But what about the effect government intervention has on society by increasing taxes? In the example on education, if the government is consistently increasing demand for education, won't the price of tuition go up, offsetting the financial aid? How can we trust that the government knows better than the individual decision maker? No mention of the possibility of government failure here. Just some honest questions, these videos are really helpful!
So is there away to develop an economic reporting system that corporations would have to following regarding the amount of negative externalities they produce on their daily business activities? Would the SEC be the place for reporting of those externalities - would that be a reporting process that would be included in corporate 10k reports?
uhm i am almost certain cars are required to have air bags, & people deciding to drive like morons should not be a direct correlation to airbags causing more accidents.. think about it does the air bag itself make the car work any differently, no. If a person decides to think differently that is their problem. how many people would deny an airbag if it were free of charge?
That's decided by cultural norms. So, as an example, if you saw someone walking down the street with a 5' feather in their 3 foot wide hat, you think they were strange, but if that happened in Mideval Europe, they'd think the person was well to do, and very rich. This extends to legal ramifications, too. The OVER cost to society leads to laws, such as "no texting and driving" because it's causing harm. This law, becomes the societal norm. At that point, it begins to reinforce itself, in psychological terms. As an example, when you're driving down the road, and you see someone driving while texting, think about how you feel and what you think about that? You're opinion of that person drops, and you immediately recognize that they are doing something wrong, right? And, this works in the positive direction too, and I'll leave that to you to figure out some examples of those scenarios. So, that's a basic run down. Good luck.
So many broken windows, so little time............if you dont get the reference, may I recommend Economics in one lesson, by Henry Hazzlett, which completely debunks this video and the fallacies that it advocates.
wow, my economics professor would've been better off showing this 8 min video to the class than confusing us for 2 weeks on the topic. Excellent video
So I had to find this channel just 4 hours before my exam starts.....
NishC300 Saaaame boooooooat
thank you for this explanation! i have a budgeting and planning class this is driving me up all four of my walls! this was a big help!
I spent the weekend watching your videos so I can pass my AP micro test. Thank you soo much!
thankyou so much, you dont understand how much this helps, my entire economics class in Sydney use this, THANKYOU!
your videos are the reason i have a great mark in my economics class. thankyou!
But what about the effect government intervention has on society by increasing taxes? In the example on education, if the government is consistently increasing demand for education, won't the price of tuition go up, offsetting the financial aid? How can we trust that the government knows better than the individual decision maker? No mention of the possibility of government failure here. Just some honest questions, these videos are really helpful!
Really beneficial Channel. Thank you
These videos are really helpful!
Thanks for your help to the education sector
7.5min > 75min of my lecture lol
Thank you! all the videos were very helpful for finals
These kick my lectures in the stones ;)
Thank you so much...This is really helpful.
So is there away to develop an economic reporting system that corporations would have to following regarding the amount of negative externalities they produce on their daily business activities? Would the SEC be the place for reporting of those externalities - would that be a reporting process that would be included in corporate 10k reports?
this is so good !! I love the explanation on this
At 3:47 we see the supply demand curve but now supply is denoted marginal cost. Why is that?
thanks for the videos - i hope you can put some up IB oriented - here is jakarta it is really helpful
thank you, this cleared up a lot for me
you helped me a lot. thank you!
Could you please make on on derived demand
Love your video
love it!
where's the deadweight loss for negative externalities?
since what time who uses the phone while driving is called an idiot, that is multi-tasking, law-obedient heck lady.
uhm i am almost certain cars are required to have air bags, & people deciding to drive like morons should not be a direct correlation to airbags causing more accidents.. think about it does the air bag itself make the car work any differently, no. If a person decides to think differently that is their problem. how many people would deny an airbag if it were free of charge?
thanks
Interesting !
please, can u translate in spanish? Thank u
Who decides what is socially optimal?
That's decided by cultural norms. So, as an example, if you saw someone walking down the street with a 5' feather in their 3 foot wide hat, you think they were strange, but if that happened in Mideval Europe, they'd think the person was well to do, and very rich.
This extends to legal ramifications, too. The OVER cost to society leads to laws, such as "no texting and driving" because it's causing harm. This law, becomes the societal norm.
At that point, it begins to reinforce itself, in psychological terms. As an example, when you're driving down the road, and you see someone driving while texting, think about how you feel and what you think about that? You're opinion of that person drops, and you immediately recognize that they are doing something wrong, right?
And, this works in the positive direction too, and I'll leave that to you to figure out some examples of those scenarios.
So, that's a basic run down.
Good luck.
Too bad producing steel in other countries still makes the same amount of polution, but worse because they do not use EPA standards.
So many broken windows, so little time............if you dont get the reference, may I recommend Economics in one lesson, by Henry Hazzlett, which completely debunks this video and the fallacies that it advocates.
this doesn't make any sense man