Yale's Robert Shiller on Trade and Economy

The video discusses the challenges faced by the economics profession, particularly public skepticism and the perception of bias. It analyzes Trump's economic plans, including infrastructure development and deficit spending, and their potential impacts. The role of behavioral economics in understanding business fluctuations is explored, with a focus on psychological factors like confidence. The video also examines trade policies, the debate on free trade, and the impact of technology on job loss and inequality. It concludes with a note of optimism for the future despite these challenges.

What is a major challenge faced by the economics profession according to the transcript?

• Inability to predict market trends

• Lack of funding for research

• Perception of being out of touch or biased

• Too many economists in the field

What aspect of Trump's economic plan is highlighted as potentially beneficial?

• Infrastructure development

• Deficit reduction

• Increased taxes

• Cutting social programs

What does the concept of 'animal spirits' in behavioral economics refer to?

• Strict financial regulations

• Psychological factors driving economic fluctuations

• Government intervention in markets

• The role of animals in economic models

How does the transcript describe the potential impact of Trump's business orientation on the economy?

• It will cause inflation

• It may spur economic growth

• It will lead to a recession

• It will have no impact

What is a concern related to free trade mentioned in the transcript?

• It leads to job losses for some individuals

• It reduces international cooperation

• It benefits all sectors equally

• It is universally accepted as beneficial

What is one reason for job losses that Trump is said to not fully acknowledge?

• Technological advancements

• Foreign trade

• Lack of education

• High taxes

What economic concept is associated with the idea that promoting business will help everyone?

• Supply-side economics

• Keynesian economics

• Monetarism

• Trickle-down economics