What I would like to see is idealism decoupled from all constraints.

And it's not based on theology or philosophy, it's in the study of the mind, across all these spheres of research, from neuroscience to the cognitive scientists, behavioral economists, psychologists, sociology, we're developing a revolution in consciousness.

Instead, what we saw is a lot of people who cheat a little bit.

The laws of nature are written in the language of calculus.

Higher incentives led to worst performance. What's interesting about this is that it actually isn't that anomalous, this has been replicated over and over and over again by psychologist, by sociologist, and by economists, over and over and over again.

This has been replicated over and over and over again by psychologists, by sociologists, and by economists.

And we know that's a measurement error because it's messing up my data.

Descriptive Statistics. As it's said in the first lecture, most introductory

Sure these ideas can be applied to things

Microeconomics .. and those actors could be firms, could be people, it could be households.

And macro economics is probably more guilty of it.

But we'll talk about that in future videos when we talk about hyperinflation.

And actually, you'll find that in most applications, that's what you end up doing anyway, because most differential equations you encounter in science or with any kind of science, whether it's economics, or physics, or engineering, that they often are unsolveable, because they might have a second or third derivative involved, and they're going to multiply.

Economic games. So what we do is we go into two areas.

And that's not to say

Econometrics package

Von Mises, interestingly, believes economics is just a subset of psychology.

The topics range from math

a latticework on which to hang your ideas.

I don't know what the hell is.

Economics is the study of economic mechanisms.

I reject it, in which case no one gets anything. Okay?

The bottom of the pyramid is benefiting hugely from technology.

What about religion, poverty, economics...?

He studied economics at college.

Perception and neuroscience we do not need to copy exactly.

For the Christ, the temptations are economic, political and spiritual.

We can see that we can take this equation and it can apply to things in economics, or it can apply to things in finance or it can apply to things in computer science or logic or electrical engineering or anything accounting

People have a lot of trouble making decisions about things that will happen at different points in time.

COuld lead to more wealth, more, a larger pie for everyone.

We have this view of ourselves, of others.

But this does not apply the other way around.

Westerners own two thirds of its wealth.

Here's another one.

My employer an economist.

Here's a guy you all need to study.

No instead, we walk a mile in their shoes.

Behavioral finance is really a combination of psychology and economics, trying to understand the money mistakes people make.

Unemployment going up and fear going up makes people stop spending even more.

So this is exactly what I did.

He is a great authority on economics.

He is a great authority on economics.

Regardless of the outcome, the pure act of anticipation makes us happy.

And they see a 20 bill.

And we call that M1.