15. Input Markets I-Labor Market

[@mr_vazovski]

It is a win-win situation for MIT students: they work hard and earn a lot. The only constraint is time (24 hours in a day). If it weren't for time MIT students would get infinitely happy.

[@evgeniyaigolkina1980]

I’m an Econ student at other university, but the modeling isn’t thought like this at all. Here you get it so easy from introduction and it’s a lot easier to understand

[@abhisheksinghasia]

I am also thankful for your superb course and style of teaching economics. 🇮🇳 It is very interesting and informative.

[@gyanprakashtiwari2778]

Incredible way of teaching.

[@AhmedAliIbr]

Many thanks for your outstanding Course and style of teaching Economics in a very informative and interesting way.

[@ayrian25]

Very interesting lecture ! Helps better understands our own behaviour as workers

[@alanchen7593]

I want to add some more context to the Nate Robinson Lebron example as a former NBA fan. The NBA has a lot of weird salary cap stuff going on. There's a soft and hard cap, and they're tied to league revenue so generally set to basketball demand. However, there's also stuff in the NBA Collective Bargaining Agreement that affects specifically both these players. Lebron is making a max contract, or if not max, close to max, at least when this video was filmed. This caps the amount of money a player can be paid even if they provide more wins than other max players, such as Tobias Harris. What really breaks the example is the NBA minimums. Nate Robinson was likely either on or had a salary that's sufficiently affected by the NBA veteran minimum, which is around that few million dollar range. There's also exceptions where you get 1 salary around that range that you can give players if your team is over the soft cap, which most competing teams are. The main thing is this breaks the example because Nate Robinson's 2 million referenced here is likely actually a significant overpay over his "true" value in terms of wins above replacement, and money has been redistributed thanks to the NBA Player's Union's Collective Bargaining Agreement. Whether or not he would be above or below the 500k paid by the Israel league is unknown. Just wanted to add to my 2 cents in case it can improve this already fantastic course.

[@llauryarmasjamil843]

i am peruvian man and I love these class

[@sabrinahermawati7932]

thank you for uploading this.. this veryhelp me for preparing my final exam

[@ImVedanshAgarwal]

More Courses !

[@evgeniyaigolkina1980]

This is just amazing

[@joshuagaa7009]

i like when he doesnt use powerpoints

[@trent797]

Very few of the MIT professors use it, which is good.

[@udaybhanu8876]

Thanks a lot for uploading this.

[@LucasGonzalez-nw7rj]

his concerned look when he tells the students about normal people lol

[@joshswain1055]

thank you now I can call myself a MIT student from now on

[@andyprompt]

There would be no point in adding jobs as a goal if you also wanted to incentivize people to work hard to afford things and pay them less. The goal is just to make as much money as you can

[@pibob7880]

I wish he didn't use L for Labor and Leisure in one lecture.

[@gunaypnahova7094]

Thanks for this lecture 🇦🇿🇦🇿🇦🇿🇦🇿

[@brainstormingsharing1309]

👍👍👍👍👍👍👍👍👍👍👍

[@chhandamachhangte655]

MJ>Lebron

[@ankushdeb537]

Lewra clear English mat 😑