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Learner Reviews & Feedback for Narrative Economics by Yale University

4.8
stars
583 ratings

About the 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...

Top reviews

AV

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.

LA

Mar 10, 2024

I really enjoyed this course, it opened my eyes so much and I might keep going even though I only took this course out of fun, I was very interested in this topic. lucky me it Was interesting! Thanks

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1 - 25 of 171 Reviews for Narrative Economics

By Tanya V

Apr 14, 2023

This course is packed with cross-disciplinary insights into how narratives shape our decision-making behavior and choices in economics. It gives a good overview of some of the most popular and perennial narratives and how they change over time with historical and current-time examples. It's a great course for someone who wants to deepen their understanding of economic,s current affairs, communication, narrative and behavioral studies.

By Eric M

May 1, 2023

I am a huge fan of Prof Shiller and he has had a remarkable and influential career. This course is a cri de coeur for the continued exploration of the role of narrative in economics. He would like economics to take more account of stories. And he has an empirical tool, Google ngrams, which allows him to look at the prevalence of different words and phrases over time. This is a lot of fun and interesting. And leads to many hours of random investigation - which it is clear that Prof Shiller has undertaken.

Prof Shiller also borrows from epidemiology to discuss "contagion" of narratives, but either this one petered out or I missed something, as I'm not quite sure what to do with the linkage.

It's still early days for narrative economics. I would have welcomed a definition or taxonomy of narratives, as well as perhaps a discussion of different types of contagion. (Prof Shiller does lay out a few types of narratives along with the dynamics of them, but I was hoping for something that would enable us to define and classify narratives.

Thanks Prof Shiller for all your great work.

By Sutapa C

Aug 11, 2023

Professor Shiller is delightful both in how he presents and his materials. I can imagine him in the Yale Neuroscience library deep into narratives of how the brain works or doesn't work. He is absolutely right about Consilience of knowledge and that people who get a good or great liberal arts education have the potential to become future leader. A bachelor's in business or journalism may seem like a path to get a great initial job but that level of specialization doesn't prepare you when you want to switch careers or climb the corporate ladder to management. People who are consilient are better prepared. The initial chapters on narratives, their strengths and weaknesses, their ability to last, all are presented in a beautiful way.

Thanks, Prof. Shiller

By Jodi W

May 7, 2023

This was a wonderful course. I learned what narrative economics means and the importance of narratives in a field that has traditionally not used them much. It has broaden my outlook and understanding of some of today's issues with the national debt, recession, employment concerns, as well as related areas such as college, and what defines success. The professor was great!

By BM

Apr 1, 2023

Fascinating topic! I really enjoyed the course and learning about an alternate way to think about human development. It was fascinating to learn about different periods in history and pivotal moments; Great exposure to n-grams; Very cool tool!

By Joanne P

May 15, 2023

I think this could have been better described, as it’s not the same kind of course as Prof. Schiller’s other Econ courses. But it’s a fascinating topic and I was delighted to see and hear how he approached this relatively new topic.

By Clàudia G V

Apr 10, 2023

Amazing course. I enjoyed it so much.

It has lots of economy and social behaviour analysis, all related to historic events and trends.

Full of curiosities.

Thank you so much.

Clàudia Gas Vallès

By Anna M

Apr 1, 2023

A short and inspiring course to pay more attention what goes on in the world, to stop and think if the narrative is a repetition and what impact it might have on today & tomorrow.

By Terry P

Apr 17, 2023

A great way to learn more about what is happening in an economy. Another example of why economics should be much more than math.

By Lee

Mar 31, 2023

The course is intersting and taught in a really encouraging way. I enjoyed it a lot and can only recommend to take part.

By Jonathon H

Mar 26, 2023

Fantastic course - a great introduction to narrative economics and a field of study that I hope will gain more traction.

By Ruge Z

Apr 9, 2023

It is such a great course that I have watched some clips twice. Insightful, informative, and interesting.

By David B

Apr 23, 2023

Very short course -- but provided a good overview on a new way to observe and identify trends.

By Angie Q

May 4, 2023

Very much inspiring. Definitely one of the best courses I have enrolled in recent years.

By Mark K

Jun 20, 2023

Good presentation and great production values. A pleasure to watch.

By Racho D

Apr 7, 2023

Exzcellent lecturer and great presentation of material.

