We are currently making improvements to the Audible site. In an effort to enhance the accessibility experience for our customers, we have created a page to more easily navigate the new experience, available at the web address www.audible.com/access .
The Economics of Uncertainty Lecture

The Economics of Uncertainty

Regular Price:$34.95
  • Membership Details:
    • First book free with 30-day trial
    • $14.95/month thereafter for your choice of 1 new book each month
    • Cancel easily anytime
    • Exchange books you don't like
    • All selected books are yours to keep, even if you cancel
  • - or -

Publisher's Summary

Economies are deeply complex systems. The marketplace involves many economic actors behaving in rational and irrational ways, sustaining a dizzying array of interconnected activity. Because of the number of participants involved, the unpredictability of their actions, and the sheer variety of possible actions, some degree of economic uncertainty is inevitable.

In one of the most dramatic displays of economic uncertainty in our times, a wave of toxic loans almost brought down the American financial system in 2008-2009, and with it jobs and savings. Few experts forecast this catastrophe, which stands as a lesson in the power of economic forces to defy our predictions. This event may have been exceptional, but every day we are all at the mercy of economic uncertainty in matters such as the stock market, insurance, and career and retirement planning.

Uncertainty also plagues us in smaller ways. For example, everyone is familiar with rising prices, but the Internet now makes it possible for online shoppers to be charged more based on their buying history, adding a new level of unpredictability to pricing. And anytime you hire someone for a service - from roofing to dentistry - you face the principal-agent problem, in which the person hired may take unethical advantage of your lack of expertise.

Indeed, these large and small risks are so pervasive that it is all too easy to conclude that nothing can be done. But economic uncertainty is like the weather: You can't stop storms from happening, but understanding how and why they happen allows you to be prepared. In the same way, economic uncertainty is beyond our control, but we're in a much better position to respond if we know what's happening and why.

In 24 practical and empowering half-hour lectures, The Economics of Uncertainty takes the mystery and dread out of uncertainty, giving you the tools to deal with risk in every phase of your life.

PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your Library section along with the audio.

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

What Members Say

Average Customer Rating

4.2 (144 )
5 star
 (71)
4 star
 (42)
3 star
 (23)
2 star
 (7)
1 star
 (1)
Overall
4.1 (122 )
5 star
 (52)
4 star
 (42)
3 star
 (21)
2 star
 (7)
1 star
 (0)
Story
4.3 (123 )
5 star
 (64)
4 star
 (36)
3 star
 (20)
2 star
 (3)
1 star
 (0)
Performance
Sort by:
  •  
    Mathias Ska, Sweden 09-25-15
    Mathias Ska, Sweden 09-25-15
    HELPFUL VOTES
    27
    ratings
    REVIEWS
    11
    11
    FOLLOWERS
    FOLLOWING
    0
    0
    Overall
    Performance
    Story
    "Too simplistic, suitable for children almost"

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

    8 of 9 people found this review helpful
  •  
    Spencer 02-24-16
    Spencer 02-24-16 Member Since 2014
    HELPFUL VOTES
    23
    ratings
    REVIEWS
    35
    24
    FOLLOWERS
    FOLLOWING
    0
    0
    Overall
    "Not what I expected, but still good"

    I expected this course to be along the lines of a Nassim Taleb book but with more Economics jargon. I also expected it to cover a lot of topics I had never heard before in other economics textbooks or courses.
    But it turns out that this this course has mostly mainstream and standard economics stuff. that being said, the quality of the coverage was quite good and there were a few of what I would call non standard topics covered. Also, Frank Knight was given his due as the chief pioneer of the field of the economics of uncertainty and that made me smile.

    5 of 6 people found this review helpful
  •  
    Phil O. San Diego, CA, United States 09-25-15
    Phil O. San Diego, CA, United States 09-25-15 Member Since 2011
    HELPFUL VOTES
    1247
    ratings
    REVIEWS
    389
    383
    FOLLOWERS
    FOLLOWING
    318
    3
    Overall
    Performance
    Story
    "A good, wide-ranging, plain-language intro to risk"

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

    4 of 4 people found this review helpful
  •  
    Anonymous 04-14-17
    Anonymous 04-14-17 Member Since 2017
    HELPFUL VOTES
    6
    ratings
    REVIEWS
    37
    2
    FOLLOWERS
    FOLLOWING
    0
    0
    Overall
    Performance
    Story
    "Very simplistic compared to other Great Courses"
    What disappointed you about The Economics of Uncertainty?

