
Finding Your Purpose in a World of Financial Capitalism
Robert Shiller closes his Yale course Financial Markets (ECON 252) with a wide-ranging final lecture on finance and meaning. He opens on the morality of finance, drawing on Peter Unger's Living High and Letting Die and William Graham Sumner's What the Social Classes Owe Each Other, then tests Malthus's dismal population thesis against a more hopeful view of purpose. He surveys how financial contracts held up or collapsed after major upheavals, comparing postwar Germany, post-revolution Iran, and post-apartheid South Africa against the failures in Soviet Russia and postwar Japan. A short comparison of mathematical and behavioral finance leads into wealth and inequality, citing Hacker and Pierson's Winner-Take-All Politics, Marx's Das Kapital, and Merton's cosmopolitan class concept. Shiller ends with the democratization of finance and career advice grounded in randomness, patience, and historical perspective.