substitution and income effects on the backward bending supply curve of labour

[N330AA]

I actually am lucky enough to be in the top half of the curve - i usually work about 6-8 months a year. But i put a lot of blame on the 40% tax rate. If that went away i'd do a lot more work in a year.

[tricky12321]

aha i would definitely work another couple of hours

[shizzam125]

Checks his phone afterwards lol , Legend !

[rajustube100]

You rock man!!! tnx :)

[brownbutterfly31]

thank you!

[javidhamdard]

Thank you !! Great video.

[nittin101]

Hats off to you sir!!!

[DhallaBBP]

No I would work for 2 hours so I can get 10,000,000,000 after tax.

[nkroti10]

You Rock!

[sulertia]

Easiest ever!!! thank youu! u saved my midterm!

[dyeballa04]

idk if that will help me with my material i am learning, but that was the most interesting video ive ever seen

[adijo123]

Wow really clear and helpful. Could you please explain Giffen goods and The slutsky decomposition of income and substitution effects?

[Toldplay]

this man is such a legenf, really helpful mate!

[acosta88]

What are the main factors that determine the supply of labour?? any ideas thx

[jvanweert]

Great work Pat! Practical technical knowledge of any kind, clearly explained, is a great benefit to the world (and to economics students like myself!). Cheers, J

[jvanweert]

Great work Pat! Practical technical knowledge of any kind, clearly explained, is a great benefit to the world (and to economics students like myself!). Cheers, J

[ravipamanmenghani14]

Your too good....

[IGOTCREAM]

I love you

[gonzalez11122]

You are a very good teacher, honestly . . . My economics teacher over-complicates everything. I hope you keep this up, you are helping a lot of people =)

[bhutanmanclan]

blogsite lol

[21piecesofBlue]

there seems to be a positive relationship between learning economics and the amount of emphatic pointing/violent hand gestures made by the lecturer. thank you, this video helped me a lot. just dont break the chalk :)

[ErebusTV]

Hi Phil, im watching your videos from london and was wondering if you could do a video on elasticity/inelasticity of demand for labour, covering factors influencing demand for labour aswell. cheers

[71mhernandez]

Would love to see your explanation of a perfectly competitive labor market. Thank you.

[poonam1988]

good stuff i have a test in 10 min not studied any thing before this and i think ill pass

paj holden you are awesome

[gitu4211]

@poonam1988 ya rut he is ausum ..... i nevr had intrst in eco... bt bcoz of xam i jst srchd ...n he tot lyk god... my god he is the best techer

[proatmetazine30906]

This is definetly in the top 10% of Youtube education videos.You guys are pioneers for the future electronic teacher.Although physical teachers will never be replaced.

[aryanc77]

really like your lectures , was just wondering if the living standards of people are maintained when they are on welfare , what drives these people to work , why not just live of the rest .....they will maintain the social security systems , and a few generations down the line , we'll have people less interested in investing in an education ?? hmm...now you've got me thinking

[blerby]

Wow thank you so much you've really cleared this up for me, where do u teach? Going to send my kids there when I've earnt my ten billion!

[punkster4eva]

wish you was my teacher for the last two year!

[L1N277]

thank you so much!!!! I've been confusing the two effects, but your explanation definitely makes things clearer.

[afewfromdave]

Thanks a bunch

[osmsilver]

Sir I m clear with all ur lectures. Thanks and I hope if ur lectures can be useful to my Kids aswell.  Asim Iqbal (A level student)

[randomrainbow17]

You're a genius!

[ekc19]

Bloody hell! You are helping me understand the concepts needed for my final exam tomorrow! My prof is horrible and instructing, and although I have 3 hours with him a week, you basically cleared up everything for me within less than 10 minutes!

[Ms27061992]

What would I be without you? You're saving my life.

[sarahsrevenge]

Actually Amazing!!

Thank you once again :)

[medees46]

five star * * * * *

[goufms07b]

Fantastic

[loveromi05]

you are a great lecturer. you should have seen my face in my economics class for the last past months, I looked as if I was taking japanesse classes. great work.

[MGordon64]

I am in the process, rather belatedly since I am a bit senior, of a BA in Business studies with the OU. I have struggled with some of the texts, but in that struggle happened accross your videos. Utterly inspirational. Even I am now starting to understand some of the more bizarre curves and hypotheses.Yours students are very lucky, keep the good work up.

PS Enjoyed the economics of easter lamb roast

[BajanCreation]

hahah im doing my degree in Banking and Finance and i can say the same thing. Its amazing how text books have so much hard to understand text. This guy just explained this concept so easy and used a simple approach. Im following his vids closely.

[killinhillbillys]

This video is ACE , pls make more videos, im a 6th form student and this RELI HELPS ME out!!!!!

pls make more!!!

[fazekaslaszlo]

Thank you so much,

if there's time, some of us would really appreciate a few thoughts on the Slutsky/ Hicks decomposition of inc./subst. effects,

Thank you!

[Sweenable]

Legend!

[bronald78]

more than gold id say PLATINUM.!

keep the good work up

[philzuco]

This guy is GOLD!

[cedricluma]

Great videos...... Nice approach to teaching......Keep it up.

[niealex]

the best part is, I can repeat the part where i dont understand. over and over again.

not that i need it much for your explanation since its much easier to understand compared to my profs'.

[bronz2008]

Hey Phil you are doing a great job.I would have never understood those concepts,but,thanks to you.I am getting the seance of economics.Thanks

[brownie17060891]

without you id be screwed in my A levels. =]

[lemonsx]

That $10bn example was great! Thank you! :)

[titofagbenle]

Does this guy realise how wonderful he is..

WOWEEE

[02eman]

your are simply amazing. i luv you man

[powerpat85]

Thank you so much. I have learned a lot from you.

[Chaalie]

Thank you very much sir.

[alexcalcan]

Great video!!!

This really helps with my IB exams!

THANK YOU!

[MASTERCHEATER90]

WOW WOW WOW 5/5.. I went through the books of Sloman, Stanlakes, Bamford and Lipsey... But none did explain income effect as good as you did. 10bn lol...

*bow* :P

[sanzaidi]

Awesome work phil, thanks a lot....as the guy abv mentions, none of the A level course books have backward bending curve, as far as i remember, this was indeed a great help!!

[bod53]

I'm giving up Christianity and becoming a disciple of pajholden

[pajholden]

Bless you my son. Actually I am a passionate atheist.

[todaslasmujeres]

@pajholden LOL

[authorkarinrochelle]

@bod53 silly. He is a master of this information but I would venture to say he could not die for your sin. lol

[thefragile900]

Thank you.

[db2229]

you are a genius

[giobaptist]

thank you for doing this.. you are a true gem

[hpaliyah]

Oh yea I need to study MRP, I'm going to look through all your vids now to see if I can find one on MRP theory.

Thank you for making this video...it was very well explained.

[fusionfake]

If my economy lessons in school were as good as this I wouldnt even go home :)

[rulllar]

interesting graph. It is very logical, although it sometimes surprises me companies will pay lots for few hours.

Although my father for example does not have the luxury of working less hours. The job pays well (although sometimes in between jobs he's left jobless for a few months which takes away a significant chunk of the funds saved), but it comes with forced long hours due to the role. But I'm confident if he was offered flexibility he'd take 2/3 of the hours for 2/3 of the pay.

[rulllar]

also, thanks for taking the time to do this video.

[pajholden]

Hi rullar - pay is also a function of MRP, Marginal Revenue Product - in other words, what the value of the employee's work is for the business. So a CEO earns more than a cleaner in part because the business earns more revenue as a result of the CEO's work than the cleaner's work.