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Microeconomics | Lecture21_Effect_of_Price_Control_on_Surplus.txt | So, we are talking about consumer surplus, producer surplus, and what we have done just now is, that we have calculated total surplus that is equal to consumer surplus plus producer surplus, and we also talked about that what happens to the market when government imposes certain restriction on it like price ceiling or ... |
Microeconomics | Lecture65_Effect_of_Change_in_Price.txt | Now let us move to the second step the effect of changes in price. Let me draw some indifference curve let us say this is the budget line. Now what is this budget line this is P 1 x 1 plus P 2 x 2 is equal to I. What we have here is again do not forget the axis, this is x 1 axis, this is x 2 axis. So we are drawing the... |
Microeconomics | Lecture40_Some_Axioms.txt | Let me just take an example we are talking about a world where 3 different kinds of fruits are available. Mango, oranges and mango, orange and let us say apple, it does not matter it is just for illustration, it does not matter what fruits you choose. Let us say in the one first bundle you have only mango, in the secon... |
Microeconomics | Lecture59_Marginal_Utility_Vs_Marginal_Rate_of_Substitution_MRS.txt | Now, let us use the concept let us learn about marginal utility, although, we talked about marginal utility earlier also, but just what is marginal utility? So, it is the amount of amount by which total utility increases every increase one good in the bundle by 1 unit while keeping all other goods in the bundle fixed. ... |
Microeconomics | Lecture76_Axioms_Assumptions_Continued.txt | Now, we also talked about just we will have little recap here, we also talked about axioms. Assumption you can say axiom assuptions, or you can say also properties that is this technology that we talking about satisfies. And I am going to talk about only few of them there are modes. So, one we said free disposal, what ... |
Microeconomics | Lecture73_Technology_or_Production_Function.txt | Now let us focus on the production or technology, how can we represent technology, because the way we are defining it, it is more ephemeral than real that it is the black box, that it is transforming, but what is it, how can we describe it and one, the simplest way to describe is to use something called production func... |
Microeconomics | Lecture06_Branches_of_Economics.txt | Now, let us look at economics. We have looked at the definition. Now let us look at what do we study in economics, we all know that we study market in economics. Why do we study market? The reason that we study market is that; this is probably one of the most prevalent form of, most prevalent mechanism to allocate reso... |
Microeconomics | Lecture49_Behavioural_Assumption_More_is_Better.txt | Right now we have enough structure to talk about preference of a person and then by combining that we have already learned that the budget set by combining these two a person can make a choice. But sometime it is a good idea because we observed certain regularity in the world in human’s, in human’s preferences. So, we ... |
Microeconomics | Lecture95_Cost_Minimization_CobbDouglas_Production_Function.txt | So, here, what we are doing? We are using some logic to solve these problems. But now if we take a Cobb-Douglas function and what we have? Cobb-Douglas production technology is given as K to the power L a and L to the power b. How can we solve this? Now what we have is minimize cost that is again r K plus w L and what ... |
Microeconomics | Lecture16_Few_Examples.txt | Now, let us look at the facts that we discussed, some of the facts that we discussed right in the beginning of this chapter. And one of those facts we had was that how the price of mango comes down in the season while the hotel room rents in the season go up. Now, can you think of the reason? Now, we have done demand, ... |
Microeconomics | Lecture52_DMRS_and_Convexity_Example.txt | And let us take some example, where what we have is, on x axis we have good 1 and on y axis let us say just say good 1 and good 2, not necessarily the item 2, item 1 and item 2. Let us say there is an individual who does not care for the item 2. Let us for example, let us say that good 1 is milk, and good 2 is cola and... |
Microeconomics | Lecture18_Consumer_Surplus.txt | Now, also in the beginning I also said that we would talk about one more application that is taxation, but we will wait. Let us cover consumer surplus and producer surplus and also elasticity and then we will give the example of taxation because when we talk about taxation, we will not only use the concept from demand,... |
Microeconomics | Lecture15_Market_Equilibrium.txt | Now I think we are ready to discuss market equilibrium. We have discussed demand, we have discussed supply, demand from consumer side and supply from producer or seller side. Now we want to bring these 2 sides together. We want to study the market. So, can you think at which level the market would operate, demand equal... |
