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Economic models | Basic economics concepts | AP Macroeconomics and Microeconomics | Khan Academy

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Why economists use models and their limitations. View more lessons or practice this subject at http://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/basic-economics-concepts-macro/introduction-to-the-economic-way-of-thinking-macro/v/economic-models?utm_source=youtube&utm_medium=desc&utm_campaign=apmacroeconomics AP Macroeconomics on Khan Academy: Welcome to Economics! In this lesson we'll define Economic and introduce some of the fundamental tools and perspectives economists use to understand the world around us! Khan Academy is a nonprofit organization with the mission of providing a free, world-class education for anyone, anywhere. We offer quizzes, questions, instructional videos, and articles on a range of academic subjects, including math, biology, chemistry, physics, history, economics, finance, grammar, preschool learning, and more. We provide teachers with tools and data so they can help their students develop the skills, habits, and mindsets for success in school and beyond. Khan Academy has been translated into dozens of languages, and 15 million people around the globe learn on Khan Academy every month. As a 501(c)(3) nonprofit organization, we would love your help! Donate or volunteer today! Donate here: https://www.khanacademy.org/donate?utm_source=youtube&utm_medium=desc Volunteer here: https://www.khanacademy.org/contribute?utm_source=youtube&utm_medium=desc
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Text Comments (16)
G Conomics (1 year ago)
As i keep telling my new economists, ceteris paribus!
JINX (1 year ago)
What to the views!
Ravit Shrivastav (1 year ago)
It's amazing how you're still making content given the scale KA has reached and the management work you would be needing to do. Keep it up Sal!
mythoughtsgoback (1 year ago)
love how you related the subjects like this! i wish they would do it in school, makes learning so much more meaningful
Aaaa Gggg (1 year ago)
Can you tell me which program use for writing ???
HypothesisI (1 year ago)
I love your project but you are stretching. You are talking about the most superficial layer of economics and the truth is that modern economic models rest of very specific assumptions which, when stated fully, make no sense. It is unclear if you are fully informed. E.g., monetarism forms the base of some branches of mainstream economics but monetarism rests on an assumption of perfect foresight of monetary income over every agent's lifetime. This is necessary for the math and the metaphysics but it makes no sense. Furthermore, they would be computing this in utilities and thus one would have to understand the future stock of goods upon which their forecast of income rest. The whole thing is absolutely ridiculous and it is high time the profession move on. If the premises are wrong then so are the conclusions. These are not simplifications but silly myth and you are unknowingly perpetuating it. I'd like an hour with Bill Gates to explain the issue, to stop you from doing future damage. In sum, by focusing on mathematical economics, you are ignoring a huge body of literature and are, in my view, merely repeating the errors of superficial academic minds. The truth is that only a tiny fraction of the economics profession is represented by the views you shared -- it just happens to be the most influential minority. That minority, you will find, form an ideology which is either derived from the model or the model from the ideology (it is unclear which way causation moves). Thus, in my view, you are doing damage by repeating the old line when, in 2017, it is time for sanity to prevail. We cannot continue along the mathematical line due to its contradictions and absurdities. And there are better models waiting in the wings. Thus, please stop hurting the public. Good luck.
Tomas (1 year ago)
Can you mention the new models?
HypothesisI (1 year ago)
IKAR IRIS what?
IKAR IRIS (1 year ago)
Data is for beginners For masters in subject ... Don't listen this gay... Unsubscribe because you give water not substance
Brian Grant (1 year ago)
economic models might also provide a good subtopic for your upcoming course on Cybernetics.
FortNUT (1 year ago)
Good job Sal! Keep up the good work!
emile heskey (1 year ago)
"all models are wrong, but some are useful"
emile heskey (1 year ago)
its a quote by George E. P. Box
abu esha (1 year ago)
emile heskey never say this but can say that no model is absolutely right, but some are useful
William. (1 year ago)
Very nice Introduction!
Soumil Sahu (1 year ago)
The quality bump in the videos lately is INSANE!! Thanks for taking the time to make them as always.

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