Is Paul Krugman MasterClass the alternative to the economics we study in college?
I’ve always wanted to learn economics but never got the chance to take it as a course in college.
Then time went by but again out of nowhere the interest in learning economics emerged and I quickly started researching for the best online courses available on the internet.
That’s when I came across Paul Krugman’s MasterClass where he teaches about understanding the core subject of economics, basic fundamentals, and skims through general topics like taxes, healthcare, and crisis in an economy.
In this article, I am sharing a detailed review of Paul Krugman’s MasterClass, what he taught me, what can be improved in the MasterClass, the pros and the cons, and many more.
I also share my experience in learning from the influential Economist, Paul Krugman. Watch out!
If you are on a run and have no time to read the entire article, here is a short summary.
You get to learn the following:
- Economic principles to understand an event.
- Analyse old crises to find answers for the new problems.
- Thinking outside the box when it comes to world economics.
- Adapting yourself to the changing economy and figure out the changes.
The number of lessons and time taken: 22 lessons, it will take less than 5 hours.
Suitable for: Anyone who would like to learn economics from a professional economist.
Quick verdict: The course covers structured teaching on economics, shows relevant examples like the US economy, the crisis in China, and the market crash with such incredible animations for a better understanding of the concepts.
A Glimpse of Paul Krugman’s MasterClass:
Paul Krugman managed to explain the fundamentals of economics in a way that you actually feel like listening to a lecture on economics. At least that’s what I felt.
In the MasterClass, you get to learn a better understanding of the world that we live in economically. Though we know a lot of politics and all that, Paul opens up new ideologies.
MasterClass has courses in various fields which are taught by some amazing personalities. There is a lot more information available about MasterClass here.
You basically get to learn economics using real-life examples which are something to look out for in the course. There are also innovative aspects of learning economics and understanding society.
Do you know there are theories for each strategy used in the development of the nation and increasing the economy? Well, Paul covers all that and smoothly delivers it in a clear way.
Apart from that, he also discusses inequality, myths about taxes, the healthcare market, and many more interesting topics throughout the course.
You don’t get bored after a while because his teaching is different and energetic to be followed by.
In Paul Krugman’s MasterClass, there are 22 lessons that do not take more than 5 hours to complete. Though the duration of the lessons can be short, he wraps it all on-point.
The best part about the courses in MasterClass is that you get workbooks and PDF documents along with the MasterClass which can be beneficial in terms of learning the subject better by oneself.
Paul Krugman: Who is he?
Paul Krugman is an influential economist from the United States. He is known for his massive contributions towards the theory for new trade, economic geography, and crisis on the currency.
In fact, in the year 2008, Krugman was honored with a Nobel Memorial Prize for his contribution. He has published 200+ books for academic purposes and even written multiple books for economists and enthusiasts of the economy.
To provide education for his learnings and knowledge of the world economy, he also worked as a professor in colleges like MIT and Princeton.
He has also appeared in famous national television shows like The Late Show with Stephen Colbert, Late Night with Seth Meyers, Late Show with David Letterman, and many more.
How are the lessons in Paul Krugman’s MasterClass?
The lessons in Paul Krugman’s MasterClass are the ones that made his MasterClass great. As in, the proper flow of teaching from the first lesson to the very last was progressive.
Also, the categorization of topics with relevant examples was helpful since beginners tend to expect examples for every new concept, theory, or even a topic at times. At least I did and Paul helped.
Now if I have to give a complete study about Paul Krugman’s MasterClass, it might take an essay to complete so I will highlight all the necessary takeaways from the course for you.
Sounds good? Let’s dive in.
1. Entry into economics
As dramatic as MasterClass is, the MasterClass by Paul Krugman starts with footage from popular news channels which telecasts the economic crisis from over the years.
Followed by that, Paul introduces himself and welcomes his students in a generous way, and tells you how important economics is in today’s world.
“The achievable possible is always preferable to the unachievable perfect.”
He later shares his passion for the subject and gives slight motivation if you are new to the field of study. It felt like he directly spoke to me because I have no idea about the subject.
2. Think like an Economist
After the quick introduction, he dives into the categorization of lessons and points out what all you will be learning from his MasterClass which includes Think like an Economist.
“Policies determine who has the power, not who has the truth.”
Without further talking, he straight-up shares his take on the world economy and how it is perceived from different perspectives by different economists. Through this, you get to learn differences in opinions and know-how diverse economics actually is.
Paul claims that every sale is considered as a purchase in the eyes of an economist which means the value-added, loss, gain, and everything money-related can be coined to the terminology of the economy.
3. Years of crisis
In this section, he gives a detailed explanation of how the crisis takes place and gives numerous examples with the help of graphics and illustrations.
“The great thing about fiscal policy is that it has a direct impact and doesn’t require you to bind the hands of policymakers.”
He later talks about the difference in policies like monetary policy and fiscal policy then goes in-depth about the liquidity trap. I know it’s a lot of new words used but that is what he taught.
After the policies, he wraps up the lesson with teachings on all kinds of costs like social, economic, and political costs.
At times, I did feel that Krugman assumes his students know the subject, but in reality, we only know the basics and some of us do not even know a word about it.
4. Healthcare with economics
The economic prosperity in the US is subsided by the healthcare of the nation. Krugman talks about healthcare in the US economy and how impactful and effective it is.
“I believe in a relatively equal society supported by institutions that limit extremes of wealth and poverty.”
Through the lesson, I found that the private healthcare market makes it expensive and is most likely to face a failure in the economy. For this, he advises the various strategies used in different countries and how they tackle them in comparison to the US economy.
