Deficits and debt

WEBVTT
Kind: captions
Language: en

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- [Instructor] Two terms
that you've likely heard

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in the context of government
spending and budgets

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and borrowing are the
terms deficit and debt.

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And they can get a little bit confusing

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because they're associated
with borrowing and budgets

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and spending and they both start with D.

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And they are related but
they mean different things.

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A deficit is a situation
where you spend more

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than you are taking in.

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So from a government point of view,

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this would be a situation
where a government spends more,

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in a year than they take
in, in revenue in that year.

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So in a year, or budgetary cycle

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spending more, spending more

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than taking in.

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And that difference,

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the amount that you are
over spending that year

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is going to be a deficit.

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A debt on the other
hand is the total amount

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that you owe.

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So total amount, amount owed.

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Now these are clearly related.

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Let's say in, let me make a,

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a hypothetical government here.

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So let's say year one, year two,

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year three, year four and
I'll go up to year five.

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And let's think about the deficit,

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the deficit each year

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and let's think about the debt each year.

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So let's say in year one
our hypothetical country,

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we overspend by 200,

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I'll do everything in billions of dollars.

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So we overspend by 200 billion dollars.

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We run a 200 billion dollar deficit.

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Well assuming that the
debt was zero before that,

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we're now going to owe
people 200 billion dollars.

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I'm assuming everything
here is in billions.

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Alright, so let's say that next year,

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we run a deficit of a
hundred billion dollars.

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Well now we owe the
money that we owed before

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plus another hundred billion dollars.

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So this would be 300 billion

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and then you could see where this goes.

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If in year three we run another deficit

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of let's say, let's say
we spend a lot this year.

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A lot more than we take in,

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so we have a deficit of 500 billion.

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Well then that will just add to our debt.

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So that's now going to be 800 billion

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and of course you can pay down debt.

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In order to pay down debt

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you would run a surplus in a year

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which you could view
as a negative deficit.

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So let's say that this
year it's negative 100.

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So normally people wouldn't say

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this is a negative 100
billion dollar deficit.

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Normally they would
say that the government

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ran a 100 billion dollar surplus

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but let's say they run that surplus,

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they pay down the debt.

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Well so now, they would pay it down,

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so now we're at, we owe 700 billion

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and of course you could have a year

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where you have a
completely balanced budget.

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You're not running a surplus or a deficit

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and in that case your
debt would stay the same.

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Now some of y'all might be
wondering about the interest

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but the interest on the debt,

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that'd be part of the budget.

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So we thought about that
already on whether we're running

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a surplus or a deficit.

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To make this a little bit more clear

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in the context of the United States

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here is a chart that shows the
total deficits and surpluses

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for the United States from the late 1960's

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all the way to near the present time

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but then it projects out a decade

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and these projections,

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you should always take
with a grain of a salt.

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Whenever these bars are going downwards

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those are years in which

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our government is running a deficit.

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The years where we are above the line,

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those are where we are
running a budget surplus,

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where the government actually took in more

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than it spent.

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So big picture, deficits and surpluses

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are talking about how much
you are over or underspending

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in a given year

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while debts are talking
about your accumulated amount

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that you owe

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and to make that clear

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we can take a look at
the total public debt

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in the United States and this once again,

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goes from the 1970's all
the way to near the present.

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And you can see that the debt

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has accumulated in a pretty big way.

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It's approaching, this says 20 million

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but you have to look at this.

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It says millions of dollars.

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So this is 20 million million

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or 20 trillion dollars of debt.

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This is how much the United
States Government owes

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but some of you might argue that

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"Hey look, the economy
has grown a good bit.

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"So what really matters
is how much do you owe

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"as a percent of GDP?"

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So this shows as a percentage of GDP,

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it's not quite as dramatic

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but our government debt is now about equal

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to our annual GDP.

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So if you were to make an
analogy to your personal life,

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if you say made, $100,000 in a year

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this is like having also $100,000 of debt.

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Now an interesting question is,

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what are the pros and the cons

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of running a deficit in a given year?

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Which is going to add to the debt.

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Well some of the arguments in favor

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of sometimes running a deficit

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which will add to the debt

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is that it allows a government to do

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counter-cyclical fiscal policy,

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or if you're into a recession,
to have an expansionary,

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expansionary fiscal policy

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which we've talked about in other videos

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often involves maybe lowering taxes

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and increasing spending

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and that could allow the government

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to maybe make a recession less severe

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which might allow everyone to
be better off in the long run

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and these things are all debated.

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Now the cons are easier to think of.

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One could imagine that at some point

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the debt becomes unsustainable.

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Debt unsustainable and
there are definitely

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examples of other countries

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that have run such large debts

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that they could not even
service the interest.

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Just remember whether
it's just you individually

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or a government, when you borrow money

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you have pay interest.

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At some point the interest could become

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so significant that the
government can no longer

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afford to pay it.

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And even if a government can
pay the interest on the debt

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that money that's being used for interest

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could have otherwise been
used for other things.

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Another con of running large deficits

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which could lead to
large accumulated debts

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is that it can affect interest rates

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in the broader market.

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So you could lead to an increase,

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increase in interest rates.

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Interest rates.

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When we studied the money market

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we would see that hey,

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the more that the government is out there

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trying to borrow money,

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that's goIng to shift
demand in the money markets

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to the right

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and if the interest rates increase

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that could lead to,

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what we've talked about before,

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the idea of crowding out.

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Or the crowding out effect

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where because of increased interest rates,

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fewer potential private borrowers

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are gonna go and borrow money

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which they might use to
go out and invest things.

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So those are, these are
all very interesting things

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to think about but the big takeaway here

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is to not get confused
between deficit and debt.

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Deficits and surplus
refer to how much you are

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over or underspending in a given year.

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Debt is the total amount you owe.


Checks on the judicial branch

WEBVTT
Kind: captions
Language: en

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- [Instructor] In other
videos, we have talked

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about how the other branches

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of government can limit
Supreme Court powers.

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We're going to continue that
conversation in this video

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by discussing how the
amendment process can

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also limit or overrule a
Supreme Court decision,

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so let's go to 1875.

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Just for some context, the 14th Amendment,

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the United States, had
already been ratified,

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and in particular, you have the Privileges

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or Immunities Clause of the 14th Amendment

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that says no state shall
make or enforce any law

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which shall abridge the
privileges or immunities

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of citizens of the United States.

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Well, you could imagine a
lot of women at the time

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who were citizens of the
United States said that,

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"Look, voting is a privilege
of being a citizen,

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"but I am not allowed to vote,"

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and so you have Virginia Minor,

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who was a citizen in Missouri,

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decides to register to vote.

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She is denied and eventually
takes the registrar to court.

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It eventually gets appealed all the way

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to the United States Supreme Court

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in Minor versus Happersett,

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where Happersett is the
registrar in Missouri,

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and the Supreme Court in this case rules

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that voting is not a privilege
of citizenship for women,

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and it seems absurd to us right now,

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that voting seems to be one

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of the main privileges of being a citizen,

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but that's the way the
Supreme Court ruled in 1875.

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Now, the folks who were
fighting for a women's right

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to vote weren't just women.

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They were also men, eventually started

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to have victories in the
early 1900s at various states,

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especially states in the
West, started to allow women

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to vote, but as we go into
the teens of the 1900s,

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the movement gets enough
steam to get Congress

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and the state legislators to propose

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and ratify the 19th Amendment,

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which says the right of
citizens of the United States

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to vote shall not be denied or abridged

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by the United States or by
any state on account of sex.

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Congress shall have power

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to enforce this article by
appropriate legislation.

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So what we have here is
the legislative branch,

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both the U.S. Congress and
the state legislatures,

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because it needs to be voted
for by 2/3 of both houses

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of Congress and then ratified
by 3/4 of the states,

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they essentially overruled the Minor

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versus Happersett decision.

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They said, "All right, Supreme Court.

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"You might see some ambiguity
in the 14th Amendment,"

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although today it's hard to say

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that voting isn't a
privilege of citizenship,

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but to make it very clear, they proposed

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and ratified the 19th Amendment.

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So not only is this an interesting time

00:02:45.280 --> 00:02:46.250
in American history.

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Not that long ago, less than
100 years before this video

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that I'm making was made, women
did not have the full right

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to vote most of the United States.

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We eventually get the 19th Amendment,

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but above and beyond
that, this is an example

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of how other branches of
government can exercise some checks

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on the Unites States Supreme Court.


2011 Calculus AB Free Response #1 parts b c d

WEBVTT
Kind: captions
Language: en

00:00:00.370 --> 00:00:03.600
- [Instructor] Alright,
now lets tackle part B.

00:00:03.600 --> 00:00:06.370
Find the average velocity of the particle

00:00:06.370 --> 00:00:09.080
for the time period from zero is less than

00:00:09.080 --> 00:00:11.400
or equal to t is less
than or equal to six.

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So our average velocity,

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that's just going to be
our change in position,

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which we could view as our displacement,

00:00:19.200 --> 00:00:22.600
divided by our change in time.

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Well, what is our change
in position going to be?

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Well they don't give us
our position function

00:00:28.830 --> 00:00:32.070
but they do give us our velocity function.

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And so to figure out the average velocity,

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we could figure out our displacement,

00:00:36.820 --> 00:00:40.810
which is going to be equal to
the integral of our velocity.

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The integral of v of t, dt.

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And we wanna find the average
velocity for this time period.

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So we're gonna go t equals
zero to t equals six

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and then we're going to divide that

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by the amount of time that goes by.

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Well our change in time is
going to be equal to six

00:00:56.300 --> 00:00:59.850
and so, this is going to be
equal to the integral from

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zero

00:01:00.930 --> 00:01:02.640
to six

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of

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two sine

00:01:05.970 --> 00:01:07.370
of e to the t

00:01:07.370 --> 00:01:10.040
over four power plus one,

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dt

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and then all of that divided by six.

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Where did I get this from?

00:01:14.830 --> 00:01:15.663
Well they tell us,

00:01:15.663 --> 00:01:17.500
what our velocity as
a function of time is,

00:01:17.500 --> 00:01:18.910
its that right over there.

00:01:18.910 --> 00:01:22.220
So we can get our calculator
out to solve this part.

00:01:22.220 --> 00:01:25.400
So on our calculator we would hit math

00:01:25.400 --> 00:01:28.050
and then we would wanna do number 9

00:01:28.050 --> 00:01:30.560
which is definite
integral, so I'll hit nine.

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And we are going to go from zero

00:01:33.440 --> 00:01:34.410
to

00:01:34.410 --> 00:01:35.830
six

00:01:35.830 --> 00:01:36.920
of,

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this is going to be two sine

00:01:39.680 --> 00:01:40.770
of

00:01:40.770 --> 00:01:42.520
e to the..

00:01:42.520 --> 00:01:43.520
So let me do,

00:01:43.520 --> 00:01:46.050
second e

00:01:46.050 --> 00:01:47.090
to the

00:01:47.090 --> 00:01:49.110
And I'll just use the
variable x instead of t

00:01:49.110 --> 00:01:50.610
cause its easier to type in.

