What is economics and what do economists do?

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  • Опубліковано 24 гру 2024

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  • @thefirstltd.4906
    @thefirstltd.4906 2 місяці тому

    I am from Bangladesh 🇧🇩 studying in economics and i loved the idea of giving example of forest in order to explain micro & macro economics! 🎉
    I was in bba by finishing my 2nd semester I have shifted my department to Economics 🤺
    I loved this video 🎉

  • @BramSarjana
    @BramSarjana 4 роки тому +29

    A great way in explaining the complexity economics in a way simple way. Make it easy to understand

  • @edeline9364
    @edeline9364 Рік тому

    I love his teaching style and this is the first time I'm watching him,

  • @lavendela9403
    @lavendela9403 5 років тому +28

    Love the simple forest example about macro & micro economics.

  • @daeviontaylor
    @daeviontaylor 2 роки тому +21

    I am fascinated with economics, hopefully the honeymooning doesn’t stop when I’m mid course

    • @michelangelope830
      @michelangelope830 2 роки тому

      It is life or death important that humanity understand that the gold market is going to crash. Gold mining would stop destroying the planet, Russia could bankrupt and end the war in Ukraine, and fortunes would not be squandered. What can be done with the gold in reserves, that are useless inside a vault, like in the Fort Knox in America? Only to sell it. How much cost taxpayers to protect the gold? Fortunes. To sell the gold today spares to pay for the protection tomorrow. If an innocent kid received 5 sweets as pocket money every week and had 1 gram of gold protected inside a vault that could sell for 100 sweets but the protection of the mineral would cost him 1 sweet a week, when would the kid sell?

    • @deadbabyjokes5319
      @deadbabyjokes5319 2 роки тому +1

      same! do you have any book or name to recomend?

  • @tickedoffsheikh8587
    @tickedoffsheikh8587 2 роки тому +2

    what are the essential books for first economics students?

  • @kalebtomas260
    @kalebtomas260 4 роки тому +2

    Thanks so much for good explantion, am kalib from Ethiopia, am economics student!

  • @janasafieddine
    @janasafieddine 6 років тому +23

    well im 9 years old and my brother is 19 and his studying economics

  • @ferdieichhorn2911
    @ferdieichhorn2911 Рік тому

    THANK YOU GOD BLESS YOU ALL AND YOUR LOVED ONES

  • @Supersmedicatedworld
    @Supersmedicatedworld 3 роки тому +3

    Tell me why I just smoked a fat doobie and went down the UA-cam rabbit hole and ended up watching an economics lecture 😂

  • @kentheengineer592
    @kentheengineer592 Рік тому

    Scarcity is An Issue of The Utility of Built Systems & Process Engineering

  • @subrotochatterjee5788
    @subrotochatterjee5788 4 роки тому +3

    The way I see it is that the vacuum and the falling objects are predictable phenomena. The leaves falling during a windy day is not. Economics is not an exact predictable science. There are numerous incidences in history that bear testimony to this fact: The Great Depression, the financial bubbles from wall Street, etc. experts notwithstanding.

  • @talicatinai2637
    @talicatinai2637 4 роки тому +2

    Where can I buy Mr Greenspan's book , " How to Sabotage the Wealth of any Country ?

  • @kopilalimbu6725
    @kopilalimbu6725 6 років тому +4

    Thank yuh sO much for wounderful explain

  • @eishaayub3429
    @eishaayub3429 7 років тому +7

    Thank you for uploading this !

  • @clarestucki5151
    @clarestucki5151 Рік тому

    There are no 'classical' (true) economists of the Adam Smith mold around today. Contemporary "economists" ar all political economists, not concerned with achieving maximum outputs with minimum inputs. but only concerned with how outputs are redistributed once they are produced.

  • @yicancu56
    @yicancu56 6 років тому +2

    I don't understand the quote about how economists solve problems like leaves falling in a vacuum. Can someone elaborate on this please? The quote is at about 5:25

    • @mechwarrior52
      @mechwarrior52 6 років тому +19

      In the vacuum. There is no wind. Therefore it's really easy to predict where the leaf will fall. But outside in a windy day there are so many factors influencing the fall of the leaf which makes it hard to predict where the leaf will land. The vacuum is the theory world of economics and the windy day is the real world. That is how I interpret it.

    • @yicancu56
      @yicancu56 6 років тому +1

      @@mechwarrior52 Ah makes sense. Thank you to the 4 years of UofT economics as that phrase just went right over my head.

