economic approach to human behavior have to say about persuasion? Kevin Murphy presented unpublished work with Gary Becker that extends their theory of advertising to a broader economic theory of persuasion and indoctrination. If you experience technical difficulties with this video or would like to make an accessibility-related request, please send a message to [email protected]
Lifecycle Human Capital Accumulation Across Countries
 
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How important is human capital in accounting for cross-country income differences? Until 2005, the conventional wisdom said, not very. That perception is changing, argued Todd Schoellman. If you experience technical difficulties with this video or would like to make an accessibility-related request, please send a message to [email protected]
UnCommon Core | "A New Era for UChicago Economics" with Eugene Fama and Lars Peter Hansen
 
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The 2013--14 academic year began with a Nobel Prize for Eugene Fama, MBA'63, PhD'64, and Lars Peter Hansen; continued with some high-profile faculty hires; and culminates with the much anticipated move into an iconic new home for the Department of Economics and the Becker Friedman Institute. The achievements of the past year will position the discipline of economics at UChicago for an unparalleled future. Come hear from noted UChicago economists, including Nobel laureate Hansen, as we mark this historic moment for the Chicago school of economics. 6/7/14 Becker Friedman Institute ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: A destination for inquiry, research, and education, the University of Chicago empowers scholars to challenge conventional thinking. Our diverse community of creative thinkers celebrates ideas, and is celebrated for them. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-home News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected]
Price Theory Summer Camp, Day 1: Lecture by Kevin Murphy
 
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The Price Theory Summer Camp was created to introduce PhD students from outside the University of Chicago to price theory, which emphasizes the application of basic economic tools to problems. This is a lecture from the 2009 camp. During the intensive one-week program, students hear lectures from UChicago price theory faculty and experience a series of “Chicago-style” seminars where faculty present their research in progress. Participants also work on problem sets in workshop and have opportunities to discuss their own work with some of the world's leading economists. Learn more: http://bfi.uchicago.edu/price-theory-camp If you experience technical difficulties with this video or would like to make an accessibility-related request, please send a message to [email protected]
A Closer Look at Household Debt and Business Cycles Worldwide
 
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Is there a link between high levels of household debt and economic downturns? In this talk, Chicago Booth’s Amir Sufi shares evidence on the importance of household debt in driving business cycles, both in the United States and abroad.
Using Text to Quantify Policy Uncertainty
 
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In this Friedman Forum talk for undergraduates, Steven J. Davis demonstrates the use of automated text analysis methods for quantifying policy uncertainty and measuring its economic impact.
Economic Analysis of Health Care and Social Security (D1211) - Full Video
 
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From the University of Chicago’s Economics Department, Professors Casey Mulligan and Kevin M. Murphy analyze health care and social security from an economics perspective. ©2003/40 min. Check out our Facebook page here: https://www.facebook.com/FreeToChooseNetwork Visit our media website to find other programs here: http://freetochoosemedia.org/index.php Connect with us on Twitter here: https://twitter.com/FreeToChooseNet Learn more about our company here: http://freetochoosenetwork.org Shop for related products here: http://www.freetochoose.net Stream from FreeToChoose.TV here: http://freetochoose.tv
Names, Faces, and Ideas: Discussion Section with Kevin Murphy and James Heckman
 
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In this episode, Kevin Murphy speaks with James Heckman, the Henry Schultz Distinguished Service Professor of Economics at the University of Chicago and Nobel prize-winning expert in the role that human capital—particularly early childhood education—plays in the long-term outcomes of individuals.
Living the Legacy: Chicago Economics through the Years
 
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A panel of eminent members and an affiliate member of the Department of Economics faculty—each a part of University of Chicago economic history himself—shares experiences, memories, influences, and insider views of the unique approach and environment that gave rise to Chicago economics and its world-changing ideas. This panel discussion is part of “The Legacy of Chicago Economics,” an academic conference about the first generation of Chicago economists. If you experience technical difficulties with this video or would like to make an accessibility-related request, please send a message to [email protected]
The Work Behind The Nobel Prize: UChicago Experts on Eugene F. Fama and Lars Peter Hansen
 
