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Peer-Graded Assignment, Financialization of Housing

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Peer-graded Assignment: Financialization of Housing (Econ 252b) Please write a short (limit 1000 words) essay on the Uni

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Peer-graded Assignment: Financialization of Housing (Econ 252b) Please write a short (limit 1000 words) essay on the United Nations Human Rights Council's 2017 report on the financialization of housing (relevant links below). You may either agree or disagree with the report. Your grade should not depend on which side you take, just on how well argued your case is. Try to consider principles from this course about the functioning of financial markets, whose purposes they serve, and how they can solve fundamental economic problems, or, perversely, worsen them. Essay on the financialization of housing - http://www.ohchr.org/en/NewsEvents/Pages/DisplayNews.aspx?NewsID=21264&LangID=E Full report, plus additional languages available here - http://www.ohchr.org/EN/Issues/Housing/Pages/AnnualReports.aspx Housing has been financialized: valued as a commodity rather than a human dwelling, it is now a means to secure and accumulate wealth rather than a place to live in dignity, to raise a family and thrive within a community. Housing has become security for financial instruments – traded and sold on global markets. It has lost its currency as a universal human right. Financialization undermines democratic governance and community accountability. International financial institutions and other creditors often require that states be held accountable to global finance rather than to human rights. Governments are more likely to respond to what credit agencies demand than to what human rights require. In financialized housing markets, those making decisions about housing — its use, its cost, where it will be built or whether it will be demolished — often do so from remote board rooms. Real estate billionaires increasingly assume central roles in government and policy making. Financialization of housing exacerbates inequality and social exclusion. It creates more wealth for the wealthy and deprives the poor of housing and communities. It encourages gentrification and displaces the most marginalized, including indigenous peoples, people with disabilities, women and migrants. Financialization detaches housing from its connection to communities and to the human dignity and security that are at the core of all human rights. When housing is bought and sold as a speculative commodity, it becomes dehumanized. The needs of existing residents or the kinds of housing they need is of little concern to global financial investors. When housing is bought up by nameless corporate entities or a multi-billion dollar fund it is difficult to find anyone to hold accountable for human rights. The assumption, bolstered by neo-liberalism, that States should simply allow markets to work according to their own rules, subject only to the requirement that private actors “do no harm” and avoid explicit violations of human rights, is simply not sufficient to meet States’ obligation to fulfil the right to adequate housing “by all appropriate means, including legislative measures.”

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Narrative Economics

Taught in English

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Instructor: Robert Shiller

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Beginner level

Available to everyone

What you'll learn

How and why certain stories go viral.

How viral narratives shape public beliefs and influence our decision making.

Skills you'll gain

• Research Methods
• Financial Markets
• Storytelling

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There are 4 modules in this course

Dear Potential Learner,

Please take some time to read through this note before deciding to enroll. This course, Narrative Economics, is relatively short and proposes a simple concept: we need to incorporate the contagion of narratives into our economic theory. You can think of narratives as stories that shape public beliefs, which in turn influence our decision making. Understanding how people arrived at certain decisions in the past can aid our understanding of the economy today and improve our forecasts of the future. Popular thinking heavily influences our answers to questions such as how much to invest, how much to spend or save, whether to go to college or take a certain job, and many more. Narrative economics is the study of the viral spread of popular narratives that affect economic behavior. I believe incorporating these ideas into our research must be done both to improve our ability to anticipate and prepare for economic events and help us structure economic institutions and policy. Until we better incorporate it into our methods of analysis and forecasting, we remain blind to a very real, very palpable, very important mechanism for economic change. Even in the dawning age of the Internet and artificial intelligence, so long as people remain ultimately in control, human narratives will matter. Maybe they will especially matter as the new technology exploits human weaknesses and creates new venues for narrative contagion. If we do not understand the epidemics of popular narratives, we cannot fully understand changes in the economy and in economic behavior. The course is broken into 4 modules: Part I introduces basic concepts and demonstrates how popular stories change over time to affect economic outcomes, including recessions, depressions and inequality as well as effective inspiration and growth.. These stories can be observed from diverse sources such as politics, the media, or even popular songs. Part II seeks to answer why some stories go viral, while others are quickly forgotten, by defining our narrative theory more firmly. This module enumerates and explores a list of seven propositions to help discipline any analysis of economic narratives. Part III examines nine perennial narratives that have proved their ability to influence important economic decisions. They include narratives regarding artificial intelligence, stock market bubbles, and job insecurity. Part IV looks to the future and highlights the opportunities for consilience in Narrative Economics. We share some thoughts about where narratives are taking us at this point in history and what kind of future research could improve our understanding of them. This course offers only the beginnings of a new idea and a few suggestions for how it could be used by economists and financial professionals. The tone is not prescriptive or authoritative, as perhaps my Coursera course, Financial Markets, is in places. It represents the beginning of the journey (epidemic). This course is my way of floating the “germ” of this idea out into the broader community of not only professionals but of anyone who is interested in discovering how and why things become “important” to us as a society. I hope some of you will become infected by this idea, mutate it, spread it, and advance it. The beginning of the journey is the easy part. The challenge will come in taking these concepts to the next level. We have the tools to incorporate narratives into our research and the moral obligation to act; only the work remains. - Robert J. Shiller

Introduction

Module 1 introduces basic concepts and demonstrates how popular stories change over time to affect economic outcomes, including recessions, depressions, and other important economic phenomena. These stories can come from diverse sources such as politics, the media, or even popular songs.

