04:38 Variable & Fixed Inputs 05:37 Long Run vs Short Run 08:09 Short Run 09:35 - - > Marginal Product Utility 12:16 Long Run 13:31 - - > Isoquants 16:16 - - > Leontieff Graph 17:44 - - > Marginal Rate of Technical Substitution 24:40 Returns to scale 29:03 - - > Examples 31:45 Productivity 30:30 - - > Total Factor Productivity 43:58 Three Questions: 44:03 - - > IT Revolution & (lack of) Productivity Gains 45:09 - - > More Work or More Leisure? 46:21 - - > Top 1% vs Bottom 99% - Who gains?

@snowsharonfoo

3 жыл бұрын

Thank you so much for this!

@asiaejaz9304

3 жыл бұрын

?

@christophemoore6090

2 жыл бұрын

Thanks for the table of context with the timestamp links

@sulaymanbojang2094

2 жыл бұрын

Merci beaucoup

THANK YOU MIT FOR RECORDING AND UPLOADING THESE LECTURES HERE FREE OF CHARGE. WATCHING THESE FROM SOUTH AFRICA, BTW.

@antoniwanlyuvenhoc8927

3 жыл бұрын

Yes man I also watching these lectures from India

@bradleymarshallmusic

2 жыл бұрын

Watching from Australia

@selmamalima

2 жыл бұрын

Is this economics

@lindadlamini8388

2 жыл бұрын

@@selmamalima Yes it is. It's Micro-economics.

@oguzhanbayrak4359

2 жыл бұрын

from turkey

Such a good lecture, I wish my professor was half as good as Prof. Jonathan Gruber

Instructors with an empirical background have a wonderful way of distilling a subject. This is awesome stuff. Forever grateful for the introductory content.

Production Theory test for my Public Policy Grad Micro class on Monday. THANK YOU MIT for your help!!!!!!!!! Been using your lectures all semester to supplement my learning.

I have never understand this course before until now. This lectures from MIT are of great help to us studying economics. We are not in the class but we do understand the lectures as equal as the class. Professor Gruber is a genius. I am an M.sc Student from Nigerian Defense Academy (NDA), Kaduna, Nigeria. Am looking forward to seeing you, Prof.

Super helpful and complete class. Grateful for the content. Keep improving!

These lectures are priceless. God bless MIT.

Thank you so much professor. I have clearly understood the topic of production theory. Hope to pass my MA exam with flying colours at the University of Nairobi, Kenya.

@someonethirsty1957

4 ай бұрын

Did you pass with flying colors?

@akolonomics

4 ай бұрын

@@someonethirsty1957 Thank you so much for your follow-up question 🙏. I passed with flying colours and graduated yesterday, December 15, 2023, with Master of Economics at the University of Nairobi. Thank you so much once again 💓.

@someonethirsty1957

4 ай бұрын

@@akolonomics You must be very proud. This new accomplishment sounds like the next big step for you!

This course in now getting interesting. I must complete it.

@vaibhavkeshari9620

2 жыл бұрын

It was interesting since day 1. Clearly you weren't paying attention.

@joaogoncalves8858

Жыл бұрын

@@vaibhavkeshari9620 Seems like you were the one not paying attention. You must have missed out on the concept of ordinal utility.

The hero I needed, Godspeed sir.

thank you for allowing all to watch these lectures which are really really helpful and the lecturers are also very good even after paying thousands of pounds to university I have not learnt about these

“Let’s think of two perfectly substitutable inputs. A Harvard graduate and a beanie baby.”

@chaitanyasharma3921

2 жыл бұрын

Students are too serious, they don't react to any jokes

@riaa12

5 ай бұрын

the class audio was muted @@chaitanyasharma3921

@redrubydasleeze17

3 ай бұрын

What does beanie baby mean I didn't get the joke can anyone explain 😭

I love you sir u are a perfect professor , i even not a student of economics understand clearly

Thanks for the lecture it has been so Good...

i love Prof. Gruber's teachings, so concise and informative

@robbyosborne9708

5 ай бұрын

He is such a wise man.

The force is with you .

I am from Pakistan And your teaching ability is just marvelous 👌🏼🤗...Thanks for being helping me to understand microeconomics 🙌🏼

Did he just say "how much shit we have" at around the 40 min mark? Gotta be the coolest Prof I've ever seen.

@Alemiha

2 жыл бұрын

He did indeed, that and the porn part made me chuckle.