Microeconomics | Lecture68_Expenditure_Minimization_as_a_Dual_Problem_of_Utility_Maximization.txt | So just to revise; what we have done in this chapter; we have started with the consumer, we have talked about how he selects a bundle that would give him maximum level of satisfaction given all the constraint this consumer has. And of course, the maximum level of the satisfaction, we use utility to represent that satis... |
Microeconomics | Lecture82_MRTS_Few_Examples.txt | Right now, let us try to calculate MRTS for three different cases. One when the production function is Cobb Douglas production function. So, now you should understand that Cobb Douglas is the name of the form particular form that we use; it can be use for utility, it can be used for production function let us take a pa... |
Microeconomics | Lecture56_More_on_Utility_Maximization.txt | Let me justify it, forget about this calculus; just remember these simple things. That Ux is nothing but rate of increase in u with respect to x while keeping y constant and similarly Uy; rate of increase in u with respect to y while keeping x constant this is what Px you remember is price of? x Of? 1-unit of x. One un... |
Microeconomics | Lecture44_Defining_Utility_Function.txt | Now, here you have 2-dimensional world then you have just 2 elements in a consumption bundle. If you are talking about n dimensional world, we will have n different goods in a consumption bundle. So, is there any way if that we translate this problem from n dimensional problem to one dimension, what we are interested i... |
Microeconomics | Lecture01_What_is_Economics.txt | Welcome to NPTEL course on microeconomics. I am Dr. Vimal Kumar, assistant professor at IIT Kanpur. I am going to teach you microeconomics. So, before we start talking about microeconomics let us learn about what is economics. Economics has several definitions. The basic definition that you would find in most of the te... |
Microeconomics | Lecture86_Elasticity_of_Scale.txt | So, we have learned return to scale and what we have seen that; it is defined for we can talk about a production function exhibits, constant returns to scale or increasing return to scale or decreasing return to scale. If it satisfies some condition over the complete range of all the input variables, but what if; you k... |
Microeconomics | Lecture42_Rationality_in_Real_Life_Vs_Rationality_in_Economics.txt | The term rationality or term being rational in economics or in day-to-day life, are they the same or are they different? They are the same, but interpreted in a different way. They are the same, but interpreted in different way that is what you are say we will see. Let us take an example, let us say a person just for s... |
Microeconomics | Lecture02_Resources_Wants_Scarcity.txt | Now, we have learned what do we mean by good, bad and services. So now, we can talk about resources, what do we mean by resources? See the thing is goods do not appear from thin air, you need to put some inputs to produce these goods like tv, it needs several kinds of inputs, it needs raw material, it needs labour, it ... |
Microeconomics | Lecture12_Supply_and_Market_Supply.txt | What is supply? We have been talking about demand for quite some time, and when we talked about demand, what we meant a function of. Student: Price and quantity demanded. Lecturer: Function of price and quantity. Student: function of price Demanded or demanded as a function of market price what is the demand function? ... |
Microeconomics | Lecture80_Law_of_Diminishing_Marginal_Returns.txt | Now, we have learned about marginal product of labour and average product of labour. Now, let us talk about something called the law of diminishing marginal return. In our example, we started with a production function where we had two inputs capital and labour and Q output is given as a function of K and L. And what w... |
Microeconomics | Lecture93_Cost_Minimization.txt | We have already talked about minimizing the cost. So, the mathematical problem is minimize. R k plus. R k plus w L minimized with respect to what? Output. Not with respect to output, output is already fixed; what I said come back to this. State of input. We said that these are the three things. Maximize profit, how man... |
Microeconomics | Lecture83_Decreasing_MRTS.txt | Now, we are going to talk about diminishing marginal rate of technical substitution or diminishing technical rate of substitution, technical rate of substitution is just the another name of marginal rate of technical substitution. So, again just what is MRTS just to revise it, what is MRTS? What does it major? Slope of... |
