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EconGuy Videos: Broken Window Fallacy
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When something is destroyed, does that actually help the economy by creating ...

When something is destroyed, does that actually help the economy by creating construction jobs? Do disasters like fires, floods, earthquakes, tornados, or tsunamis actually stimulate job growth? Only if people were planning to light their money on fire before having to spend it on reconstruction! This is what economists call the Broken Window Fallacy.

Subject:
Economics
Material Type:
Lecture
Provider:
Saint Michael's College
Provider Set:
EconGuy Videos
Author:
Patrick Walsh
EconGuy videos: Debt Ceiling
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What is the debt ceiling that we keep hearing about? For that ...

What is the debt ceiling that we keep hearing about? For that matter, what is the federal debt, where does it come from, and how big is it? Does the debt limit actually limit the debt? What would happen if Congress failed to raise the debt ceiling? And what does the debt limit have to do with tight pants?

Subject:
Economics
Material Type:
Lecture
Provider:
Saint Michael's College
Provider Set:
EconGuy Videos
Author:
Patrick Walsh
EconGuy Videos: Does Automation Destroy Jobs?
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When machines or computers are used to automate a task, does that ...

When machines or computers are used to automate a task, does that mean that human workers will lose their jobs? As with most questions in economics, it depends. See how computers and toilet paper illustrate two different effects of technology on jobs. Overall, EconGuy shows that even when workers in one industry lose out, the economy as a whole benefits from automation and technology.

Subject:
Economics
Material Type:
Lecture
Provider:
Saint Michael's College
Provider Set:
EconGuy Videos
Author:
Patrick Walsh
EconGuy Videos: Do the Rich Pay Too Much in Taxes?
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We keep hearing that the wealthy pay a disproportionate share of our ...

We keep hearing that the wealthy pay a disproportionate share of our taxes. Do the rich pay too much tax? We can't answer that question without looking at how income is distributed. It turns out that tax payments are unequal because income is unequal. Even if we taxed everyone at exactly the same rate, the rich would still have huge tax payments - because they're the ones making the most income.

Subject:
Economics
Material Type:
Lecture
Provider:
Saint Michael's College
Provider Set:
EconGuy Videos
Author:
Patrick Walsh
EconGuy Videos: Immigrants and Jobs
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Many people think that immigrants take jobs from Americans. But is that ...

Many people think that immigrants take jobs from Americans. But is that true? Turns out there isn't a fixed number of jobs to be fought over by Americans and immigrants. Immigrants actually end up creating more jobs for Americans - find out how.

Subject:
Economics
Material Type:
Lecture
Provider:
Saint Michael's College
Provider Set:
EconGuy Videos
Author:
Patrick Walsh
EconGuy Videos: Incentives
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Why are rich countries rich? Why are poor countries poor? Most people ...

Why are rich countries rich? Why are poor countries poor? Most people think it's because of natural resources. They're wrong - economists know it's because of incentives. See what bridge collapses and the Korean peninsula can teach us about why some economies grow and others stagnate.

Material Type:
Lecture
Provider:
Saint Michael's College
Provider Set:
EconGuy Videos
Author:
Patrick Walsh
EconGuy Videos: Obamacare
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ObamaCare is the capstone of the New Deal - or it's a ...

ObamaCare is the capstone of the New Deal - or it's a socialist plot to destroy America. It's hard to figure out the truth about Obamacare. EconGuy is here to explain how and why Obamacare reforms health insurance markets, helps individuals buy private health insurance for themselves, how it's similar to reforms enacted in some states, and the possible impact on jobs, employers, and insurance premiums.

Subject:
Economics
Material Type:
Lecture
Provider:
Saint Michael's College
Provider Set:
EconGuy Videos
Author:
Patrick Walsh
EconGuy Videos: Profits
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Companies make profits. Is that good or bad? Neither - it doesn't ...

Companies make profits. Is that good or bad? Neither - it doesn't last. Firms that make huge profits attract competitors, which drive prices and profits down. See what this has to do with supermarket checkout lanes, Pixar movies, and Viagra.

Subject:
Economics
Material Type:
Lecture
Provider:
Saint Michael's College
Provider Set:
EconGuy Videos
Author:
Patrick Walsh
EconGuy Videos: the Laffer Curve
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Can the government actually increase tax revenues by cutting tax rates? A ...

Can the government actually increase tax revenues by cutting tax rates? A lot of politicians - and even some economists - seem to think so. The idea is that the tax cut will spur so much economic growth that tax revenues increase despite the lower rate. It's an idea known to economists as the Laffer Curve. But is that true? EconGuy looks at the numbers, and then at recent U.S. experience with tax cuts, tax increases, and revenues.

Subject:
Economics
Material Type:
Lecture
Provider:
Saint Michael's College
Provider Set:
EconGuy Videos
Author:
Patrick Walsh
EconGuy Videos: Tragedy of the Commons
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Why are we overfishing the oceans? Why are we cutting trees faster ...

Why are we overfishing the oceans? Why are we cutting trees faster than they're growing? Why did the Easter Islanders resort to cannibalism? And how did an economics professor dad stop his teenage sons from wasting his whole paycheck on soda pop? It turns out that all of these are examples of the Tragedy of the Commons. This economic theory explains why, when a resource is collectively owned, there is no incentive to use it sustainably. This explains why many natural resources are depleted, even though that makes everyone worse off.

Subject:
Economics
Material Type:
Lecture
Provider:
Saint Michael's College
Provider Set:
EconGuy Videos
Author:
Patrick Walsh
Linear Algebra
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When I started teaching this subject I found three kinds of texts. ...

When I started teaching this subject I found three kinds of texts. There were applications books that avoid proofs and cover the linear algebra only as needed for their applications. There were advanced books that assume that students can understand their elegant proofs and know how to answer the homework questions having seen only one or two examples. And, there were books that spend a good part of the semester multiplying matrices and computing determinants and then suddenly change level to working with definitions and proofs. In my classroom each of these types was a problem. The applications were interesting but I wanted to focus on the linear algebra. The advanced books were beautiful but my students were not ready for them. And the level-switching books resulted in a lot of grief: students estimated that these were like calculus books, where there is material labeled `proof' that can skipped in favor of computations, and when the level switched no amount of prompting by me could convince them otherwise. That is, my students cannot now perform at the level assumed by the advanced books. But my goal is to work steadily to have them come up to that level over the undergraduate program. This course is a great place to make progress on this goal. This goal leads straight to a number of tasks. It means first that we must prove things. It means also that we must step away from the rote computations of the applications books in favor of understanding the concepts (for instance, students must understand matrix-vector multiplication as representing the application of a linear function). But, it means also being sure that the approach is not too advanced for the current level of the students: the presentation must emphasize motivation and naturalness, have many examples, and have many exercises, particularly the medium-difficult questions that challenge a learner without overwhelming them.

Subject:
Algebra
Material Type:
Homework/Assignment
Textbook
Provider:
Saint Michael's College
Author:
HefferonJim