In this post, we have done a detailed and trustworthy Paul Krugman Economics and Society Masterclass Review, Hope it makes your decision easier to go for the Masterclass or not, so let’s get started…
About Paul Krugman Economics and Society Masterclass
The Course – Economics, and Society explain briefly the importance of issues faced by economies. Economics is a social science concerned with the production, distribution, and consumption of goods and services. … Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the aggregate economy, and microeconomics, which focuses on individual consumers and businesses.
It explains the market lows and debates through the difference between real and fake, passion, and authority, it justifies educating each individual to their ability in order to survive in this competitive world. Guidance and self-help will take you through the world of economics.
It clarifies one’s approach towards economics and gives an individual a sense of the economical world. It educates you about what you can do to become an enlightened citizen and survive this chaos. It explains to you about understanding and approaching this world with a view of an economically aware citizen. It helps an individual to improve his decisiveness and gives clarification about a lot of Rights and Wrongs also Dos and Don’ts.
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Paul Krugman Economics and Society Masterclass Review 2021
About Paul Krugman Economics and Society Masterclass
The instructor of this course is Paul Krugman none other than the author of one of Newyork’s bestsellers – ‘Arguing with Zombies ‘. Krugman was born to a Jewish family in Albany, New York. He brilliantly crafts an amazing inclusive comprehension and is an outspoken commentator who lays out his vision for a fairer society.
He is one of the most respected economists of America and a distinguished professor of economics at the Graduate Center of the city, University of New York. He regularly contributes to the New York Times by writing columns for them. Krugman was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography.
He is a retired Professor from Princeton University and holds the title of professor emeritus there. He also holds the title of Centennial Professor at the London School of Economics. Prof. Krugman was President of the Eastern Economic Association in 2010 and is among the most influential economists in the world.
He is known in academia for his work on international economics. He has written on a wide range of economic issues including income distribution, taxation, macroeconomics, and international economics.
His popular commentary has attracted widespread attention and comments, both positive and negative.
Awards and Honors
Nobel Prize (2008); John Bates Clark Medal (1991).
Krugman was awarded a B.A. from Yale University in 1974 and a Ph.D. from MIT in 1977. He served as a member of MIT’s economics faculty from 1979 to 2000, leaving for a year (1982–83) to work as the chief staffer for international economics on U.S. Pres. Ronald Reagan’s Council of Economic Advisers and again for a hiatus (1994–96) to teach at Stanford University.
From 1979 he also worked as a research associate at the National Bureau of Economic Research. In 2000 he became a professor of economics and international affairs at the Woodrow Wilson School of Public.
Through the integration of economies of scale into general equilibrium models, Krugman furthered understanding of both the determinants of trade and the location of production in an increasingly globalized post-World War II economy.
His research findings explained how the consumer’s desire for variety and choice enabled countries to achieve the economies of scale required for profitable trade in similar products.
This led to later research on the “new economic geography,” which explained the location of jobs and businesses and the reason there was an acceleration in the pace of urbanization and a population decline in rural areas.
Paul Krugman Economics and Society Masterclass: Course Overview
Paul Krugman Economics and Society Masterclass: Course Detailing
The course is about detailed views on principles and theories based on world-renown observations and standards, Paul has parted the explanation into two principles
- Advantages of incentives
- Every sale is also a purchase
Paul has explained how buying as much as you sell is part of the economic process and if there are opportunity people are gonna take its advantage. He has used an example of the relationship between farmers and landlords for the rent of the land. He has used various theories of economists like Adam Smith, John Maynard, etc to explain his point.
Earning income and spending rightly has been focused throughout the course in order to put it into an individual’s application.
Next up Paul has subjected to market patterns and disruptive carelessness which led to worse economical depression. He has explained how the origin of recession led to the formation of paper currency, he has briefly stated the concept of Bank Run and Shadow Banking, and has explained its causes and effects.
Graphical representation and practical solving of numerical is also a part of Paul’s detailed explanation of the economic theory of crisis. Paul uses various examples like he used an example of Japan to conclude the point of printing more money and an example of the great depression of the US.
Relatively flat distribution of income and growth, the growing gap between the income of individuals is dangerous to the economy, inequality due to race, gender is also a part of economics are some of the very distinct topics Paul has talked about.
He explains how in today’s world inherited wealth is playing a major which is hazardous to the economy as a whole
Racism, unequal society, etc affect the income levels and stock markets, US economy faces a lot of inequalities which lead to differences in transactions and equilibrium.
Social and cultural costs of inequality lead to a lot of problems, he explains how only measuring the impact of technology and trade on the economy is unfair and not enough, measuring cultural and political impacts should be considered too.
Dysfunctional politics has adverse effects on the economy of a country. Krugman helps the students to see the world differently by explaining to them deeply about the economic policies through historical events. He uses an economist’s perspective to widen the boundaries of knowledge of citizens.
He has outlined the importance of buying how much you sell and selling how much you buy. He has descriptively mentioned monetary, fiscal policies, and healthcare. Paul explores the financial questions and provides solutions. He explains how economics influences our lives very deeply.
