This was a great explanation, really clarifies the difference! My name is also Ben so cool name too! Haha
@BenjaminFaustКүн бұрын
It's all about us Benjamins haha
@ayakhaled1056Ай бұрын
wow !! bravo
@Podcasts-f1i3 ай бұрын
I watched through a few of your videos and I didn’t see one video where you were wearing suspenders besides this one😂
@BenjaminFaustАй бұрын
Maybe I should start! Haha. They aren't just an object lesson 😂
@PepysFlora-t8p3 ай бұрын
Williams Mark Thomas Mark Williams Anna
@DarrellHolmes-q3u3 ай бұрын
Jones Maria Johnson Jose White Karen
@roydonesdavidson8364 ай бұрын
Walker Christopher Davis Carol Lee Elizabeth
@AldridgeSalome-e4e4 ай бұрын
Garcia Ruth Harris Thomas Lewis Maria
@LoisPrice-k4y4 ай бұрын
Hernandez Jason Jones Sarah Jones Mark
@pbot20294 ай бұрын
I'm currently a teacher, and im wondering is it necessary to start at an adjunct position?
@BenjaminFaust4 ай бұрын
I don't think it's necessary but it might be helpful. Where I work we have hired folks from K-12 directly I believe. Adjuncting does help you get known and if you're good at teaching and folks who will be on the hiring committee know that and like you it might help you achieve that full time position appointment. Another thought is perhaps you can adjunct in the evenings while maintaining your current position. All the best to you and your job search!
@JoinRitt4 ай бұрын
Martin Donna Martinez Laura Thompson Brian
@rchilde18 ай бұрын
simple explanation, but it leaves out the impacts of FDI and Foreign Trade. This is where GNP is the better measure because it gives the big picture of a country's total wealth. You can see how a nation like China has GDP overstated, since more than 2/3 of production has been propped up by Foreign Direct Investment and trade that otherwise should go to the countries that owned the product/production. Yet the rules under the WTO are bent so that a company isn't penalized for shipping final product to itself (therefore 'assumes' the product is -Made In- the country that produced it).
@devingrosko742710 ай бұрын
very clear and well explained! Thank you!
@musiclover028010 ай бұрын
Hi, can I apply for any teaching position? I used to teach engineering students in India.
@anthonytran244911 ай бұрын
professor, imma add this to the gym playlist
@BenjaminFaust10 ай бұрын
Very cool, I hope it supplies motivation without being too demanding
@johnnyjustadude199911 ай бұрын
Hey professor ima put this on my playlist
@BenjaminFaust10 ай бұрын
Cool thank you 🙂
@ashishgoyal652711 ай бұрын
nice brother
@Mujiboy11 ай бұрын
Money can buy expensive assets. And we all know the formula: expensive assets = happiness
@HauTran-sunfromsouth Жыл бұрын
Bullshit!! Where you hear about it?? China have Properties taxes!! But YEARLY PROPERTIES TAXES IS CHEAP FOR CITIZENS!! You cant own the lands IF GORVEMENT WANT TO USE IT FOR PUBLIC & MILITARY PLANS. Gorvement will pay for your lands/house but if course always cheaper & lower than PRIVATE BUYERS/CORPORATE BUY!! But NO ONE KICKED YOU OUT OF YOUR HOUSE/LAND A house can give to your son/daughter & your next-next generation can live in that house!! When you’re sickness cant working or accident & lose job, cant pay YEARLY TAXES!! No one scare they gonna lose their house because they’re cant paying YEARLU TAXES LIKE WHAT HAPPEN IN US & WESTERN!! Simple example, once your house buy & pay finish, it belong to you!! YEARLY PROPERTIES TAXES IS UNBELIEVABLE CHEAP, TO MAKE SURE EVERYONE CAN OWN THEIR OWN HOUSE!! My family house is 50sqm2, 2 floors in city. YOU KNOW HOW MANY YEARLY PROPERTIES TAXES MY FAMILY HAVE TO PAY FOR GORVEMENT?? It’s 5$/YEAR!! While a bow of noodle is 1,5$-2$, lunch