Microeconomics | Lecture04_Individual.txt | Now, the last topic for today’s lecture is individual. You may be wondering why I am talking about individuals. I am an individual, you are an individual, but here in economics individual is much broader than you I. Here, individual means a unitary agent making decisions. So, just think of your family, when your parent... |
Microeconomics | Lecture70_Slutsky_Equation.txt | Now, what can we do, we have already talked about substitution effect and income effect in graphical sense. So, we have already talked about you know, this is basically we are going to get the Slutsky equation. An equation that gives relationship between compensated demand and Marshallian demand. So, we have already do... |
Microeconomics | Lecture47_Indifference_Set.txt | Now, we talked about from preferences to, preference to utility function and what we are going to do you can say either from preferences or from utility function we are going to talk about indifference curve or indifference set that is what we are going to talk about it. So, remember when we talked about completeness a... |
Microeconomics | Lecture37_Consumption_Set.txt | Ok. So, we have been talking about consumer theory, continued and we have talked about 4 building blocks, let me just revise those blocks. The first block is consumption set ok, the first block is consumption set or choice set fine. The second building block is feasible set and when we have just the monetary constraint... |
Microeconomics | Lecture30_Incidence_of_Tax.txt | Let us look at what you are talking about incidence of tax incidence of tax. What is incidence of tax is simply, its economic jargon to say who pays the tax. So, we can talk about it in two different sense one in legal sense or statutory sense and second we can talk about in economic or real sense. Incidence of tax is ... |
Microeconomics | Lecture28_Effect_of_Taxation.txt | So, we have been talking about demand and supply market equilibrium and related applications. And I gave you example of some market intervention and it is impact on market equilibrium. Market intervention we were talking about, and I gave you an example of price control and under this title we looked at 2 scenarios pri... |
Microeconomics | Lecture08_Demand.txt | Let us begin with demand. Demand curve, demand function, let me write it here function also or demand schedule. But before that let me introduce a concept ceteris paribus. You know, when we are learning a new topic, it is also important that we learn the terminology used in that topic. and ceteris paribus is one such t... |
Microeconomics | Lecture45_Ordinal_Vs_Cardinal_Utility.txt | So, in other word what we are saying that these 1 2 3 4 5, the position they are representing the ranks, let me give you, let me digress little bit and I will come to that. Do you understand the concept of cardinal number? Cardinal number. And ordinal number. Yes sir. Let me make it little more general although that is... |
Microeconomics | Lecture66_Substitution_Effect_and_Income_Effect.txt | Now we are going to study the effect of change in price on optimal bundle from a different angle ok. Let us look at it what happens? Here we have let us say this is our; this is what we have; this is let us say again this is x 2 this is x 1, and this is the bundle. Let us pay attention to the budget line what is budget... |
Microeconomics | Lecture64_Effect_of_Income_on_Quantity_Demanded.txt | Now what we are going to do if again whatever we are discussing is true for n dimensional world or a good populated with n different goods but I am going to describe a world which has only 2 goods. So, here basically what we have x 1 is a function of P 1, P 2 and I and x 2 is a function of again not necessarily the sam... |
Microeconomics | Lecture57_Utility_Maximization_Example.txt | Let us take one particular example where utility is given by log xy. Fine and budget constraint is given by of course, x has to be greater than or equal to 0 y has to be greater than or equal to 0, how can we solve it? First what we will do? From here we can get the indifference curve for the fix level of utility we wi... |
Microeconomics | Lecture99_Cost_in_Short_Run_MC.txt | Now, let us talk about the marginal cost. What is marginal cost? 1 2 definition is rate of change we have been using these margins, the marginal concept again and again. So, rate of change in total cost with respect to quantity produced. So, basically marginal cost is nothing derivative partial derivative of total cost... |
Microeconomics | Lecture38_Convexity_of_Consumption_Set.txt | Second, that I want to talk about is let us take, now I am not going to describe the whole space only the non-negative part here is x 1 and here is x 2. Let us say we have two bundles bundle x and bundle y. Bundle x is equal to x 1 comma x 2, it means x 1 amount of first good and x 2 amount of second good. For example,... |