00:01:50.610 --> 00:01:53.600
X divided by four power,

00:01:53.600 --> 00:01:54.991
so that's my sine

00:01:54.991 --> 00:01:58.140
and then let me close the
parentheses for the sine,

00:01:58.140 --> 00:02:02.250
plus one and then I'm integrating
here with the respect to x

00:02:02.250 --> 00:02:03.720
just cause it was more convenient.

00:02:03.720 --> 00:02:07.990
And I am going to get that,
and then I divide by six.

00:02:07.990 --> 00:02:09.310
Divide by six.

00:02:09.310 --> 00:02:10.370
And I get

00:02:10.370 --> 00:02:12.430
And when you're taking an AP Calculus exam

00:02:12.430 --> 00:02:14.900
its important to round
to three decimal places

00:02:14.900 --> 00:02:17.380
unless they tell you otherwise,
that's what they expect.

00:02:17.380 --> 00:02:22.380
So its approximately equal
to one point nine four nine.

00:02:22.510 --> 00:02:26.100
Approximately one point nine four nine.

00:02:26.100 --> 00:02:28.490
Now lets do part C.

00:02:28.490 --> 00:02:30.150
So part C

00:02:30.150 --> 00:02:32.650
Find the total distance traveled

00:02:32.650 --> 00:02:37.650
by the particle from time t
equals zero to t equals six.

00:02:37.700 --> 00:02:39.830
So you might say, hey didn't
we just figure that out?

00:02:39.830 --> 00:02:42.050
No, this is displacement.

00:02:42.050 --> 00:02:44.200
And to remember the
difference between distance

00:02:44.200 --> 00:02:46.850
and displacement, if I have
something that starts here,

00:02:46.850 --> 00:02:48.470
it goes over there

00:02:48.470 --> 00:02:51.430
and then it comes back
to right over there.

00:02:51.430 --> 00:02:54.460
The distance traveled
is the total path length

00:02:54.460 --> 00:02:57.096
so it would be that, plus this.

00:02:57.096 --> 00:03:00.610
While the displacement would
just be this right over here.

00:03:00.610 --> 00:03:02.360
So if you wanna figure out distance,

00:03:02.360 --> 00:03:04.700
what you wanna do is take the integral

00:03:04.700 --> 00:03:07.040
of the absolute value of velocity,

00:03:07.040 --> 00:03:07.950
you could think about it as you're

00:03:07.950 --> 00:03:10.430
taking the integral of the speed function.

00:03:10.430 --> 00:03:12.350
So this is just going to be the integral

00:03:12.350 --> 00:03:15.910
from zero to six of the absolute value

00:03:15.910 --> 00:03:17.943
of v of t,

00:03:18.900 --> 00:03:19.870
dt.

00:03:19.870 --> 00:03:21.760
And then we can type this,

00:03:21.760 --> 00:03:23.060
actually let me just write it out,

00:03:23.060 --> 00:03:24.110
since you would wanna do this

00:03:24.110 --> 00:03:25.680
if you're actually taking the test.

00:03:25.680 --> 00:03:27.690
So its the integral
from zero to six of the

00:03:27.690 --> 00:03:32.690
absolute value of two sine
of e to the t over four,

00:03:32.750 --> 00:03:34.103
plus one.

00:03:35.063 --> 00:03:37.900
Close the absolute value, dt.

00:03:37.900 --> 00:03:40.230
Which is going to be
approximately equal to...

00:03:40.230 --> 00:03:44.530
So once again, we hit
math, definite integral.

00:03:44.530 --> 00:03:46.830
We're going from zero

00:03:46.830 --> 00:03:48.540
to six

00:03:48.540 --> 00:03:49.590
of...

00:03:49.590 --> 00:03:52.410
Now we'll hit math again,

00:03:52.410 --> 00:03:56.330
and then we'll go to number,
we see absolute value.

00:03:56.330 --> 00:03:58.940
The absolute value of

00:03:58.940 --> 00:04:00.930
two sine

00:04:00.930 --> 00:04:02.370
of

00:04:02.370 --> 00:04:05.400
e to the, I'll use x again

00:04:05.400 --> 00:04:07.890
just cause its easier to
use on the calculator.

00:04:07.890 --> 00:04:11.130
And then I'll close the parentheses on...

00:04:11.130 --> 00:04:13.860
Whoops, let me make sure I do this right.

00:04:13.860 --> 00:04:17.010
So let me close the
parenthases on the sine

00:04:17.010 --> 00:04:20.120
and then I have plus one

00:04:20.120 --> 00:04:22.600
and then there ya go.

00:04:22.600 --> 00:04:26.073
And then I'm integrating
with respect to x.

00:04:27.560 --> 00:04:32.530
Approximately twelve
point five seven three.

00:04:32.530 --> 00:04:35.010
Now lets do part d.

00:04:35.010 --> 00:04:36.020
I'll do it right over here.

00:04:36.020 --> 00:04:37.180
Part d.

00:04:37.180 --> 00:04:38.880
For t between zero

00:04:38.880 --> 00:04:42.080
and six the particle changes
direction exactly once.

00:04:42.080 --> 00:04:46.020
Find the position of the
particle at that time.

00:04:46.020 --> 00:04:47.070
So the way that I'm gonna tackle it

00:04:47.070 --> 00:04:49.300
is first I need to
think about at what time

00:04:49.300 --> 00:04:51.220
does the particle change direction

00:04:51.220 --> 00:04:54.240
and then, I can figure out its position

00:04:54.240 --> 00:04:57.430
by taking the integral
of the velocity function.

00:04:57.430 --> 00:04:58.840
So how do I think about where

00:04:58.840 --> 00:05:01.020
that particle changes direction?

00:05:01.020 --> 00:05:02.560
Well you're going to change direction

00:05:02.560 --> 00:05:04.810
if your velocity is at zero

00:05:04.810 --> 00:05:07.000
and right before that
your velocity was positive

00:05:07.000 --> 00:05:09.070
and then right after that
your velocity is negative

00:05:09.070 --> 00:05:09.940
or the other way around,

00:05:09.940 --> 00:05:11.550
right before that your
velocity was negative

00:05:11.550 --> 00:05:15.010
and then your velocity right
after that is positive.

00:05:15.010 --> 00:05:17.490
So we just have to figure out
when does v of t equal zero?

00:05:17.490 --> 00:05:22.490
So lets just say two sine
of e to the t over four,

00:05:22.640 --> 00:05:25.570
plus one, is equal to zero.

00:05:25.570 --> 00:05:27.660
And there's multiple
ways you can solve this,

00:05:27.660 --> 00:05:28.880
but because we're allowed to use

00:05:28.880 --> 00:05:31.490
the calculator we might as well do that.

00:05:31.490 --> 00:05:33.160
So we hit math.

00:05:33.160 --> 00:05:35.140
And then we hit B right over there,

00:05:35.140 --> 00:05:36.400
I'll just hit enter.

00:05:36.400 --> 00:05:37.910
Equation solver.

00:05:37.910 --> 00:05:38.790
So I could just say,

00:05:38.790 --> 00:05:43.740
look the left side of my
equation is two sine of,

00:05:43.740 --> 00:05:46.530
we are going to go e to the,

00:05:46.530 --> 00:05:49.170
I'll just use x as what I'm solving for

00:05:49.170 --> 00:05:52.170
cause its easier to type
in, in the calculator.

00:05:52.170 --> 00:05:55.270
And close that parentheses, plus one.

00:05:55.270 --> 00:05:58.210
The right hand side is equal to zero.

00:05:58.210 --> 00:06:00.600
And now I just have to
give an initial guess

00:06:00.600 --> 00:06:02.550
and I'll just go right
in between that interval

00:06:02.550 --> 00:06:04.550
between t equals zero and t equals six,

00:06:04.550 --> 00:06:06.200
so I'll just put a three right over there.

00:06:06.200 --> 00:06:07.490
And now I just need to solve it

00:06:07.490 --> 00:06:12.130
and I can do that by hitting
alpha and then solve.

00:06:12.130 --> 00:06:17.130
And then you see, it got us
to five point one nine six.

00:06:17.860 --> 00:06:22.860
So, t is approximately equal
to five point one nine six.

00:06:23.840 --> 00:06:25.670
But remember, they're not asking us for

00:06:25.670 --> 00:06:28.030
at what time does the
particle change direction.

00:06:28.030 --> 00:06:28.863
They wanna know,

00:06:28.863 --> 00:06:31.410
what's the position of
the particle at that time.

00:06:31.410 --> 00:06:34.040
Well we know how to find
our change in position,

00:06:34.040 --> 00:06:36.840
our change in position is
going to be our displacement

00:06:36.840 --> 00:06:38.940
from time equals zero

00:06:38.940 --> 00:06:42.760
to time five point one nine six

00:06:42.760 --> 00:06:43.730
and the displacement,

00:06:43.730 --> 00:06:45.500
we're integrating the velocity function.

00:06:45.500 --> 00:06:49.345
So that's going to be two sine of

00:06:49.345 --> 00:06:52.020
e to the t over four,

00:06:52.020 --> 00:06:53.940
plus one, dt.

00:06:53.940 --> 00:06:56.420
Now this is going to be
our change in position,

00:06:56.420 --> 00:06:57.830
but where did we start?

00:06:57.830 --> 00:06:59.720
Well they say at x equals zero,

00:06:59.720 --> 00:07:02.940
or at time zero our position was two.

00:07:02.940 --> 00:07:05.610
So this is our change,
we would start here,

00:07:05.610 --> 00:07:07.640
this would give us our total position.

00:07:07.640 --> 00:07:09.680
Where we started plus our change.

00:07:09.680 --> 00:07:13.930
And so this is going to be
approximately equal to...

00:07:13.930 --> 00:07:16.790
We are going to have two plus

00:07:16.790 --> 00:07:20.610
and then I go to math, definite integral,

00:07:20.610 --> 00:07:22.340
from zero

00:07:22.340 --> 00:07:26.390
to five point one nine six

00:07:26.390 --> 00:07:28.830
and I've typed this in many times already.

00:07:28.830 --> 00:07:30.900
Two sine

00:07:30.900 --> 00:07:33.320
of e,

00:07:33.320 --> 00:07:35.500
of e,

00:07:35.500 --> 00:07:39.850
to the x divided by four power

00:07:39.850 --> 00:07:41.730
and then close that parentheses.

00:07:41.730 --> 00:07:46.730
Plus one, and then I'm
integrating with respect to x

00:07:47.150 --> 00:07:49.690
and so this gives us,

00:07:49.690 --> 00:07:53.000
fourteen point one three five.

00:07:53.000 --> 00:07:56.670
Approximately fourteen
point one three five,

00:07:56.670 --> 00:07:57.640
is its position.

00:07:57.640 --> 00:07:58.860
And let me make sure that I put

00:07:58.860 --> 00:08:00.720
those parentheses there
in the right place.

