Finally, a video that goes into some detail as to why the labour market is different from most other markets for good and services. I would love to see more videos that show features that distinguish the labour market and the reasons why it is the way it is.
Hey Cody! We're about to wrap-up this section of our Macro course, but please feel free to drop this in as a suggestion in our feedback forums where other learners can vote on what videos they'd like to see: feedback.mruniversity.com/ Thanks! Meg
I didn't like this video because the government's unemployment rates are a farce. 94 million out of the work force 46 million on food stamps, half of the population cant pay taxes, 70% have less than $1000 in savings but the official unemployment rate is 4.9%
I believe that wages are sticky because of the salary system. People are paid rigid salaries, and those are rarely negotiated once the person starts working there. However, imagine if workers were paid a percentage of the company's profits every year, regardless of what that ended up being. Say a worker at Apple was paid .00001% of the company's profits. In a good year it would be like $70,000 per year, in a bad year, it would be $40,000 per year. People would be used to change and would keep working there. However, if people have the mentality that they would quit if their boss tried to reduce their salary, then bosses have to fire them if there is not enough money to pay them.
Why do none of the hypotheses macroeconomists propose ever seem to be followed up by an empirical validation? Are there places where the cultural expectation that wages will not decrease is not shared, and do those places have similar lags between recovery and the return to full employment? What about the many countries without minimum wages? Or with little to no union membership? Anyone can propose a hypothesis and then shrug their shoulders. Even contemporary historians seem more concerned with evidence, and they've got legitimate reasons to be content with unscientific methodology. This field doesn't.
sir, i have a question- why this unemployment rate graph is so up and down? i mean,why it is not stable or flat sometimes?why the graph is so zigzag?what are the reasons?
Well wouldn't it be better in the macro scale to not be focused on fixing unemployment but to provide meaningful work that is beneficial for their family. Growth is what's needed, not a spin up. Technology is going to transform this world, computer engineering has and will continue to free workers of there duties, great gains will be made in business. Top innovations have been, canals, roads/car, trains, telegraph/phone, electricity, computer, internet... for the future is the second generation of computation/Nero net, autonomous farming/travel/mining/fishing/logging/retail/warehousing, safe nuclear battery technology application on large scale, a decentralized shipping system, numerous chemicals that will be developed and there application for the farming/mining/construction industrys.
Finally, a video that goes into some detail as to why the labour market is different from most other markets for good and services.
I would love to see more videos that show features that distinguish the labour market and the reasons why it is the way it is.
Hey Cody!
We're about to wrap-up this section of our Macro course, but please feel free to drop this in as a suggestion in our feedback forums where other learners can vote on what videos they'd like to see: feedback.mruniversity.com/
Thanks!
Meg
I didn't like this video because the government's unemployment rates are a farce. 94 million out of the work force 46 million on food stamps, half of the population cant pay taxes, 70% have less than $1000 in savings but the official unemployment rate is 4.9%
these videos are awesome I don't understand why aren't more people are not watching these ?
I believe that wages are sticky because of the salary system. People are paid rigid salaries, and those are rarely negotiated once the person starts working there. However, imagine if workers were paid a percentage of the company's profits every year, regardless of what that ended up being. Say a worker at Apple was paid .00001% of the company's profits. In a good year it would be like $70,000 per year, in a bad year, it would be $40,000 per year. People would be used to change and would keep working there. However, if people have the mentality that they would quit if their boss tried to reduce their salary, then bosses have to fire them if there is not enough money to pay them.
Great video. A course I'm doing touched on this - great to see it explored clearly and in more depth. Will check out your other videos :)
Awesome lecture
Why do none of the hypotheses macroeconomists propose ever seem to be followed up by an empirical validation? Are there places where the cultural expectation that wages will not decrease is not shared, and do those places have similar lags between recovery and the return to full employment? What about the many countries without minimum wages? Or with little to no union membership? Anyone can propose a hypothesis and then shrug their shoulders. Even contemporary historians seem more concerned with evidence, and they've got legitimate reasons to be content with unscientific methodology. This field doesn't.
What does it mean for the actual unemployment rate to be below the natural rate like in the 70s?
sir, i have a question-
why this unemployment rate graph is so up and down?
i mean,why it is not stable or flat sometimes?why the graph is so zigzag?what are the reasons?
You always about yo be fired. Thats life. Multiple streams of income is the key.
Well wouldn't it be better in the macro scale to not be focused on fixing unemployment but to provide meaningful work that is beneficial for their family. Growth is what's needed, not a spin up. Technology is going to transform this world, computer engineering has and will continue to free workers of there duties, great gains will be made in business. Top innovations have been, canals, roads/car, trains, telegraph/phone, electricity, computer, internet... for the future is the second generation of computation/Nero net, autonomous farming/travel/mining/fishing/logging/retail/warehousing, safe nuclear battery technology application on large scale, a decentralized shipping system, numerous chemicals that will be developed and there application for the farming/mining/construction industrys.
namaste
Where are his eyelashes? They must be unemployed.
Lame.
@@michaeldukes4108 No *you're lame*
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