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Professor Paul Krugman, economics and society


[MUSIC PLAYING]We live in strange times.The housing bubbleburst-- rise of China--and the rise of inequality.Health is a very big deal.Taxes are a front rank issue.Blue-collar jobs were lost.Two groups havebeen left behind.But it's a complicated story.Instead of saying, ah,it's a complicated world,I don't get it, say, all right,let me try to figure this out.Let me make sense of this.Doing economicsrequires stepping backfrom all of the details to say,what is the essential here?What is the story?It's about people.It's not about money.And it ends up beingabout what people do.Really good economics hasa kind of beauty to it.

And it comes down tojust two principles.Hundred-dollar bills don'tlie on the street very long.The other is, everysale is also a purchase.Things add up.What you're going tolearn here in this classis how to thinklike an economist.Health care in Americais an economic issue.Left to its own devices, privatehealth insurance actuallyjust doesn't work.The crisis of 2008 wasn't asbad as the Great Depression.And if you ask why, well,because we learned something.It's never been moreimportant to educate yourself.There isn't anestablishment thatknows what it'sdoing and is goingto get us through all of this.It's going to haveto come from you.

There's no guaranteethat good ideas prevail.But if you don't try to have those good ideasand get them out there, then,of course, they won't prevail.Keep on plugging, and don'tlet the crazies grind you down.I'm Paul Krugman, andthis is my MasterClass.

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