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Moderator Gary S. Becker leads panelists James J. Heckman, John C. Heaton, John H. Cochrane, and Tobias J. Moskowitz in a discussion of the research contributions of 2013 Nobel Laureates Eugene F. Fama and Lars Peter Hansen. Hosted by the University of Chicago Booth School of Business and the Division of the Social Sciences with generous support from the Office of the President. Eugene F. Fama, MBA'64, PhD'64, is the Robert R. McCormick Distinguished Service Professor of Finance at Chicago Booth. Widely recognized as the "father of modern finance," he is best known for his efficient markets hypothesis, which provides the rationale for index funds. His rigorous analysis of asset pricing and risk returns has transformed finance in both the research and investment communities. He is celebrating his 50th year on the University of Chicago faculty. Lars Peter Hansen, the David Rockefeller Distinguished Service Professor in Economics, Statistics, and the College, is an internationally known leader in economic dynamics. He has developed statistical methods widely used to test theories and models that shape our understanding of asset pricing. His recent work focuses on uncertainty and its relationship to long run risks in the macroeconomy. A faculty member since 1981, he is research director of the Becker Friedman Institute for Research in Economics. ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: A destination for inquiry, research, and education, the University of Chicago empowers scholars to challenge conventional thinking. Our diverse community of creative thinkers celebrates ideas, and is celebrated for them. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-home News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected]
CEHD - A Dynamic Model of Health, Education, and Wealth with Credit Constraints by Rong Hai
 
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Speaker(s): Rong Hai As part of the launch of the Center for the Economics of Human Development, Rong Hai, a Postdoctoral Scholar at CEHD and UChicago's Becker Friedman Institute, delivered the talk, "A Dynamic Model of Health, Education, and Wealth with Credit Constraints and Rational Addiction." The positive correlation between health, education, and wealth is well documented in economic literature. However, it is difficult to estimate the causal effect of these three factors because of the existence of reverse causality over time and selection based on individual heterogeneity. What are the economic mechanisms through which health, education, and wealth impact each other over the life cycle? How much of the observed positive correlation among these three factors is due to selection? To address these questions, this paper develops and structurally estimates a dynamic life-cycle model of health, education, and wealth that explicitly allows for credit constraints and rational addictive unhealthy behavior. The model analyzes the role health plays in an agent's life according to four channels: 1) as a form of human capital, as it affects labor market skills and thus wages; 2) as a factor influencing the utility we receive from various other choices, such as schooling and working; 3) as an input for health, as health is self-productive; and 4) as a consumption good, as we are able to derive enjoyment from our own physical well-being. The mission of the Center is to advance knowledge that fosters human flourishing by identifying sources of disadvantage and promoting equality of opportunity. The Center will produce empirical and theoretical research that integrates ideas and methods across the social and natural sciences to create rigorous evidence for public policy. You can keep up-to-date with ongoing research on our website at http://www.cehd.uchicago.edu.
Views: 526 hceconomics
Names, Faces, and Ideas: Discussion Section with Kevin Murphy and Casey Mulligan
 
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In this episode, Murphy talks with Casey Mulligan, professor in economics at the University of Chicago. Mulligan examines microeconomic trends, including labor, through a macroeconomic lens, with a particular interest in how policy can inadvertently shape the labor market in unexpected ways.
Fundamentals of Economic Analysis, Lecture 10: Banking and the Business Cycle | Joseph T. Salerno
 