meals rice is 1,8-2$. And because it so cheap & affordable. EVERY YEARS locals offices gorvement not even care to send email & letters to ask people pay YEARLY PROPERTIES TAXES!! Alots place, officers gorvement let it until 5-6-7year then they ask people pay it ONCE TIMES!! Or there are family not even care to paying YEARLY PROPERTIES TAXES UNTIL THEYRE SOLD THE HOUSE/LAND, then gorvement ask them paying at that times!! That’s why NO ONE IN CHINA OR ALOT ASIA COUNTRY, not scare if they’re old & eldery then CANT PAY YEARLY PROPERTIES TAXES & LOST THEIR HOUSE!! Btw, new devolved properties (as new apartments, luxury condos,etc..) because the PROPERTY PROJECT RUNNING & BUILD BY PRIVATE CORPORATION!! They’re improve good infrastructure & good material, parks,etc.. so YEARLY properties taxes in this areas/district is higher than normal areas a bit. WHERE ON THIS EARTH YOU PAY 5$ for 1 year properties taxes?? This is why alots CHINESE & ASIAN HAVE THEIR HOUSE/LAND & AVOID OF BEING HOMELESS, LOST THEIR HOUSE!! In CHINA & alots ASIA country, Gorvement earn taxes, mostly not come from PROPERTIES TAXES!! If you buy & sold your house/land/properties. YOU DO PAY 2% PROPERTIES TAXES & INCOME TAXES!! But I’m talking about YEARLY TAXES FOR PEOPLE OWN THE HOUSE/LAND. As long as they’re not care about intro PROPERTIES FIELS!! They can living no problems with CHEAP ASS YEARLY PROPERTIES TAXES & NEVER CARE ABOUT CANT PAY YEARLY PROPERTIES TAXES TO LOST HOUSE!! This is most BEAUTIFUL, GREAT & BEAST THING CHINA & ALOTS ASIA GORVEMENT EVER DID!! You know how much house owner in NY, CALI, FLORIDA, LONDON, TORONTO to paying yearly taxes?? It’s a huge ass amounts of their salary income!! But in my country, MY YEARLY PROPERTIES TAXES, I CAN PAY IT BUY 2 or 3 BOW OF NOODLE!!
@stevekapp6462 Жыл бұрын
Sirius / XM also plays the same songs over and over again on the classic rock stations. I’m so tired of hearing Elton John and many others all day long. Rarely do I ever hear Dire Straits, Men at Work, Phil Collins, Journey, and Eddie Money, to name a few. I probably won’t renew my subscription.
@JAPHETFLOMAR Жыл бұрын
Hi what kind of audio background you use?
@BenjaminFaust Жыл бұрын
Outside of working as a professor I also am a recording artist (@benjaben) at a level I'd describe as "a serious and intensive hobby". This is an original song, and it was recorded at a studio as I put more than normal resources behind it since it relates to my job and there are future plans for an accompanying educational music video at some point. The instruments were all real instruments. The bass was played by Kentaro Suzuki. The drums were played by Tye Robison. Tye also was the engineer and mixed and mastered the song. I played piano and sang. Reinaldo Chong did a bit of work pitch correcting my vocals on the chorus. I tried to choose a sound that would be fresh and yet stand up for a long time without sounding dated as I may be teaching for another 20 years or so. Thank you for listening and for asking about this!
@BenjaminFaust Жыл бұрын
Also, if you wanted to use the background music for your own project, you can, I don't have qualms about sharing or derivative works. I have this version and an instrumental version with no vocals. Just write me at the email provided under the "business inquiries" section of my profile.
@ernestjones1038 Жыл бұрын
Does changing interest rates actually change the money supply? In the US, the interest payments on the national debt tends to increase the money supply with higher interest rates.
@ernestjones1038 Жыл бұрын
The Federal Job Guarantee program proposed by MMT economists is expected to be an automatic stabilizer.
