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1、FinancialMarkets:Lecture3TranscriptProfessorRobertShiller:IthoughtIwouldjustrememberacoupleofhighlightsfromthefirsttwolecturestoconsolidatewhatwesaidthen.Inthefirstlecture,Italkedaboutalotofthings,butonethemethatcomestomymindisthethemeofthemoralpurposeandmissionofthefinanc
2、ecommunity.Wetalkedaboutthesensethat,Ithink,youngpeoplehaveasortofprejudiceagainstthefieldandtheythinkthatfinanceisafieldthatyougointoifyoureallyvaluemoneyratherthanpeople.Iwanttoreiterateagainthatthat'snotthewayIviewthefieldatall.Iwasjustyesterday--IgaveatalkinMontrealatt
3、heCaissedeDépôt,etPlacementduQuébec,whichisthebigwealthmanagementfundfortheProvinceofQuebec.ImetalotofpeoplethereandIneveroncegottheideathatanyonetherewasevilorgrasping.Ithinktheyhaveamoralpurpose,whichistopreservethelivelihoodsofthepeopleoftheProvinceofQuebec.Yougetaveryd
4、ifferentviewofthingswhenyoumeetthepeople.Ithinkourentertainmentindustrylikestomakemoviesaboutpeopleinfinance,buttheyareinevitablyportrayedasevilandIdon'tknowwhythatis.Idon'tthinktherehaseverbeenamajormotionpictureaboutafinancialpersonwhoendedupaphilanthropist.Whyisthat?Iju
5、stdon't--peopledon'tlike--peoplewouldratherhate--Idon'tknowwhyit'ssomething--itwouldn'tbeagoodmovietheme,wouldit?Anyway,youhavetoovercomethese--youhavetothinkthatifyougointothefieldyouwouldprobably--Ifyou'resuccessful--youwouldprobablyendupasaphilanthropist;butnomoviewillb
6、emadeaboutyourlifeandyoumayencounterhostilitythewholeway.It'sespeciallytruerightnowwiththesubprimecrisis.Peopleareblamingthefinancialcommunityforourtroublesnow.Itistruethatwe'reseeingsomepeoplethrownoutoftheirhouses,insomecases,becauseofsomeratherquestionablefinancialpract
7、icesthatgotpeopleintomortgagesthattheyshouldn'thavegotteninto.Butoverall,Ithinkthatthepeopleinthisfieldaregoodpeople.Inthelastlecture,Italkedabout–Inthesecondlecture,Italkedaboutthepoolingofrisksandthebasicthemeofthatlecturewasthatwenowhaveamathematicaltheory,probabilityth
8、eory.Whenyoulookatthistheory,yourealizethatitsuggestsaveryimportanttechnologyforimproving
