Item Details

60-Second Adventures in Economics Video Clip Collection [electronic resource]

Open University
Format
Video; Computer Resource; Online Video; Online
Summary
Ever shaken an invisible hand? Been flattened by a falling market? Or wondered what took the bend out of Phillips' curve? In these animated thought experiments, comedian David Mitchell sheds light on six of the great dilemmas faced by governments trying to run an economy. Video clips include: *The Invisible Hand: Economist Adam Smith used the term "invisible hand" to describe the self-regulating nature of the marketplace-a core concept for so-called free-marketers. So why do governments usually end up taking things into their own more visible hands instead? *The Paradox of Thrift: As with a child getting an allowance, one of the biggest economic questions is still whether it's better to save or spend. John Maynard Keynes' advice to governments? Spend during hard times and tax during better times to keep unemployment from skyrocketing. *The Phillips Curve: Economist Bill Phillips' curve represents an inverse relationship between the rates of unemployment and inflation.
Release Date
2012
Run Time
7 min.
Language
English
Rating
9 & up
Notes
  • Encoded with permission for digital streaming by Films Media Group on December 26, 2013.
  • Films on Demand is distributed by Films Media Group for Films for the Humanities & Sciences, Cambridge Educational, Meridian Education, and Shopware.
Contents
  • The Invisible Hand (1:11)
  • The Paradox of Thrift (1:06)
  • The Phillips Curve (1:07)
  • The Principle of Comparative Advantage (1:08)
  • The Impossible Trinity (1:05)
  • Rational Choice Theory (1:09)
Published
New York, N.Y. : Films Media Group, [2013], c2012.
Publisher no.
53476 Films Media Group
Access Restriction
Access requires authentication through Films on Demand.
Description
1 streaming video file (7 min.) : sd., col.
Mode of access: Internet.
System requirements: FOD playback platform.
Technical Details
  • Access in Virgo Classic

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    a| The Invisible Hand (1:11) -- The Paradox of Thrift (1:06) -- The Phillips Curve (1:07) -- The Principle of Comparative Advantage (1:08) -- The Impossible Trinity (1:05) -- Rational Choice Theory (1:09)
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    a| Ever shaken an invisible hand? Been flattened by a falling market? Or wondered what took the bend out of Phillips' curve? In these animated thought experiments, comedian David Mitchell sheds light on six of the great dilemmas faced by governments trying to run an economy. Video clips include: *The Invisible Hand: Economist Adam Smith used the term "invisible hand" to describe the self-regulating nature of the marketplace-a core concept for so-called free-marketers. So why do governments usually end up taking things into their own more visible hands instead? *The Paradox of Thrift: As with a child getting an allowance, one of the biggest economic questions is still whether it's better to save or spend. John Maynard Keynes' advice to governments? Spend during hard times and tax during better times to keep unemployment from skyrocketing. *The Phillips Curve: Economist Bill Phillips' curve represents an inverse relationship between the rates of unemployment and inflation.
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    a| Adventure and adventurers.
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    a| Macroeconomics.
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