@TheRelentlessKnight Жыл бұрын
You deliver the content very well considering I could follow you without rewinding. keep it up
@MegaLokopo Жыл бұрын
By definition if you are creating more bills than you are destroying you are creating inflation, that is what inflation is. It doesn't matter why or where the money goes, it being created is inflation.
@BenjaminFaust Жыл бұрын
Oh here we go. This is why I should have done this video unlisted. I knew this would happen as soon as I saw the algorithm noticed this video. For some reason I used to enjoy these firefights with Austrians but I just don't anymore. Printing money is not the same thing as inflation. Not in normal economics. In your heterodox economics you call printing "inflation". When you say "price inflation" that's what mainstream economics just calls "inflation". So no, "price inflation" is not always the result of printing. It can be and is most definitely if you do it enough or at the wrong time, but not always and everywhere.
@MegaLokopo Жыл бұрын
The answer is likely, It depends. I imagine if the company that advertises most or best is smaller, prices will fall. But if the company is very large and they are the one advertising most or best, prices would go up. I doubt apple products pricing goes down even though they do so much advertising.
@Shroomex Жыл бұрын
Austrian business cycle theory says otherwise - crises themselves are largely caused by mal-investment due to inflation and intervention in the economy. Booms and busts will be smaller under a e.g. Bitcoin Standard due to prices actually being useful as signals of value and capital flowing accordingly, and thus won’t require intervention. People will actually have more savings for hard times as they will hold a hard money that retains its value and will be less incentivised to borrow and take on debt. Any “emergency” funding can be done via taxation if necessary which the government will be able to raise if it truly is an emergency. This seems to be Keynesian propaganda rather than a balanced view.
@BenjaminFaust Жыл бұрын
For some context, I'm a political conservative in my private life and I teach this subject for a living. Austrian economics is not accepted science in the field. The bias you're claiming is actually just the presentation of the best the field knows on the subject. In fact, if I shared the Austrian view - which I do not - it would be inappropriate and fraudulent indoctrination to push this in my college sophomore level classes that I teach. For many of my students, who are primarily business majors, I am the final contact point they'll have in the educational system with economics and there is a duty of care to filter and give them the best and most accurate information available. Now that we've cleared that up, let me point out maybe one or two things to refute what you just said. Taxing a society when it is having a downturn does not work as well as printing money. Compare Iceland and Greece during the 2008 financial crisis. Iceland's economy at the time was heavily reliant on banking and all three of their large banks failed. Iceland printed money, had a period of elevated inflation, and then returned to normal as they shifted their focus to become a tourism destination. Greece, since they do not print their own currency, suffered much worse because they had to raise taxes and cut spending during an economic downturn. Another example to support this idea is the United States during the Great Depression. Rather than print money, the money supply in the United States shrank. It damaged the economy and made it much worse than it would have been otherwise. the 2008 crisis in the United States was very similar to The Great depression but we fared much better because of knowing to print money and support the economy during the downturn. Milton Friedman, the famous libertarian economist taught me this through his work. I'm not just giving you talking points, in other words. The best science we have on the subject says that we should focus in the long run on favorable growth environment and when there is recession we should act differently just as you take medicine and eat differently while sick. Keynes was not right about everything, neither was Friedman, but both contributed to the body of knowledge we have today.
@annamay731 Жыл бұрын
Thank you so much for this video! So many of my questions got answered that I wasn't really finding straightforward answers for. I want to teach high school English and adjunct at a CC or Uni to earn additional money. Right now I'm just a semester away from finishing my English Bachelor's, and I have been so divided between getting an English related masters or one in Education. At the same time, I'm also planning to go abroad and teach English in Asia for a while for the experience. Your video ticked off so many boxes that I didn't expect. 😊
@BenjaminFaust Жыл бұрын
Glad it was helpful! I wish you all the best on those amazing plans :-)
@annamay731 Жыл бұрын
@@BenjaminFaust Thank you so much! 😊
@ernestjones1038 Жыл бұрын
Debt drives the use of a government currency.
@MrObama-zs5yb Жыл бұрын
Excellent video as always Mr. Faust!
