How The Economy Really Works
4.9 (75 ratings)
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How The Economy Really Works

Understand how the government manages the economy through credit creation & asset price manipulation in the 21st Century
4.9 (75 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
526 students enrolled
Created by Richard Duncan
Last updated 8/2013
Price: $130
30-Day Money-Back Guarantee
  • 2.5 hours on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • By the end of the course, you will understand how the economy works in the 21st Century. You will see how and why the government directs the economy; and you will be better positioned to anticipate what the government will do next and to understand how that action will impact asset prices.
View Curriculum
  • There are no prerequisites for this course.

Up until roughly 100 years ago, the government played very little role in the economy.  It was generally believed that the economy worked best when directed by the autonomous forces of supply and demand.  During the 18th and 19th Centuries, a consensus emerged on how the Capitalist economy worked; and that classical economic theory has been the foundation of economic teaching ever since. 

The economy no longer works the way it did during the 19th Century, however.  Over the past 100 years the government's involvement in the economy has expanded so radically that the economic system itself has little left in common with Capitalism - at least, not at the Macro level.  Yet Economics continues to be taught as if nothing has changed; and, for the most part, the public continues to believe that our economy is still driven by natural forces as it always was in the past.  But that is very far from the truth.  

Today, the government manages - or directs - the economy using a variety of policy tools to ensure that Gross Domestic Product continues to expand.  The implications of this fact are very far reaching.  It is impossible to understand politics or economics in our era without grasping that the government is managing the economy.  Moreover, it is particularly important that investors understand this new reality because government actions now impact the direction of asset prices far more than any other variable.

This Course explains how the economy really works.  

Who is the target audience?
  • Investors, students of economics, politics & history, the business community, journalists, policy makers, and the general public.
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Curriculum For This Course
11 Lectures
1 Lecture 03:42
The economy is no longer driven by spontaneous forces of Supply and Demand as it once was. Here's an overview of what's changed.
Preview 03:42
The Economy Is Managed By The Government
2 Lectures 24:32
This lecture explains that the US economy is managed by the government at the Macro level.  It also introduces the policy tools the government uses to manage the economy, to ensure that the economy expands.
Preview 14:27

Congress is gridlocked, so fiscal policy is frozen.  The Fed is now driving the economy with Quantitative Easing.  This lecture explains what the Fed is doing and why. 
Who's In Charge?
Measuring The Economy
1 Lecture 14:36
Everything about economics becomes much easier once it is understood how the economy is measured.  Every economy is made up of just four parts.  This lecture explains what those four parts are and considers what causes them to grow.
GDP 101
Fiscal Policy
2 Lectures 25:30
Government spending transformed the nature of the US economy during the course of the 20th Century.  This lecture discusses how and why.
Budget Deficits

In this second lecture on Fiscal Policy, we see where the government gets the money it spends and where it spends the money.  
Where Does The Government Get And Spend The Money?
2 Lectures 26:28
In the past, government borrowing pushed up interest rates and "Crowded Out" the private sector.  This lecture explains why this is no longer the case today.
Interest Rates, Inflation and Globalization

Here we take a closer look at how the Fed is using Unorthodox Monetary Policy to push up asset prices and drive the economy. 
Monetary Policy and Net Worth
1 Lecture 15:06
This lecture explains the link between trade deficits and liquidity.  This is important:  When the US Current Account deficit is larger than the US Budget deficit, a liquidity surge occurs and pushes up asset prices!
Trade Deficits and Their Impact On Asset Prices
1 Lecture 20:50
Since World War II, every time total credit has expanded by less than 2% a year, the United States has fallen into recession.  The US is now in crisis because credit growth has been stuck below that 2% threshold for more than 5 years.  In this lecture we'll look to see if credit growth will soon revive.  We'll also consider the consequences if it doesn't.  
Credit Growth Drives Economic Growth
1 Lecture 09:21
A brief summary of what I believe to be the most important findings from my three books. 
Summing Up A Decade Of Work
About the Instructor
Richard Duncan
4.6 Average rating
171 Reviews
969 Students
4 Courses
Author, Economist, Consultant, Lecturer

Richard Duncan is the author of three books on the global economic crisis.  The Dollar Crisis: Causes, Consequences, Cures (2003) explained why a worldwide economic calamity was inevitable given the flaws in the post-Bretton Woods international monetary system.  It was an international bestseller.  The Corruption of Capitalism (2009) described the long series of US policy mistakes responsible for the crisis.  It also outlined the policies necessary to permanently resolve it.  His latest book, published in 2012, focuses specifically on the role that credit creation has played in this disaster.  It's entitled The New Depression: The Breakdown Of The Paper Money Economy.

Since beginning his career as an equities analyst in Hong Kong in 1986, Richard has served as global head of investment strategy at ABN AMRO Asset Management in London, worked as a financial sector specialist for the World Bank in Washington D.C., and headed equity research departments for James Capel Securities and Salomon Brothers in Bangkok.  He also worked as a consultant for the IMF in Thailand during the Asia Crisis.  He is now chief economist at Blackhorse Asset Management in Singapore.

Richard has appeared frequently on CNBC, CNN, BBC and Bloomberg Television, as well as on BBC World Service Radio.  He has published articles in The Financial Times, The Far East Economic Review, FinanceAsia and CFO Asia.  He is also a well-known speaker whose audiences have included The World Economic Forum's East Asia Economic Summit in Singapore, EuroFinance Conferences in Miami and Copenhagen, The Chief Financial Officers' Roundtable in Shanghai, and the World Knowledge Forum in Seoul.

Richard studied literature an economics at Vanderbilt University (1983) and international finance at Babson College (1986); and, between the two, spent a year traveling around the world as a backpacker.