Microeconomics | Lecture09_DemandEffect_of_Substitutes_and_Complements.txt | 2 reasons that we have figured out, why demand is a downward sloping function because availability of alternatives and. And marginal. And diminishing. Marginal utility. Marginal value 2 reasons. So, let us talk about just little bit of digression, because I want to talk about. I want to define availability of alternati... |
Microeconomics | Lecture89_Economic_Terminology_Economic_Profit_and_Accounting_Profit.txt | The second concept that we are going to talk about is the economic profit business profit and accounting profit. Remember when I was talking about opportunity cost, it is kind of an implicit cost or hidden cost is not it. Yes sir. It is not very clear ok. So, one way to say what is implicit cost the cost that does not ... |
Microeconomics | Lecture81_Production_in_Long_Run.txt | Now, let us what we have done we have been talking about production function in short run or production function in one variable. Let us make it little bit more complicated and more realistic in that manner that. Now, we have you can say in context of in this particular problem that production function in long run or a... |
Microeconomics | Lecture75_Few_Axioms_Related_to_Technology.txt | Now, let us talk about some of the axioms that technology typically satisfies ok. Some axioms or properties, you must have noticed by now that in economics we have tendency to convert everything into mathematical notation, mathematical symbol. It is not necessary, it is not compulsory. But the thing is that when you co... |
Microeconomics | Lecture20_Total_Surplus.txt | Now, we can give the definition of total surplus and what is total surplus. Total surplus from a transaction is nothing but the summation of consumer surplus and producer surplus, let me write consumer surplus in short as CS and producer surplus as PS, TS that is total surplus is nothing but the summation of consumer s... |
Microeconomics | Lecture72_Towards_Producer_Theory.txt | Let us begin a new chapter, we have learned about consumers. Now another important side of an economy is producers and we are going to learn about producers today, in the chapter called producers theory. So, just let us look at, you know simple production process, what do we mean by production process? Something like t... |
Microeconomics | Lecture10_Market_Demand_Function.txt | So, what we have learned so far is, individual demand function. Now we will move from individual demand function to market demand function. And how these two are different, let us say when we are talking about individual demand function, we are talking about a person responsiveness of quantity demanded, in terms of var... |
Microeconomics | Lecture63_Demand_Revisited.txt | Now, we are going to again revisit topic on demand ok, but now we are going to do it using the concept that we have learned in the chapter of consumer theory ok. So, what we have learned in the consumer theory, that consumer tries to maximize his utility given his budget constraint. If I say of course, in very you know... |
Microeconomics | Lecture88_Economic_Terminology_Sunk_Cost.txt | Second; I talked about concept is sunk cost what is sunk cost? The cost that we cannot recover, we cannot get back that is totally lost. Totally lost where. Means that cannot be reimbursable. So, it is basically it is the cost that one has incurred and is not recoverable, the cost that cannot be recovered. For example,... |
Microeconomics | Lecture97_Cost_Function_in_the_Long_Run.txt | So, now let us talk about we have already talked about cost function in the long run and let us bring here return to scale that we learned earlier. We learned return to scale in the context of production technology and we learned 3 different kinds of return to scale 1 was CRS that is constant return to scale, then what... |
Microeconomics | Lecture69_Marshallian_and_Hicksian_Demand_Function.txt | Now before I proceed further, let me talk about this M and H, M represents Marshall and H represents hicks, these way; these two names very big names in economics in microeconomics Alfred Marshall and Hicks. So, what we are saying this, because this we are talking, this M represents this x 1 is nothing, but Marshallian... |
Microeconomics | Lecture77_Production_in_Short_Run.txt | Now, let us pay little more attention to the Production Function. And we will of course, there are as I said earlier, there are several different kinds of production transformation or functions are feasible. We are going to take a particular example just. So, that it is convenient, we will learn all most of the concept... |
Microeconomics | Lecture33_Towards_Consumer_Theory.txt | So, let us start a new chapter called Consumer Behavior or Consumer Theory. Let us go by Consumer Theory. Of course, we were talking about consumers in the last chapter also we talked about demand and supply, and demand is nothing but consumers response to the market prices in terms of quantity demanded. And what we le... |