@stevenpike7857 Жыл бұрын
This is why Trump's trillion dollar tax cut and trillion dollar spending spree caused inflation we'll dealing with now.
@hoodsuccess Жыл бұрын
Thank you for this helpful video. Theres not alot of content online explaining GNP.
@BenjaminFaust Жыл бұрын
You're quite welcome 😁
@largegrape Жыл бұрын
I've been wanted to email you! Hope you're well
@BenjaminFaust Жыл бұрын
I'm well ☺️ feel free to email me if you like
@largegrape Жыл бұрын
@BenjaminFaust tcc ended my microsoft account and blocked me access to like 10s of people I like. 😑. So I don't have the emails anymore. I just wanted to see if you were doing good. I absolutely loved microeconomics and I miss tcc and your class. Keep it up!! (This is Ruben, I used to sit next to Chris)
@BenjaminFaust Жыл бұрын
Ruben! Good to hear from you. We ended the Gmail accounts we are still at firstname.lastname at tccd . Edu - but I don't know what the construction of the student emails is now. You can email me at work from a personal email or you can email me from the email link under my profile here (the business inquiries one should get to me) as for your former TCC classmates, I suggest trying to use social media to find them. Your class was a fun section!
@ernestjones1038 Жыл бұрын
One clue as to whether the government is overspending is whether it is paying higher prices for the same thing than the prices previously paid. Monopoly theory says the monopolist is the price setter. The currency issuer is the monopolist of its currency. So what it takes in return for its currency or collateral for borrowing is where the value of the currency is set. Paying higher prices means requiring less in return for its currency.
@BenjaminFaust Жыл бұрын
You can analyze it from that perspective, but at times you get the government forced to pay more because inflation expectations have been set. When it's real bad the government is printing just to keep up with the inflation. There's also fiscal inflation which is not caused by printing but the expectation of printing and forces the government to pay more. While the government has a monopoly on printing money they don't always control price levels directly though ultimately they are responsible to keep it in check.
@ernestjones1038 Жыл бұрын
It is true that probably most of the time it is better for the government to accept the prices the market expects. The Federal Government can choose not to accept the higher prices, and there would definitely be consequences for that decision. MMT is the only school of thought that explains the ultimate source of the price level. It says that it comes from monopoly theory. The prices across the economy are set relative to what the monopolist requires in return when it pays for things or lends. I also wonder, when I see all this focus on the risks of inflation that come with government dollar creation, why there is no concern about the dollar creation in the form of bank deposits that is by far a larger part of the dollars in circulation.
@BenjaminFaust Жыл бұрын
Three different things to respond to here. The market sets prices, not the government. The government central bank creates the money that is a catalyst to make trades easier. Including trades needed by the government. If a government is printing to buy something then it's using a tool it has to afford something the market has priced. Secondly, mainstream economics has known for years money supply is linked to inflation. MMT is not special in that way. And since fractional reserve banking has existed almost since money has then it's already incorporated into how money operates it's not a concern. The central bank has to be the initial printer anyway for fractional reserve banking to have something to work with. An additional thought I have for you is monopolists tend to restrict supply to extract more profits. We don't see that with central banks. If anything the temptation in the modern era is oversupply.
@BenjaminFaust Жыл бұрын
On to your other separated comment, money issued is a liability to the government. So in that respect you could say since the government is a monopoly it prints more in order to profit more which would be like a supply restriction in terms of how much money could buy. That thinking follows your theory better.
@ernestjones1038 Жыл бұрын
The government sets whatever price it wants to set. They usually set the bank rate / Fed Funds rate and let the market determine the rest of the interest rates. Another price that is set in the US is a minimum price for certain farm production. It chooses to follow the market though, for most things it pays for. For the "source of the price level" MMT is unique. Other schools of thought assume the current price level comes from yesterday's price level. Only MMT has an explanation of the price level on day one of the currency existence. Central banks do not choose the amount of currency to supply the economy. In monetary policy, central banks set an interest rate range and then exchange back and forth buying and selling bonds in whatever quantity the market asks to keep the interest rate as it chose. And this is no different from the market choosing the amount of dimes it wants, and the Fed, together with the Mint, work to satisfy that demand so that the dime value is kept at par with the rest of the currency. A couple years ago, because of icy weather, the Fed was unable to supply enough dimes and they were trading at a premium for a short time. It is the Treasury Department, via deficit payouts, that increases the amount of its currency in the economy. Monetary policy involves exchanging that currency with bonds, which are not significantly different than what is generally understood to be currency. Government bonds are are effectively, the form of government currency desired for savings because of the interest rate paid.