By Kamryn

Sep 7, 2023

From Interdisciplinary Approach: Narrative Economics combines elements of economics, psychology, sociology, and communication studies. This interdisciplinary approach can provide a rich and multifaceted understanding of how narratives shape economic decisions. Real-World Relevance: The study of Narrative Narrative Economics incorporates elements of economics, psychology, sociology, and communication studies, according to the interdisciplinary approach. This multidisciplinary method can offer a rich and comprehensive knowledge of how stories influence economic choices. Applied Relevance: The subject of narrative economics is very applicable to daily life. It explains how tales, social media, and news can affect consumer spending, financial markets, and monetary policy. The topic matter may be more interesting due to its practical usefulness. Understanding narratives and their effects on economics demands the use of critical thinking techniques. You probably gained the skills to evaluate material critically and how it might affect your economic decisions from this course. Understanding narrative economics can help you improve your storytelling abilities. Whether I'm creating stories for your stories or academic presentations,

By Chibudike A

May 8, 2023

I will always take any course that Professor Shiller teaches. He has a way of breaking down concepts so they are relatable, and he associates these concepts with other concepts that seem unrelated and yet when combined, creates a profound insight that allows a better understanding of both concepts.

I think Narrative Economics is an extension of Behavioural Economics because they both encourage economists to look beyond economic theories, policies and formulas; and push them to consider that other factors outside of theories and policies may influence the economy. The economy is driven by economic activities and people drive these activities. Therefore, in understanding people and what drives them, economists may find a wholesome understanding of the economy.

Finally, Professor Shiller made a point about interdisciplinary approaches to research and studying; I agree with him completely. I am a lawyer who enjoys reading and learning beyond the law and I have found that such allows me to have a complete and better understanding of both people and the law. I take pride in this, and Professor Shiller has given me more reasons to be proud.

By M C

Aug 29, 2023

I studied and work in the interdisciplinary field of international development; supporting countries in their social and economic development.

I have always disliked studying textbook - economics because I felt like there is so much more to real economies and every day decision making by members of society than what the textbooks tell you. The theories based on lines and curves never felt convincing to me. I was delighted to learn that the field of economics is becoming more interdisciplinary, spreading out into areas of psychology, sociology, anthropology etc to incorporate the complex nature of our economic activities. I hope this field expands further for policy makers and the like to understand reality better and to create better policies.

This was a stimulating course; Although I was probably only exposed to a tiny fraction of Professor Shiller's wealth of knowledge, I was still mesmerized and very much enriched. So, thank you to Professor Shiller and all who were part of creating this course!

By Marco R

Oct 2, 2024

Very clear, entertaining and informative. Also somewhat practical especially in the last lecture. I was tempted to take away the fifth star because I think there should be a somewhat "harder" angle to it, such as quoting research (if any exists) that actually uses narratives together with other explanators to track economically interesting phenomena with a quantitative eye, that would carry the message beyond suggestion. From outside economics, there might be a psychological angle (also possibly backed up by solid research) pivoting on the role of storytelling in determining attention, motivation etc. Perhaps the eponymous book contains all these things, I haven't checked. But overall, as an introduction the course is great and I recommend it to all citizens. Five stars in the end.

By Miriam H

Sep 13, 2024

I was very curious about this course. I can recommend this course because his topic and broad spectrum of “critical thinking” of commonly told and heard stories and their influence on economic events was very interesting. The way Mr. Shiller explains correlations and shows real life examples is entertaining and he was easy to understand because he has the ability to explain complex things in a simple way, which was amazing. Thank you for the opportunity to learn this new approach from and with Mr. Shiller, Nobel Laureate (2013), from Yale University. A highly recommended course for other learners and also for people like me whose native language is not English: it was easy to follow and understand the topic.

By Odilbek M

Dec 28, 2023

This was the very course that I was looking for. For a person (me) who wants to make a career change and switch to Economics, it has consolidated the vision of my future career and equipped with necessary research tools and tactics. It also taught me how to think wider and be even more versatile. Most importantly, it served as a bridge to join my previously acquired profesion (philologist) with my future profession (economist). I express my profound respect for the hard work and dedication of Robert Shiller.

By Rachit K

Sep 21, 2024

I recently completed a course on narrative economics and it exceeded my expectations. The material was incredibly engaging, blending economics with storytelling in a way that illuminated how narratives shape our understanding of financial systems and decision-making. Overall, this course has deepened my understanding of economics in a unique and thought-provoking way. I highly recommend it to anyone interested in the intersection of economics, psychology, and societal narratives.

By Cristina R

Jul 16, 2024

This engaging course unpacks the economic narratives that shaped major financial and economic events. It equipped me with valuable tools for analyzing these stories, offering fresh perspectives on the forces that drive our economy. I recommend following the lessons in English, as the automatic translation to Italian can be confusing. The tests are in English, which may pose a challenge for non-native speakers, as understanding the questions may not be immediate.

By Jose A R

Oct 25, 2023

It was amazing the way, that apparent ordinary events to the average Joe, specifically narratives, impact our decisions, our behavior and the social interactions, in a chain reaction to the extent of modify economies of whole countries. Now it will not be possible to me, see the world without searching a kind of narrative when trascendent phenomena is in course, and more important, when it seems to be "under control". Thanks a lot!, Dr Shiller