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Joseph T. Salerno and Peter G. Klein are two of the most productive microeconomists in the Austrian School today. This seminar provides an introduction to Austrian Economics, and offers a preview of their forthcoming textbook for graduate students. Presented at the Ludwig von Mises Institute, 11-15 June 2007. http://mises.org Joseph T. Salerno is an economist of the Austrian School who resides in the United States. A professor at Pace University, Salerno is an active scholar in the areas of banking and monetary theory, comparative economics, and the history of economic thought. He is a senior faculty member of the Ludwig von Mises Institute, for which he frequently lectures and writes, and he serves as editor of the Institute's Quarterly Journal of Austrian Economics. Links to selected online books and essays on Austrian Economics: What is Austrian Economics? http://mises.org/etexts/austrian.asp Human Action: A Treatise on Economics by Ludwig von Mises http://mises.org/resources/3250 Audio book version: http://www.youtube.com/play_list?p=ED883527337E557B Theory and History: An Interpretation of Social and Economic Evolution by Ludwig von Mises http://mises.org/th.asp Audio book version: http://www.youtube.com/vplay_list?p=E52EEC7BFA3115F0 Economic Calculation in the Socialist Commonwealth by Ludwig von Mises http://mises.org/econcalc.asp Audio book version: http://www.youtube.com/vplay_list?p=FADF1FD6F2C0B8EF Historical Setting of the Austrian School of Economics by Ludwig von Mises http://mises.org/resources/1001 The Ultimate Foundation of Economic Science by Ludwig von Mises http://mises.org/books/ufofes/default.aspx Man, Economy, and State by Murray N. Rothbard http://mises.org/resources/1082 Audio book version: http://www.youtube.com/play_list?p=53CE2A1EA5C720BE Economic Thought Before Adam Smith: An Austrian Perspective on the History of Economic Thought, Volume I by Murray N. Rothbard http://mises.org/resources/3985 Audio book version: http://www.youtube.com/play_list?p=C60128B8E98929D7 Classical Economics: An Austrian Perspective on the History of Economic Thought, Volume II by Murray N. Rothbard http://mises.org/resources/3986 Audio book version: http://www.youtube.com/play_list?p=08BADEE86CA3F02F Mises and Austrian Economics by Murray N. Rothbard http://mises.org/resources/2699 The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions http://mises.org/resources/6136 Audio book version: http://www.youtube.com/playlist?p=PLF6C1466B1FDFB954 Principles of Economics by Carl Menger http://mises.org/etexts/menger/principles.asp The Failure of the "New Economics" by Henry Hazlitt http://mises.org/resources/3655 Audio book version: http://www.youtube.com/playlist?p=PLBDAFAE937C2E3E21 Individualism and Economic Order by F.A. Hayek http://mises.org/resources/4015 Monetary Theory and the Trade Cycle by F.A. Hayek http://mises.org/resources/680 The Pure Theory of Capital by F.A. Hayek http://mises.org/resources/3032 Monetary Nationalism and International Stability by F.A. Hayek http://mises.org/resources/570 Philosophical and Ethical Implications of Austrian Economics by Israel M. Kirzner http://mises.org/resources/24 Why Austrian Economics Matters by Llewellyn H. Rockwell, Jr. http://mises.org/resources/1200 Austrian Economics as Extraordinary Science by Edwin G. Dolan http://mises.org/resources/12 Economic Science and the Austrian Method by Hans-Hermann Hoppe http://mises.org/resources/4950 The Austrian Theory of the Trade Cycle and Other Essays http://mises.org/pdf/austtrad.pdf The Place of Human Action in the Development of Modern Economic Thought by Joseph T. Salerno http://mises.org/journals/qjae/pdf/qjae2_1_3.pdf Austrian Macroeconomics: A Diagrammatical Exposition by Roger W. Garrison http://mises.org/resources/5057 The Austrian School's Critique of Marxism by Eugen-Maria Schulak https://mises.org/daily/5114 Methodology of the Austrian School Economists by Lawrence H. White http://mises.org/resources/155 Control or Economic Law by Eugen von Böhm-Bawerk http://mises.org/resources/5188 The Positive Theory of Capital by Eugen von Böhm-Bawerk http://mises.org/resources/3326 Mises and Austrian Economics: A Personal View by Ron Paul http://mises.org/resources/3221 Links to further readings on Austrian Economics: http://mises.org/literature.aspx http://mises.org/articles.aspx DISCLAIMER: The Ludwig von Mises Institute has given permission under the Creative Commons license that this media presentation can be publicly reposted as long as credit is given to the Mises Institute and other guidelines are followed. More info at: http://creativecommons.org/licenses/by/3.0/us/ This YouTube channel is in no way endorsed by or affiliated with the Ludwig von Mises Institute, any of its lecturers or staff members.
Views: 6312 LibertyInOurTime
Unpacking Policy Consequences: Discussion Section with Kevin Murphy and  Ed Lazear Part 1
 
