Damn and here I'm in 2018. Couldn't understand for shit what my teacher was trying to teach us as he was super bad at drawing, having problems with computer and just simply thinking that we know what he is talking about. Wasted 8 hours on that topic and came out with nothing to show. Watched both of short term and long term videos, 25mins total. I know all I need to know. Good job, Jason Welker, you helped me immensely.
My understanding is that Po to P3 is a reduction in price and wages due to a decrease in aggregate demand - which leads to a decrease in the rate of inflation to 0...but very well could be 0.2 or 0.5 etc. Deflation is when the inflation rate falls below 0, which in this example it didn't, we just saw a decrease in prices/wages. I'm no expert but I think that explains it!
Problem: Downward wage rigidity. Reductions in wages almost never actually happen at a micro level, short of unemployment and re-employment-(not common in skilled professions) (why fire a skilled physicist just to get a 10% wage reduction, employers ask). This isn't theoretical anymore - it's happening now in the US and Europe. In other words, the long-run phillips curve is not vertical at very low inflation rates. See krugman.blogs.nytimes.com/2010/02/13/the-case-for-higher-inflation
Damn and here I'm in 2018. Couldn't understand for shit what my teacher was trying to teach us as he was super bad at drawing, having problems with computer and just simply thinking that we know what he is talking about. Wasted 8 hours on that topic and came out with nothing to show. Watched both of short term and long term videos, 25mins total. I know all I need to know. Good job, Jason Welker, you helped me immensely.
excellent video.. people like you are my youtube heroes and should be recognised
Great video, wish my macroeconomics professor to be half of good as you are explaining this!
THANK YOU !
My understanding is that Po to P3 is a reduction in price and wages due to a decrease in aggregate demand - which leads to a decrease in the rate of inflation to 0...but very well could be 0.2 or 0.5 etc. Deflation is when the inflation rate falls below 0, which in this example it didn't, we just saw a decrease in prices/wages. I'm no expert but I think that explains it!
Thank you so much for these lessons.
This was a great and detailed video, thanks!
exactly what i was looking for! very clear thanks!
You are the best Jason
oh dear u are not uploading more videos they are simply great please please please do fast upload more videos please.
Great job 👍
But from Po to P3 you have deflation so wouldnt that be negative inflation instead of zero?
Thank youuuu sooooooo much!!!❤🤌🙏
full employment level of output how it can defined in the first place?
Ty for making this video
very useful!, thank you!
This lesson was boss.
excellent video.. thnks very very much
Yeh this is a brilliant video. Thannks :)
Great job.. understandable
THANKS.
Thnks man! :D
quarantine 2020 vibessssssss
Superb
thanks.
i dont care i love it
thx dude
Problem: Downward wage rigidity. Reductions in wages almost never actually happen at a micro level, short of unemployment and re-employment-(not common in skilled professions) (why fire a skilled physicist just to get a 10% wage reduction, employers ask). This isn't theoretical anymore - it's happening now in the US and Europe. In other words, the long-run phillips curve is not vertical at very low inflation rates. See krugman.blogs.nytimes.com/2010/02/13/the-case-for-higher-inflation
What program are you using !?
true story!
Am I the only one who got lost pretty fast? I don't know why but it's just so hard to concentrate to his lesson... AC/DC Econ is better, in my opinion
Hate Econ