    • @muhammedsbah8510
      @muhammedsbah8510 4 роки тому

      Thanks a lot for the lectures

    • @trajith
      @trajith 4 роки тому

      This shows an extra vision of economics. Think deeply and solve problems at the grassroot level

  • @psikeyhackr6914
    @psikeyhackr6914 3 роки тому

    They rationalize and justify the economic power game as designed and evolved by European culture. The economic wargame is a continuation of the military wargame by other means.
    They ignore the depreciation of Durable Consumer Goods. How many automobiles have American consumers trashed since Sputnik?
    Running a planet of 7 billion people on defective algebra makes so much sense.

  • @ashnabali5013
    @ashnabali5013 6 років тому +7

    Informative and interesting!

  • @seanoboyl43
    @seanoboyl43 2 роки тому

    well, I’m usually not one to critique very small things but definitions are particularly important to me. I don’t necessarily have an issue with this definition of economics, but I think it uses unnecessary words. Simply calling it the scientific study of human action is a better way of doing it because all purposeful action already involves scarcity. It’s presupposed by the very fact that action even exists.

  • @rajivguchidakme4217
    @rajivguchidakme4217 6 років тому +5

    Thank you sir....great

  • @kentheengineer592
    @kentheengineer592 Рік тому

    Humans Reuse Food & Fluids All The Time the Difference Has to Do woth Comparing the Velocity of the transformation of resources to and from the lifecycle of a closed loop system

  • @oziomamercy4443
    @oziomamercy4443 5 років тому +2

    Economics also help in an industry.

  • @geovannaferreirat
    @geovannaferreirat 5 років тому +2

    I'm gonna use it for my essay

  • @anzelaaasworld5632
    @anzelaaasworld5632 3 роки тому +1

    Perfect explainig from professor!

  • @mazhriqballmazhriiqballl5338
    @mazhriqballmazhriiqballl5338 7 років тому +2

    Great

  • @rominacommey4905
    @rominacommey4905 2 роки тому

    I love it ❤️❤️

  • @manan2724
    @manan2724 5 років тому

    Thanku sir

  • @78Piovesan
    @78Piovesan 4 роки тому +1

    Economists DO have experiments (lab, field, internet, natural, etc.)

    • @emmanuelameyaw6806
      @emmanuelameyaw6806 4 роки тому +4

      Yh... micro experiments. But he was talking about the economy...thus, macroeconomics as he used the term, 'economy'. We don't have controls experiments in macro as there are no controlled economies to perform counterfactual analysis as we do, for example, in developement and applied economics using RCTs

  • @manasikulkarni7637
    @manasikulkarni7637 3 роки тому

    Excellent video

  • @a..indiangirl4106
    @a..indiangirl4106 3 роки тому

    Amazing, superb . 😇😇😇

  • @amanvijayjindal5742
    @amanvijayjindal5742 Рік тому

    Every resource is scarce

  • @aa-dw8ws
    @aa-dw8ws 6 років тому +2

    Yeet, thx m8 👍

  • @saulgerardoaristasanchez460
    @saulgerardoaristasanchez460 2 роки тому +1

    estoy aqui porque me lo encargaron los del ceu

    • @edrowinzky6264
      @edrowinzky6264 3 місяці тому

      Mi hijo es economista graduado de USC y solo hacen dinero para corporaciones y para ellos... Los demas seguimos igual😂

  • @janasafieddine
    @janasafieddine 6 років тому +2

    and love this video

  • @MegaAnoop
    @MegaAnoop 4 роки тому

    Extremely super guru

  • @MensenKotile
    @MensenKotile 2 місяці тому

    The word economy, consider the others side of the world😢😮😊

  • @gregoryillinivich5328
    @gregoryillinivich5328 4 роки тому +4

    its a whole lot of nothing

  • @andrew_owens7680
    @andrew_owens7680 5 місяців тому

    "Everyone operates from incentives."
    I really don't want the sewer systems operating on a ROI model.

  • @JasonGafar
    @JasonGafar 4 роки тому

    He's so funny.

  • @Lando-Calani
    @Lando-Calani 3 роки тому

    started well but then got off the way

  • @emmanuelameyaw9735
    @emmanuelameyaw9735 9 місяців тому

    Funny 😂😂.

  • @nagarajkuragayala1621
    @nagarajkuragayala1621 4 роки тому

    Very baddddd

  • @tusharchandra5717
    @tusharchandra5717 Рік тому

    This Man seems very anxious

  • @eishaayub3429
    @eishaayub3429 7 років тому +4

    Thank you for uploading this !

    • @rosetteyakoto3070
      @rosetteyakoto3070 2 роки тому

      Economics is what economists do 👌 I like this definition. Thank you Dr Pete