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25. Learning from and Responding to Financial Crisis I (Lawrence Summers)

Financial Markets (ECON 252) Professor Summers, former US Treasury Secretary and former President of Harvard University, in this the first of two lectures in honor of former Yale Professor and Council of Economic Advisors chairman Arthur Okun, offers thoughts on the role of monetary policy in economic fluctuations, past and present. In the “Okun period,” ending about when Okun died in 1980, the monetary authorities were very much involved in actually creating economic contractions. Inflation would repeatedly get out of control, the Fed would hit the brakes, and the economy would slow. But, that is not the story of the economic cycles of the last two decades. Recent economic cycles appear to be connected with factors endogenous to the financial system, such as bubbles or cycles of complacency among lending institutions. Summers argues that to understand the financial markets and the economy, we must consider models of multiple equilibria, such as bank run models, where a change in confidence may shift the economy drastically without any change in fundamentals. 00:00 – Chapter 1. A Profile of Lawrence Summers, Memories of Art Okun 12:48 – Chapter 2. Okun’s Concerns on Stable Growth, Inflation, and Cyclical Fluctuations 29:05 – Chapter 3. The Interconnectedness of Modern Financial Crises Worldwide 40:05 – Chapter 4. The Bank Run Metaphor in Non-Bank Financial Crises 58:38 – Chapter 5. Behavioral Finance: Reasons for Positive Feedback 01:15:37 – Chapter 6. Summary and …

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Early Childhood Education – Importance and Learning

As parents you might have many questions like What does early childhood education means? and Why our children need to learn “early” to assist them be more flourishing in school and life?

According to Dr James Heckman a Nobel prize winner in Economics,Expert in Economics of human development “Early education is the foundation of the later learning process.Early Learning creates more learning.”

If you plant the seed in the soil and water the seedling what you get is a tree with a firm base which can sustain.  Human potential also need to be developed and nourished during the early stages.If you want to build a better future for your child then you must develop the skills that they need to sustain the future.

It has been said that “The way a twig is bent early, a tree is inclined. Early Investment in a child’s future pays ten times more in the later part of life.

Invest Develop Sustain = Grow

Invest: Investing not only mean investing money in a early childhood program but also the  time and energy to bond with your baby while doing a early childhood education program.

Develop: Encourage your child love them give them support,comfort to develop,identify,nourish and unlock the skills that they have at the early age.

My mother said to me, “If you are a soldier, you will become a general. If you are a monk, you will become the Pope.”Instead, I was a painter, and became Picasso.” —Pablo Picasso quotes (Spanish Artist and Painter. 1881-1973)

Let them become what they want to be rather than what you want them to become.

Sustain: Continuous growth is seen in the way you make your child sustain in providing an environment or conditions to learn new things.

“I never teach my pupils; I only attempt to provide the conditions in which they can learn.”—Albert Einstein quotes (German born American Physicist who developed the special and general theories of relativity. Nobel-prize for Physics in 1921. 1879-1955)

Your need to start as early as you can because they are the foundations to the learning.The immediate learning center of a child is his/her home,research proves that babies can learn while in womb. The first and the best teacher is the parent especially the mother.The importance of early childhood education cannot be undermined; the formative years, 0-5 in children are the most significant years in child-development and for babies the bonding before birth or fetal education is meant to provide excellent results in the later stage of child development.So this defines the combination of fetal education and infant education with a brain based learning constitutes the early childhood education.

Many people in diverging fields think that the earlier we bring in our youngest children to reading, math and science, the more adequate their brains will be to captivate more advanced concepts and some think that it is a burden for the child of young age. But, the fact is that there is an aspect of early learning that is often times missed, yet is even more critical for the child’s success: right brain skills.Teaching early will improve emotional,social and cognitive skills not only that but also grow the imaginative, intuitive side of the brain.

Early Childhood education is a “missing link” in education that enables a child to take part effectively in a more organized educational environment, get along with others, develop a sense of self and an appreciation of group-think. It also works on developing the underlying motivators for positive self-development such as empathy, compassion, consideration, respect, trustworthiness and so forth.Early childhood interventions of high quality has ever lasting effects on learning and motivation in later part of life.

All these aspects provide the right environment to the growth of your child in the way it is needed to fight back the competitive world.So the decision is yours, act now to make your child a genius and invest in the right Early childhood education program which will develop the whole brain of your child.

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