    I usually learn a lot from a Great Courses audiobook, but this book feels more like an intro to statistics class. For example, one whole lecture was on how to calculate expected value and standard deviation, so if you already know those two things that is a half hour not worth listening to.


    What reaction did this book spark in you? Anger, sadness, disappointment?

    Boredom. I listen to audiobooks during my commute. There were some lectures that I just turned off completely and drove in silence. I guess it is a good way for Audible to make money, though, since as soon as I got home I bought a different audiobook to listen to instead, and this one sits unfinished on my phone.


    Any additional comments?

    If you have listened to other Great Courses books on business or finance, understand that this one is much more simplistic than the others. Clearly I chose this book with different expectations than those people who are giving 5-star reviews.

    4 of 4 people found this review helpful
  •  
    robert 12-03-15
    robert 12-03-15 Member Since 2013
    HELPFUL VOTES
    34
    ratings
    REVIEWS
    74
    49
    FOLLOWERS
    FOLLOWING
    7
    0
    Overall
    Performance
    Story
    "Very well thought through analysis of how to deal with uncertainty"

    This book is a reasonably complete analysis of how to deal with the uncertainties that we face in our life. This would include health, money, relationships, and much more.
    There is a significant amount of good advice about dealing with investments, insurance, and even your job outlook!

    3 of 3 people found this review helpful
  •  
    Ramanujan 07-06-15
    Ramanujan 07-06-15 Member Since 2016
    HELPFUL VOTES
    10
    ratings
    REVIEWS
    50
    1
    FOLLOWERS
    FOLLOWING
    1
    0
    Overall
    Performance
    Story
    "Great content, one caveat."

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

    10 of 13 people found this review helpful
  •  
    LeMerovingian New York, NY United States 04-26-16
    LeMerovingian New York, NY United States 04-26-16
    HELPFUL VOTES
    2
    ratings
    REVIEWS
    9
    3
    FOLLOWERS
    FOLLOWING
    0
    0
    Overall
    Performance
    Story
    "Excellent materia for those interested."

    the audio needs to be edited. the narrator makes several mistakes during his delivery which confuses you. otherwise, the material is excellent. a lot of statistics if you can follow and understand it as well as examples.

    2 of 2 people found this review helpful
  •  
    Thomas 10-06-15
    Thomas 10-06-15
    HELPFUL VOTES
    1
    ratings
    REVIEWS
    2
    2
    FOLLOWERS
    FOLLOWING
    0
    0
    Overall
    Performance
    Story
    "Good but not what I was expecting and a little adv"

    advanced theories for the everyday Joe

    some useful concepts but little practical application

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

    1 of 1 people found this review helpful
  •  
    Daniel W. Fox, Jr. Houston TX 09-22-15
    Daniel W. Fox, Jr. Houston TX 09-22-15 Member Since 2006
    HELPFUL VOTES
    12
    ratings
    REVIEWS
    55
    18
    FOLLOWERS
    FOLLOWING
    1
    0
    Overall
    Performance
    Story
    "Outstanding!"
    Would you recommend this audiobook to a friend? If so, why?

    This is a college-level course on finance. Prof Fullenkamp is crystal-clear and understandable.


    Who was your favorite character and why?

    Not applicable


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

    Not applicable


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

    Not applicable


    Any additional comments?

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

    1 of 1 people found this review helpful
  •  
    Kristel Knaus 09-26-17 Member Since 2015
    HELPFUL VOTES
    7
    ratings
    REVIEWS
    285
    14
    FOLLOWERS
    FOLLOWING
    0
    0
    Overall
    Performance
    Story
    "great... but..."

    I loved this course! Professor Fullencamp spoke eloquently and passionately. Not only does he cover major economic issues, (with regard to uncertainty), but then gives practical advice on how you could apply these macroeconomic issues to your own life! Very engaging! My only quibble is that he did not to my knowledge address the huge uncertainty of our matastisising federal debt.

    0 of 0 people found this review helpful

Report Inappropriate Content

If you find this review inappropriate and think it should be removed from our site, let us know. This report will be reviewed by Audible and we will take appropriate action.

Cancel

Thank you.

Your report has been received. It will be reviewed by Audible and we will take appropriate action.