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Economics

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The Economics of Private Jets

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Select footage courtesy the AP Archive

References:
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Intro to Economics: Crash Course Econ #1

In which Jacob Clifford and Adriene Hill launch a brand new Crash Course on Economics! So, what is economics? Good question. It's not necessarily about money, or stock markets, or trade. It's about people and choices. What, you may ask, does that mean. We'll show you. Let's get started!

Crash Course is now on Patreon! You can support us directly by signing up at

Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever:

Mark Brouwer, Jan Schmid, Anna-Ester Volozh, Robert Kunz, Jason A Saslow, Christian Ludvigsen, Chris Peters, Brad Wardell, Beatrice Jin, Roger C. Rocha, Eric Knight, Jessica Simmons, Jeffrey Thompson, Elliot Beter, Today I Found Out, James Craver, Ian Dundore, Jessica Wode, SR Foxley, Sandra Aft, Jacob Ash, Steve Marshall

TO: My Students
FROM: Mrs. Culp

Culpzilla's students are amazing! You guys rock!

TO: Everyone
FROM: Pankaj

DFTBA and keep being the exception like the Mongols.

Thank you so much to all of our awesome supporters for their contributions to help make Crash Course possible and freely available for everyone forever:

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Elon Musk's Basic Economics

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Elon Musk Photo 1 courtesy Heisenberg Media
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Music: Under Suspicion by Lee Rosevere and Euphoric by Sound of Picture

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Kevin Song, David Cichowski, Andy Tran, Victor Zimmer, Paul Jihoon Choi, Dylan Benson, M van Kasbergen, Etienne Dechamps, Adil Abdulla, Arunabh Chattopadhyay, Ieng Chi Hin, Ken Rutabana, John Johnston, Connor J Smith, Rob Harvey, Arkadiy Kulev, Hagai Bloch Gadot, Aitan Magence, Eyal Matsliah, Sihien Goh, Joseph Bull, Marcelo Alves Vieira, Hank Green, Plinio Correa, Brady Bellini

How The Economic Machine Works by Ray Dalio

Economics 101 -- How the Economic Machine Works.

Created by Ray Dalio this simple but not simplistic and easy to follow 30 minute, animated video answers the question, How does the economy really work? Based on Dalio's practical template for understanding the economy, which he developed over the course of his career, the video breaks down economic concepts like credit, deficits and interest rates, allowing viewers to learn the basic driving forces behind the economy, how economic policies work and why economic cycles occur.


To learn more about Economic Principles visit:


[Also Available In Chinese] 经济这台机器是怎样运行的:

[Also Available In Russian] Как действует экономическая машина. Автор: Рэй Далио (на русском языке):
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Basic Economics - Thomas Sowell Audible Audio Edition

Basic Economics is a citizen’s guide to economics-for those who want to understand how the economy works but have no interest in jargon or equations. Sowell reveals the general principles behind any kind of economy-capitalist, socialist, feudal, and so on. In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. With clear explanations of the entire field, from rent control and the rise and fall of businesses to the international balance of payments, this is the first book for anyone who wishes to understand how the economy functions.

Micro Unit 1 Summary- Basic Economic Concepts

The Micro Unit 1 Summary video is designed to help you understand economics and goes hand-in-hand with my Ultimate Review Packet. In this video I cover the basics: scarcity, opportunity cost, the economic systems, the production possibilities curve, and comparative advatage. I also show you the quick and dirty (22:22). Don't worry, it's school appropriate. Thanks for watching and please subscribe.

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Introduction to economics | Supply, demand, and market equilibrium | Economics | Khan Academy

Learn about some of the key ideas that influenced early economic thinkers, such as Adam Smith, in this video.

Practice this yourself on Khan Academy right now:




Economics on Khan Academy: Economics is the study of individuals and societies allocate scarce resources. Learn how markets work, how individuals maximize their happiness and firms maximize profits, and how economies grow. We hit the topics you would expect to see in high school and college level introductory economics courses.

About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.

For free. For everyone. Forever. #YouCanLearnAnything

Is Economics Good Major?

Check out my number one recommended book on economics:


What can you do with a Economics degree? Are there jobs in Economics? What's the difference between business economics & economics? What are jobs in Economics?

Music
Artist: Jacoo
Track: Watching You Breathe

What is Economics?



The typical first-year student walks into his first economics class with very little idea of what economics is. He might have heard something like, economics is the study of money, or economics is another word for accounting, or economics is hard, don't take that class, but none of those are true.

Economics is the study of the use of scarce resources that have alternative uses. That's the classic definition of economics. Basically, there are people, and people need resources to fulfil their desires. These resources cannot be infinite, but the desires can be, so people need to make choices about how to use their scarce resources. Economists study these choices.

