Tag: Economics

What Is Money ?

What is Money? We all use money We need it to buy things We work hard to earn it. We save it for retirement, or a rainy day. We all rely on money – so why don’t we know how money works? Why is there sometimes too much of it, making us believe that the …

How Somalia’s Pirates Make Money

How Somalia’s Pirates Make Money

This video is sponsored by Skillshare. The first 500 people to use the link in the description get their first two months free. This is the TI Europe, one of the four largest ships in the world. And here’s a banana for scale. At 380 meters long, or twelve hundred feet, it’s 41% longer than …

Tax Revenue and Deadweight Loss

Tax Revenue and Deadweight Loss

♪ [music] ♪ – [Prof. Alex Tabarrok] So far in our videos, we’ve looked at the effect of taxes on market prices, but we haven’t said much about why government levies taxes in the first place, namely to get revenues. So let’s look at that and also at the cost of raising revenues, which is …

Trump’s Tax Plan Explained

Trump’s Tax Plan Explained

IF YOU HAVE FOUND OUT ABOUT TRUMPS PROPOSED TAX PLAN YOU MIGHT THINK THAT THE TAX CUTS ARE GOING TO BE GIVEN TO THE RICHEST AMERICANS ARE THE BIGGEST WAY YOU ARE GOING TO BE SCREWED. IT TURNS OUT THERE ARE OTHER WAYS YOU MIGHT BE SCREWED IN A WAY THAT COULD THEORETICALLY HURT PROGRESSIVES …

PS. In Theory: Universal Basic Income

PS. In Theory: Universal Basic Income

The threat that technological innovation will destroy more jobs than it creates has spurred a wide variety of proposals for ensuring that workers aren’t left out in the cold. One such proposal is universal basic income. The idea is simple: citizens or permanent residents receive a fixed sum of money, giving them the security and …

Sunk Costs

Sunk Costs

In this video, we’re going to discuss the concept of sunk costs. A sunk cost is 2 things: (1) it’s a cost that has already been incurred, and that means that you’ve already invested the money (you’ve already spent the money and it is gone). (2) It can’t be changed going forward. You’ve invested the …

The “Cost” Of Globalization

The “Cost” Of Globalization

You’ve been waiting in line for hours to get your hands on the newest version of your smartphone, promising quicker access to information while featuring quick and intuitive on-the-go banking, a built in GPS to help you get to that concert you’ve been so desperately waiting for, and of course, the easiest tools to help …

Quantity Theory of Money

Quantity Theory of Money

♪ [music] ♪ [Narrator] Today we’re going to introduce an important tool for thinking about issues in macroeconomics — the quantity theory of money. Let’s imagine the journey a dollar bill might take in a year. Imagine that the dollar bill starts with Tyler, who buys a pupusa from Don, the street vendor. Don gives …