00:08:00.720 --> 00:08:02.653
And we are done.


Fiscal and monetary policy in parallel

WEBVTT
Kind: captions
Language: en

00:00:00.260 --> 00:00:02.650
- [Narrator] In previous
videos we've talked at length

00:00:02.650 --> 00:00:04.870
about fiscal policy and in other videos

00:00:04.870 --> 00:00:07.600
we've talked at length
about monetary policy.

00:00:07.600 --> 00:00:10.240
But now we're going to
talk about them together

00:00:10.240 --> 00:00:12.820
because at any given time in a country

00:00:12.820 --> 00:00:15.720
there is some type of
fiscal policy going on

00:00:15.720 --> 00:00:17.810
and in parallel there might be

00:00:17.810 --> 00:00:20.540
some type of monetary policy going on.

00:00:20.540 --> 00:00:24.510
But first let's just remind
ourselves what fiscal policy is.

00:00:24.510 --> 00:00:28.300
This would be government
changing the amount of taxes

00:00:28.300 --> 00:00:29.750
or government spending.

00:00:29.750 --> 00:00:34.400
So this is all about taxes and or

00:00:34.400 --> 00:00:37.130
and or, government,

00:00:37.130 --> 00:00:39.080
government spending.

00:00:39.080 --> 00:00:41.060
And why would that matter?

00:00:41.060 --> 00:00:42.590
Well if you change the amount of taxes

00:00:42.590 --> 00:00:45.450
you would change the amount
of money that individuals

00:00:45.450 --> 00:00:47.360
and or corporations might have

00:00:47.360 --> 00:00:49.890
which might change aggregate demand.

00:00:49.890 --> 00:00:52.150
Similarly, if the
government goes out there,

00:00:52.150 --> 00:00:56.150
spends more or less, that also
would change aggregate demand

00:00:56.150 --> 00:01:00.660
and this could be used as
a tool in order to attempt

00:01:00.660 --> 00:01:04.760
to engineer what the economy's output is.

00:01:04.760 --> 00:01:06.790
Now monetary policy on the other hand,

00:01:06.790 --> 00:01:08.930
it's very important not
to, not to get confused

00:01:08.930 --> 00:01:09.990
between these two.

00:01:09.990 --> 00:01:13.920
This is all about central, central banks.

00:01:13.920 --> 00:01:15.820
And I know a lot of you might be thinking,

00:01:15.820 --> 00:01:18.230
hey isn't the central bank
part of the government?

00:01:18.230 --> 00:01:20.230
And I would tell you, well it depends

00:01:20.230 --> 00:01:21.600
what country you're in and depends

00:01:21.600 --> 00:01:23.190
how you view part of the government.

00:01:23.190 --> 00:01:24.970
In the United States for example,

00:01:24.970 --> 00:01:28.690
the Federal Reserve System
is quasi-independent.

00:01:28.690 --> 00:01:31.287
It is true that the
executive makes appointments

00:01:31.287 --> 00:01:33.980
including the chairman of
the Federal Reserve Bank,

00:01:33.980 --> 00:01:35.990
but it should be acting independently

00:01:35.990 --> 00:01:37.377
from the federal government.

00:01:37.377 --> 00:01:42.330
Now this is all about central
banks changing money supply,

00:01:42.330 --> 00:01:43.853
so money supply,

00:01:44.990 --> 00:01:49.820
to impact or to target
oftentimes, interest rates.

00:01:49.820 --> 00:01:52.382
And now why would this matter
if we're thinking about

00:01:52.382 --> 00:01:55.790
engineering, so to speak,
where we are relative to

00:01:55.790 --> 00:01:57.390
full employment output?

00:01:57.390 --> 00:02:00.800
Well with low interest
rates, borrowing is cheaper

00:02:00.800 --> 00:02:03.840
so people might be willing
to borrow and spend more

00:02:03.840 --> 00:02:07.110
or corporations might be willing
to borrow and invest more.

00:02:07.110 --> 00:02:08.450
On the other hand if you
had higher interest rates

00:02:08.450 --> 00:02:09.500
it would go the other way.

00:02:09.500 --> 00:02:12.830
Either way you have an
impact on aggregate demand.

00:02:12.830 --> 00:02:14.710
So with that primer out of the way,

00:02:14.710 --> 00:02:18.253
let's look at two different
scenarios for an economy.

00:02:19.530 --> 00:02:23.570
So in this first scenario,
let's call this scenario one,

00:02:23.570 --> 00:02:25.770
pause the video and think
about where this economy

00:02:25.770 --> 00:02:28.543
is operating relative to
full employment output.

00:02:29.660 --> 00:02:32.250
Well you can see here that
our equilibrium level of

00:02:32.250 --> 00:02:36.640
output, Y sub one, is below
our full employment output.

00:02:36.640 --> 00:02:39.210
So here we have a negative output gap.

00:02:39.210 --> 00:02:41.680
And so from the federal
government's point of view

00:02:41.680 --> 00:02:44.530
they might wanna say, hey
let's do some expansionary

00:02:44.530 --> 00:02:48.360
fiscal policy in order to shift
the aggregate demand curve

00:02:48.360 --> 00:02:49.570
to the right.

00:02:49.570 --> 00:02:53.040
Well what would be
expansionary fiscal policy?

00:02:53.040 --> 00:02:56.150
Well you could lower taxes.

00:02:56.150 --> 00:02:58.460
That could shift aggregate
demand to the right.

00:02:58.460 --> 00:02:59.830
People would have more
money in their pockets.

00:02:59.830 --> 00:03:02.640
Corporations might have
more money to spend with,

00:03:02.640 --> 00:03:04.210
to invest with.

00:03:04.210 --> 00:03:06.581
The other option is that
the government could just

00:03:06.581 --> 00:03:08.760
directly spend more.

00:03:08.760 --> 00:03:11.100
If it spends more that
also would have the impact

00:03:11.100 --> 00:03:13.580
of shifting aggregate demand to the right.

00:03:13.580 --> 00:03:15.790
But in parallel with the fiscal policy,

00:03:15.790 --> 00:03:19.090
what might the monetary policy look like?

00:03:19.090 --> 00:03:22.425
Well an expansionary
monetary policy would be to

00:03:22.425 --> 00:03:25.090
increase the money supply.

00:03:25.090 --> 00:03:29.690
Increase the money supply with the goal,

00:03:29.690 --> 00:03:31.170
which would have the impact,

00:03:31.170 --> 00:03:32.810
or usually would have the impact,

00:03:32.810 --> 00:03:35.600
of lowering interest rates

00:03:35.600 --> 00:03:37.430
which would make borrowing cheaper.

00:03:37.430 --> 00:03:39.700
And so corporations might invest more

00:03:39.700 --> 00:03:41.640
and people might borrow and spend more.

00:03:41.640 --> 00:03:44.428
Either way, or especially
if both is happening,

00:03:44.428 --> 00:03:47.870
you are going to shift
aggregate demand to the right.

00:03:47.870 --> 00:03:51.550
So with this expansionary
fiscal and monetary policy

00:03:51.550 --> 00:03:53.710
you might get to a situation like this.

00:03:53.710 --> 00:03:55.982
Maybe aggregate demand gets shifted enough

00:03:55.982 --> 00:03:59.410
so we get to a world like this.

00:03:59.410 --> 00:04:02.090
So that's aggregate demand curve two.

00:04:02.090 --> 00:04:04.500
We're now, our equilibrium
level of output,

00:04:04.500 --> 00:04:06.330
we're at full employment output

00:04:06.330 --> 00:04:09.920
and our price level has gone,

00:04:09.920 --> 00:04:11.860
has gone up.

00:04:11.860 --> 00:04:14.970
And generally speaking,
expansionary policy

00:04:14.970 --> 00:04:17.360
whether we're talking about
expansionary fiscal policy

00:04:17.360 --> 00:04:19.500
or expansionary monetary policy,

00:04:19.500 --> 00:04:22.640
you're going to see the price level go up.

00:04:22.640 --> 00:04:25.670
Now let's look at scenario two here.

00:04:25.670 --> 00:04:27.630
What are we dealing with here?

00:04:27.630 --> 00:04:29.990
Well as you can imagine
it's the opposite situation.

00:04:29.990 --> 00:04:31.970
We have a positive output gap.

00:04:31.970 --> 00:04:33.590
Our equilibrium level of output

00:04:33.590 --> 00:04:36.110
is above our full employment output.

00:04:36.110 --> 00:04:39.010
And so this is a situation
where the federal government

00:04:39.010 --> 00:04:42.130
might say, hey our economy
is at risk from overheating.

00:04:42.130 --> 00:04:43.620
That's typically not what they say.

00:04:43.620 --> 00:04:46.140
They tend to like it 'cause
it's good for winning election.

00:04:46.140 --> 00:04:48.380
But they might say, if it's
a prudent federal government,

00:04:48.380 --> 00:04:50.500
they might say hey this
is the time to maybe

00:04:50.500 --> 00:04:52.490
pay down some of the government debt.

00:04:52.490 --> 00:04:55.020
Or be a little bit more
fiscally responsible.

00:04:55.020 --> 00:04:57.020
And so what they might do is have

00:04:57.020 --> 00:04:59.650
a contractionary fiscal policy.

00:04:59.650 --> 00:05:04.260
So that would be taxes
might increase and or

00:05:04.260 --> 00:05:09.260
government, government
spending might go down.

00:05:09.290 --> 00:05:11.890
Neither of these things
tend to be very popular.

00:05:11.890 --> 00:05:14.000
In general contractionary fiscal policy

00:05:14.000 --> 00:05:16.140
is not a good way to win elections.

00:05:16.140 --> 00:05:18.800
But a prudent government
might be willing to do this

00:05:18.800 --> 00:05:19.800
and either of them,

00:05:19.800 --> 00:05:21.810
because of the same reasons
we just talked about,

00:05:21.810 --> 00:05:23.010
might have the effect of

00:05:23.010 --> 00:05:25.490
shifting aggregate demand to the left.

00:05:25.490 --> 00:05:28.540
Similarly, the Federal
Reserve might wanna do a

00:05:28.540 --> 00:05:30.730
contractionary monetary policy.

00:05:30.730 --> 00:05:34.530
And contractionary monetary
policy is far more common.

00:05:34.530 --> 00:05:36.240
Where the Federal Reserve says, hey

00:05:36.240 --> 00:05:39.150
when we are producing above
our full employment output

00:05:39.150 --> 00:05:41.460
inflation might get out of control.

00:05:41.460 --> 00:05:44.530
So what they might do is
lower the money supply,

00:05:44.530 --> 00:05:47.000
money supply,

00:05:47.000 --> 00:05:49.480
which would have the impact,

00:05:49.480 --> 00:05:51.230
or usually would have the impact,

00:05:51.230 --> 00:05:55.890
of increasing interest rates
making borrowing more expensive

00:05:55.890 --> 00:05:57.900
so people might borrow and spend less

00:05:57.900 --> 00:06:00.260
and corporations might invest less.

