An Introduction to the Edgeworth Box Diagram
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- เผยแพร่เมื่อ 5 ก.ย. 2024
- Tutorial on the Edgeworth Box Diagram including the contract line and marginal rates of substitutions (MRS). Typically used in microeconomics and international economics.
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Playlist on Consumer Theory (includes indifference curves)
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7 years later and this 9 minute video has been more helpful and informative than my lecturer could be in an entire semester. Thank you for this awesome video!
wow this 9 min video helped me learn this material so much better than my professor who lectured for 90 mins. LOL thank u so much i have a midterm in 2 days
+helloelloh Great to hear and good luck in your classes too. Hopefully you will get a chance to share and like the videos. This will help others find them.
bk me too dude.
can't agree more. wish i'd seen this earlier (cry)
Very clear and useful, thanks
Same
I feel somehow embarrassed. I was searching up Edgeworth's theme from Ace Attorney and somehow ended up here. Regardless, you video looks very educational and if I go into economics, I will remember it.
well, did u pursue econ?
As an economics student i can say
OBJECTION!
I study business in Germany and even though I am not used to the english terms for the pareto-efficiency, I understood everything you explained immediately. When I looked at the pages that my professor provided, I had no clue, even though it was in German! Good job and thank you so much! It all makes sense now.
All the best!
Even 10 years later, this video is still amazing and useful. Thanks for this.
This is magnificent, glorious, extravagant and a masterpiece. Thank you
It's truely nice..... I never thought 10 yrs ago u have uploaded this video to be watched by me 1 day before my exam even before 10.yrs I haven't a smartphone also... But you have done amazing ❤️🔥
Excellent video - this is where animation shows things so clearly that pure text makes difficult to explain. A picture really is worth a thousand words, especially moving pictures!! Big big thanks!
I certainly will be watching this for a second time, shortly, because the explanation was clearer than I expected it to be, compared to being introduced to this by lecturers, 4 months ago. I will subscribe too, which I am surprised to have not done!
Thank you good sir! Our lecture briefly introducing Edgeworth Boxes was so cluttered, I couldn't follow. Clean visuals, a coherent/concise explanation, and all of this just under 10 mins. Absolutely GOATed.
Understanding this economic principle has led me to take action, forming a tech startup! We will optimize for the Pareto principle and increase tangency points for our users! Efficient trades = happy people! Great video 🎉
I´m german and I don´t even know the english language but because of the genious representations and pictures I think I understood it right now, thank you a lot! :)
Many thanks for the positive feedback. I plan on adding more and more tutorials. I have maintained for a long time that Economics lends itself nicely to animations.
Why do i find myself on youtube while studying on economics ?
Really helped me a lot for mid-term. Much appreciated.
Thank you for the enlightening video! I am a strong believer that economic concepts can be grasped more effectively with such comprehensive graphic illustrations. =)
91chansm Appreciate your comments and I have thought animations would make learning economics (and other subjects much easier). I am curious do you teach economics or just have passing interest in the subject.
Fantastic intro to edgeworth box. I spent ages on books, lecture notes etc trying to unerstand this when this great video was just a click away!
To learn visually are much more efficient than learning by text/language communication in general. Good one, thanks!!
Very brief but with golden level of explanation, ready for it. Thanks.
this made me fell in love w economics all over again coz of how good the video is😍❤ thankyou
I'm writing an exam on this tomorrow and this video really helped me to understand the edgeworth box better, thanks.
Thank you so much sir!! I spent one whole day reading my textbook & wikipedia but still couldn't understand how the two would exchange according to the diagram. And I was feeling reaaaally stupid lol. But this 9 min video explains EVERYTHING! You really saved my day!
Very easy and understandable explanation.👍
this video was very efficient and helped me to understand how simple the concept was .thanks alot
I don't know how to express my gratitude!!! thank you so much !!!
Nicely presented ... It helps me to remove all the doubts I have for the Pareto optimality and the use of edge work box for my economics exam tomorrow haha ! Have a great day sir!
Brilliantly explained. Students should love this. Thanks indeed for uploading.
Extremely good treatment of this topic.
Thanks sir, ur lecture just made my day
this is such a good video and explanation holy cow
Beautifully explained. Thanks a looot!!!
What an excellent video !!! Thank you from France.
Thank you so much! I love the clarity when you explain the meaning of everything step by step! You helped me a lot!
Are you serious.. this tutorial is the dope.
I am in the University of Iceland and the way she explained it was way more complicated. This is an example of how teaching can be more effective and efficient.
In another matter, this video is from 2011, have you stopped making tutorials ?
Nebojsa Kospenda I have not stopped making tutorials. When I create tutorials I hope they have a long shelf life. I you check out my channel on (www.TH-cam.Com/economicsfun) you will see more recent tutorials. I do have tutorials on statistics, calculus and algebra (www.MyBookSucks.Com). Thanks for your comments and good luck in your studies.
I have never been to Iceland, but I heard it is nice. Hope to visit someday.
this is great!!! animation is awesome and explanation is very clear and straight to the point. thank you!
lalaleenax You are very welcome. I have thought for a long time that economics lends itself to animation. It is great to hear the videos are helping you. Good luck in your classes too.
I wish you were my proff your explanation is better that my proff who taught for 2 hours and still could not understand
Thank you!! I've never encountered this material before, as I'm switching between two different economic departments, and this was wonderfully clear!
Thanks! This is one of those topics with animation really helps with understanding.
