Welcome to ECON 1’s Video Page
Dear Students, I have created a Video Page for you to even learn more about Econ 1. It took me some time to create this page but it will help you learn not only from the text, but from experts and professors the material you will be studying. In fact, by adding this page it will probably offer you more information than if you took this class. Some of these lectures will come from famous authors such as the book, "The World is Flat" and others will be from Ben Bernanke the FED Chairman and other experts. Others will come from regular classroom professors, who are more enthusiastic and knowledgeable than if I were to teach it to you. I will display them by topic rather than in any particular order, so after reading the chapter, you may want to visit these Videos often and listen to them and explore what they have to say, to gain a better grasp of each topic. Enjoy! Dr. Steve
How to Read the Production Possibilities Frontier or Production Possibility Curve?
Is Globalization Good or Bad?
Week 2 we are onto Chapters 3 and 17 which are on Globalization. The question of Globalization is whether it is good or bad? The Railroads we used during the turn of the century were built with British Money that poured into the US in the form of outsourcing.
Today, US Big Business is moving its money abroad not only to reduce labor costs but to also discover new markets for its products. So we in the US have to find new products and innovations that we can sell abroad to create employment for those people who no longer have work.
How China, and the Rest of Asia has Changed (# of children, longevity)?
Disraeli the famous British Prime Minister used this famous quote, "There are lies, damn lies and there a Statistics". Please take the time to watch this Ted Talks video on how to the Internet Globally is affecting our world. Please take some time to view this video to see how economics is changing all over the world. This video does shows us how Western Ideology is shaping Global opinion by using time lapsed data; how our economic Global situation is rapidly transforming into the 21st Century and may continue to do so over the next decade. It is astounding to see. Enjoy! Dr. Steve
Food and Energy Problem Issues of 2010 and on
Bill Gates on energy: Innovating to zero!
Ellen Gustafson: Obesity + Hunger + 1 global food issue
Gulf Oil Problem and Solutions
Due to the BP Oil Rig problems, right now off of the coast of Louisiana we hear of a reduction of supply of oil being lost out to sea. We hear a loss of supply of fish in an industry where in Louisiana; fish has been a predominant part of their livelihood. At the same time, we have a demand for firms to contain and to clean up the mess. Somehow, Government acts as a referee to make sure the BP and other firms will pay for the cleanup and further legislation will follow to regulate Ocean Rigs, while at the same time we need oil to reduce our dependence on foreign oil. I want you to see with this example how Demand and Supply affects a great number of industries and well as consumer goods and services and how the movement of supply and demand over time affects market prices. The big question is how this oil spills will affect present will and future the price of oil at the pump? I hope you will enjoy Module -- Dr. Steve.
Gulf Oil Spill Effects on Wildlife
Scuba Diving in the Gulf Oil Spill
How the Gulf Oil Spill will Effect Investment?
The Politics behind Minimum Wage and Rent Control Laws
There are many reasons why we study Demand and Supply analysis and one is called equilibrium which is what Adam Smith proposed. His idea was that the market system should make our decisions rather than having Government Involvement. After you hear these arguments you can see why he felt that way. Once Government gets involved it causes some sort of disequilibrium and this disequilibrium only causes great political disagreements. I have added two links to explain why Adam Smith was in favor of less Government and a more market driven economy.
As Government gets involved into societal needs then equilibrium is not being met. Here are two different political positions on two important topics we see each day. One being a price floor called rent control and the other being a price ceiling through minimum wage laws. There are two opposite opinions on both of these issues and the ones provided here is not necessarily my own personal view but each offers heated discussion on how these two laws affect different people. Enjoy! Dr. Steve
Reason’s for the Business Cycle and Why There are Recessions
From these videos on, we are getting into the real meat and letting go of the milk of economics. Yes, the ideas in these videos as well as reading the text will begin to change most of your thoughts on the recession. Most people feel the recession is bad and so they are filled with Fear. However, I want you to feel that in the long run, all recessions create a better world as these videos portray. Yes, there is as the past Fed Chairman Greenspan suggests that a minority suffers, but it is to advantage of the overall economy and US public why recessions will make our lives better. I hope these videos will change your opinion, but also make you more productive at what you do. Being more productive at even your job, will make a huge difference? Knowing this information, not only for you keeping your job and receiving a raise, but more important to create a better world with a brighter future. Enjoy! Dr. Steve
Business Cycle
Joseph Schumpeter ~ Creative Destruction of Why Recessions Happen.
Recessions are Good Not Bad ~ Why? ~ Creates more Innovation ~ Yea for Small Business
Demand Side Economics or What Does Gov’t Want to Achieve?
Gov’t Involvement in the Economy ~ Keynesian Approach to Avoid a Depression
Supply Side Economics ~ How Does Gov’t Receive More Revenue through Taxation?
Why we have Business Cycles today? Unemployment? GDP growth 2010-11?
Did you know that the Saudi’s when they decide to raise prices higher can make in 6 days the same profit that GM makes in 1 year?
Everyone thought that it was the Real Estate problems that created the 2007 Recession, however the Saudi’s raising oil prices came before the Real Estate problem. What is this oil price situation is it a business fluctuation or was it the cause of a recession within the business cycle? Or what may cause a business cycle? Listen to this video to think about why we have Business Cycles today.
Introduction to the Business Cycles
Slow-Motion Recovery Keeps Unemployment High
Growth Models and Best Selling Book "The World is Flat"
In the past, the Western World through Keynesian Economics has pushed the gas pedal towards growth. However, due to Global Warming and the Gulf Oil spill, growth for growth sakes is coming under attack. You hear the moderates suggesting we need a Green Initiative to the strong left, referred to as Buddhist Economics of Less is More initiatives demanding more balance and less extravagant spending, and a few countries using up the World’s Wealth. In fact, the Buddhist economist of which Ben Bernanke the FED Chairman is a part of is making some powerful inroads over time. Here are a few Growth videos. -- Dr. Steve
PS, I have a list of important videos to show you not only about Growth by Robert Solow, but also "The World is Flat", Development Growth, the Mortgage problem etc. Enjoy! Dr. Steve PS Don’t forget Quiz 3.
NY Bestselling book, "The World is Flat"
Economic Growth Affects Videos
Solow Growth Model and Trailer Parks
What makes this recession different from others we've seen? - Robert Solow
Growth in Developing Countries
Patient Capitalism to Help Those in 3rd World Countries Slowly Develop ~ Teaching Entrepreneuring
Written Articles
How does the financial crisis affect developing countries (PDF)
FED and Inflation and Wrap Up
Milton Friedman is amazing! Personally, he was a great economist. Most people who argue his methods do it because they don’t understand what he said. Is everything he teaches perfectly true? No, of course not! But he is brilliant. I watched some videos of him debating the principles of greed, self-interest, and profit. Very impressive! You can see how facts can be oversimplified, and must be dissected in order to be properly scrutinized. One of his greatest strengths is his ability to not be overcome by emotion, and, therefore, make wrong decisions based on emotion alone. Here are some money videos.
Power of the Market - How to Cure Inflation 1
Other Money or Friedman Videos
Milton Friedman on Self-Interest and the Profit Motive 1of2
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