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When an economist goes to Washington, what does he bring to the table? In this first of a three-part interview, Edward Lazear reflects on his time on the Council of Economic Advisers and talks to Kevin Murphy about how it informed his academic interests in the years that followed.
Inquiry & Impact: Names, Faces, and Ideas: Discussion Section with Kevin Murphy and Benjamin Brooks
 
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Research Fellows at the Becker Friedman Institute are pre- and postdoctoral scholars who have already generated outstanding research in economics. These early career economists are offered a one- or two-year positions to leverage the rich collaborative environment and resources of the University of Chicago in order to pursue further original work. In this episode, Kevin Murphy talks with Ben Brooks about the experience of being at the University of Chicago as a BFI Research Fellow.
Highlights: Kevin Murphy, November 2012 Milton Friedman Centennial Celebration
 
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Panel "Public Policy and the Role of Government" at the Milton Friedman Centennial Celebration Nov. 9, 2012. Kevin Murphy discusses Friedman's scholarship. See the full panel (with Edward Lazear, James Heckman, Kevin Murphy) here: http://www.youtube.com/watch?v=zZqZyN... If you experience technical difficulties with this video or would like to make an accessibility-related request, please send a message to [email protected]
Names, Faces, and Ideas: Discussion Section with Kevin Murphy and Erik Hurst
 
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In this episode, Murphy talks with Erik Hurst, V. Duane Rath Professor of Economics and the John E. Jeuck Faculty Fellow at Chicago Booth, an expert in examining labor market trends on the employee side of the manufacturing and housing industries.
Price Theory Summer Camp, Day 1: Lecture by Steve Levitt
 
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The Price Theory Summer Camp was created to introduce PhD students from outside the University of Chicago to price theory, which emphasizes the application of basic economic tools to problems. This is a lecture from the 2009 camp. During the intensive one-week program, students hear lectures from UChicago price theory faculty and experience a series of “Chicago-style” seminars where faculty present their research in progress. Participants also work on problem sets in workshop and have opportunities to discuss their own work with some of the world's leading economists. Learn more: http://bfi.uchicago.edu/price-theory-... If you experience technical difficulties with this video or would like to make an accessibility-related request, please send a message to [email protected]
Further Explorations in Austrian Value and Utility Theory | Jeffrey M. Herbener
 
