The Economics of the Coronavirus

I hope that you and your family are safe and healthy. Like many of you, I'm quarantined in my house so I made this quick video talking about some of the economic concepts associated with recent events. I talk about scarcity, shortages, supply and demand, GDP, recessions, unemployment, monetary policy, and fiscal policy. No offense to Miley Cyrus. Thanks for watching my videos and supporting my channel. You rock!

Here is the link to the video I posted on March 2nd-

[dbdan]

Takes a lot to admit you were wrong. Things did hit the fan pretty quickly. Appreciate your integrity so I'm even a bigger fan now.

[chriswyse]

Would love to see you do a video comparing the economic response of highly socialistic countries compared to highly capitalistic countries. Alternatively, a video on the positives and negatives of a free market (profit driven) healthcare system, in the context of this pandemic.

[michaelpisciarino]

0:00 Economics Nightmare
1:20 Unprecedented Times
1:42 Scarcity of doctors, hospitals, resources
2:10 Hyper Demand —> Shortage
2:39 Airlines, Cruise Ships suffer
3:15 Demand Shock!
3:35 Recession definition

3:55 Came in like a wrecking ball. Shattering many economic sectors

4:12 How do we fix the problem?
1. Monetary Policy
• Central Bank, aka The Federal Reserve
• Lowers discount rate
• Decreased reserve requirement of banks
• Buy Bonds
Quantitative Easing

2. Fiscal Policy
5:18 Stimulus Package
• Get Demand Back Up
Spend that cash

[siphamandlamolakeng]

Hi Jacob...i must applaud you on your efforts to simplify Economics. I get so much value out of your videos. Keep up the good work

[nedmcrae]

So no one's gonna talk about the jug of milk on his shelf?

[walterjoseph]

Two years ago you saved me. Your videos helped me get an A entrepreneurship in university! Today you helped me again with business insights! Thank you!

[juliefairbaugh]

I use your videos for my AP Macro class all year long, and the kids love them. I've always appreciated the engaging quality and professionality of your videos, but now that I am required to make videos for all my classes for online teaching (thanks Corona), my respect for you has exponentially grown!

[bryanparkman]

Mr. Clifford I would like to thank you so much for your videos as I earned and A at SNHU. I have battled Microeconomics repeating it so many times since 2008 taking it physically and online. It’s been a love/hate relationship but I love it now. Without your efforts I would not have been successful. You’ve made Microeconomics fun, cool, and hip with the way you presented it.

Thank you a million times over,

Bryan

[thbestbananagaming]

Congratulations, you cornered the market of economics teachers making people watch this during online classes

[alexsous]

Love the info, you make economics enjoyable!

[kismet]

Put my check into the stonks, got it.

[belenlg]

I read once that "no economic crisis is the same". But dude, this is on another level of otherness

[muhammadroohallah]

After all that u put virus in the title
I don’t know if it was on purpose

Either way you’re a legend

[glammapaki]

It’ll be stupid for people to save that money with 0% interest rates

[philippaharrington]

This has been a great source to use for my Year 11 students who are currently using the remote learning framework - it supports the theory that is in the textbooks but presented in such a engaging format - keep it up and thanks

[catho]

I think Jacob, this understanding of macro economics - spending our way out of our problems is what has caused a lot of the problems in our world (environmental degradation, climate change, income inequality.. etc) By telling your viewers to go spend their check is to not understand how economic models are flawed and what this COvid-19 has shown us is our world is in dire need of deep economic changes. Doughnut Economics is a possible way forward.

[jennybenitez]

This is so informative and nicely organized that it was downright soothing. please, please make more.

[julitopabriga]

I ask my graduate students to watch your video as part of my remote teaching in Managerial Economics.

[charles]

You are the best teacher, i've ever encounter

[GigaNasution]

i love your video, understandable! excited to see the linkage of every circular flow. Hope curves for all countries can be flatten soon!!