In today’s world, where financial literacy is crucial, understanding how money operates in the 21st century is vital for effective financial planning. Get ready to explore the rapidly evolving economic landscape. Tune in for an in-depth look at the history of money, emerging financial opportunities, and the practical application of economic theories.
Professor Richard Holden is an economics professor at UNSW Business School and serves as President of the Academy of the Social Sciences in Australia. He is also a fellow of the Econometric Society, the Academy of Social Sciences in Australia, and the Royal Society of New South Wales. He earned his PhD from Harvard University and previously held academic positions at MIT and the University of Chicago before returning to Australia.
His research has been featured in top economics journals, including the Quarterly Journal of Economics, American Economic Review, Journal of Political Economy, and Review of Economic Studies. It has also been published in popular media outlets like the New York Times, Australian Financial Review, The Australian, and The Sydney Morning Herald. He currently writes a regular column for the Australian Financial Review. His latest book is Money in the 21st Century: Cheap, Mobile, Digital.
In this episode of Self-improvement Atlas, Richard Holden discusses personal development as making better choices over time, with financial literacy playing a crucial role in shaping life outcomes. He emphasizes the importance of understanding the modern financial landscape. He highlights that these developments, particularly since 2008, have created new opportunities and challenges.
Richard Holden explains how globalization and technological advancements transform financial opportunities and challenges. He discusses the slow and costly process of transferring money across countries and highlights the potential of blockchain technology and decentralized finance to make transfers faster, cheaper, and more secure. Richard also emphasizes the adoption of Central Bank digital currencies and smart contracts.
Richard Holden emphasizes that individuals are compensated based on how the market values their skills. He highlights that skills complementary to technology will become increasingly valuable, whereas some skills might become obsolete. He also stresses the importance of being aware of cognitive biases and learning to make forward-looking decisions.
This episode outlines the history of money, noting that 3 pivotal events in 2008 triggered significant changes in the financial world. It discusses financial opportunities and challenges in the 21st century, offering advice on fostering healthy financial behaviors and understanding personal biases. It also explores economic theory and the sunk-cost fallacy, examining their impact on daily financial decisions.
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