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Lecture presented by Jeffrey M. Herbener at the Ludwig von Mises Institute's 2005 Mises University conference, the world's leading instructional program in the Austrian School of economics. Since 1985, it has been the essential training ground for economists who are looking beyond the mainstream. Held at the Mises Institute in Auburn, Alabama; July 31-August 6, 2005. http://mises.org Jeffrey M. Herbener is an American economist of the Austrian School. Besides serving as an economics instructor at Pittsburg State University, Herbener has also taught at Washington and Jefferson College and currently holds the position of professor of economics at Grove City College in Pennsylvania. Herbener is a senior fellow of the Ludwig von Mises Institute in Auburn, Alabama and is associate editor of their Quarterly Journal of Austrian Economics. Related links: http://mises.org/fellow.aspx?Id=14 http://mises.org/literature.aspx?action=author&Id=206 http://mises.org/articles.aspx?AuthorId=206 http://www.visionandvalues.org/author/jeffrey-m-herbener/ Links to selected online books and essays on Austrian Economics: What is Austrian Economics? http://mises.org/etexts/austrian.asp Human Action: A Treatise on Economics by Ludwig von Mises http://mises.org/resources/3250 Audio book version: http://www.youtube.com/play_list?p=ED883527337E557B Theory and History: An Interpretation of Social and Economic Evolution by Ludwig von Mises http://mises.org/th.asp Audio book version: http://www.youtube.com/vplay_list?p=E52EEC7BFA3115F0 Economic Calculation in the Socialist Commonwealth by Ludwig von Mises http://mises.org/econcalc.asp Audio book version: http://www.youtube.com/vplay_list?p=FADF1FD6F2C0B8EF Historical Setting of the Austrian School of Economics by Ludwig von Mises http://mises.org/resources/1001 The Ultimate Foundation of Economic Science by Ludwig von Mises http://mises.org/books/ufofes/default.aspx Man, Economy, and State by Murray N. Rothbard http://mises.org/resources/1082 Audio book version: http://www.youtube.com/play_list?p=53CE2A1EA5C720BE Economic Thought Before Adam Smith: An Austrian Perspective on the History of Economic Thought, Volume I by Murray N. Rothbard http://mises.org/resources/3985 Audio book version: http://www.youtube.com/play_list?p=C60128B8E98929D7 Classical Economics: An Austrian Perspective on the History of Economic Thought, Volume II by Murray N. Rothbard http://mises.org/resources/3986 Audio book version: http://www.youtube.com/play_list?p=08BADEE86CA3F02F Mises and Austrian Economics by Murray N. Rothbard http://mises.org/resources/2699 The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions http://mises.org/resources/6136 Audio book version: http://www.youtube.com/playlist?p=PLF6C1466B1FDFB954 Principles of Economics by Carl Menger http://mises.org/etexts/menger/principles.asp The Failure of the "New Economics" by Henry Hazlitt http://mises.org/resources/3655 Individualism and Economic Order by F.A. Hayek http://mises.org/resources/4015 Monetary Theory and the Trade Cycle by F.A. Hayek http://mises.org/resources/680 The Pure Theory of Capital by F.A. Hayek http://mises.org/resources/3032 Monetary Nationalism and International Stability by F.A. Hayek http://mises.org/resources/570 Philosophical and Ethical Implications of Austrian Economics by Israel M. Kirzner http://mises.org/resources/24 Why Austrian Economics Matters by Llewellyn H. Rockwell, Jr. http://mises.org/resources/1200 Austrian Economics as Extraordinary Science http://mises.org/resources/12 Economic Science and the Austrian Method by Hans-Hermann Hoppe http://mises.org/resources/4950 The Austrian Theory of the Trade Cycle http://mises.org/pdf/austtrad.pdf The Place of Human Action in the Development of Modern Economic Thought by Joseph T. Salerno http://mises.org/journals/qjae/pdf/qjae2_1_3.pdf Austrian Macroeconomics: A Diagrammatical Exposition by Roger W. Garrison http://mises.org/resources/5057 The Austrian School's Critique of Marxism https://mises.org/daily/5114 Methodology of the Austrian School Economists http://mises.org/resources/155 Control or Economic Law by Eugen von Böhm-Bawerk http://mises.org/resources/5188 The Positive Theory of Capital by Eugen von Böhm-Bawerk http://mises.org/resources/3326 Mises and Austrian Economics: A Personal View by Ron Paul http://mises.org/resources/3221 DISCLAIMER: The Ludwig von Mises Institute has given permission under the Creative Commons license that this audio presentation can be publicly reposted as long as credit is given to the Mises Institute and other guidelines are followed. More info at: http://creativecommons.org/licenses/by/3.0/us/ This YouTube channel is in no way endorsed by or affiliated with the Ludwig von Mises Institute, any of its lecturers or staff members.
Views: 180 LibertyInOurTime
Unpacking Policy Consequences: Discussion Section with Kevin Murphy and Jose Scheinkman
 
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When a policy change is made, what will the new normal look like? In this episode, Murphy and José Scheinkman (Columbia University and Princeton University) talk about how economic insight into incentives and equilibrium can explain some unexpected consequences of drug policy changes in Rio de Janeiro, Brazil.
Unpacking Policy Consequences: Discussion Section with Kevin Murphy and Steve Davis
 
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How does the regulatory environment shape business behavior? In this episode, Murphy talks with Steven Davis (Chicago Booth), about the volumes and volumes of federal regulatory code and how compliance with their commandments becomes a barrier to entry by new businesses.
Social capital
 
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In sociology, social capital is the expected collective or economic benefits derived from the preferential treatment and cooperation between individuals and groups. Although different social sciences emphasize different aspects of social capital, they tend to share the core idea "that social networks have value". Just as a screwdriver (physical capital) or a university education (cultural capital or human capital) can increase productivity (both individual and collective), so do social contacts affect the productivity of individuals and groups. This video is targeted to blind users. Attribution: Article text available under CC-BY-SA Creative Commons image source in video
Views: 1719 Audiopedia
The Economics of Health and Disease
 
