Open Yale CoursesECON 251: Financial TheoryLecture 7 - Shakespeare's Merchant of Venice and Collateral,Present Value and the Vocabulary of Finance<< previous session| next session >>Overview:While economists didn't have a good theory of interest until Irving Fisher came along, and didn't understandthe role of collateral until even later, Shakespeare understood many of these things hundreds of years earlier.The first half of this lecture examines Shakespeare's economic insights in depth, and sees how theysometimes prefigured or even surpassed Irving Fisher's intuitions. The second half of this lecture uses the
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