
Introduction and What this Course Will Do for You and Your Purposes
Robert Shiller opens his Yale course Financial Markets (ECON 252) by laying out what the semester will cover and why finance matters. He frames finance as a pillar of civilized society, the mechanism by which societies allocate resources across time and manage large risks, and describes how his course connects with Professor Geanakoplos's companion course, Financial Theory. Shiller spends real time on finance as an occupation and on the moral obligation of the wealthy to give back, citing Andrew Carnegie, Bill Gates, and Warren Buffett as models. He previews guest lecturers for the term, including Yale investment chief David Swensen, former AIG CEO Maurice Greenberg, and former Hong Kong securities regulator Laura Cha, then walks through the topics scheduled for each coming lecture. It is a course-opening talk, but one built around Shiller's own view of finance as a socially essential discipline.