Short Run Phillips Curve
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- Опубліковано 25 чер 2024
- Short Run Phillips Curve - A visual representation of the short run Phillips curve, showing both demand pull and cost push inflation but also the key conflict in the short run between low unemployment and inflation
Knowledge is one thing and ability to teach at this excellence is an entirely different skill. You got it all and some! I learnt these theories during just the length of your tutorials; wouldn't be the case if I sat in a class for hours with someone who had no idea of teaching. People like you, are global treasures. Hope you know that. thanks Dal tanks you tube!
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watching this 2 days before 2024 paper 2 (AQA) hopefully itll come up. (Your face is burnt into my monitor at this point but i cant stay mad at you econplusdaddy)
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you nailed it,I have been struggling to understand how its related to classical AD-AS Model.Now I got it thank you so much..Great job keep it up!
Super clear and to the point. Thanks for the video
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Really helpful, and well explained, thank you!
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Great videos, thanks!
how do you show that inflation also rises with the new phillips curve due to stagflation? As the line coming from PL2 should be linear? or do you just draw the line with a slight bend upwards?
thanks your videos are very useful
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Thank you so much for all this help. Can we also have videos on the Money chapter from a levels
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Great help, thanks. When do you think you will post more A2? Globalisation/ exchange rates etc?
Hello,
It seems to me that when the AD decreases, the average price level decreases so we face deflation and not disinflation as your movement down the Phillips curve suggests.
Am I wrong?
Thank you!
the video is really helpful
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Hi there, any last tips on evaluation for Philips Curve? Would be a great help, many thanks.
Awesome video! Fellow Econ Tutor
Thank you so much for such a helpful video! However does the SRPC shifting to SRPC 3 counter the argument that any reduction in unemployment below the NRU level would be purely inflationary? Or does that only apply when AD is used to do so and because this is the short term phillips curve? Thanks again!
William Mullan You're right, classical economists say that any demand side policies (AD influencing) to reduce unemployment would be purely inflationary. On the supply side the argument changes
Fantastic content here : could you even shift SRAS to the left due to the Ebergy crisis or due to lefts sag COVID . ???? But put the same effects on the Phillips curve ?
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in which topic can we use this curve, Inflation or unemployment ?
Which exam board do you use?
Does stagflation only happen with economic situations that shift the SRAS curve?
Better than my college professor
How come in my textbook, the SP curve is upward sloping?
sooo which one do we use for the exam
Extraordinary explanation, thanks a lot
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Hi dal, can you help me understand explicitly why the SRPC shifts? I understand the reduced unemployment results in a higher inflation rate, but what actually happens that causes the shift to the right (eg if lras shifts to the left)? Is it something to do with the firms laying people off due to higher wage demands?
This comment would be of no use now but from what i understood, there wouldnt be a shift in LRAS as this is occuring in the short run. if u meant that SRAS shifts to the left it relates to the idea that it raises a firm's costs of production so they would lay off workers in the process causing SRPC to shift to the right.
thanks a lot man
who can explain why it's assumed that SRAS,LRAS and AD curve intersect with each other on a single point ?? please help.
I know u may not answer my Q. but if anyone else could help me, is there any proof for such shifts in the SRPC. From the explanations, it just sound as though monetarists forcefully shifts the curve to represent stagflation LOL.
If possible, a mathematical explanation would be helpful :D
Great video! I have one question though- why would a supply side shock increase unemployment? Is it simply to allow a firm to maintain a profit, so number of employees must decrease in order to reduce ATC? Thank you in advance
Because real gdp decreases labour is a derived demand, derived from the goods and services in the economy
Meaning when real gdp falls because of the supply side shock so unemployment (ik you asked 6 years ago)
thanks sir
when you write SRPC, is this same as expectation augmented phillips curve(EAPC)
expected augmented Phillips curve is the long run Phillips curve
so perfect
thank you....EconplusDal
Thanks dad
Here because teachers still set us assignments even when college is closed.
Atleast your A level economics teacher still cares about sending you work
this only applies to demand-pull inflation right? For cost-push the Phillips curve won't describe it well
@ 10:07 on Price level vs RGDP graph. How does it shows that although price levels have increased, unemployment has decreased ???
Amit Neupane It doesn't, Phillips curve shifts
Sorry but I am a little bit confused. If you shift AD to the left, that means the price level has fallen. But according to the Philips curve, that'd give you a movement along the curve, and in this case, you said it may drop to a 1% inflation rate. Does that not contradict the fall in the price level, since inflation means an increase in the price level?
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Hi sir:
could you please discuss those topics e.g how do you close inflation Gap and deflationary gap using fiscal and Monetary policy. and what causes these gaps, how to close these gaps and what the impact of those gaps on economy. thank you sir
Could a critique be that Keynesian economists would say well it depends where we are in the economic cycle?
Hey, I really love your videos. Can you please do a video on the Aggregate Expenditure Function.
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When showing why the SRPC shifts, why does it never go into deflation, like the previous diagram
It does. That's where it crosses the origin.
when unemployment is low, workers are NOT scarce ? I'm lost :/
+Karven Peramal Yes they are, when unemployment is low, many workers are in work. Hence to find new workers is difficult, they are scarce
+EconplusDal oh now I get it! Thanks
do u have notes
at 5:12 you mean inflation right?
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1:57 "When unemployment is low, workers are very scarce" Can someone explain this to me? I thought of it as the opposite wherein if there are lots of workers wouldn't that mean jobs are scarce? Not workers?
The assumption is that with low unemployment there is a high demand for workers by firms. Which means that workers are in high Demand hence scarce
What is the evaluation . How can the gov try I limit the Trade off that exists ????
And not only this what is the Ebaluation what idea this depend on ??
I think an evaluation point is that firms have become significantly technologically inclined and hence more capital intensive. As a result, you could argue that changes in the unemployment level will not have a large effect on wage growth and the inflation rate.
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Doesn't work in an over indebted economy. Consumption will not be there to increase inflation despite low unemployment, wages are still flat.
The Phillips Curve is currently bust...low employment and low wage growth.
econplusdaaal chawal
I wasted 2 hrs on this material and still dont understand and all i need is 15 mins vids