@0mar9 Жыл бұрын
Why does the U.S doesn't have inflation as high as Argentina? Both countries run the same model, they both have huge deficits and pretty much monetize the debt
@BenjaminFaust Жыл бұрын
The US has a lot better situation than Argentina and when they do use M, it's less likely to hurt because they are more discerning in their use of it. It also helps that the economy in general in the USA is stronger. Was that helpful?
@0mar9 Жыл бұрын
@@BenjaminFaust 👍
@ernestjones1038 Жыл бұрын
Interestingly, the inflation rate and interest rate formulas look the same. The government is setting a relation between today's price of money and tomorrow's price of money with that base interest rate. That interest rate is a cost of doing business and therefore is part of prices across the economy. That interest rate is part of forward pricing calculations. The higher interest rates are supposed to then, cause the economy to slow down when it can't pay the higher prices. But if the government's debt is high enough, it will find itself, if it cares to look, supplying the currency to the economy via interest payments, for the economy to pay the higher prices caused by the higher interest rates. Some MMTers point to this as an explanation of why the predicted recession in the US has not arrived. I have not heard from any MMTers yet, a clear explanation of the channel by which the interest payments that are paid to savers, trickles into the economy, at least enough to support it. So far they say that a booming economy is evidence that it is occurring. So these interest payments to entities that already have money are supporting a booming economy in both the USA and Argentina. These interest payments, are considered by MMTers to be a form of basic income. There are lots of proposals for basic incomes, but no one in their right mind would choose a basic income to people that already have money. This is essentially trickle-down economics in action, supporting a booming economy in the most unfair possible way.
@ashishb83 Жыл бұрын
You covered a very important point at the beginning on way of putting goods Vs hours, it clarified a lot. Absolute advantage in perspective of services, appreciate it. Thank you!!
@BenjaminFaust Жыл бұрын
Glad it was helpful! Wish you every success.
@waltergimenez620 Жыл бұрын
🙂
@Borophyll Жыл бұрын
You need a raise 😂. TCC doesn’t deserve you
@grzyb11 Жыл бұрын
The radio station my mom listens to has been repeating the same 10 pop songs for 4 years
@AlexGarcia-ew2fv Жыл бұрын
Radio stations is a dieing industry...just like television. I got rid of my house Radio n tv.>>>.KZbin is the best...in the next 10yrs..there isn't gonna be a Radio o Tv..left in America..
@stickman20121 Жыл бұрын
Thank-you... For this video has definitely been an answered prayer for me. 🎯
@leannemakoni1155 Жыл бұрын
So it means if you are given a payoff without time you gonna work the comparative advantage the other way?
@alrockman9817 Жыл бұрын
its a joke that metal music is ignored in favour of repeats
@cocoluvsyu Жыл бұрын
This is exactly the video I needed to see- answered many of my questions that I couldn't get answers for in other research. Thank you so much for posting this!
@thelolfrog Жыл бұрын
this explained better than other vids!!! thanks
@priyalarson Жыл бұрын
thank you so so much!!
@crimsonred75172 жыл бұрын
My country is landlocked, has low literacy rate, 83% mountainous, stuck between India and China, and has selfish and stupid politicians.
@ComedyJakob2 жыл бұрын
Haven't you noticed that lower fertility in women is a direct result of higher education and political freedom among women? You can't advocate the one without the other.
@BenjaminFaust2 жыл бұрын
Yes. I personally prefer education for women rather than handing out birth control.