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This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Featured Pathways

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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Book a demo

Ready to get started?

Our Platform

Expert led content

+1,000 expert presented, on-demand video modules

Learning analytics

Keep track of learning progress with our comprehensive data

Interactive learning

Engage with our video hotspots and knowledge check-ins

Testing & certification

Gain CPD / CPE credits and professional certification

Managed learning

Build, scale and manage your organisation’s learning

Integrations

Connect Finance Unlocked to your current platform

Featured Content

More featured content

Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

More featured content

Book a demo

Ready to get started?

Book a demo

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Five Classic Causes of Unintended Consequences

Five Classic Causes of Unintended Consequences

Paul Orlando

25 years: Systems specialist

In this video, Paul talks about Robert Merton's mention of the five causes of unintended consequences, which are error, basic values, short-term vs. long-term interests, ignorance, and the self-defeating prophecy.

In this video, Paul talks about Robert Merton's mention of the five causes of unintended consequences, which are error, basic values, short-term vs. long-term interests, ignorance, and the self-defeating prophecy.

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Five Classic Causes of Unintended Consequences

13 mins 53 secs

Key learning objectives:

  • Learn about Robert Merton’s five causes of unintended consequences

  • Learn about the different types of error

  • Understand what are basic values

  • Learn the types of Short-term vs Long-term interests

Overview:

In the paper he wrote in the 1930's, Robert Merton mentioned the five causes of unintended consequences. The five causes are error, basic values, short-term vs long-term interests, ignorance, and the self-defeating prophecy.

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Summary

What are the five causes of unintended consequences mentioned by Robert Mertion in his paper?

  • Error
  • Ignorance
  • Basic values
  • Short - term vs long - term interest
  • Self defeating prophecy

What are the types of errors?

  • Systematic errors
  • Random errors
  • Blunders
  • Incentives
  • P-hacking

What are basic values and their types?

Basic values are long-standing beliefs or ideals about what is good or bad, shared by members of a group. There are both stated (or believed) and practiced basic values. They spring from ideals, culture, history, and more and aren't necessarily ranked in order of goodness or badness.

What are the types of short term and long term interests?

  • Physiological needs - This is where we choose what feels good in the short term even when there are known long-term consequences
  • Classical economics - This is where individuals act in their own best interest without considering the whole system and end up producing other outcomes for society which were outside of anyone’s inten
  • Psychological generator of emotional bias - We do things that feel good now rather than things that might be better later
  • Trade-offs - Short-term interests have near-term pay-offs
  • Connectedness - Change one thing and the effect ripples out elsewhere

What are the forms of ignorance?

  • Ignorance by unawareness
  • Ignorance from lack of usefulness
  • Ability ignorance

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Paul Orlando

Paul Orlando

Paul's writing on "unintended consequences" comes from his work delving into the systems that he works to impact. He is the founder of Startups Unplugged, a consulting firm devoted to helping large organizations execute with the speed of startups. To do this, Paul often builds startup accelerators and incubators, helping organizations generate more revenue and enabling communities to attract new businesses. He is adjunct professor at the University of Southern California, running the institution's Incubator and in the past built other innovation programmes globally including AcceleratorHK in Hong Kong and the Laudato Si startup incubator in Rome. Paul graduated from Cornell University and Columbia Business School.

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