I am pretty sure you might be sitting and wondering why he talks about countries. Well, without authentic and evident examples, economics cannot be explained properly.
5. Trade and theory
In this section, the lessons get technical about trade between the US and China. It focuses on trade across borders, how it impacts the economy and nationalism.
He also explains how an expansion of a country’s economy can impact global trade.
“If everything you see when you look at economics confirms your initial view of the world, then you are doing it wrong.”
Along with this, Paul talks about something called economic geography which was quite challenging to comprehend on the first go. I was able to grasp the concept with the example but I still had to watch it again to fully understand the scenario.
You might want to pause and take notes in a few parts of the lesson because it gets a little out of hand for a person of no economic knowledge.
6. The change of economy
Paul wraps up the entire course by telling his students that past crises can help in problem-solving of the circumstances that we are forced to face in today’s world.
“What you really should do is soak the rich as much as possible.”
The instructor suggests his own strategies in order to check for precise detailing of the number in economics. Though the statistics can show in an approximation, it tends to vary sometimes.
He later discusses the change in the economy and how significant of an impact it can create.
What did Paul Krugman teach me?
Learning a subject like Economics can be difficult or confusing at times but Paul has made sure that the learning is as smooth as the teaching and that is something only a professional can possess.
This is what made me appreciate MasterClass in picking the right instructors for their dedicated students. I got to learn A-Z about economics in the most effortless way possible by Krugman.
- He even drops helpful tips like using economic principles to understand an event.
- He recommends analyzing old crises to find answers for the new problems.
- He says that it is better to pay attention only to what is necessary.
- You are told to think outside the box when it comes to world economics.
- If you are found giving biased opinions, try to find answers for yourself.
- Adapt yourself to the changing economy and figure out the changes.
What will you need to take the MasterClass by Paul Krugman?
No, you don’t need some big machine or advanced technology. It is a very basic requirement.
You are told to have an awakened mind which is ready to ask the right questions and always curious because economics is a wide subject, as the lessons in-depth, you might want to ask “why”.
As for me, I have been a curious kid since childhood. At the moment I wonder what is what and why is that, Krugman easily explains it with dope graphics. Before starting, you might have to learn the meanings of certain topics like supply-side taxation, the balance of payments, and the monetary economy.
What is the cost of Paul Krugman’s MasterClass?
The pricing in MasterClass comes with a twist. Keeping their determined and hard-working students in mind, they have managed to cut short their pricing plans to a single plan as All Access Pass at the rate of $180/- per year which is billed as $15/- per month. This is something else, I tell you.
Let me tell you the benefits you get along with this.
You get access to not just one but the entire courses available in MasterClass, the courses also come with helpful workbooks and there is an exclusive student dedicated community as well.
If this doesn’t convince you to take a course and get 80+ courses for free, I don’t know what will.
Something to go along with it is the option of a 30-day refund policy offered by MasterClass which can be used as a trial kit if you are not satisfied with the course that you are taking.
Who is the MasterClass by Paul Krugman for?
The MasterClass by Paul Krugman is beneficial to everyone who would like to learn economics in an easy understanding manner and can opt for the course. However, it may not be suitable for economic students because you might already know the ideology of the subject and the core concepts involved.
If you are someone like me who has zero knowledge about economics but wants to learn the art of the subject, the theories talked about and how things usually work in the world of economy, then the course is most likely to be interesting for you.
As for me, every lesson was learning and did create an impact on the understanding of economics.
Is there something to be improved in Paul Krugman’s MasterClass?
There is no doubt that economics demands unfamiliar terms and names of unusual theories for which we definitely need terms of the glossary. That is something the workbook did not provide.
Though the MasterClass is a full-fledged course on economics, I did notice that Krugman was slightly biased in his teaching, for instance, his perspective about the US economy was biased.
Being a course about economics, there is a need to be updated with current affairs and that is another thing I noticed Paul Krugman’s MasterClass did not provide.
Pros & Cons of the MasterClass by Paul Krugman:
The inexperience of taking up the MasterClass by Paul Krugman, there were some valid points to recommend it to others as well as some downsides to why the MasterClass is not that exciting.
- Detailed way of teaching.
- Appropriate use of graphics.
- Real life examples were used.
- Genuine and informative content.
- No glossary of terms in the workbook.
- Biased about certain examples.
- Not suitable for economic students.
Final Verdict Of Paul Krugman MasterClass Review:
The MasterClass by Paul Krugman is something I’d recommend to anyone willing to study economics easily because of the structured teaching by the instructor, relevant examples to the lessons, and such incredible animations were used for a better understanding of the concepts.
I am just glad that I was able to find this course in MasterClass because no other platform would offer such a learning experience at an affordable price. We know that economics is a dry subject, especially if you are someone new to the field, you’d get bored after a lecture or two.
But Paul made it bearable and understandable which is another reason to take his MasterClass.
What are you waiting for? Start learning economics with Paul Krugman right away!
Frequently Asked Questions
What’s the cost of Paul Krugman’s MasterClass?
The pricing for any course in MasterClass is $180/- per year ($15/- per month) as an All-Access Pass which means you get access to all the courses by paying $180 for a year upfront.
Does MasterClass have a money-back guarantee?
There is no such guarantee but MasterClass offers a 30-day refund policy.
Is the MasterClass by Paul Krugman helpful?
The MasterClass by Pail Krugman is incredibly helpful especially if you are new to the field of economics.
How long is Paul Krugman’s MasterClass?
Paul Krugman’s MasterClass does not take more than 5 hours to complete it fully.