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.
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
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!
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.
oh dear u are not uploading more videos they are simply great please please please do fast upload more videos please.
very useful!, thank you!
Yeh this is a brilliant video. Thannks :)
What program are you using !?
Great video, wish my macroeconomics professor to be half of good as you are explaining this!
THANK YOU !
excellent video.. people like you are my youtube heroes and should be recognised
Hate Econ
But from Po to P3 you have deflation so wouldnt that be negative inflation instead of zero?
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
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
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 youuuu sooooooo much!!!❤🤌🙏
full employment level of output how it can defined in the first place?
Thnks man! :D
This was a great and detailed video, thanks!
Thank you so much for these lessons.
i dont care i love it
exactly what i was looking for! very clear thanks!
Great job 👍
Ty for making this video
Superb
thanks.
You are the best Jason
THANKS.
This lesson was boss.
Great job.. understandable
quarantine 2020 vibessssssss
excellent video.. thnks very very much
thx dude
true story!