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Presenters: Michael Milken, Kevin Murphy, Emily Oster, Robert Topel, Andrew von Eschenbach. If you experience technical difficulties with this video or would like to make an accessibility-related request, please send a message to [email protected]
Inquiry & Impact: Discussion Section with Kevin Murphy and Mohammad Akbarpour
 
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Research Fellows at the Becker Friedman Institute are pre- and postdoctoral scholars who have already generated outstanding research in economics. These early career economists are offered a one- or two-year positions to leverage the rich collaborative environment and resources of the University of Chicago in order to pursue further original work. In this episode, Kevin Murphy talks with Mohammad Akbarpour about the experience of being at the University of Chicago as a BFI Research Fellow.
Kevin Murphy on Income Inequality - 2017-06-17
 
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Kevin Murphy on Income Inequality - Public Affairs - 2017-06-17
Views: 243 publicaffairstv
Thomas Kemple - History of Sexuality pt. 1, section 5:  The 'Bio-Social' Roots of Neoliberalism
 
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Abstract of the Seminar: What today we call 'neo-liberalism' refers very loosely to a set of ideas which became popular in North America and the Europe in the 1980s about the how the rights of the individual are guaranteed by the free market against the coercive power of the state . For the most part, then, neoliberal ideas have been more influential in politics and economics than in sociology, history, or philosophy. In this seminar, we'll consider two important sources of 'neoliberalism' which have been studied by French philosopher and historian, Michel Foucault 1) 19th century social Darwinism of the 1860s and 70s with its 'biological' understanding of social life as a struggle for survival of the species which was partly inspired by classic liberal ideals of autonomy and free trade; and the social economics of the Freiburg and Chicago schools of economics in the 1920s and 30s which promoted moderate state intervention as a necessary condition for minimum social welfare. Our seminar will start by considering the challenging Part V of his History of Sexuality, Volume I, 'The Right to Death and Power Over Life,' since that's where he first sketches the idea that liberal power is exercised less by protecting the interests of the state and society then by enhancing the vitality of individuals and populations. Some background: My own research interests are in how 'neoliberalism' can be traced to the classical liberalism which informed the birth of sociology in the 19th century, which coincided with the emergence of evolutionary biology and scientific psychology. Drawing on the insights of philosophy, literature, history, and the arts, this new 'science of social life' also considered physics, mathematics, biology, and psychology as possible methodological models and theoretical allies. As sociology freed itself from from competing or complementary disciplines, and established its institutional legitimacy in universities and professional associations, it could then develop its own methods of research and objects of study. From the late 1870s to the late 1920s, the classical' sociologists in Europe and North America proposed that 'life' itself has now become the central problem of human existence, superseding 'society' in the 18th century and 'the individual' in the 19th. They argued that the acceleration of the capitalist money economy offers opportunities for the management and control over human and non-human life while evoking ethical appeals to personal duty and collective responsibility. In recent years, social scientists and political philosophers writing under the influence of Michel Foucault's later writings and lectures have been concerned with how these ideas inform recent concerns about how the genetic codification of life poses fundamental moral problems which exceed any techno-scientific, bio-medical, or bureaucratic solution. Membership in bio-social communities on the basis of race and sex, illness and age, they argue, is not determined solely by state regulation, but by biologically defined rights and entitlements, statuses and obligations in a variety of communal and institutional settings. A new style of 'somatic ethics' which exceeds the boundaries of professional expertise aims to translate the clinical goals of cure and care into the everyday disciplinary objectives of normalization and enhancement. Besides raising political quandaries over the biological basis of citizenship, this medical and moral 'problematization of social life' down to its molecular level also presents new opportunities for the economic investment of 'biocapital' and for therapeutic regulation through 'biopower.' Thus, later attempts by socio-biologists to reduce social life to its biological substratum, and by bio-sociologists to explore the social and cultural underpinnings of the bio-sciences, might seem to revive earlier debates which previous generations believed they had settled. Reading: Foucault - The History of Sexuality Book 1, Section 5
Views: 2738 VISR Vancouver