@winstonacousticstudio445

2 жыл бұрын

@@Alemiha i can't seem to spot the porn part

@andreasantoniou6017

Жыл бұрын

@@winstonacousticstudio445 44:25

This is amazing holy crap

00:00 Introduction to producer theory and maximizing profits through minimizing costs. 06:21 Short run production function: labor is variable, capital is fixed. 11:35 Understanding diminishing marginal product of labor and long run production 17:13 Understanding the Marginal Rate of Technical Substitution 22:51 Returns to scale in production 27:50 Returns to scale must decrease eventually 32:23 Productivity and innovation drive economic growth 37:30 Productivity innovation is key to determining a country's standard of living. 42:41 Productivity growth has slowed down since 1973, raising questions about its measurement, utilization, and distribution. 47:07 Productivity gains have only benefited the top 20% of income distribution.

Thank MIT for providing this kind of lecture and free-for-all community. This is a real democratization for everyone.

R.I.P for the chalks from his classes...8:19

such a good explanation, thank you so much. this is very helpful

That was excellent thank you so much

I was studying economy but here in English version..nice post..

Thankyou prof,it was very helpful clear and understandable

Amazing lecture bro

I propose a thesis that return of scale can be strictly increasing in areas of production that does not produce a physical product but a service that is not limited to physical resources or even manual labour.

Love this professor, super energetic : )

Very impressed your lecture sir...

very understanding. thank you sir

수요는 넘 어려웠는데 그걸 하고나니 공급은 좀 더 수월하니 재밌다.. 아직까지는 ...

Very precise and informative thanks sir BTW watching this from Zimbabwe

everytime he says OK..... have a deep breath

thank you instructor!

@aaaazero

Жыл бұрын

Thanks instructor and MIT

Would you prescribe a Microeconomics book which will be relevant with this excellent lecture?

8:19 I have indestructible chalks but they also don't write.

Locus of all combinations of L n K which give you the same level of output is an isoquant!

This recording really helpful...watching from Solomon Islands in the Pacific

thank you so much!!!!

Production principles are ever in close cooperation with demand principles. The producer to produce have to follow carefully market demand.

On 44:15 "We don't really know [why productivity growth slowed past 2005]": - By December 2005, Facebook had 6 million users. - Twitter created in early 2006 - KZread founded in February 2005 Th internet has not been the same ever since.

long run production and returns to scale, see the bookmarks very very important

That's nice presentation however I need the presentation on long run and short run production ie economies of scale,deeconomies of scale

Bro is saving my semester let him cook 🙏🙏♨️♨️♨️♨️ give this man a raise

Thank you for uploading this for free.

Goal of producer to maximise profit , make production effectiently as possible Profit = Revenue-Cost

Super great video

Not every one fully utilize features built in windows. It led to productivity remained. Cause behavior and skill not changed much

32:50 Land can be variable actually. Artificial Islands have already been created for many years. China for instance, has developed over 3200 acres of artificial land.

@aarondesilva9578

2 жыл бұрын

Land would be more of a long run variable than short run

@gtawalkthrough336

2 жыл бұрын

Isn't that land defined as 'natural resources' used in production? From this logic, artificial island which is man-made is not land.

Additional production is only none returm with wage capital, not salary capital.

46:00 we can also say that we spend alot of our productivity on wars...which is why our infrastructure is degrading.

@fernandocarmo1570

Жыл бұрын

Or better, in bellic study and production

Krugman said: productivity isn't not everything, but in the long run it is.

Could someone please dwell more into “firm and market concept” in reference to this lecture

Europe... is not more rundown then america?? Also many precursors to the assembly line dating back to the venetian armory (galileo worked there for a short period!) but these are tangential nitpicks. The lectures are amazing.

Please help me calculate this problem Suppose the production is given as Q= F(56L^1/2 -12L+K^2+400)where the value of K=5unit then calculate elasticity of input at total output maximizing level of input

You just know he makes that harvard joke every year

Very thorough prof

Am I the only one who found out he said internet only helped us improve productivity at 44:28?

at 44:00 we know why. Regulation.

I love these courses I learn so much! Even more fascinating is the fact that he did not yet seem to be canceled by being fat phobic lol.

thank you very muchhh huhuhu

@aliyahhh2300

2 жыл бұрын

13:01

interesting; related to reality (not just theory)

Someone needs to invent me some more indestructible chalk 8:18

@rainfordkingsley187

Ай бұрын

Stupid

When speaking about the second extreme case, i.e. non substitutable inputs, prof. Gruber states real examples are those where you need both products of a pair, such as, he says is the typical example, shoes...but to me those look like more as outputs, not inputs, i.e shoes are products...instead I found more convincing the example by the girl who says computer and programmer...has anyone an idea on that?