Microeconomics | Lecture60_Perfect_Substitutes.txt | Now, let us solve this problem graphically, now you will not get confused between why do we use, now you will see that we never talk about marginal utility, we always talk about marginal rate of substitution because marginal rate of substitution preserves, it does not depend on the, it does not vary with monotonic tran... |
Microeconomics | Lecture43_More_on_Three_Axioms_of_Rationality.txt | Now let us focus. Let us see what happens, because of these three assumptions, three properties or three axioms, you can take them as axioms, you can take them as properties, you can take them as assumptions. The only thing I am not saying that you cannot have weird preferences, you can have even inconsistent preferenc... |
Microeconomics | Lecture17_Application_Price_Control.txt | Now, let us talk about. I said that in this chapter we will discuss two applications, one price control and second taxation, so right. Sir, does this slope of this graph denote anything price demand upon, some price upon some quantity. It does denote. So, wait little later we will talk about that that topic, right now ... |
Microeconomics | Lecture50_Properties_of_Preferences_Convexity.txt | So now, we are going to talk about convexity either you call it axiom or property, but we are going to talk about convexity. What do we mean convexity? We have already learned, let me remind you, that what did we say we say a set is convex when we take two elements from that set and we draw a line of course, that set h... |
Microeconomics | Lecture29_Tax_Imposed_on_Seller.txt | Now, let us see that it is imposed on seller rather than on buyer, starting with the same equation. Ps is equal to 2 plus, 2 plus Qs and Pd is equal to 10 minus. What we will have in the equilibrium that Qs star is equal to Qd star and what happens when tax is imposed on seller, but whatever buyer pays to the seller, s... |
Microeconomics | Lecture32_Incidence_of_Tax_Effect_on_Surplus.txt | Now, it gives us one more idea, who should government tax, which goods should be taxed, which goods should not be taxed. But to study that lets look at the consumer surplus, producer surplus and tax revenue, we will study this and that is the last topic in this chapter. So, what we had if we go back to the original equ... |
Microeconomics | Lecture39_Describing_Utility.txt | Now, we are ready to talk about preferences and utility. Remember earlier I talked about diminishing marginal utility, marginal value that is the term I used and I said that demand curve is the downward. I had shown you. The demand curve is a downward sloping, downward sloping curve when we have diminishing marginal va... |
Microeconomics | Lecture74_Isoquants.txt | Let us move little further, coming back to the production function again. We will go back and forth rather than finish one and go to another, I am describing it in this particulars way; so, that you can relate the, these 2 representation. So, now, we have, we had drawn a graph where we have 1 input and we have 1 output... |
Microeconomics | Lecture23_Price_Elasticity_of_Demand.txt | Now, let us start a new sub-topic, elasticity. Have we learned about the demand curve? The demand is a. downward sloping curve. Downward sloping curve meaning, that when price of a good goes up having everything else constant the quantity demanded for that good. fall down. Falls and vice versa, but this is very importa... |
Microeconomics | Lecture27_Factors_Affecting_Price_Elasticity_of_Demand.txt | Now, let us talk about factors affecting price elasticity. We are again coming back to price elasticity, price elasticity of demand. Can you think of factors? Time: can you explain it how. Student: Airlines. Student: Air like with time like today we are producing one good and today we think that there here the utility ... |
Microeconomics | Lecture85_Returns_to_Scale.txt | Now, let us talk about return to scale, and then we will talk about elasticity of scale. What is return to scale? The increasing the inputs by a fixed factor, how much the output increases. So what we have been doing so far, if you pay attention that what we did earlier that we took a production function, a simple prod... |
Microeconomics | Lecture36_Few_Examples_of_Changes_in_Budget_Line.txt | Now, let us talk about some examples. It asks you what happens when I say because of some reason because of the island has only 1 coconut tree Robinson cannot gather more than 2 coconut tree in coconuts in a day. What would happen to the budget constraint? This is now an extra constraint. The maximum amount of coconut ... |
Microeconomics | Lecture13_Supply_Effect_of_Substitutes_and_Complements.txt | Now, earlier in the demand context we talked about complement in consumption and substitute in consumption although, I did not use the term in consumption, but now we need to distinguish because when we talk about complement and substitute, we have to be clear whether we are talking about the demand side or the supply ... |