Federal operating systems, trade exchange, stock, policies, and laws are all duly explained by Paul in order to give you an inclusive and insightful approach to all the concepts. An analytical mindset and critical approach can make you master this masterclass. From topics like Human tendencies and National policies and laws are taken into consideration.
Measuring political polarization is done by political scientists and it has helped analysis. Paul concludes people’s welfare is one of the main investments to further economic securitization. It is important to make sure that everybody is provided with essentials and basics at least.
Debt deflation is a theory that recessions and depressions are due to the overall level of debt rising in real value because of deflation, causing people to default on their consumer loans and mortgages. … The theory was developed by Irving Fisher following the Wall Street Crash of 1929 and the ensuing Great Depression.
Aims and objectives
The specific objectives of the course are to:
- highlight the importance of economic geography in analyzing contemporary societies and economies
- provide a comprehensive introduction to basic concepts and key theoretical approaches in economic geography
- introduce economic geography as a dynamic, diverse, and contested body of knowledge
- enable you to apply this knowledge to key social and economic issues in the context of economic globalization.
Discuss policy options for overcoming inequality and uneven development. The commercial success of early internet firms brought venture capitalists and other investors to the area. This created an even bigger technology cluster which soon outgrew Palo Alto and came to cover much of the San Francisco Bay Area.
Economics deals with subjects that are often the source of intense academic and political debate. Reading economics helps you to develop a strong grounding in the conceptual underpinnings of economics and the mathematical approach to the subject and its methodology. You will learn to use key mathematical and statistical techniques through core modules in macroeconomics, microeconomics, and econometrics.
You will also have the opportunity to explore other areas of economics through a wide range of optional modules. This spans a number of topics, including business, policy, economic history, and even the economics of climate change. Modules from other subjects such as history and politics are also available and are a good way to broaden your knowledge and pursue other interests.
Paul claims that economics is complex and predictions are hard, especially about the future. That means that from time to time, even the best economic analysts will be wrong.
The very best, however, will admit that they were wrong, try to understand why they were wrong, and incorporate that understanding. Even very intelligent readers are often taken in by an argument that appeals to their own biases or makes a complex problem seem easy to understand. For example, lots of things are going on in the economy at once.
Paul Krugman Economics and Society Masterclass: for whom the course is?
This course provides you with real-world applications and feeds into the teaching of both undergraduates and postgraduates course addresses important and topical socio-political issues – from an economic perspective, creating research outputs that have been used by Federal departments.
If you approaching economics as your major this course is very engaging and informative, it helps your historic, geographic, and practical approach towards economics and enhances your basics up.
You’re likely just curious how to leverage economic thinking to shape your everyday decisions—which is perfect since the study of economics is fundamentally about choices.
Following are the things that Paul has covered in his masterclass:-
- Variety of programs: economics are part of most aspects of everyday life.
- A focus on real-life: economics is focused on learning from case studies.
- Excellent graduate prospects: most students easily find a job after graduation as economists are needed in most businesses.
This course helps you stay aware and it makes you a good citizen and knowledgeable individual, the teachings of this course can be applied to Business in general and in regular life too
The course of Economics and Society provides you with a workbook by Paul Krugman in which he has explained every concept of this masterclass briefly and in detail.
In this book, he has partly advised aspiring activists and economists. He has encouraged aware citizenship and transparency of the economy with the people/citizen. He highlights to read, to write, and to stay aware in order to be prepared for crisis and uncertainties also if possible prevent the crisis.
A casual conversation at the bar or the cafe will tend towards the town’s main industry. It becomes easy to learn the important elements of doing business simply by being in the right place, among the right people.
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Paul Krugman Pros & Cons
- You get to learn so much about the economy of the US and economics in general, this course gives a detailed presentation of how things work for people working in the world economy.
- Historic events and a Practical approach are the two main strategies of this course .
- Application of the knowledge about economics in day to day life is rationally presented.
- Applicable solutions and cautions are taught in this course
- Paul Krugman, a well-known American economist are the instructor and have exclusively shared his own approaches and experiences with everybody.
- Masterclass enables you to get knowledge anywhere anytime
- Masterclass has an app too
- You can also try making notes and understand the class
- Answers to frequently asked questions are available here.
- Reasonable graphics and proper data are used to show ethical presentation in order to spread information.
- A workbook about the course is exclusively available for the students to refer.
- Frequently asked questions are answered in a particular column.
- A detailed and thorough course so some of you might find the course lengthy
- Too heavy on the content front so the user might get burdened with so much knowledge in one go
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Conclusion: Paul Krugman Economics and Society Masterclass Review 2021
Another reason to study economics from Paul Krugman is that it will help you make decisions in your personal and professional life. A primary purpose of economics education is to train the economics student to think like an economist.
A key question is: How does an economist think? Paul teaches you to live your life with an economic perspective and apply every professional thought to your day to day life too. Paul chronicled his thoughts about the Great Recession and other major economic events in his masterclass.
He educates you to become a more informed citizen, an activist, or even a policymaker yourself, remember to stay aware, to read, to listen, and to be skeptical of what you hear. To get masterclass deals and discounts, check our article now.