@ishika775

5 ай бұрын

Yea . You are right . The example of right shoe and left shoe is generally taken in case of non substitutable indifference curves and not in case of isoquants. The example given by the girl is apt

39:50 you're welcome

Does anyone know where the square root is derived from in all the production functions e.g. why is is sqrt of p x s not just p x s?

@chappie3642

Жыл бұрын

It's probably to adhere to the law of diminishing marginal product of labor, If It were labor*Capital then the derivative of the quantity produced with respect to the labor would Just be the Capital, meaning that a given an increase of 1 in the labor provided the quantity of things produced increases by k regardless of how much labor Is already put in. On the other hand you can check for yourself that if the function Is F(L,K) = √(L*K) then the marginal product of labor Is √K/(2*√L) so as the labor increases so does the change in quantity produced when L increases (because of the √L in the denominator)

15:35

Food consumption has risen sure, but I’m willing to bet the nutritional consumption is way down. Cost of food, mineral drainage from soil and increase demand for fast and empty calories.

He won't be able to write if he used indestructible chalks

@thomascook7948

3 жыл бұрын

haha i was thinking the same thing

@sleepycritical6950

3 жыл бұрын

Probably a marker and whiteboard would be a good substitute

Watching from Bangladesh.

39:00

15:12 , :)

He knows how to teach :)

Paid money to local university and here we take lectures to understand economy 😂😂

I can't believe I'm attending an MIT Economics class from Africa😅😅!!

what is the secret behind understanding and passing microeconomics ?

@sleepycritical6950

3 жыл бұрын

Studying. I'm in the same boat man, really studying by immersing myself in econs.

@alex-pu6uq

2 жыл бұрын

this and khan academy

at 47:00 thats easy. Inflation destroyed the wealth.

Is this that Japanese chalk ?

Philippines here 😅

my teacher could never

Cant believe a pro cant tell big Q from little q

"There's never been a famine in a democracy."

39:51 how much….SHIT???? What the…..?!

@andreasantoniou6017

Жыл бұрын

lol what is your problem

I guess that economics should be among the easiest courses at MIT...

@HarukiYamamoto

3 жыл бұрын

Anything is easy if you have a background in engineering.

@raniahassan353

2 жыл бұрын

@@HarukiYamamoto why

2:50 Prof: We will try to keep it straight. LGBTQ+ Community: Let's protest.......

I'm confused though. Why is this guy still using chalk and a chalkboard? This is MIT, right?

This guy sounds like a.communist.describing capital.theory. and i love it

@andreasantoniou6017

Жыл бұрын

well no it is all just technicalities

"The moment that [National Socialist] Germany revolted against the conception that production should be restricted in the interests of a few High Financiers, she created in the minds of all well-informed democrats the fear that Central Europe would break away together from the system of international finance." - William Joyce, "Twilight Over England", 1940

So biggest so smaller. Science vs philosophy.

He still hasn't told us the number of factories he has managed

@phyllisnmwalilino2329

2 жыл бұрын

does a doctor need to have had a disease to be able to treat it...NO!!!

@buyallmeansnowh7493

2 жыл бұрын

@@phyllisnmwalilino2329 A doctor needs to be able to manage a disease to be able to treat it

well that is the laziest 2 I have ever seen.

3:57 " Labour is pretty easy "Typical capitalist mentality shining in a high level institution. 4:09 "Capital is harder" Sure it is harder but guess what, machines are also built by "workers", buildings are also built by "workers" land is also secured by "workers", therefore this contradicts his statement that capital is difficult. I can't believe people aren't commenting on that.

@ArunKumar-yb2jn

2 жыл бұрын

Easy there buddy. He just means in the short run it's easier to hire more workers than acquire capital. It's a technical problem. Not a value judgement. Go easy on the concepts.

@andreasantoniou6017

Жыл бұрын

calm down my gen Z friend

The presentation is too abstract, and in reality needs specific examples, production is hard thing , cannot be presented in very simple way

Thanks from Azerbaycan🇦🇿🇦🇿🇦🇿🇦🇿🇦🇿🇦🇿🇦🇿👏🏼❤️❤️❤️🇹🇷🇹🇷🇹🇷🇹🇷🇦🇿🇦🇿🇦🇿