Principles_of_Economics_Macroeconomics | Costs_of_Inflation_Price_Confusion_and_Money_Illusion.txt | ♪ [music] ♪ [Alex] Why is inflation a problem? To the person in the street, the costs of inflation are obvious. Prices are going up. What could be worse? But inflation increases all prices, including wages. If all prices are going up, what's the problem? If everyone knew that the inflation rate would be 2% or 8%, then... |
Principles_of_Economics_Macroeconomics | How_the_Federal_Reserve_Works_After_the_Great_Recession.txt | ♪ [music] ♪ - [Tyler] During the Great Recession, several factors about the economy changed, and the Fed needed new instruments and policies to continue to be effective. Specifically, falling interest rates and acute problems in some specific parts of the American economy meant that some of the earlier primary tools, l... |
Principles_of_Economics_Macroeconomics | Monetary_Policy_and_the_Federal_Reserve.txt | ♪ [music] ♪ [Alex] With great power comes great responsibility. Yup, I'm talking about the Federal Reserve, the United States' central bank. Through its influence on the U.S. money supply, the Fed has more power to affect the economy than any other institution. In fact, the chairperson of the Federal Reserve is arguabl... |
Principles_of_Economics_Macroeconomics | Can_You_Beat_the_Market.txt | ♪ [music] ♪ [Tyler] On average, even professional money managers don't beat the market. Why not? It's not because money managers aren't smart. I know people in this sector, and they're very smart. Rather, it's a reflection of the power of market prices to quickly reflect available information. This leads us to Investme... |
Principles_of_Economics_Macroeconomics | Costs_of_Inflation_Financial_Intermediation_Failure.txt | ♪ [music] ♪ [Alex] In our earlier video on the cost of inflation, we discussed how unexpected inflation -- it makes price signals noisier. And it encourages mistakes from price confusion and money illusion. Another cost of inflation is that it makes long-term contracting riskier. Suppose that a bank lends $100 at an in... |
Principles_of_Economics_Macroeconomics | Game_of_Theories_The_Keynesians.txt | ♪ [music] ♪ - [Tyler] Business cycles and recessions are some of the worst things that can happen to economies. They mean lower output and higher unemployment, and more human misery. Now, in macroeconomics, the causes of business cycles -- that's a contentious topic, and it involves at least four major schools of thoug... |
Principles_of_Economics_Macroeconomics | Taxing_Work.txt | ♪ [music] ♪ [Alex] Why do people leave the labor force and retire? As they get older, some people have to retire. But for most people in the developed world, retirement is a choice. The choice to retire involves a trade-off between the benefits and costs of work and the benefits and costs of leisure. And governments in... |
Principles_of_Economics_Macroeconomics | Inflation_Throughout_the_Ages_What_Should_You_Do.txt | inflation or deflation can wreak havoc on your personal finances if you don't understand its effects but not to worry our trusty time machine will let us walk through the effects during three historical periods so that we are better prepared for whatever the future might hold ready to begin [Music] it's the beginning o... |
Principles_of_Economics_Macroeconomics | The_Solow_Model_and_the_Steady_State.txt | ♪ [music] ♪ - [Alex] Welcome back. Let's continue our exploration of the Solow Growth Model. In our last video, we covered how physical capital faces the iron logic of diminishing returns. Now let's turn to another unfortunate aspect of physical capital: capital rusts. Roads get potholes and need to be repaired, tools ... |
Principles_of_Economics_Macroeconomics | Office_Hours_Costs_of_Inflation.txt | - [Mary Clare] Today's practice question is about expected inflation, taxes, and saving. We know that the government taxes any nominal interest you earn on a savings account. So for this scenario, let's assume a realistic 33% tax rate. Now, if you're rational, you should care mostly about your real interest rate aft... |
Principles_of_Economics_Macroeconomics | Office_Hours_The_Bond_Market.txt | ♪ (music) ♪ Today we'll take a closer look at the bond market. Suppose you'd like to invest in a company and you've narrowed your choice down to three firms. Company A is offering a zero coupon bond with a face value of $1000 to be repaid in one year at a price of $963 today. Company B has the same face value and matur... |
Principles_of_Economics_Macroeconomics | The_Limits_of_Fiscal_Policy.txt | ♪ [music] ♪ - [Alex] The best case for fiscal policy is during a recession caused by an aggregate demand shock. But even with this best-case scenario, it's still difficult to effect change. An ideal stimulus is timely, targeted, and temporary. What do we mean? Well, an ideal stimulus would quickly hire unemployed worke... |
