20th+

Macroeconomics - CrCo > .

Supply and Demand ↠

1) Market - any place where buyers and sellers meet to exchange goods and services.
a. An owner of a supermarket values the labor of the cashier more than money she pays him.

2) Price signals - the information that markets generate to guide the distribution of the resources.
a. Businesses, and in particular large corporations , are often villainized as greedy, heartless institutions, that take advantage of consumers, but if markets are transparent and buyers are free to choose, then businesses will have a hard time making advantage of people.

3) Supply and demand.
a. When the price goes up - people buy less, when the price goes down - people buy more.
b.When the price goes up - the farmer wants to produce more, when the price goes down - the farmer wants to produce less.
c. When quantity supplied = quantity demanded, we get equilibrium price of product.

4) Four market behaviors
a. Supply can decrease.
b. Supply can increase.
c. Demand can increase.
d. Demand can decrease.

5 - Macroeconomics

GDP is Not a Perfect Measure of Economic Well-Being - Many Lessons > .

22-10-28 How China Is Helping to Reduce Inflation - Patrick Boyle > .

22-10-27 Xina's Economy 60% Smaller Than Claimed - Macro > . skip > .

22-10-27 GDP Deflator - Macro > .

22-2-4 How to Read the Jobs Report | WSJ > .

Deflation ..

24-3-22 Things I (Do) Worry About: Deflation || Peter Zeihan > .

Economic Recessions and Recoveries ..

Inflation ..

Productivity and Growth - CrCo > .

1) Macroeconomics - the study of the entire economy as a whole rather than individual markets.

2) In general policy makers try to achieve three goals:
a. Keep the economy growing over time (gross domestic product - GDP)
b. Limit unemployment (unemployment rate)
c. Keep prices stable (inflation rate)

3) GDP is the value of all final goods and services produced within a country's border in a specific period of time, usually a year.
a. Transactions where nothing new was produced - don't count as GDP.
b. Also not including illegal activities.
c. Measured in dollars.
d. Nominal GDP is GDP not adjusted for inflation.
e. Real GDP is GDP adjusted for inflation.

4) Recession - when two successful quarters, or six months, show a decrease in real GDP. a. Depression - a severe recession.

5) Unemployment rate is calculated by taking the number of people that are unemployed and dividing by the number of people in the labor force, times 100.
a. Discouraged workers - unemployed people that were looking for work, but have given up.
b. There are three types of unemployment:
- frictional unemployment - the time period between jobs, when a worker is searching for, or transitioning from one job to another.
- structural unemployment - unemployment caused by lack of demand for a worker's specific type of labor.
- cyclical unemployment - unemployment due to recession.
c. Natural rate of unemployment - the lowest rate of unemployment that economy can sustain over a long period.

6) Inflation - an increase in a currency supply relative to the number of people using it, resulting in rising prices of goods and services over time.
a. Deflation - a decrease in general price level of goods and services.

6 - Productivity and Growth

Why Economists Despise GDP! - EcEx > .

24-1-23 Rather Pathetic Economy of the Roman Empire - Economics Explained > .

22-10-27 Xina's Economy 60% Smaller Than Claimed - Macro > . skip > .

22-10-27 GDP Deflator - Macro > .

GDP is Not a Perfect Measure of Economic Well-Being - Many Lessons > .

22-8-25 Xina’s Looming Demographic and Economic Collapse | GoodFellows > .

22-2-4 How to Read the Jobs Report | WSJ > .

.Inflation and Bubbles and Tulips - CrCo > .

Energy as Currency ..

1. Why some countries have high GDP and others have low GDP (some countries are rich and other poor):
a. Lack of natural resources.
b. Corrupt governments.

2. GDP per capita(output per person) is used to tell how wealthy a country is.

3. Countries with high GDP/capita have far less infant mortality, poverty and preventable diseases.

4. Productivity and growth:
a. The more a worker produces, the more a worker can earn.
b. Economists argue that the main reason that some countries are rich is because of productiivty.
c. Higher value produce also the growth effect.
d. Productivity is key, but there are limits.

5. People in poor countries need food, water, plumbing, hospitals and medicine, and all of those things are needed to get better efficiency.

6. How much stuff is produced per person(can be called GDP)

7. Factors of production effect the efficiency:
a. Land
b. Workers
c. Capital( and also workers education, knowledge aka human capital)
d. Technology: The sum total of knowledge and information that society has acquired concerning the use of resources to produce goods and services. (Connectivity= productivity).

Increasing Productivity has resulted in increasing standards of living(globally and historically).

7 - Inflation and Bubbles and Tulips

22-10-28 How China Is Helping to Reduce Inflation - Patrick Boyle > .

22-1-15 Why Turkey Is Not Fixing It's Hyperinflation Problem - EcEx > .

2021 Hyperinflation is Already Here – You Just Haven't Realised It Yet - EcEx > .

skip Hyperinflation's ad > .

2021 Economist Responds to "Inflation is Already Here" - Money & Macro > .

skip Responds ad > . timestamps:

0:00 - introduction
1:57 - is the US like Weimar?
13:07 - when is hyperinflation unstoppable?
18:50 - is the US special?
20:27 - how to protect yourself

2020 Modern Monetary Theory: Answer All Of Our Economic Problems? - EcEx > .

1923: Hyperinflation | Weimar Germany - long, long > .

'79-'90 Margaret Thatcher's Monetarism - Learning > .

1961-2021 Highest National Inflation Rate > .

Economic Recessions and Recoveries ..

Inflation ..

Shelter Index ..

Stagflation ..

Fiscal Policy and Stimulus - CrCo > .

1) Purchasing power - the amount of physical goods and services that can be bought by a given amount of money.
a. Consumer price index (CPI) - a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically.
b. "Real" means that prices from the past has been adjusted for inflation. Nominal means a price from the past that hasn't been adjusted for inflation. So the highest "nominal" box office receipts list is quite different.
c. Since we have to keep the market basket constant over time, a traditional CPI won't adjust for either new products or increases in product quality.

2) Inflation - an increase in a currency supply relative to the number of people using it, resulting in rising prices of goods and services over time.
a. Demand pull inflation - too much money chasing too few goods.

3) Bubbles - a market phenomenon characterized by surges in asset prices to levels significantly above the fundamental value of that asset.
a. Speculation - trading a financial instrument involving high risk, in expectation of significant returns.

8 - Fiscal Policy and Stimulus

Monetary and Fiscal Policy: Crash Course Government and Politics > .

Impact of Mounting Sovereign Debts - "Autodidact" - Goodfellows > .

22-10-27 Xina's Economy 60% Smaller Than Claimed - Macro > . skip > .

22-10-27 GDP Deflator - Macro > .

2017 Who Controls All of Our Money? - Fusion > .

2020 How is Money Created? – Everything We Need to Know - Fusion > .

GDP is Not a Perfect Measure of Economic Well-Being - Many Lessons > .

Public Goods and Externalities - PrDaEx > .

Debt ..

24-10-15 How the US Debt Crisis Affects Us All - Cold Fusion > .

Fed, Money, Fiscal Policy - anf >> .

Blockchains, Cryptocurrencies, NFTs ↠

Currency Manipulation ..

Economic Recessions and Recoveries ..

Energy as Currency ..

Inflation ..