Holy crap, economics is awesome. That makes SO MUCH SENSE! This is why
marijuana is being legalized. The negative externalities are lower than
simply banning the drug itself. So basically the war on drugs has HUGE
unintended consequences.
Thank goodness for youtube! I was beginning to panic about not being able
to understand my Sustainability lecturer and then found this great lecture!
Thanks!
Great video. There’s just this one point which is bugging me with regard to
the War of Drugs as a Total Failure. Let’s call the number of people who
are consuming drugs as C(N). Of these, there must be certain people who are
consuming the drug for the first time (or about to consume the drug for the
first time) , say C(n). Obviously, C(n)
There are two main exceptions to the downward sloping demand curves:
collectibles (e.g., art work, classic automobiles, precious metals), which
are speculation-driven markets. The second, more significant to societies,
is land. The unique quality of land is that it does not decrease in utility
(i.e., does not depreciate) over time. When the gambling casino that is
the stock market has “corrected” nominal values, investors shift to hard
assets as a safe harbor for their financial assets.
The supply curve for collectibles and land can actually lean leftward
because price does not clear the markets for these assets. Even when the
price for collectibles and land crashes, the supply for these assets may
not increase. Why? Because investors who are not pressed by the need to
cash out will simply withdraw supply and wait. Moreover, they may (as has
occurred in the residential property market recently) acquire “distressed”
property from banks, other mortgage loan investors and private owners who
are in financial trouble due to prolonged unemployment.
wow! i just learned about demand and supply in this one lecture, that my
teacher took a week in explain it and i still didn’t understand from her.
Thank you this was really helpful i could now do my demand and supply
project.
Also here, we’re talking about an ideal economics system where consumers
shop around and the producers go for their best interest where the two
lines cross and do what’s in their best interest
So the solution to this eternal war would be to decrease the demand by
effecient governmental project aiming at educating people on drugs in order
to reduce the appeal of the substance;and at rehabilitating those who are
already addicted to it. Thus, this will have the effect of dropping the
demand. Then, as the demand decreases, the price will tend to decline as
well. Given that a drop of the price also creates a diminution of supply,
it is eventual that the decreasing interest of suppliers to produce or
supply those substances can cause period of shortage- but that will be
different that time because if the governmental projects on education and
rehabilitation reveals to have been efficient enough, then the demand
should no longer grow (or at least that inflation would be less than other
before) as the government project’s efficiency should keep the degree of
addiction low. This is the way I comprehended the core of this lecture.
Thanks really a lot for making such knowledge videos available online …
gone are the days when we have to struggle extremely hard to earn a chance
to sit in a room where desired knowledge is shared.
thank you this was very hepful
Is there anywhere that we can get the slides for these lectures?
Holy crap, economics is awesome. That makes SO MUCH SENSE! This is why
marijuana is being legalized. The negative externalities are lower than
simply banning the drug itself. So basically the war on drugs has HUGE
unintended consequences.
Thank goodness for youtube! I was beginning to panic about not being able
to understand my Sustainability lecturer and then found this great lecture!
Thanks!
Great video. There’s just this one point which is bugging me with regard to
the War of Drugs as a Total Failure. Let’s call the number of people who
are consuming drugs as C(N). Of these, there must be certain people who are
consuming the drug for the first time (or about to consume the drug for the
first time) , say C(n). Obviously, C(n)
Economics 1 – Lecture 2: Demand and Supply
Thank you, this was very helpful.
There are two main exceptions to the downward sloping demand curves:
collectibles (e.g., art work, classic automobiles, precious metals), which
are speculation-driven markets. The second, more significant to societies,
is land. The unique quality of land is that it does not decrease in utility
(i.e., does not depreciate) over time. When the gambling casino that is
the stock market has “corrected” nominal values, investors shift to hard
assets as a safe harbor for their financial assets.
The supply curve for collectibles and land can actually lean leftward
because price does not clear the markets for these assets. Even when the
price for collectibles and land crashes, the supply for these assets may
not increase. Why? Because investors who are not pressed by the need to
cash out will simply withdraw supply and wait. Moreover, they may (as has
occurred in the residential property market recently) acquire “distressed”
property from banks, other mortgage loan investors and private owners who
are in financial trouble due to prolonged unemployment.
I have a hard time buying that Supply Demand curve of Drugs. He seems to
have pulled it out of thin air. I’d like to read more on this.
This lecture caused an outward shift in my demand for salmon. I’m hungry.
wow! i just learned about demand and supply in this one lecture, that my
teacher took a week in explain it and i still didn’t understand from her.
Thank you this was really helpful i could now do my demand and supply
project.
Very, very useful lecture!
Saved my life…
Also here, we’re talking about an ideal economics system where consumers
shop around and the producers go for their best interest where the two
lines cross and do what’s in their best interest
So the solution to this eternal war would be to decrease the demand by
effecient governmental project aiming at educating people on drugs in order
to reduce the appeal of the substance;and at rehabilitating those who are
already addicted to it. Thus, this will have the effect of dropping the
demand. Then, as the demand decreases, the price will tend to decline as
well. Given that a drop of the price also creates a diminution of supply,
it is eventual that the decreasing interest of suppliers to produce or
supply those substances can cause period of shortage- but that will be
different that time because if the governmental projects on education and
rehabilitation reveals to have been efficient enough, then the demand
should no longer grow (or at least that inflation would be less than other
before) as the government project’s efficiency should keep the degree of
addiction low. This is the way I comprehended the core of this lecture.
That bit on the drug war was very insightful
OKTOBERFEST
Economics – Demand and Supply.
I’m gonna become the best dealer
So….if it’s that clear and basic, how come there’s been 50 years of war
on drugs in the USA? Conspiracy?
“ummm! ummm!” I can’t take it anymore!
I’ve never done any economics before, but I find these lectures so
informative and interesting. Thank you for uploading them.
ya know i have NO knowledge in the field of economics but this lecture is
too easy to understand.
is this a lecture for freshmen?? or sophomores?
i thought UC Berkeley lectures are challenging..
Economics (micro or macro) is really simply the study of human interraction
expressed in figures.
Thanks really a lot for making such knowledge videos available online …
gone are the days when we have to struggle extremely hard to earn a chance
to sit in a room where desired knowledge is shared.