😅😅I have exams tomorrow, I have been struggling to grasp the EdgeWorth box but I just couldnt get it. This video has made it so easy,, I hope that egoistic lecturer brings this in the exam, she won't see it coming, she won't know what hit her😂😂
@polvotierno I appreciate your observation but I am not sure I understand your point. The term efficiency in economics does not mean "good" or "perfect." It means in this case, "neither Joe nor David" can be better off without the other being worse off. The term, "efficiency" in economics means, "no one consumer can be better off without hurting another consumer."
Super clear! Thank you! Better than my professor!
I wanted to say thank you very much for this video. I've been really struggling in my international trade class and this video helped me understand the concept a lot better! Just in time for my midterm too. :P
แปลกแต่จริง หนูฟังอาจารย์คนไทยสอนแล้วไม่เข้าใจ มาดูในนี้เข้าใจเฉยเลย ขอบคุนค่ะ LOL
Thank you
easy to understand, very clear, thank you for this explanation
Really I need to appreciate ur hard work ...thanks a lot sir 😄
dude for a passion project this video is so well made, as a part-time teacher in tech-bereft India I would really benefit from a tutorial (or more) on how to make similar videos. Thanks for this video anyway =)
I am looking for a video that shows the equations as well that go along with this.
Great video, i like the clear graphical representation, subscribed!
Grateful for the explanation. Thank you!
In any trade situation, including the Pareto optimality, both trading partners can be better off. In fact, this one of the benefits of trade.
Thanks for the compliment. Btw, you have a great name for economics!
Thanks a lot Sir for the time you have taken to make this video!
Amazing presentation..ive understood everything clearly
You sir are awsome......thank you so much for explaining this in such a lovely fashion
wish my lecturers would take the effort to produce animations like these!
You make it look so easy. Great!
Thank you so much for the animation and such a clear explanation sir! This helped me a lot!
Thanks for your compliment. The only related videos would be on indifference curves (I all a link in the video description).
Questions are always great, so ask away. The only thing is TH-cam limits you on the length of your question. Some students go to MyBookSucks on FaceBook and post questions. FB does not limit you on the length and if you post your question as a message you can add attachments.
Thank you for saving my semester.
please continue with more such informative tutorials, thanx
Fantastic video, thank you for posting it and helping people
Great video, i like the animation a lot
Allen Lai Some of those animations take a very long time to create, I am happy to see that many of my videos are having a long shelf live. Hopefully you will like, share, subscribe. It will help others find the videos.
Thanks from Brazil. Subscribed.
In my classes, once the theory or basics are understood it is easier for students to understand more advance topics. In the near future, I plan on having videos from the simplest all the way through the calculus proof.
The idea of this video was just to introduce the edgeworth box diagram, how the contract curve is developed, and it is just two indifference maps stuck together. Again, just an introduction video more videos on this topic are coming.
So "Like" MyBookSucks on Facebook.
Beautifully explained, thank you so much!
An indifference curve also represents a condition that a person may have to accept beyond their control and try to be satisfied with. Other indifference curves may be preferable.
If a person must accept a diet deficient in calories and the other person has more calories than they need, then both can be made better off by reallocating some food to the person whose diet is deficient in calories.
The analogy assumes that indifference curves are not equal and some may be socially preferable.
Does this box update autopsy reports?
mind blowing outstanding lecture....
this video is made very well to understand. i wish my professor watch this and learn better skills to teach.thanks a lot :)
Didn't understood well in the start but when I watched it again the it was lit
Just a QUESTION: Pareto optimal are on the contract curve, but contract curve is not full of pareto optimal points right?
Thanks for your help
What do you use for such a presentation? Thanks so much for the video
Beautiful video!
WOW, Thank you so much from Egypt
super clear presentation! thank you so much
That is the danger of the edgeworth box... in saying that socially inefficient outcomes are efficient.
The goods can actually be reallocated through transfers from one budget to the other. In this way, both people could eat a balanced diet.
Economics is a study of the way it is, and of the way it could be if we made certain changes. In that sense, the edgeworth box can show us how much to transfer from one budget to the other to achieve better allocation of resources.
Excellent 👍
this video is so clear! good for beginners like me! thanks a lot :))
You are very welcome! Make sure you like MyBookSucks (see link in video description) on Facebook. This will help other students find the educational videos.
For what purposes of analysis can be used Edgeworth (Edgeworth-Bowley) box in Institutional Economics?
thank I do much u helped me a lot for my exam
hey mphumudzeni are u schooling at univen
Thank you very well explained
Such great explanations!
Hello, I've got a question. I am studying for an exam in Microeconomics and I was reading that the contract curve can start from zero, in this example on either side of Joe or David. My question is, can a contract curve start from some point of David's (or Joe's) vertical side of the Edgeworth box, and if (not) so, why? I hope my question makes sense, thanks in advance!
Thank you for the very didactic explanation!
So helpful! Thank you for posting this.
Thank you for the compliments.
Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.
You are very welcome!
Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.
very easy to understand
Excellent video. 👍👍👍👍👍👍👍👍👍👍👍
THANK YOU SO MUCH
wow it's really helpful to understand.Thanks a lot
Thank you so much. This helped me a lot.
Hi, can you tell us where to find an Edgeworth Box generator that doesn't only do CRS Cobb-Douglas utility functions (U = X^a * Y^a-1)?
(I have a U = X^2 * Y function for an assignment).
thank you very much life saviour :D
This was very helpful. Thankyou!
Nice explanation...thank you so much
Great video. Thanks!
I have an exam tomorrow, this saved my ass tysm
This is so helpful. Thank you!
Thank you so much