00:06:00.260 --> 00:06:03.130
And so either way you
might have the effect

00:06:03.130 --> 00:06:06.120
of shifting aggregate demand to the left.

00:06:06.120 --> 00:06:09.710
So aggregate demand
might look like this now.

00:06:09.710 --> 00:06:11.550
That's aggregate demand two.

00:06:11.550 --> 00:06:13.690
Our equilibrium level of output now

00:06:13.690 --> 00:06:15.490
is at full employment output.

00:06:15.490 --> 00:06:20.490
And now our price level, our
price level, has gone down.

00:06:21.120 --> 00:06:25.390
And generally speaking,
contractionary monetary policy

00:06:25.390 --> 00:06:29.760
and or contractionary fiscal
policy will have the impact

00:06:29.760 --> 00:06:33.060
of at least slowing down inflation.

00:06:33.060 --> 00:06:34.160
I'll leave you there.

00:06:34.160 --> 00:06:38.550
The big takeaway here is, fiscal
policy and monetary policy

00:06:38.550 --> 00:06:41.220
seldom act in isolation.

00:06:41.220 --> 00:06:44.260
Oftentimes when we're
at a negative output gap

00:06:44.260 --> 00:06:46.970
you have expansionary
policies in both dimensions.

00:06:46.970 --> 00:06:49.493
And in a positive output
gap it might be prudent

00:06:49.493 --> 00:06:53.290
to have contractionary
policies in both dimensions.

00:06:53.290 --> 00:06:54.980
Now one question you might ask is

00:06:54.980 --> 00:06:56.910
what if they go in opposite directions?

00:06:56.910 --> 00:07:00.130
What if, say, fiscal
policy is expansionary

00:07:00.130 --> 00:07:02.390
while monetary policy is contractionary?

00:07:02.390 --> 00:07:03.480
Well there it depends.

00:07:03.480 --> 00:07:05.040
They might offset each other.

00:07:05.040 --> 00:07:07.180
In fact, sometimes the
central bank might have

00:07:07.180 --> 00:07:09.100
a contractionary policy because they think

00:07:09.100 --> 00:07:12.450
that the federal government
is being too expansionary.

00:07:12.450 --> 00:07:14.503
All interesting things to think about.


Khan Academy Teacher Training 2018

WEBVTT
Kind: captions
Language: en

00:00:00.450 --> 00:00:03.070
- Teachers are the single
most important actor

00:00:03.070 --> 00:00:04.340
in students' learning.

00:00:04.340 --> 00:00:07.320
Hi, I'm Sal Khan, Founder of
the not-for-profit organization

00:00:07.320 --> 00:00:08.390
Khan Academy.

00:00:08.390 --> 00:00:10.460
And I just want to tell
all you teachers out there

00:00:10.460 --> 00:00:13.300
that we have an exciting
program for this summer.

00:00:13.300 --> 00:00:15.740
It's called Khan Academy Teacher Training.

00:00:15.740 --> 00:00:17.480
And we want to do everything that we can

00:00:17.480 --> 00:00:19.290
to ensure that you have the content,

00:00:19.290 --> 00:00:22.200
the software, the tools, and the training

00:00:22.200 --> 00:00:24.300
to best meet the needs of your student.

00:00:24.300 --> 00:00:26.260
And so Khan Academy Teacher Training

00:00:26.260 --> 00:00:29.650
is a learning program that'll
take you about an hour

00:00:29.650 --> 00:00:31.830
that allow you to learn
from other teachers

00:00:31.830 --> 00:00:33.620
who are successfully using Khan Academy

00:00:33.620 --> 00:00:35.400
and seeing gains in their classroom.

00:00:35.400 --> 00:00:37.640
You'll get guides on how to
use it in your classroom,

00:00:37.640 --> 00:00:39.740
and we'll also encourage
you to have a plan

00:00:39.740 --> 00:00:41.560
for how you might want to implement it.

00:00:41.560 --> 00:00:44.090
If you complete this roughly one hour,

00:00:44.090 --> 00:00:45.730
you'll get a certificate and a chance

00:00:45.730 --> 00:00:47.790
to come visit us so that we can learn more

00:00:47.790 --> 00:00:48.650
from each other.

00:00:48.650 --> 00:00:51.070
So I encourage you to
participate this summer.

00:00:51.070 --> 00:00:54.020
I think together we can
really make a big difference

00:00:54.020 --> 00:00:55.461
for learners everywhere.

00:00:55.461 --> 00:00:59.128
(upbeat instrumental music)


Modeling ticket fines with exponential function

WEBVTT
Kind: captions
Language: en

00:00:00.800 --> 00:00:02.560
- [Instructor] Sarah Swift
got a speeding ticket

00:00:02.560 --> 00:00:04.600
on her way home from work.

00:00:04.600 --> 00:00:07.730
If she pays her fine now there
will be no added penalty.

00:00:07.730 --> 00:00:10.650
If she delays her payment then
a penalty will be assessed

00:00:10.650 --> 00:00:12.900
for the number of months, t,

00:00:12.900 --> 00:00:15.120
that she delays paying her fine.

00:00:15.120 --> 00:00:18.390
Her total fine, F, in euros,

00:00:18.390 --> 00:00:20.240
is indicated in the table below.

00:00:20.240 --> 00:00:23.320
These numbers represent an exponential,

00:00:23.320 --> 00:00:25.660
an exponential function.

00:00:25.660 --> 00:00:27.670
So they give us the number of months

00:00:27.670 --> 00:00:29.150
that the payment is delayed

00:00:29.150 --> 00:00:30.930
and then the amount of fine.

00:00:30.930 --> 00:00:33.470
And this is essentially data points

00:00:33.470 --> 00:00:35.330
from an exponential function.

00:00:35.330 --> 00:00:37.870
Just to remind ourselves
what an exponential function

00:00:37.870 --> 00:00:38.900
would look like,

00:00:38.900 --> 00:00:40.280
this tells us that our fine

00:00:40.280 --> 00:00:42.520
as our function of the months delayed

00:00:42.520 --> 00:00:44.620
is going to be equal to some number

00:00:44.620 --> 00:00:49.620
times some common ratio to the t power.

00:00:49.780 --> 00:00:52.090
This telling us this exponential function

00:00:52.090 --> 00:00:54.060
is essentially telling
us that our function

00:00:54.060 --> 00:00:57.140
is going to have this
form right over here.

00:00:57.140 --> 00:00:59.300
So let's see if we can
answer their questions.

00:00:59.300 --> 00:01:01.720
So the first question is
what is the common ratio

00:01:01.720 --> 00:01:05.310
of consecutive values of F?

00:01:05.310 --> 00:01:08.491
So the reason why r right over here

00:01:08.491 --> 00:01:11.960
is called the common ratio

00:01:11.960 --> 00:01:15.670
is it's the ratio that
if you look at any two,

00:01:15.670 --> 00:01:17.720
say if you were to increment t by one

00:01:17.720 --> 00:01:20.040
the ratio of that to F of t,

00:01:20.040 --> 00:01:23.520
that ratio should be consistent for any t.

00:01:23.520 --> 00:01:25.400
So let me give you an example here.

00:01:25.400 --> 00:01:30.400
The ratio of F of two to F of one

00:01:32.070 --> 00:01:37.070
should be equal to the ratio
of F of three to F of two,

00:01:37.080 --> 00:01:40.000
which should be the same
as the ratio of F of four

00:01:40.000 --> 00:01:42.060
to F of three.

00:01:42.060 --> 00:01:46.040
Or in general terms the
ratio of F of t plus one

00:01:46.040 --> 00:01:48.540
to the ratio of F of t

00:01:48.540 --> 00:01:50.270
should be equal to all of these things.

00:01:50.270 --> 00:01:53.000
That would be the common ratio.

00:01:53.000 --> 00:01:53.940
So let's see what that is.

00:01:53.940 --> 00:01:55.530
If we just look at the form,

00:01:55.530 --> 00:01:58.260
if we just look at this right over here.

00:01:58.260 --> 00:02:01.110
So what's the ratio of
F of two to F of one?

00:02:01.110 --> 00:02:04.720
450 divided by 300, well that's 1.5.

00:02:05.920 --> 00:02:07.143
That's 1.5.

00:02:07.143 --> 00:02:11.143
675 divided by 450, that's 1.5.

00:02:11.143 --> 00:02:16.143
1,012.5 divided by 675, that's 1.5.

00:02:17.380 --> 00:02:21.907
So the common ratio in all
of these situations is 1.5.

00:02:22.800 --> 00:02:25.420
So the common ratio over here is 1.5.

00:02:26.840 --> 00:02:27.673
And another way,

00:02:27.673 --> 00:02:31.560
and just to to make it clear
why this r right over here

00:02:31.560 --> 00:02:33.490
is called the common ratio,

00:02:33.490 --> 00:02:35.150
is let's just do this general form.

00:02:35.150 --> 00:02:40.150
So F of t plus one, well that's
just going to be a times r

00:02:42.120 --> 00:02:44.270
to the t plus one power,

00:02:44.270 --> 00:02:47.330
and F of t is a times r to the t power.

00:02:47.330 --> 00:02:48.820
So what is this going to be?

00:02:48.820 --> 00:02:50.290
This is going to be...

00:02:50.290 --> 00:02:55.290
Let's see, this is going to be
r to the t plus one minus t,

00:02:55.570 --> 00:02:58.500
which is just going to be
equal to r to the first power,

00:02:58.500 --> 00:03:01.370
which is just equal to r.

00:03:01.370 --> 00:03:03.360
So this variable, r,

00:03:04.598 --> 00:03:07.698
is going to be equal to this common ratio.

00:03:07.698 --> 00:03:10.095
So whether we figured out
that the common ratio is 1.5,

00:03:10.095 --> 00:03:13.530
that tells us that our function
is going to be of the form

00:03:13.530 --> 00:03:17.480
F of t is equal to a times,
instead of writing an r there

00:03:17.480 --> 00:03:21.900
we now know that r is 1.5 to the t power.

00:03:21.900 --> 00:03:24.640
1.5 to the t power.

00:03:24.640 --> 00:03:26.420
Write a formula for this function.

00:03:26.420 --> 00:03:27.930
Well we've almost done that,

00:03:27.930 --> 00:03:29.980
but we haven't figured out what a is.

00:03:29.980 --> 00:03:32.830
And to figure out what a is
we could just substitute.

00:03:32.830 --> 00:03:34.800
We know what F of one is.

00:03:34.800 --> 00:03:37.300
When t is equal to one, F is equal to 300,

00:03:37.300 --> 00:03:38.990
and so we should be able
to use that information

00:03:38.990 --> 00:03:39.823
to solve for a.

00:03:39.823 --> 00:03:42.650
We could have used any of these
data points to solve for a,

00:03:42.650 --> 00:03:43.483
but let's do that.