Principles_of_Economics_Macroeconomics | Office_Hours_The_Solow_Model.txt | ♪ (music) ♪ [Mary Clare] I've reviewed the data online. I talked to ton of college students. Everyone is missing this one question. It's time to make a video. ♪ (music) ♪ Today, we're gonna solve the following problem from our video on the Solow Model's steady state. Country A produces GDP according to the following eq... |
Principles_of_Economics_Macroeconomics | Women_Working_Whats_the_Pill_Got_to_Do_With_It.txt | ♪ [music] ♪ [Alex] When Katharine McCormick was born in 1875, hardly any women went to college, women couldn't vote, and birth control -- that was being made a crime. McCormick set out to change all of this. She graduated with a biology degree from MIT in 1904, only the second woman ever to graduate at MIT. She worked ... |
Principles_of_Economics_Macroeconomics | Basic_Facts_of_Wealth.txt | ♪ [music] ♪ [Alex] We all know that there are rich countries and poor countries. The United States? It's one of the richest countries in the world with one of the highest standards of living. The Central African Republic is one of the poorest countries in the world. Mexico? It's somewhere in between. But just how big a... |
Principles_of_Economics_Macroeconomics | The_Economics_of_Ideas.txt | ♪ [music] ♪ - [Alex] In our previous videos, we've covered how capital accumulation can spur catch-up growth, but capital accumulation becomes less potent as countries grow wealthier. Countries on the cutting edge grow by developing more and better ideas, but how? How do we get more and better ideas? Individually, a go... |
Principles_of_Economics_Macroeconomics | The_ShortRun_Aggregate_Supply_Curve.txt | ♪ [music] ♪ [Alex] In our previous video, we showed how real shocks can increase or decrease the growth rate. In this video, we're going to analyze how aggregate demand shocks -- rapid shifts in the AD curve -- how they can also lead to business fluctuations. Now, in the model so far, a shock to the AD curve, it can ch... |
Principles_of_Economics_Macroeconomics | Cyclical_Unemployment.txt | ♪ [music] ♪ [Alex] Today we're going to look at cyclical unemployment -- unemployment correlated with the ups and downs of the business cycle. Using our friend, the FRED database, it's easy to see that unemployment increases during a recession when the economy is shrinking or growing only very slowly. Indeed, low growt... |
Principles_of_Economics_Macroeconomics | Game_of_Theories_The_Austrians.txt | ♪ [music] ♪ - [Tyler] The Austrian School of Economics has come up with its own approach to business cycles, and the most important proponents here are Ludwig Mises and Nobel Laureate Friedrich Hayek. Now, the Austrian School of Economics, more generally, it emphasizes market price signals and how those price signals c... |
Principles_of_Economics_Macroeconomics | The_Aggregate_Demand_Curve.txt | ♪ [music] ♪ [Alex] The aggregate demand- aggregate supply model is a good starting point for understanding business fluctuations. Let's begin by learning about the aggregate demand, or AD curve. The aggregate demand curve shows us all the combinations of inflation and real growth that are consistent with a specified ra... |
Principles_of_Economics_Macroeconomics | Why_Governments_Create_Inflation.txt | ♪ [music] ♪ [Alex] If inflation is so costly, why do some governments create inflation? In our opening video on hyperinflation in Zimbabwe, we gave one explanation. When the government prints money and uses it to buy goods, that's like a tax -- a transfer of wealth from the people to the government. Now inflation is no... |
Principles_of_Economics_Macroeconomics | The_Solow_Model_and_Ideas.txt | [Alex] We've covered a lot of the Super Simple Solow Model. We've looked at the dynamics of capital accumulation, how changes in savings rates influence growth, and we've looked look at some of the predictions of the Solow Model. One thing we've learned is that the model seems to inevitably predict that we end up ... |
Principles_of_Economics_Macroeconomics | Intro_to_the_Bond_Market.txt | ♪ [music] ♪ [Alex] As we've seen, most individuals who want a loan -- they borrow money from a bank. But for a well-known corporation, like Starbucks, borrowing money may be available through another type of financial intermediary: the bond market. A bond is essentially an IOU. It documents who owes how much and when p... |
Principles_of_Economics_Macroeconomics | Intro_to_the_Solow_Model_of_Economic_Growth.txt | ♪ [music] ♪ - [Alex] Here's a fact about economic growth that might seem counterintuitive. During World War II, Germany and Japan suffered heavy losses. Millions of people were killed. Entire cities were flattened. Roads, bridges, factories, and other resources critical to an economy were destroyed. Yet, following W... |
