hey u know wat,,i got an A in economics for my advanced level,,and i didnt go to school for almost everyday,,but still pagholden was here to help me a lot ,,through his explanation i got a lot of help,,and n0w u can say that all thanks to pagholden i've got A!!!!!,,so guys here's the genuis,,and for me he's almost my idol!!!!!!god bless u pagholden!!!!!!!!!u are too good!!!!still these praises are not enough for u,,thxx a lot!!!!
Awesome work phil, thanks a lot....as the guy abv mentions, none of the A level course books have backward bending curve, as far as i remember, this was indeed a great help!!
This is definetly in the top 10% of UA-cam education videos.You guys are pioneers for the future electronic teacher.Although physical teachers will never be replaced.
I've watched three other videos on this subject and none came close to explaining substitution and income effect as well as you explained it. Thank you!!
Great work Pat! Practical technical knowledge of any kind, clearly explained, is a great benefit to the world (and to economics students like myself!). Cheers, J
You are an amazing teacher! I hope our teacher is like you who can explain the topics very clearly without even having a hard time explaining things. Keep it up! :)
hahah im doing my degree in Banking and Finance and i can say the same thing. Its amazing how text books have so much hard to understand text. This guy just explained this concept so easy and used a simple approach. Im following his vids closely.
i wish you were my teacher, Im at Uni and have been listening since I was in sixth form. sometimes the text book/ lecturer do not make sense, but YOU, you make sense x
I have watched so many of his videos -- he does SUCH A GREAT JOB explaining economics.. I wish I could absorb and retain all the economics details he covers.. :)
Hi rullar - pay is also a function of MRP, Marginal Revenue Product - in other words, what the value of the employee's work is for the business. So a CEO earns more than a cleaner in part because the business earns more revenue as a result of the CEO's work than the cleaner's work.
interesting graph. It is very logical, although it sometimes surprises me companies will pay lots for few hours. Although my father for example does not have the luxury of working less hours. The job pays well (although sometimes in between jobs he's left jobless for a few months which takes away a significant chunk of the funds saved), but it comes with forced long hours due to the role. But I'm confident if he was offered flexibility he'd take 2/3 of the hours for 2/3 of the pay.
Hi Phil, im watching your videos from london and was wondering if you could do a video on elasticity/inelasticity of demand for labour, covering factors influencing demand for labour aswell. cheers
This is great, seems like a long time ago you posted this and its still gold. Are you in england? I am horrible with accents but, why... you know economics have you moved out of that forsaken nation?
the best part is, I can repeat the part where i dont understand. over and over again. not that i need it much for your explanation since its much easier to understand compared to my profs'.
I just wanted to add a question about this application to real life and to the validity of the substitution effect.... Is it really true (realistically) that if you're earning so little, you would work less? I get that it's not worth your time to work more if you're being paid so little...but really most people need a certain amount of income to live or to provide for their family. Its more like if you have a lower and lower wage, you're gonna work more and more hours until you can reach the desired amount. Graphically, it would make more sense to me from life experience for the supply curve to just be a negative linear slope. For example, most lower waged people I know work more than mid-waged people and so on. I'd appreciate any insights. Thanks!
I don't think this graph considers that. It is a simple work vs leisure standoff. If someone earns 2million for 4 months work, it makes sense to earn the money and stop for a while to enjoy the money, hence more money less hours worked. But at lower wages, we'll not be willing to give up our leisure time for such small pay.
13 years later and this is still so relevant. Thank you for such an amazing explanation!
sir, it's 2021 and you still a life saver! thank you so much, you saved me after 12 years!
hey u know wat,,i got an A in economics for my advanced level,,and i didnt go to school for almost everyday,,but still pagholden was here to help me a lot ,,through his explanation i got a lot of help,,and n0w u can say that all thanks to pagholden i've got A!!!!!,,so guys here's the genuis,,and for me he's almost my idol!!!!!!god bless u pagholden!!!!!!!!!u are too good!!!!still these praises are not enough for u,,thxx a lot!!!!
Awesome work phil, thanks a lot....as the guy abv mentions, none of the A level course books have backward bending curve, as far as i remember, this was indeed a great help!!
15 years later, this video is still clear and pure insight!🙂
Omg you made it so clear! Please NEVER EVER stop making economics videos, sir.
This is definetly in the top 10% of UA-cam education videos.You guys are pioneers for the future electronic teacher.Although physical teachers will never be replaced.
My man's got some of the supply curve chalked onto the back of his blazer
THIS GUY HAS BEEN HELPING ME SINCE ALEVEL TIMES, IM IN FINAL YEAR OF UNI AND HE DOES IT AGAIN, WHAT A GUY
Fantastic job of explaining the concepts. Easy and straight to the point. well done.
I've watched three other videos on this subject and none came close to explaining substitution and income effect as well as you explained it. Thank you!!
I usually don't comment videos on youtube; but I must say that this video like many more from you, is outstanding =) Thank you!
Great work Pat! Practical technical knowledge of any kind, clearly explained, is a great benefit to the world (and to economics students like myself!). Cheers, J
I have my final tomorrow, and I couldn't understand this! You are a life-saver, thank you !
you know,,,you are jare like an angel to me!!,,things i've omitted in class,am getting it with you!!thanx a l0t!!!!!!!!!!!!!!!!!!!!!!!!
You explain economics concepts better then anybody I've seen. Great job!!
I love you man honestly, you have been helping me to pass econ since high school.
