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Economics

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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.

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Summer Naugle, Minnow, Ilkka Hemmilä, Kaitlyn Celeste, Lee Toran,
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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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Elon Musk's Basic Economics

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Animation by Josh Sherrington (
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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

Lec 1 | MIT 14.01SC Principles of Microeconomics

Lecture 1: Introduction to Microeconomics
Instructor: Jon Gruber, 14.01 students
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License: Creative Commons BY-NC-SA
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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.

Richard Thaler on Behavioral Economics: Past, Present, and Future. The 2018 Ryerson Lecture

In the 2018 Nora and Edward Ryerson Lecture at the University of Chicago, Richard H. Thaler discusses his Nobel Prize-winning research.

Richard H. Thaler is the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business. He was honored in 2017 with the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for his pioneering scholarship in the field of behavioral economics.

The Ryerson Lecture grew out of a 1972 bequest to the University by Nora and Edward L. Ryerson, the latter a former Board of Trustees chair. A faculty committee selects the Ryerson lecturer based on research contributions of lasting significance.

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ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email digicomm@uchicago.edu.
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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.

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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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The Economics of K-Pop

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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

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"Too much Maths, too little History: The problem of Economics"

This is a recording of the debate hosted by the LSE Economic History Department, in collaboration with the LSESU Economic History Society and the LSESU Economics Society.





Speakers:
Proposition Team - Lord Robert Skidelsky & Dr. Ha-Joon Chang
Opposition Team - Prof. Steve Pisckhe & Prof. Francesco Caselli
Chair - Professor James Foreman-Peck

The LSE is currently the only institution to have a separate EH department. We want to encourage students and academics alike to rethink the methodologies used to explain how our world works.

Do we use the theoretical and econometrical method to create models with assumptions to distil the complexities of human nature and produce measurable results? Or do we use the historical process of considering all factors to provide a more holistic explanation? More importantly, which method should be adopted to better understand increasingly complex economic phenomena in the future?

We are striving to provide our students breadth that exceeds their current theoretical studies. Hence, whilst we recognise the importance of economic history in allowing us to become closer to the truth and produce more intricate portrayal of events, the significance of models and mathematics remains to be emphasised.

Indeed, we wish to have this controversially named debate in order to both highlight the tension between the two disciplines and to produce a more nuanced overview in defence of the future of Economics.

The Economics of Donald Trump

Donald J Trump, the current sitting president of the United States and the assumed republican candidate for president in 2020. Donald trump is of course an extremely divisive political figure that has had a lot of criticism laid against him but as always we are ignoring that for the sake of this video. Today we are going to look exclusively at President trumps economic policies, go over their quirks and features and then give them a Doug score. If his policies make sense they will get the economics explained tick of approval regardless of his other policies, beliefs or ongoing scandals which is the same type of treatment afforded to Andrew Yang when we were reviewing his policies and is the same kind of accommodation that will be given to all other candidates I intend to explore before the 2020 election.

Trump is one of the few candidates we can actually talk about so early in the election cycle because of course he is the incumbent president so we don’t have to speculate about his promised economic policies we can actually look directly at policy that he has already enacted. Trump’s policies are quiet notable in two distinct fields where he has taken relatively assertive action, foreign and domestic economics.

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Enquiries - loungejita@gmail.com

References -

Rodrik, D., 2018. Populism and the Economics of Globalization. Journal of International Business Policy

Auerback, M., 2017. Explaining the rise of Donald Trump. Real-world Economics Review

Lordkipanidze, R., 2019. Experiment Findings: How Reasonably Caring State Economic Policy Affects on Markets (Examples of Donald Trump and George W. Bush). Tbilisi, Charity Partnership for Free Epochal Reserchgate

Boak, Josh (August 6, 2018). Jobs boom favors Democratic counties, not Trump strongholds. Associated Press. Retrieved August 7, 2018

Horsley, Scott (May 22, 2019). Many Are Replacing Disability Checks With Paychecks

Tax Cuts Still Don't Seem to Be Helping Workers – via

China blasts Trump's new trade tariffs. CNNMoney. January 23, 2018.
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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
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Select visuals provided by Wikipedia Commons
Licenses available upon request
Licensed under Creative Commons 3.0 or fair use guidelines

What is economics and what do economist do?

In this short introduction to the discipline of economics, Dr. Pete Schuhmann presents a basic overview of the fundamental issues of interest to economists and how they study those issues. He defines economics as the study of how people deal with scarcity and distribute scarce resources. He highlights the two broad branches of economics, macro and micro, and explains that macroeconomics focuses on the study of the entire economy at the national and international scales, while microeconomics looks at individual and firm-level decision-making and dynamics. He notes that economists use key concepts like opportunity cost to understand trade-offs and decision-making, and that questions of interest for economists arise by thinking at the margin.

More information on the Immersion Program and other lectures can be found here:

Economic models | Basic economics concepts | AP Macroeconomics and Microeconomics | Khan Academy

Why economists use models and their limitations.

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AP Macroeconomics on Khan Academy: Welcome to Economics! In this lesson we'll define Economic and introduce some of the fundamental tools and perspectives economists use to understand the world around us!

Khan Academy is a nonprofit organization with the mission of providing a free, world-class education for anyone, anywhere. We offer quizzes, questions, instructional videos, and articles on a range of academic subjects, including math, biology, chemistry, physics, history, economics, finance, grammar, preschool learning, and more. We provide teachers with tools and data so they can help their students develop the skills, habits, and mindsets for success in school and beyond. Khan Academy has been translated into dozens of languages, and 15 million people around the globe learn on Khan Academy every month. As a 501(c)(3) nonprofit organization, we would love your help! Donate or volunteer today!

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Why YOU should learn economics!

Why should you learn economics? Put simply, it's becasue it will make you a better decision maker and help you see the unseen. Economics is the study how we deal with scarcity so we can use our resources as efficiently as possible. So whether it's in your personal life or when you run a business or when you promote a government policy, thinking like an economist will help you maximize your own happiness, make the most profit, or help the most people.

I've made a ton of videos to help you learn and practice economics. Feel free to check out the macroeconomics and microeconomics playslist below, as well as, the playlist of some of my favorite videos. Thanks for watching.

Macro Playlist-
Micro Playlist-
Favorite Videos-

Is an Economics Major Worth It?

My books:





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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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

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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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The Great Economists Debate: How can their ideas help us today? | London Business School

Shedding light on some of today’s hot-button economic issues, a panel of experts explore the ideas of influential thinkers from Adam Smith and David Ricardo to contemporary academics Douglass North and Robert Solow.

The panel:
• John Kay CBE, FRSE, FBA, FAcSS, Fellow in Economics, St John's College, Oxford
• Andrew Scott, Professor of Economics, London Business School
• Linda Yueh, Adjunct Professor of Economics, London Business School

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