Principles_of_Economics_Macroeconomics | The_LongRun_Aggregate_Supply_Curve.txt | ♪ [music] ♪ [Alex] Last time, we introduced the aggregate demand curve. Today, we're going to add the long-run aggregate supply curve to our model. We're also going to show how real shocks can generate business fluctuations. Let's bring back some familiar characters: "A", "L", and "K". Earlier we saw that the key to a ... |
Principles_of_Economics_Macroeconomics | How_Expert_Are_Expert_Stock_Pickers.txt | ♪ [music] ♪ [Man on TV] You'll be under water! You'll be losing money! In other words, the dividend gain is not worth the principal loss. Whoa! I can't take the pain! That's when you want to be a buyer. [Alex] The world of investment advice is a crowded and noisy place. The good news is, you can turn down the shouting... |
Principles_of_Economics_Macroeconomics | Game_of_Theories_Real_Business_Cycle.txt | ♪ [music] ♪ - [Tyler] Real business-cycle theory is about negative supply shocks. That word "real" in the name -- don't contrast it with the word "phony," but rather contrast it with "monetary." Real business cycles are not about monetary policy -- mostly they're about negative supply shocks. Now, the nice thing about ... |
Principles_of_Economics_Macroeconomics | Nominal_vs_Real_GDP.txt | ♪ [music] ♪ - [Alex] Is the economy growing? Are people better off today than they were four years ago? What about 40 years ago? The GDP statistic can help us to answer all of these questions. But first, we do need to make some modifications. As we discussed in our first video, GDP sums up the prices of all finished go... |
Principles_of_Economics_Macroeconomics | Who_Is_More_Rational_You_or_the_Market.txt | ♪ [music] ♪ [Tyler] We saw in earlier videos that markets respond quickly to new information, and often times, accurately. This is sometimes called, The Wisdom Of Crowds. And this leads us to Investment Rule #4: Even if markets are sometimes imperfect or irrational, do not try to beat the market. Markets can be wiser t... |
Principles_of_Economics_Macroeconomics | Geography_and_Economic_Growth.txt | Think about some of the biggest and most prosperous cities you've been to. What do many of them have in common? Water. They sit on a major coast or on a major river. This map shows GDP density - how much GDP is produced per square kilometer. You can see that the coasts of the US and the areas along the navigable rive... |
Principles_of_Economics_Macroeconomics | Understanding_the_Great_Depression.txt | ♪ [music] ♪ [Alex] Now that we have covered the mechanics of the aggregate demand– aggregate supply model, let's use the model to help us to understand the worst recession in U.S. history: The Great Depression. The Great Depression was unlike any recession in recent times. Unemployment rose above 20%. 40% of all banks ... |
Principles_of_Economics_Macroeconomics | Monetary_Policy_The_Best_Case_Scenario.txt | ♪ [music] ♪ [Alex] Monetary policy looks easy, when it's just a matter of shifting some lines on a graph. But, in practice, it's considerably more difficult. Choosing the right tools -- and when, and how to use them -- is both an art and a science. To illustrate the difficulties, let's look at a relatively easy scenari... |
Principles_of_Economics_Macroeconomics | Four_Reasons_Financial_Intermediaries_Fail.txt | ♪ [music] ♪ [Tyler] Modern economies rely upon financial intermediaries to bridge the gap between savers and borrowers. Much like our real bridges, it's only when the metaphorical bridges of financial intermediation crumble that we recognize just how dependent we are on them. Many businesses rely on credit to operate a... |
Principles_of_Economics_Macroeconomics | The_Fed_as_Lender_of_Last_Resort.txt | ♪ [music] ♪ [Alex] In our earlier videos, we discussed how the Fed uses its control of the money supply to increase or decrease aggregate demand. The Fed, however, has another tool at its command. In a panic, when depositors are running to their bank to withdraw their money, when lenders are refusing to lend, when fire... |
Principles_of_Economics_Macroeconomics | Office_Hours_The_Solow_Model_Investments_vs_Ideas.txt | ♪ (intro music) ♪ [Mary Clare] I've reviewed the data online. I've talked to a ton of college students. Everyone is missing this one question. It's time to make a video. ♪ (music) ♪ Today, we're going to take a closer look at the Solow Model by evaluating how different inputs affect a country's economy. Consider the... |
Principles_of_Economics_Macroeconomics | Office_Hours_Rule_of_70.txt | ♪ (music) ♪ [Mary Clare Peate] I've reviewed the data online. I've talked to a ton of college students. Everyone is missing this one question. It's time to make a video. ♪ (music) ♪ Today, we're going to answer the following question from our growth-rates video. Suppose two countries start with the same real GDP per ... |
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