You are an amazing teacher! I hope our teacher is like you who can explain the topics very clearly without even having a hard time explaining things. Keep it up! :)
WOW, that was the most informative and simplest description of this effect! thanks you
your a hero, you just rescued me from darkness
you explain things much better than Stiglitz, thanks for the help!
thank you so much!!!! I've been confusing the two effects, but your explanation definitely makes things clearer.
Great video!!!
This really helps with my IB exams!
THANK YOU!
hahah im doing my degree in Banking and Finance and i can say the same thing. Its amazing how text books have so much hard to understand text. This guy just explained this concept so easy and used a simple approach. Im following his vids closely.
i wish you were my teacher, Im at Uni and have been listening since I was in sixth form. sometimes the text book/ lecturer do not make sense, but YOU, you make sense x
Surely comes in handy when a student is crunching 3 hours before an exam! Hail up from Guyana :)
Sir ..I m frm pakistan.. I love the way you explain this topic.. Thanks a lot
Thank you so much! great way of explaining it
Thank you soo much! i have a test coming up and I was soo confused. now everything makes sense!
I love the way he pronounces "Leisure Time"...Thank you...I understand the process better...
Thank you for your explanation and your time.
Merry Xmas from and Argentinean living in N.Zealand
You are absolutely perfect, man! Thanks for doing this, you are helping quite a bunch of people! ;-)
I have watched so many of his videos -- he does SUCH A GREAT JOB explaining economics.. I wish I could absorb and retain all the economics details he covers.. :)
you are a life saver!
Exam on Tuesday, innit?
micro yeah, in the afternoon
Is it not ocr?
it is infact ocr
idk if that will help me with my material i am learning, but that was the most interesting video ive ever seen
Excellent explanation!!! So much better than my professors and the book I'm reading. Now everything makes sense =)
amazing, how simply everything was explained. Thank you!
I have an exam coming up, this explanation just helped me greatly! Thanks so much
this man is such a legenf, really helpful mate!
thanks very much. i have been reading this for days but now i understand.
Bless you my son. Actually I am a passionate atheist.
Bless You! Very well explained.
Thank You!
All doubts clear sir! Thank you!
This explanation helped greatly for my examination! Thank you!
awesome! prepared for my exam tomorrow, thanks!
Hi rullar - pay is also a function of MRP, Marginal Revenue Product - in other words, what the value of the employee's work is for the business. So a CEO earns more than a cleaner in part because the business earns more revenue as a result of the CEO's work than the cleaner's work.
Example is so easy to understand, thankyou for this video :)
simple and straight forward, thanks
Very great full of this explanation, thank you very much you’ve enlighten a lot for me
Wow thanks Sir, This lecture was really helpful, I have an exam tomorrow.
Thnx...from South Africa
Really, really, really helpful. Thank you so much!
I wish you were my teacher! Such a great explanation :)
interesting graph. It is very logical, although it sometimes surprises me companies will pay lots for few hours.
Although my father for example does not have the luxury of working less hours. The job pays well (although sometimes in between jobs he's left jobless for a few months which takes away a significant chunk of the funds saved), but it comes with forced long hours due to the role. But I'm confident if he was offered flexibility he'd take 2/3 of the hours for 2/3 of the pay.
This guy is GOLD!
thanks fir such an awesome video its really very helpful and very well explained
Hats off to you sir!!!
it is a very great lecture
This is so helpful ❤️🇿🇼
Very clear, helpful explanation! Thank you! :)
i like the explanation its sound better for me. fantastic
more than gold id say PLATINUM.!
keep the good work up
Great teaching, Thank you so much!
Fantastic explanation
Hi Phil, im watching your videos from london and was wondering if you could do a video on elasticity/inelasticity of demand for labour, covering factors influencing demand for labour aswell. cheers
very clear explanation sir..thank you
pure class, thank you sir, it help me a lot.
Thank u!!! I learned from the material.
Excellent!!! thank you!
This helped me a lot. Thank you!
also, thanks for taking the time to do this video.
Amazing. Thank you!
Thank you!!! Its easier to remember the way you put it :D
The blog is no longer available :/
Thank you !! Great video.
Thankyou so much !
This is great, seems like a long time ago you posted this and its still gold. Are you in england? I am horrible with accents but, why... you know economics have you moved out of that forsaken nation?
nice explanation with example.
the best part is, I can repeat the part where i dont understand. over and over again.
not that i need it much for your explanation since its much easier to understand compared to my profs'.
Thank you for that good video
If my economy lessons in school were as good as this I wouldnt even go home :)
Thank you very much!
Thankyou😭. I have public economics tomorrow.
God Bless you!
I just wanted to add a question about this application to real life and to the validity of the substitution effect.... Is it really true (realistically) that if you're earning so little, you would work less? I get that it's not worth your time to work more if you're being paid so little...but really most people need a certain amount of income to live or to provide for their family. Its more like if you have a lower and lower wage, you're gonna work more and more hours until you can reach the desired amount.
Graphically, it would make more sense to me from life experience for the supply curve to just be a negative linear slope. For example, most lower waged people I know work more than mid-waged people and so on.
I'd appreciate any insights. Thanks!
I don't think this graph considers that. It is a simple work vs leisure standoff. If someone earns 2million for 4 months work, it makes sense to earn the money and stop for a while to enjoy the money, hence more money less hours worked. But at lower wages, we'll not be willing to give up our leisure time for such small pay.
Your too good....
Thx from Barbados
thaNks a billion!!!.. :)..
awesome video thank you!
THANK YOU FROM ISRAEL!!!
You're Amazing! thanks a lot.
you've helped me alot , thanks
good video
very informative , thanks
awesome! Really helpful!!
thanks a lot! . :) great explanation.
thank you sir!
good sound
Thank you so much sir
awesome