What's included

9 videos 2 readings 1 assignment

9 videos • Total 47 minutes

• Course Introduction • 2 minutes • Preview module
• The SIR Model • 3 minutes
• Epidemic Curves • 3 minutes
• Where is the Narrative Data? • 4 minutes
• Intro to Ngram • 2 minutes
• Law School • 4 minutes
• Fluctuations in Indicators • 9 minutes
• Prof. Shiller's Narrative • 6 minutes
• Inspirations • 9 minutes

2 readings • Total 20 minutes

• A Personal Note From Robert Shiller • 10 minutes
• Works Referenced in Module 1 • 10 minutes

1 assignment • Total 20 minutes

• Introduction to Narrative Economics • 20 minutes

Seven Propositions of Narrative Economics

Module 2 seeks to answer why some stories go viral while others are quickly forgotten by defining our narrative theory more firmly. This module enumerates and explores a list of 7 propositions to help discipline any analysis of economic narratives.

8 videos 1 reading 1 assignment

8 videos • Total 57 minutes

• Introduction to Propositions • 1 minute • Preview module
• Proposition 1: Epidemics Can Be Fast or Slow, Big or Small • 13 minutes
• Proposition 2: Important Economic Narratives May Comprise a Very Small Percentage of Popu lar Talk • 5 minutes
• Proposition 3: Narrative Constellations Have More Impact Than Any One Narrative • 13 minutes
• Proposition 4: The Economic Impact of Narratives May Change Through Time • 5 minutes
• Proposition 5: Truth Is Not Enough to Stop False Narratives • 9 minutes
• Proposition 6: Contagion of Economic Narratives Builds on Opportunities for Repetition • 3 minutes
• Proposition 7: Narratives Thrive on Attachment: Human Interest, Identity, and Patriotism • 4 minutes

1 reading • Total 10 minutes

• Works Referenced in Module 2 • 10 minutes
• The Seven Propositions • 20 minutes

Perennial Economic Narratives

Module 3 examines nine perennial narratives that have proved their ability to influence important economic decisions. They include narratives regarding artificial intelligence, stock market bubbles, and job insecurity.

10 videos 1 reading 1 assignment

10 videos • Total 83 minutes

• Introduction to Perennial Narratives • 3 minutes • Preview module
• Labor-Saving Machines Replace Many Jobs • 6 minutes
• Automation and Artificial Intelligence Replace Almost All Jobs • 9 minutes
• Frugality versus Conspicuous Consumption • 14 minutes
• Panic versus Confidence • 5 minutes
• The Gold Standard versus Bimetallism • 6 minutes
• Real Estate Booms and Busts • 6 minutes
• Stock Market Bubbles • 15 minutes
• Boycotts, Profiteers, and Evil Business • 10 minutes
• The Wage-Price Spiral and Evil Labor Unions • 4 minutes
• Works Referenced in Module 3 • 10 minutes

1 assignment • Total 30 minutes

• Perennial Narratives • 30 minutes

Consilience

Our last module looks to the future and highlights the opportunities for consilience in Narrative Economics. We share some thoughts about where narratives are taking us at this point in history and what kind of future research could improve our understanding of them.

5 videos 1 reading 1 assignment

5 videos • Total 27 minutes

• Introduction to Consilience • 3 minutes • Preview module
• Education • 3 minutes
• Leadership • 5 minutes
• Doing the Research • 6 minutes
• Your Own Narrative • 8 minutes
• Works Referenced in Module 4 • 10 minutes

1 assignment • Total 15 minutes

• Consilience • 15 minutes

Instructor ratings

We asked all learners to give feedback on our instructors based on the quality of their teaching style.

For more than 300 years, Yale University has inspired the minds that inspire the world. Based in New Haven, Connecticut, Yale brings people and ideas together for positive impact around the globe. A research university that focuses on students and encourages learning as an essential way of life, Yale is a place for connection, creativity, and innovation among cultures and across disciplines.

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Learner reviews

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437 reviews

Reviewed on Aug 17, 2023

It's a real good course full of history lessons and its narrative expressions that have forged our current economy! The Professor explains everything very clearly and makes it a very fun experience!

Reviewed on Jun 6, 2023

A very insightful and approachable course about the effects of human biases over the economic landscape and how social trends tend to leave a permanent mark on history and exact sciences like finance.

Reviewed on Apr 10, 2023

Very relevant during the reemergence of the AI narrative and concerns about the impact of the technology to employment.

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