00:03:43.483 --> 00:03:48.410
F of one is equal to a times
1.5 to the first power,

00:03:49.550 --> 00:03:53.920
or a times 1.5, and that
is going to be equal to,

00:03:53.920 --> 00:03:56.070
they tell us that F of
one is equal to 300.

00:03:57.110 --> 00:03:58.740
And so another way of writing this

00:03:58.740 --> 00:04:02.260
is we could say 1.5
times a is equal to 300.

00:04:02.260 --> 00:04:03.660
Divide both sides by 1.5

00:04:05.620 --> 00:04:10.620
and we get a is equal to 200.

00:04:11.190 --> 00:04:15.390
And so our function, our
formula for our function, is,

00:04:15.390 --> 00:04:17.061
let me write it in black so we can see it.

00:04:17.061 --> 00:04:19.490
It's going to be 200, that's our a,

00:04:19.490 --> 00:04:24.490
times 1.5 to the t power.

00:04:25.090 --> 00:04:26.090
Now another way...

00:04:26.090 --> 00:04:28.160
Well actually let's just
think about the next question.

00:04:28.160 --> 00:04:31.040
What is the fine in euros
for Sarah's speeding ticket

00:04:31.040 --> 00:04:32.930
if she pays it on time?

00:04:32.930 --> 00:04:37.050
So paying it on time, that
implies that t is equal to zero.

00:04:37.050 --> 00:04:38.670
Or another way of thinking about it,

00:04:38.670 --> 00:04:41.810
we need to figure out her
fine for t equals zero.

00:04:41.810 --> 00:04:44.950
So we need to figure out F of zero.

00:04:44.950 --> 00:04:46.230
So what's F of zero?

00:04:46.230 --> 00:04:50.050
It's 200 times 1.5 to the zero power.

00:04:50.050 --> 00:04:52.520
1.5 to the zero power is one,

00:04:52.520 --> 00:04:57.330
so that's just going to
be equal to 200 euro.

00:04:57.330 --> 00:04:59.120
Now another way of thinking
about it is, well look,

00:04:59.120 --> 00:05:00.230
let's look at the common ratio.

00:05:00.230 --> 00:05:03.640
To go from 675 to 450

00:05:03.640 --> 00:05:06.060
you're essentially dividing
by the common ratio.

00:05:06.060 --> 00:05:10.330
To go from 450 to 300, you're
dividing by the common ratio.

00:05:10.330 --> 00:05:13.990
So then to go from t
equals one to t equals zero

00:05:13.990 --> 00:05:16.210
you would divide by the common ratio again

00:05:17.070 --> 00:05:19.610
and you would get to 200.

00:05:19.610 --> 00:05:20.820
Or another way of thinking about it

00:05:20.820 --> 00:05:24.480
is to go to successive
values, or successive months,

00:05:24.480 --> 00:05:27.390
every time we are multiplying
by the common ratio.

00:05:27.390 --> 00:05:30.060
Every time we are multiplying,

00:05:30.060 --> 00:05:34.793
we are multiplying by the common ratio.


One-sided limits from tables

WEBVTT
Kind: captions
Language: en

00:00:01.060 --> 00:00:02.660
- [Instructor] The function F is defined

00:00:02.660 --> 00:00:04.290
over the real numbers.

00:00:04.290 --> 00:00:07.100
This table gives select values of F.

00:00:07.100 --> 00:00:08.122
We have our table here.

00:00:08.122 --> 00:00:11.640
For these X values, it gives
the corresponding F of X.

00:00:11.640 --> 00:00:15.400
What is a reasonable estimate
for the limit of F of X

00:00:15.400 --> 00:00:20.060
as X approaches one from the left?

00:00:20.060 --> 00:00:21.440
So pause this video

00:00:21.440 --> 00:00:23.930
and see if you can figure
it out on your own.

00:00:23.930 --> 00:00:25.900
Alright, now let's work
through this together.

00:00:25.900 --> 00:00:29.020
So the first thing that is
really important to realize

00:00:29.020 --> 00:00:30.810
is when you see this X approaches one

00:00:30.810 --> 00:00:33.560
and you see this little
negative superscript here,

00:00:33.560 --> 00:00:36.320
this does not mean
approaching negative one,

00:00:36.320 --> 00:00:38.810
so this does not mean negative one.

00:00:38.810 --> 00:00:40.410
Sometimes your brain just sees a one

00:00:40.410 --> 00:00:41.740
and that little negative sign there,

00:00:41.740 --> 00:00:43.410
and you're like oh,
this must be a weird way

00:00:43.410 --> 00:00:44.243
of writing negative one,

00:00:44.243 --> 00:00:45.610
or you don't even think about it,

00:00:45.610 --> 00:00:46.810
but it's not saying that.

00:00:46.810 --> 00:00:48.860
It's saying, this is saying,

00:00:48.860 --> 00:00:50.510
let me put a little arrow here,

00:00:50.510 --> 00:00:54.700
this is the limit of F of X

00:00:54.700 --> 00:00:59.700
as X approaches one from the left,

00:00:59.810 --> 00:01:02.420
from the left.

00:01:02.420 --> 00:01:05.270
So from the left, how do we know that?

00:01:05.270 --> 00:01:07.580
Well that's what that
little negative tells us.

00:01:07.580 --> 00:01:09.510
It tells us we're approaching one

00:01:09.510 --> 00:01:12.060
from values less than one.

00:01:12.060 --> 00:01:14.330
If we were approaching one from the right,

00:01:14.330 --> 00:01:16.080
from values greater than one,

00:01:16.080 --> 00:01:19.930
that would be a positive
sign right over there.

00:01:19.930 --> 00:01:21.270
So let's think about it.

00:01:21.270 --> 00:01:24.950
We want the limit as X
approaches one from the left,

00:01:24.950 --> 00:01:26.700
and lucky for us on this table,

00:01:26.700 --> 00:01:30.540
we have some values of X
approaching one from the left.

00:01:30.540 --> 00:01:33.790
0.9, which is already pretty close to one,

00:01:33.790 --> 00:01:35.750
then we get even closer
to one from the left.

00:01:35.750 --> 00:01:37.210
Notice, these are all less than one,

00:01:37.210 --> 00:01:40.000
but they're getting
closer and closer to one.

00:01:40.000 --> 00:01:41.990
And so what we really wanna look at

00:01:41.990 --> 00:01:44.356
is what does F of X approach

00:01:44.356 --> 00:01:49.356
as X is getting closer and closer to one,

00:01:50.170 --> 00:01:53.020
from the left, from the left.

00:01:53.020 --> 00:01:56.124
And a key realization here is,

00:01:56.124 --> 00:01:58.560
if we're thinking about general limits,

00:01:58.560 --> 00:02:00.150
not just from one direction,

00:02:00.150 --> 00:02:01.090
then we might wanna look at

00:02:01.090 --> 00:02:03.300
from the left and from the right,

00:02:03.300 --> 00:02:05.330
but they're asking us only from the left,

00:02:05.330 --> 00:02:07.550
so we should only be
looking at these values

00:02:07.550 --> 00:02:08.500
right over here.

00:02:08.500 --> 00:02:11.020
In fact, we shouldn't even
let the value of F of X

00:02:11.020 --> 00:02:12.830
at X equal one confuse us.

00:02:12.830 --> 00:02:14.520
Sometimes and oftentimes,

00:02:14.520 --> 00:02:17.340
the limit is approaching a different value

00:02:17.340 --> 00:02:21.780
than the value of the
function at that point.

00:02:21.780 --> 00:02:23.000
So let's look at this.

00:02:23.000 --> 00:02:25.822
At 0.9, F of X is 2.5.

00:02:25.822 --> 00:02:28.570
When we get even closer
to one from the left,

00:02:28.570 --> 00:02:30.132
we go to 2.1.

00:02:30.132 --> 00:02:32.800
When we get even closer
to one from the left,

00:02:32.800 --> 00:02:35.360
we're getting even closer to two.

00:02:35.360 --> 00:02:38.990
So a reasonable estimate for
the limit as X approaches one

00:02:38.990 --> 00:02:40.862
from the left of F of X,

00:02:40.862 --> 00:02:44.940
it looks like F of X right over here

00:02:44.940 --> 00:02:47.060
is approaching two.

00:02:47.060 --> 00:02:48.200
We don't know for sure,

00:02:48.200 --> 00:02:50.660
that's why they're saying,
what is a reasonable estimate.

00:02:50.660 --> 00:02:52.830
It might be approaching 2.01

00:02:52.830 --> 00:02:55.520
or it might be approaching 1.999.

00:02:55.520 --> 00:02:56.930
On Khan Academy these will often be

00:02:56.930 --> 00:02:58.010
multiple choice questions,

00:02:58.010 --> 00:02:59.890
so you have to pick the
most reasonable one,

00:02:59.890 --> 00:03:03.230
it would not be fair if they
gave a 1.999 as a choice

00:03:03.230 --> 00:03:04.660
and 2.01,

00:03:04.660 --> 00:03:05.510
but if you were saying,

00:03:05.510 --> 00:03:07.540
hey, maybe this was
approaching a whole number,

00:03:07.540 --> 00:03:11.260
then two could be a reasonable
estimate right over here.

00:03:11.260 --> 00:03:12.450
Although it doesn't have to be two,

00:03:12.450 --> 00:03:15.530
it could be 2.01258,

00:03:15.530 --> 00:03:19.550
it might be what it is
actually approaching.

00:03:19.550 --> 00:03:22.010
So let's try another example here.

00:03:22.010 --> 00:03:24.610
Here it does look like
there's a reasonable estimate

00:03:24.610 --> 00:03:27.310
for the limit as we approach
this value from the left.

00:03:30.380 --> 00:03:32.120
So now, it says the function F

00:03:32.120 --> 00:03:34.210
is defined over the real numbers.

00:03:34.210 --> 00:03:36.240
This table gives select values of F,

00:03:36.240 --> 00:03:37.920
similar to the last question.

00:03:37.920 --> 00:03:40.050
What is a reasonable
estimate for the limit

00:03:40.050 --> 00:03:44.600
as X approaches negative
two from the left?

00:03:44.600 --> 00:03:45.630
So this is confusing.

00:03:45.630 --> 00:03:47.300
You see these two negative signs.

00:03:47.300 --> 00:03:48.690
This first negative sign tells us

00:03:48.690 --> 00:03:50.000
we're approaching negative two.

00:03:50.000 --> 00:03:52.080
We wanna say, what happens
we're approaching negative two,

00:03:52.080 --> 00:03:55.630
and we're gonna approach
once again from the left.

00:03:55.630 --> 00:03:57.870
So lucky for us, they have values of X

00:03:57.870 --> 00:04:00.170
that are approaching
negative two from the left,

00:04:00.170 --> 00:04:04.770
so this is X approaches
negative two from the left,

00:04:04.770 --> 00:04:07.820
so that is happening right over here.

00:04:07.820 --> 00:04:09.950
So that's these values.