All economic questions fall into one of two categories: positive and normative. Positive economics describes what is and normative economics argues for what ought to be, so a question like, why do people use money? is a positive question and should people use money? is a normative question.

A general rule of thumb is that if your economic model has no value judgements, it's positive economics, and if it does have value judgements it's normative economics, since to tell someone what he ought to do, you first have to judge what is best for him.

Economics is also divided into microeconomics and macroeconomics. Microeconomics studies the behaviour of individual agents and markets, while macroeconomics studies the behaviour of the entire economy.

Economists also have their own branch of statistics called econometrics that's specialized to analyzing economic data. Since economic data usually comes from the real world, and not from controlled experiments, econometrics faces mathematical challenges that other fields might not.

The tools economists have developed to study human behaviour have broad uses outside of what we would traditionally consider economics. Economists study not only markets, but things like crime, war, the family, religion, culture, politics, law, and even genetics. That's why it's not unusual to see papers by psychologists, sociologists, criminologists, political scientists, anthropologists, biologists, neuroscientists, or legal scholars being co-authored by economists.

Rodney Dangerfield's First Economics Class

A humorous example of the gap between the real world and school.
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Lec 1 | MIT 14.01SC Principles of Microeconomics

Lecture 1: Introduction to Microeconomics
Instructor: Jon Gruber, 14.01 students
View the complete course:

License: Creative Commons BY-NC-SA
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Macroeconomics- Everything You Need to Know

In this video I quickly cover all the concepts and graph that you will see in an AP macroeconomics or college-level introductory macroeconomics course. Dn't take notes. Just get the big picture.

*Note* At 25:48, the signs are reversed.

I talk about scarcity, opportunity cost, the PPC, comparative advantage, supply and demand, GDP, unemployment, inflation, aggregate demand and supply, LRAS, Phillips Curve, economic growth, fiscal policy, money, banking, monetary policy, the Money Market, loanable funds, the balance of payments, and exchange rates. Wow! That's a lot of stuff. Good luck on your test!

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Economic Systems and Macroeconomics: Crash Course Economics #3

In which Jacob Clifford and Adriene Hill teach you about Economic Systems and Macroeconomics. So, economics is basically about choices. We'll look at some of the broadest economic choices when we talk about the difference between planned economies and market economies. We'll get into communism, socialism, command economies, and capitalism. We'll look at how countries choose the kind of system they're going to use (spoiler alert: many end up with mixed economies). We'll also look into how individuals make economic choices.

Crash Course is now on Patreon! You can support us directly by signing up at

Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever:

Mark Brouwer, Jan Schmid, Anna-Ester Volozh, Robert Kunz, Jason A Saslow, Christian Ludvigsen, Chris Peters, Brad Wardell, Beatrice Jin, Roger C. Rocha, Eric Knight, Jessica Simmons, Jeffrey Thompson, Elliot Beter, Today I Found Out, James Craver, Ian Dundore, Jessica Wode, SR Foxley, Sandra Aft, Jacob Ash, Steve Marshall

TO: Everyone
FROM: Martin

To gild refined gold is just silly.


TO: Dana
FROM: Cameron

Still holding out. We're going to make it!

Thank you so much to all of our awesome supporters for their contributions to help make Crash Course possible and freely available for everyone forever:

Raymond Cason, Marcel Pogorzelski, Cowgirlgem, Chua Chen Wei, Catherine Emond, Victoria Uney, Robin Uney, Damian Shaw,
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Behavioral Economics: Full Series

Behavioral economics helps you understand dating, partying, college loans, voter ignorance, and all the choices humans make. Here’s our full series.

SUBSCRIBE:

LEARN MORE:
The Elephant in the Brain: Hidden Motives in Everyday Life (book): Kevin Simler and Prof. Robin Hanson discuss the unconscious motives behind our actions.
Do Free Markets Require Rational Actors? (article): Prof. Steve Horwitz explains why insights from behavioral economics that prove people do not always act rationally should be taken as arguments against the free market.
Behavioral Economics and Irrational Voters (article): Julian Adorney applies insights from behavioral economics to electoral politics.

TRANSCRIPT:
For a full transcript please visit:

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Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at

Economic Schools of Thought: Crash Course Economics #14

We talk a lot about Keynesian economics on this show, pretty much because the real world currently runs on Keynesian principles. That said, there are some other economic ideas out there, and today we're going to talk about a few of them. So, if you've been aching to hear about socialism, communism, the Chicago School, or the Austrian School, this episode is for you.

