Ten Principles of Economics 1
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Oh and also, I think Hoxby's notion on how the curve will ' prove correct again in some years' is rater unimportant. It has been falsified and thus cannot be applied in general situations, rendering the theory invalid for future predictions. I can make a great prediction basing the inflation or unemployment rate on the amount of milk I have in my fridge, but once falsified it cannot be used as a general model to explain events or make future predictions.
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Visfen is correct, and in addition to this, even back then the relation was not as simple as stated in the beginning of this video. Symptoms such as natural unemployment levels should be taken into account.
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@rbrtchng You got your history wrong, trickle down economics was implemented first in the 80s. No, the general principles of the Phillips curve is not correct, you do not create higher employment long term by lowering everyone wages, you do so by investment in capital goods, education and by lowering certain wages.
There's nothing wrong with greed, to make money in an economy you have to service others.
Besides, in an economy, supply is the same things as demand.
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@Visfen The 70s was troubled by another concept "trickle down economics" which is why unemployment stayed so high. But the general principle of the Phillips curve is correct. The 10 principles of economics has forgotten a very important economics driver: Greed. And this principle (which is in the umbrella of rational people think at the margins) operates in a micro scale, but has a macro scale effect (ie. trickle down economics).
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if you really wanna learn something about economics, type in "microeconomics: second period swag"
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@ORACLE063 then who is the 2nd most powerful man?
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Hes he second most powerful man in america.. (bullshit he who has the gold makes the rules) and noone voted him in.... democracy ... in action?
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this is only principle #10
CAN U PLZ UPLOAD the 1st 9 principles??? thx...
mephatboi 2 years ago 8
Inflation doesn't create employment. The Phillips curve was debunked in the 70s...
Visfen 1 year ago 4