00:04:09.950 --> 00:04:12.050
So notice, this is negative 2.05,

00:04:12.050 --> 00:04:13.890
then we get even closer, negative 2.01,

00:04:13.890 --> 00:04:17.450
then we get even closer, negative 2.002,

00:04:17.450 --> 00:04:18.670
and these are from the left

00:04:18.670 --> 00:04:21.190
because these are values
less than negative two,

00:04:21.190 --> 00:04:23.700
but they're getting closer
and closer to negative two.

00:04:23.700 --> 00:04:24.900
And so let's see,

00:04:24.900 --> 00:04:27.250
when we're a little bit
further, F of X is negative 20,

00:04:27.250 --> 00:04:28.890
we get a little bit
closer, it's negative 100,

00:04:28.890 --> 00:04:32.040
we get even a little bit
closer, it goes to negative 500.

00:04:32.040 --> 00:04:35.540
So it would be reasonable,
and we don't know for sure,

00:04:35.540 --> 00:04:37.480
this is just giving us a few sample points

00:04:37.480 --> 00:04:38.650
for this function,

00:04:38.650 --> 00:04:40.273
but if we follow this trend,

00:04:40.273 --> 00:04:44.220
as we get closer and
closer to negative two,

00:04:44.220 --> 00:04:45.350
without getting there,

00:04:45.350 --> 00:04:47.380
it looks like this is getting unbounded.

00:04:47.380 --> 00:04:50.020
It looks like it's becoming
infinitely negative.

00:04:50.020 --> 00:04:53.370
And so technically, it looks like this is,

00:04:53.370 --> 00:04:55.033
I would write this is unbounded,

00:04:57.190 --> 00:04:59.108
and so if this was a
multiple choice question,

00:04:59.108 --> 00:05:01.380
technically you would say the limit

00:05:01.380 --> 00:05:05.193
as X approaches negative two
from the left does not exist,

00:05:06.150 --> 00:05:09.590
does not exist.

00:05:09.590 --> 00:05:11.020
If someone asked the other question,

00:05:11.020 --> 00:05:12.570
if they said, what is the limit

00:05:13.490 --> 00:05:16.190
as X approaches negative two

00:05:16.190 --> 00:05:19.093
from the right of F of X,

00:05:20.000 --> 00:05:21.880
well then you would say,

00:05:21.880 --> 00:05:24.940
alright, well here are values
approaching negative two

00:05:24.940 --> 00:05:26.250
from the right,

00:05:26.250 --> 00:05:30.340
so this is X approaching
negative two from the right,

00:05:30.340 --> 00:05:31.390
right over here.

00:05:31.390 --> 00:05:33.450
And remember, when you're
looking at a limit,

00:05:33.450 --> 00:05:34.880
sometimes it might be distracting

00:05:34.880 --> 00:05:37.810
to look at the actual value
of the function at that point,

00:05:37.810 --> 00:05:39.100
so we wanna think about what is the value

00:05:39.100 --> 00:05:40.370
of the function approaching,

00:05:40.370 --> 00:05:43.380
as your X is approaching that value,

00:05:43.380 --> 00:05:45.330
as X is approaching, in
this case, negative two,

00:05:45.330 --> 00:05:46.430
from the right.

00:05:46.430 --> 00:05:47.820
So as we're getting closer and closer

00:05:47.820 --> 00:05:51.510
to negative two from values
larger than negative two,

00:05:51.510 --> 00:05:53.590
it looks like F of X is
getting closer and closer

00:05:53.590 --> 00:05:54.700
to negative four,

00:05:54.700 --> 00:05:56.740
which is F of negative two,

00:05:56.740 --> 00:05:59.110
but that actually seems
like a reasonable estimate.

00:05:59.110 --> 00:06:01.550
Once again, we don't
know absolutely for sure,

00:06:01.550 --> 00:06:03.290
just by sampling some points,

00:06:03.290 --> 00:06:07.280
but this would be a reasonable estimate.

00:06:07.280 --> 00:06:10.470
And in general, if you are
approaching different values

00:06:10.470 --> 00:06:12.910
from the left than from the right,

00:06:12.910 --> 00:06:14.610
then you would say, a that point,

00:06:14.610 --> 00:06:17.010
the limit of your function does not exist,

00:06:17.010 --> 00:06:18.910
and we have seen that in other videos.


Media as a linkage institution

WEBVTT
Kind: captions
Language: en

00:00:00.200 --> 00:00:02.510
- [Instructor] You have a government

00:00:02.510 --> 00:00:06.700
and you also have the
people that are governed,

00:00:06.700 --> 00:00:09.260
and in previous videos,
we talked about this idea

00:00:09.260 --> 00:00:11.880
of linkage institutions,
which are institutions

00:00:11.880 --> 00:00:13.910
that connect the government to the people

00:00:13.910 --> 00:00:15.500
and the people to the government

00:00:15.500 --> 00:00:17.490
so people know what's
going on in the government

00:00:17.490 --> 00:00:19.510
and so that the government
knows the preferences

00:00:19.510 --> 00:00:20.570
of the people.

00:00:20.570 --> 00:00:23.670
And examples of linkage institutions,

00:00:23.670 --> 00:00:25.470
let me just draw an arrow here,

00:00:25.470 --> 00:00:27.220
examples of

00:00:27.220 --> 00:00:29.700
linkage institutions

00:00:29.700 --> 00:00:31.450
might be elections where
the people are able

00:00:31.450 --> 00:00:33.210
to communicate their preferences,

00:00:33.210 --> 00:00:36.840
parties where that could
obviously influence elections,

00:00:36.840 --> 00:00:38.610
but also influence policies.

00:00:38.610 --> 00:00:40.080
You have various interest groups,

00:00:40.080 --> 00:00:43.523
but what we're gonna focus on
in this video is the media.

00:00:44.580 --> 00:00:47.420
Now, there's one pure view of the media

00:00:47.420 --> 00:00:49.910
and sometimes it's
called the fourth estate

00:00:49.910 --> 00:00:52.000
where it has a central role in government,

00:00:52.000 --> 00:00:55.070
where the goal is to hold
the government accountable,

00:00:55.070 --> 00:00:59.010
to inform the people, to
have this pure objective view

00:00:59.010 --> 00:01:01.300
of what is going on with the government

00:01:01.300 --> 00:01:02.930
and bring it to the people

00:01:02.930 --> 00:01:06.910
and then help the people hold
the government accountable,

00:01:06.910 --> 00:01:09.500
and also help the
government know objectively

00:01:09.500 --> 00:01:11.940
what the people are thinking.

00:01:11.940 --> 00:01:15.740
And that is an idea that many
in the media may strive for,

00:01:15.740 --> 00:01:18.270
but you have to think about,
what are the incentives?

00:01:18.270 --> 00:01:22.400
What makes the media relevant
and how do they exist?

00:01:22.400 --> 00:01:25.850
Most media outlets are
for-profit organizations

00:01:25.850 --> 00:01:27.950
and so, let me make a few of these.

00:01:27.950 --> 00:01:30.220
Let's say that we have
this one right over here.

00:01:30.220 --> 00:01:32.600
I'll call this media outlet one.

00:01:32.600 --> 00:01:34.090
Let me do this one right over here,

00:01:34.090 --> 00:01:36.823
let's call this media outlet two.

00:01:37.710 --> 00:01:40.490
As for-profit organizations,
they need to get revenue

00:01:40.490 --> 00:01:42.530
so they can get their profit somehow,

00:01:42.530 --> 00:01:46.220
and for most of them, it
comes through ad revenue.

00:01:46.220 --> 00:01:49.960
So, those ad dollars that
are shown during the news

00:01:49.960 --> 00:01:51.540
or during a TV show.

00:01:51.540 --> 00:01:53.530
And so, you might guess that,

00:01:53.530 --> 00:01:55.330
hey, if I need to get ad revenue,

00:01:55.330 --> 00:01:58.330
advertisers aren't going to
wanna show ads on a station

00:01:58.330 --> 00:02:00.040
that's not getting any viewership,

00:02:00.040 --> 00:02:00.873
so they're going to say,

00:02:00.873 --> 00:02:03.510
hey, how do we get maximum viewership?

00:02:03.510 --> 00:02:07.300
One argument might be, hey, we
wanna be the most objective,

00:02:07.300 --> 00:02:08.910
high-quality news source,

00:02:08.910 --> 00:02:11.270
and that is a strategy
that could be approached,

00:02:11.270 --> 00:02:14.070
or they could say, hey,
maybe I could cater

00:02:14.070 --> 00:02:15.920
to certain belief systems,

00:02:15.920 --> 00:02:19.040
to, maybe, left-leaning
folks or right-leaning folks.

00:02:19.040 --> 00:02:22.430
If you were to say that
this is the distribution

00:02:22.430 --> 00:02:26.020
of people in our
population right over here

00:02:26.020 --> 00:02:30.020
where people on this side lean left

00:02:30.020 --> 00:02:33.290
and then people on the
right side right over here

00:02:33.290 --> 00:02:36.040
lean to the right, and
these are people in between,

00:02:36.040 --> 00:02:37.910
there absolutely is a strategy

00:02:37.910 --> 00:02:41.410
where maybe if you are
this media outlet, you say,

00:02:41.410 --> 00:02:43.980
hey, I wanna be centrist.

00:02:43.980 --> 00:02:47.050
Maybe give equal time,
equal views to either side

00:02:47.050 --> 00:02:49.030
and maybe I get that viewership.

00:02:49.030 --> 00:02:50.610
But you could also have a strategy,

00:02:50.610 --> 00:02:53.380
well, what if I wanna
capture all of these folks?

00:02:53.380 --> 00:02:55.150
Well, what they might
wanna hear is something

00:02:55.150 --> 00:02:56.870
that's more critical of the right,

00:02:56.870 --> 00:02:59.700
that reinforces their left beliefs

00:02:59.700 --> 00:03:01.370
and so I could cater to that.

00:03:01.370 --> 00:03:05.050
Similarly, you might have
something on the right saying,

00:03:05.050 --> 00:03:07.510
I could capture all of this audience here

00:03:07.510 --> 00:03:09.610
by helping, to some degree, telling them

00:03:09.610 --> 00:03:12.830
what they want to hear,
and maybe in some level,

00:03:12.830 --> 00:03:14.960
reinforcing their beliefs.

00:03:14.960 --> 00:03:16.940
But by doing that, I get a large audience

00:03:16.940 --> 00:03:19.160
and I'm able to sell a lot of ads.

00:03:19.160 --> 00:03:21.470
It's an interesting
debate whether it is good

00:03:21.470 --> 00:03:24.240
or bad that you have these media outlets

00:03:24.240 --> 00:03:26.690
that might cater to certain ideologies,

00:03:26.690 --> 00:03:28.490
but even if they are,
they're still performing

00:03:28.490 --> 00:03:31.500
the role on some level
as a linkage institution.