Crash Course is on Patreon! You can support us directly by signing up at

Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever:

Fatima Iqbal, Penelope Flagg, Eugenia Karlson, Alex S, Jirat, Tim Curwick, Christy Huddleston, Eric Kitchen, Moritz Schmidt, Today I Found Out, Avi Yashchin, Chris Peters, Eric Knight, Jacob Ash, Simun Niclasen, Jan Schmid, Elliot Beter, Sandra Aft, SR Foxley, Ian Dundore, Daniel Baulig, Jason A Saslow, Robert Kunz, Jessica Wode, Steve Marshall, Anna-Ester Volozh, Christian, Caleb Weeks, Jeffrey Thompson, James Craver, and Markus Persson
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Answer: Is economics becoming mathematics?

2010 Laureates in Economic Sciences answer the question regarding economics ties to mathematics, posed by a student from the London School of Economics.

Economics: The Austrian School vs. The Chicago School

I look introduce these two schools of economic thought and analyse their similarities and differences.

Recommended further reading:

On differences between the schools: Mark Skousen, Vienna & Chicago, Friends or Foes?: A Tale of Two Schools of Free-Market Economics (Regnery, 2005).

Best introduction to Austrian School: Murray Rothbard, Man Economy and State with Power and Market (1962; Ludwig von Mises Institute, 2008).

Best introduction to Chicago School: Ross B. Emmett, The Elgar Companion to the Chicago School of Economics (Edward Elgar, 2012).

Thomas Sowell, Knowledge and Decisions (1980; Basic Books, 1996).

NB. Note to long-time viewers, this has replaced my earlier video from June 2017 (over 20k views), which has now been unlisted.

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TWL #6: Big Mac Economics

Big Macs: delicious (kinda), cheap (kinda), and educational (absolutely). In this episode, we look at how the economist magazine used burger prices to teach about purchasing power parity.

If you enjoyed this video, please consider sharing on Reddit, Twitter, Facebook, etc. For a small channel like this, all exposure is extremely helpful.

Twitter: @WendoverPro
Email: WendoverProductions@gmail.com

Attributions
Big Mac footage provided by
McDonald’s kitchen footage provided by epSos.de
Select footage provided by VideoBlocks LLC
Music provided Epidemic Sound
Select maps provided by OpenStreetMap
Select maps provided by Google Maps
Select visuals provided by Wikipedia Commons
Licenses available upon request
Licensed under Creative Commons 3.0 or fair use guidelines

Economics PhD students predict the next big thing

I was given the opportunity to interview top PhD students in economics, so naturally I asked them: what's coming next?

If you'd like to read the papers the PhDs talk about in this video you can see them all (and associated posters) at

Thanks to the European Central Bank for giving me the opportunity to make this video! I encourage you to learn more about them and exactly what they do on their website and on their twitter (which is run by lovely people!) I'm still in Sintra as of posting this and filming a vlog which I think is going to be great, mostly because it's absolutely gorgeous here and there are some super interesting people to ask questions. I know a lot of you asked a lot of questions on twitter and in the comments, and I'm going to do my best to address as many as I can!

Obviously this video is at a simple level because it's an introduction and also because I wanted to give more time to the individual students than to detailed discussions of modern economics. There are plenty of other places to find that on the internet made by actually competent economists/journalists. For my part I will be pressing a bit deeper and asking more questions in my vlog next week - so stay tuned!

You can support the channel by donating at

Check out my website!

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Music by Epidemic Sound:

Filmed on my Canon 80D:
Editing done in Premiere and Audition.

Huge thanks to my supporters on Patreon: Dan Hanvey, David Efird, Suzanna Hofman, Amy Hadden, Ethan Fuller, Charles Bray, Syafiq Kay, Xavier Chesterfield, Jay Wright, Myles Kornfeld, Louis Gillet, Michael Phillips, Fraser Birks, Martin Hermes, Luca Schumann, Rhys Rickard-Frost, Cameron Matchett, Lachlan Woods, Tim Boxall, Simon Vaes, Gabriele Mozzicato, Jawad Alalasi, Gaia Frazao Nery, Kodzo, Claire Anthony, Eve Dillon, Rowan Gow, Matthias Loos, James Bridges, James Craig, Angela, Sanaa Al Derei, Mark Anthony Magro, Liam, Theresa Wang, Kieran Kelly, Wendover Productions, Kendra Johnson, Caitlin Louise.

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Thanks to Vlogbrothers for their sponsorship of this video. Money from the Foundation to Decrease Worldsuck contributed to equipment used in this video.

The Economics of Uber

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Uber may be the highest-valued private company in the world, but its economic troubles are profound and concerning.

This includes a paid sponsored promotion which had no part in the writing, editing, or production of the rest of the video.

Music by Varsity Star:
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Special thanks to for looking over the script in advance. Ridester offers resources for ride share drivers.

Brief music clip: Teddy Bear Waltz Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0 License


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