00:03:31.500 --> 00:03:33.520
Because these folks are trying to cater

00:03:33.520 --> 00:03:36.210
and understand what
their viewership wants,

00:03:36.210 --> 00:03:38.330
that is a signal to the government that,

00:03:38.330 --> 00:03:39.740
okay, at least the demographic

00:03:39.740 --> 00:03:41.600
that watches media station one,

00:03:41.600 --> 00:03:43.350
this is the kind of stuff
they're thinking about.

00:03:43.350 --> 00:03:45.890
And the demographic that
watches media station two,

00:03:45.890 --> 00:03:48.750
these are the things that
they are thinking about.

00:03:48.750 --> 00:03:51.760
So, it does communicate,
in some way, to government,

00:03:51.760 --> 00:03:54.660
but you could imagine, almost
every media outlet is trying

00:03:54.660 --> 00:03:57.770
to market that they are
that ideal objective.

00:03:57.770 --> 00:03:59.520
And here's an example of that

00:03:59.520 --> 00:04:01.790
where a media outlet is
actually reporting on

00:04:01.790 --> 00:04:05.300
how non-objective other media
outlets are in their opinion

00:04:05.300 --> 00:04:08.240
or perhaps in the
opinion of their viewers.

00:04:08.240 --> 00:04:10.060
- Tonight, a fair and balanced examination

00:04:10.060 --> 00:04:12.000
of the mainstream media's bias

00:04:12.000 --> 00:04:14.110
with three glaring new examples.

00:04:14.110 --> 00:04:15.890
First up, Donald Trump is firing

00:04:15.890 --> 00:04:17.810
back at the Washington Post after learning

00:04:17.810 --> 00:04:20.820
the paper's devoted an army of 20 staffers

00:04:20.820 --> 00:04:23.603
to dig up dirt on every
nook and cranny of his life.

00:04:24.550 --> 00:04:26.560
- [Instructor] Now, another
dimension to appreciate

00:04:26.560 --> 00:04:29.190
how the media, as a linkage institution,

00:04:29.190 --> 00:04:30.500
might influence government,

00:04:30.500 --> 00:04:33.110
or frankly, might influence
other linkage institutions

00:04:33.110 --> 00:04:36.270
like elections, is how
they report on things.

00:04:36.270 --> 00:04:38.440
Remember, they're trying to get viewership

00:04:38.440 --> 00:04:41.020
because the viewership is
what makes the advertisers

00:04:41.020 --> 00:04:43.210
wanna advertise on their media outlets,

00:04:43.210 --> 00:04:45.410
and so, to get viewership, one strategy is

00:04:45.410 --> 00:04:47.810
to make things really exciting.

00:04:47.810 --> 00:04:49.930
Make it look like a sports competition,

00:04:49.930 --> 00:04:51.930
make it look like a horse race.

00:04:51.930 --> 00:04:54.810
And you see this,
especially during elections,

00:04:54.810 --> 00:04:57.840
that oftentimes the focus may
not even be on the substance,

00:04:57.840 --> 00:05:00.560
it's really on who's
leading at a given time.

00:05:00.560 --> 00:05:02.430
That can sometimes influence the election

00:05:02.430 --> 00:05:04.750
and give that person
extra momentum regardless

00:05:04.750 --> 00:05:06.460
of what their actual positions are.

00:05:06.460 --> 00:05:08.860
And here is an example of that.

00:05:08.860 --> 00:05:10.660
- Hillary Clinton is extending her lead

00:05:10.660 --> 00:05:12.800
over Donald Trump in
several national polls.

00:05:12.800 --> 00:05:15.030
CNN is releasing a
brand new poll of polls,

00:05:15.030 --> 00:05:16.680
which is an average of the six

00:05:16.680 --> 00:05:19.000
last surveys and it shows Donald Trump

00:05:19.000 --> 00:05:22.280
trailing Hillary Clinton by 10 points,

00:05:22.280 --> 00:05:24.483
so how does he close that gap?

00:05:25.670 --> 00:05:26.680
- [News Anchor] Donald Trump's reached

00:05:26.680 --> 00:05:28.760
new heights in the latest Fox News poll.

00:05:28.760 --> 00:05:31.010
With 39% of Republicans nationwide,

00:05:31.010 --> 00:05:33.590
he's more than doubling Ted Cruz at 18.

00:05:33.590 --> 00:05:35.860
Marco Rubio and Ben
Carson are virtually tied

00:05:35.860 --> 00:05:38.010
for third within the
poll's margin of error.

00:05:38.010 --> 00:05:40.760
- [Instructor] So, the media,
definitely a very important

00:05:40.760 --> 00:05:43.400
linkage institution in our society,

00:05:43.400 --> 00:05:44.680
but it's really interesting

00:05:44.680 --> 00:05:47.000
to think about the
various incentives for it

00:05:47.000 --> 00:05:49.120
and how that might influence its actions

00:05:49.120 --> 00:05:50.280
as a linkage institution

00:05:50.280 --> 00:05:52.740
and how its motivations might even affect

00:05:52.740 --> 00:05:55.133
other linkage institutions like elections.


Selective incorporation

WEBVTT
Kind: captions
Language: en

00:00:00.760 --> 00:00:01.630
- [Presenter] Let's talk a little bit

00:00:01.630 --> 00:00:04.910
about selective incorporation.

00:00:04.910 --> 00:00:07.470
You are already likely
familiar that the first

00:00:07.470 --> 00:00:09.640
10 amendments of the
United States Constitution

00:00:09.640 --> 00:00:11.040
are the Bill of Rights.

00:00:11.040 --> 00:00:14.000
Bill of Rights.

00:00:14.000 --> 00:00:16.170
And especially the first eight of these

00:00:16.170 --> 00:00:19.690
are all about protecting
individuals rights.

00:00:19.690 --> 00:00:21.890
So you have those rights.

00:00:21.890 --> 00:00:23.150
But then there's a question.

00:00:23.150 --> 00:00:25.890
To what degree are these rights protected

00:00:25.890 --> 00:00:28.160
against state laws?

00:00:28.160 --> 00:00:30.950
This became a little bit
clearer once the 14th Amendment

00:00:30.950 --> 00:00:33.830
came along and just to remind ourselves

00:00:33.830 --> 00:00:35.760
here's section one of the 14th Amendment.

00:00:35.760 --> 00:00:39.010
We really want to zero is
on the due process clause,

00:00:39.010 --> 00:00:43.817
which says, "nor shall any
state deprive any person

00:00:43.817 --> 00:00:48.817
"of life, liberty, or property,
without due process of law."

00:00:49.370 --> 00:00:51.930
Now, some have argued
for total incorporation

00:00:51.930 --> 00:00:54.210
that says the 14th
Amendment's making it clear

00:00:54.210 --> 00:00:57.680
that the state cannot
infringe on these rights.

00:00:57.680 --> 00:00:58.870
But what has happened,

00:00:58.870 --> 00:01:00.880
especially in the United
States Supreme Court,

00:01:00.880 --> 00:01:02.310
is that on various decisions,

00:01:02.310 --> 00:01:05.830
maybe this was something
involving the 5th Amendment,

00:01:05.830 --> 00:01:08.330
they've ruled that the rights
described by that amendment

00:01:08.330 --> 00:01:11.020
can't be limited by a state law.

00:01:11.020 --> 00:01:13.290
So they would have
selectively incorporated

00:01:13.290 --> 00:01:15.450
the 5th Amendment from the Bill of Rights

00:01:15.450 --> 00:01:18.470
and decision on what the
state can and cannot do,

00:01:18.470 --> 00:01:21.310
and their justification
there's a due process clause

00:01:21.310 --> 00:01:23.170
of the 14th Amendment.

00:01:23.170 --> 00:01:25.170
And to make that a
little bit more tangible

00:01:25.170 --> 00:01:28.740
we can look at some
relatively recent cases.

00:01:28.740 --> 00:01:31.160
In 2008 you have the case

00:01:31.160 --> 00:01:33.920
District of Columbia versus Heller.

00:01:33.920 --> 00:01:37.260
This is a really interesting
case around the 2nd Amendment.

00:01:37.260 --> 00:01:39.750
The District of Columbia,
Washington, D.C.,

00:01:39.750 --> 00:01:42.450
had a law that banned hand guns.

00:01:42.450 --> 00:01:45.170
So one of the residents
challenges that hand gun ban

00:01:45.170 --> 00:01:47.920
and it goes all the way to the
United States Supreme Court.

00:01:47.920 --> 00:01:51.950
And in the decision on District
of Columbia versus Heller

00:01:51.950 --> 00:01:54.320
the United States Supreme Court says that

00:01:54.320 --> 00:01:56.500
the District of Columbia cannot pass a law

00:01:56.500 --> 00:01:59.710
that violates Heller's 2nd Amendment right

00:01:59.710 --> 00:02:04.030
because of the due process
clause of the 14th Amendment.

00:02:04.030 --> 00:02:06.380
But that still left a
little bit of an opening.

00:02:06.380 --> 00:02:10.660
You fast forward and in
2010 you have another

00:02:10.660 --> 00:02:12.690
similar case go to the Supreme Court.

00:02:12.690 --> 00:02:14.910
This is McDonald versus Chicago.

00:02:14.910 --> 00:02:17.280
Chicago had a similar hand gun ban,

00:02:17.280 --> 00:02:20.530
and McDonald was a resident of Chicago.

00:02:20.530 --> 00:02:23.100
The government in
Chicago argued that okay,

00:02:23.100 --> 00:02:24.590
the District of Columbia versus Heller

00:02:24.590 --> 00:02:27.350
does not apply to us because
that was a federal district

00:02:27.350 --> 00:02:31.520
and it would not apply to
something that is part of a state.

00:02:31.520 --> 00:02:34.320
Well, the Supreme Court
disagreed with Chicago

00:02:34.320 --> 00:02:36.610
and took the side of McDonald.

00:02:36.610 --> 00:02:38.760
They selectively incorporated

00:02:38.760 --> 00:02:41.070
using the 14th Amendment
as their justification.

00:02:41.070 --> 00:02:43.390
They said look, the state cannot deprive

00:02:44.355 --> 00:02:46.120
any person of their liberties.

00:02:46.120 --> 00:02:48.710
So they selectively
incorporated the 2nd Amendment

00:02:48.710 --> 00:02:51.390
into that decision and made it very clear

00:02:51.390 --> 00:02:54.360
that a state cannot pass
a law that infringes

00:02:54.360 --> 00:02:57.330
on people's 2nd Amendment rights.

00:02:57.330 --> 00:02:59.940
So big picture, selective incorporation,

00:02:59.940 --> 00:03:02.710
it's the doctrine where judicial decisions

00:03:02.710 --> 00:03:05.160
incorporate rights from the Bill of Rights

00:03:05.160 --> 00:03:07.880
to limit laws from
states that are perceived

00:03:07.880 --> 00:03:09.800
to infringe on those rights,

00:03:09.800 --> 00:03:12.400
and the justification comes
from the 14th Amendment.


Cost and duration of modern campaigns

WEBVTT
Kind: captions
Language: en

00:00:00.610 --> 00:00:01.510
- [Instructor] What we're
going to do in this video

00:00:01.510 --> 00:00:03.410
is talk about modern campaigns.

00:00:03.410 --> 00:00:06.050
In particular, we're
gonna talk about the cost

00:00:06.050 --> 00:00:08.510
and the duration of modern campaigns,

00:00:08.510 --> 00:00:10.070
especially in the United States.

00:00:10.070 --> 00:00:12.110
And this graphic here, which comes from

00:00:12.110 --> 00:00:13.920
the Campaign Finance Institute,

00:00:13.920 --> 00:00:17.330
and it's based on data from
the Federal Election Committee,

00:00:17.330 --> 00:00:21.230
it clearly shows how the cost
of congressional campaigns

00:00:21.230 --> 00:00:25.850
have increased dramatically since 1986.

00:00:25.850 --> 00:00:27.760
If you look at nominal dollars

00:00:27.760 --> 00:00:29.100
for the House of Representatives,

00:00:29.100 --> 00:00:31.070
so this is just the actual dollar amount,

00:00:31.070 --> 00:00:34.140
you see it's almost grown
by a factor of four or five.

00:00:34.140 --> 00:00:36.520
But even if you adjust it for inflation,

00:00:36.520 --> 00:00:40.440
the cost has doubled for
your average House campaign.

00:00:40.440 --> 00:00:43.660
And you see a similar trend
in the Senate campaigns,

00:00:43.660 --> 00:00:45.550
where, even adjusted for inflation,

00:00:45.550 --> 00:00:47.920
the cost of your average Senate campaign

00:00:47.920 --> 00:00:50.330
has increased by 50%.

00:00:50.330 --> 00:00:53.890
Now, this also does not capture
all of the outside money,

00:00:53.890 --> 00:00:56.330
things like super PACs and whatever else.

00:00:56.330 --> 00:01:00.260
If you fast-forward to 2016,
your average Senate campaign

00:01:00.260 --> 00:01:02.700
costs a little over 10 million dollars.

00:01:02.700 --> 00:01:04.300
But there's about that much money,

00:01:04.300 --> 00:01:05.840
approximately 10 million dollars,

00:01:05.840 --> 00:01:09.260
that also comes in from
things like super PACs.

00:01:09.260 --> 00:01:12.110
And so it's totalling
near 20 million dollars

00:01:12.110 --> 00:01:14.940
for a Senate campaign, on average.

00:01:14.940 --> 00:01:17.770
And so particularly competitive campaigns

00:01:17.770 --> 00:01:20.480
can be a lot more than even that.

00:01:20.480 --> 00:01:22.850
And if you wanna talk
about really big money,

00:01:22.850 --> 00:01:26.020
you just have to look at
presidential campaigns.

00:01:26.020 --> 00:01:27.450
So this right over here is

00:01:27.450 --> 00:01:30.840
the last presidential campaign, in 2016.

00:01:30.840 --> 00:01:33.210
And you can see that Hillary Clinton's

00:01:33.210 --> 00:01:37.660
candidate committee money was
over half a billion dollars.

00:01:37.660 --> 00:01:39.840
She actually had a good
bit more than Donald Trump.

00:01:39.840 --> 00:01:42.000
And she had a good bit more outside money.

00:01:42.000 --> 00:01:43.960
But the entire Hillary Clinton campaign

00:01:43.960 --> 00:01:47.510
had a nearly 800 million dollar budget.

00:01:47.510 --> 00:01:50.710
And if you combine Hillary
Clinton plus Donald Trump,

00:01:50.710 --> 00:01:54.640
you have a total of 1.2 billion dollars

00:01:54.640 --> 00:01:56.760
for the 2016 campaign.

00:01:56.760 --> 00:02:00.060
In 1980, the total was 92 million.

00:02:00.060 --> 00:02:02.520
So, more than a 12-fold increase.

00:02:02.520 --> 00:02:04.740
And even if you were to
adjust for inflation,

00:02:04.740 --> 00:02:07.160
which these numbers are
not, but even if you did,

00:02:07.160 --> 00:02:09.640
you would see a several-fold increase

00:02:09.640 --> 00:02:12.050
in the cost of a campaign.

00:02:12.050 --> 00:02:14.010
So when you look at
these types of numbers,

00:02:14.010 --> 00:02:16.370
there's a couple of interesting
questions that come up.

00:02:16.370 --> 00:02:18.690
One is, what is the money for?

00:02:18.690 --> 00:02:21.193
Money for what?

00:02:22.290 --> 00:02:24.850
Well, there's many answers to that.

00:02:24.850 --> 00:02:27.720
One is, is that, especially
in a presidential campaign,

00:02:27.720 --> 00:02:30.080
and to a lesser degree in
a congressional campaign,

00:02:30.080 --> 00:02:33.890
the campaigns have to pay
professional, full-time staffers.

00:02:33.890 --> 00:02:38.890
So campaign, campaign staff.

00:02:38.950 --> 00:02:41.130
You'll often have a lot of volunteers,

00:02:41.130 --> 00:02:46.130
but for example, Hillary Clinton, in 2016,

00:02:46.310 --> 00:02:50.330
had approximately 4200 people on payroll,

00:02:50.330 --> 00:02:52.180
where about 800 people were working

00:02:52.180 --> 00:02:53.770
directly for her campaign,

00:02:53.770 --> 00:02:56.760
another 400 with the
Democratic National Committee,

00:02:56.760 --> 00:03:00.380
and roughly 3000 people with
state Democratic parties

00:03:00.380 --> 00:03:02.020
in the battleground states.

00:03:02.020 --> 00:03:03.130
And beyond, on the staff,

00:03:03.130 --> 00:03:05.860
you also might have paid
political consultants.

00:03:05.860 --> 00:03:07.550
Now, what do all these people do?

00:03:07.550 --> 00:03:10.610
Well, they come up with
a campaign strategy.

00:03:10.610 --> 00:03:12.360
Some of them will do polling,

00:03:12.360 --> 00:03:15.210
to understand the sentiment
in the larger population

00:03:15.210 --> 00:03:17.560
on specific issues or on the candidate.

00:03:17.560 --> 00:03:19.150
And they will do a lot of

00:03:19.150 --> 00:03:21.790
campaign advertising and marketing.

00:03:21.790 --> 00:03:23.720
Advertising.

00:03:23.720 --> 00:03:25.180
And so the staff will think about,

00:03:25.180 --> 00:03:26.910
well, what kind of
advertising do we need to do?

00:03:26.910 --> 00:03:28.510
And then a large chunk of the money

00:03:28.510 --> 00:03:31.450
actually goes to the advertising itself.

00:03:31.450 --> 00:03:33.760
Advertising.

00:03:33.760 --> 00:03:35.900
Especially in mass media,
if we're thinking about

00:03:35.900 --> 00:03:38.300
radio and television.

00:03:38.300 --> 00:03:39.760
Now, an interesting question is,

00:03:39.760 --> 00:03:42.360
given that in the 2016 campaign

00:03:42.360 --> 00:03:45.410
Hillary Clinton outspent
Donald Trump by so much,

00:03:45.410 --> 00:03:49.030
how was he able to
actually win that campaign?

00:03:49.030 --> 00:03:51.900
Well, there's several
possible explanations to that.

00:03:51.900 --> 00:03:53.320
One is, is that Donald Trump was

00:03:53.320 --> 00:03:55.850
very effective at
getting himself attention

00:03:55.850 --> 00:03:57.670
that he didn't have to spend money for.

00:03:57.670 --> 00:03:59.950
On top of that, a trend that has emerged

00:03:59.950 --> 00:04:02.770
really since the 2008 Obama campaign

00:04:02.770 --> 00:04:07.680
is the increasing use of
social media in campaigns.

00:04:07.680 --> 00:04:10.030
Before social media became a major player,

00:04:10.030 --> 00:04:13.860
most of that energy really
was in mass media advertising.

00:04:13.860 --> 00:04:15.560
But now with social media,

00:04:15.560 --> 00:04:18.430
you could cater a message
to specific groups.

00:04:18.430 --> 00:04:19.760
You could focus your message.

00:04:19.760 --> 00:04:21.750
You could activate your base more.

00:04:21.750 --> 00:04:23.450
And so more and more, social media,

00:04:23.450 --> 00:04:25.970
which is currently a lot less expensive

00:04:25.970 --> 00:04:27.870
than, say, TV advertising,

00:04:27.870 --> 00:04:31.860
is becoming a bigger and
bigger part of campaigns.

00:04:31.860 --> 00:04:35.170
Now, a last answer to the
question of why so much money

00:04:35.170 --> 00:04:40.000
is that you have long
campaigns in the United States.

00:04:40.000 --> 00:04:41.860
In some countries, the campaigns might be

00:04:41.860 --> 00:04:43.680
anywhere from two to six weeks.

00:04:43.680 --> 00:04:46.090
In the United States, the formal campaign,

00:04:46.090 --> 00:04:47.830
if you think about the first primaries,

00:04:47.830 --> 00:04:49.520
it's in February of an election year

00:04:49.520 --> 00:04:51.200
in a presidential cycle,

00:04:51.200 --> 00:04:53.200
and then the election is in November.

00:04:53.200 --> 00:04:55.950
So you're looking at
roughly nine to 10 months

00:04:55.950 --> 00:04:58.970
from the first primary and
caucuses to the election.

00:04:58.970 --> 00:05:01.170
But well before the first caucus,

00:05:01.170 --> 00:05:03.760
you're going to have
the various candidates

00:05:03.760 --> 00:05:06.670
raising money and trying
to get name recognition.

00:05:06.670 --> 00:05:09.330
And so the actual campaign
and money raising,

00:05:09.330 --> 00:05:13.230
for a lot of these candidates,
might be closer to two years.

00:05:13.230 --> 00:05:16.530
And so you can imagine, if
you're spending two years

00:05:16.530 --> 00:05:19.050
with consultants, trying
to do advertising,

00:05:19.050 --> 00:05:20.000
just so you have a showing

00:05:20.000 --> 00:05:22.930
in some of those first
caucuses and primaries,

00:05:22.930 --> 00:05:26.510
well, that's going to
cost you a lot of money.

00:05:26.510 --> 00:05:27.700
Now, it's for you to think about

00:05:27.700 --> 00:05:30.440
whether these are good or bad things.

00:05:30.440 --> 00:05:31.970
Many people would argue that having

00:05:31.970 --> 00:05:33.630
such a long election cycle

00:05:33.630 --> 00:05:36.140
doesn't allow a lot of
focus on other things.

00:05:36.140 --> 00:05:37.750
Especially if someone's the incumbent,

00:05:37.750 --> 00:05:39.320
if they are campaigning the whole time,

00:05:39.320 --> 00:05:40.820
can they even govern?

00:05:40.820 --> 00:05:43.220
And then another argument
against all of this money

00:05:43.220 --> 00:05:45.360
is it might put too much influence

00:05:45.360 --> 00:05:48.150
in the hands of people who can give money.

00:05:48.150 --> 00:05:49.693
I'll let you think about that.