I'm a second-year econ student picking my classes for next semester. This was exactly the video I needed! Learning econometrics online has been a pain this semester, but now I'm enrolling in econometrics II for the winter. Thank you!
@@amandinegoncalves2189 Honestly, it's been mostly watching videos of my professor read off of lecture slides and then doing as many practice problems as I can before the tests. I tried using the textbook but it's so wordy and such an inefficient way to study that it's basically useless when trying to keep up with all my classes considering the time I lose. It's hard because those are essentially my only resources and I don't even know anyone in my class I can get help from :(
I am starting my 3rd year in economics and i have been debating / wondering on ehat subjects i should habe chosen, and this has helped narrow down some choices. The only choices i cant finalize is between economic history and labour economics since i have interest in the way economic hostory is done but i am doubting my skills in being in that subject.
What should I do if I can’t take Econometrics until my third year? Should I take a bunch of math courses or should I start learning how to program or both?
Math, stats and calculus. Do linear algebra and some other maths (assuming you want to do graduate school) that's relevant for research in a field you're interested in. I study international business (i was originally a Linguistics major) but I'm very interested in learning and hopefully doing research one day (although realistically probably not) on how language development affects economic activity
This was an amazing video. Thank you! I just finished taking my first Econometrics course and I’m taking an applied econometrics course in panel data next semester!
What about people that just want a very good understanding of economics and finance in general? Which books/courses should I go for? I would also like to learn about investing
Hey Dr. Palsson, if I’m interested really interested in doing a lot of pure theory in grad school, what kind of things can I do as an undergrad to prepare?? Thanks!
i took 2 statistics classes, 1 econometrics class and planning to visit a second econometrics lecture. also had some econometrics in developing economics, do you think that should be enough? 😂🙂 best regards
Hi! thanks for creating this channel and still making videos that help students like me :) I just wanted to ask you, if i have taken macro and micro for the first 2 years of my undergrad, will it be sensible to take them again in my final year as an advanced level or am i better off taking other modules? I am personally not a fan of Macroeconomics, but I am a bit scared that If i don't take them again I might be less qualified. What do you think? thanks a lot
Your advanced macro/micro classes are probably intended for students going to get a PhD in economics. They are math-intensive courses with little real-world application. If you're not planning on getting a PhD, focus more on field courses where you can see economics applied to specific questions.
If you think that Marxist economics is stuck in the past, look at some courses or online videos by Anwar Shaikh. Btw, most Political Economy classes are based on a Marxian approach.
between time series analysis and econometrics, which one should I take first? can I take time series analysis this semester and econometrics in the next?
Usually time series analysis is an econometrics class. Sounds like the time series class is either a finance or macro class. The econometrics class will deal with cross-section and panel data, which are really important. Probably something you should talk with a professor at your school about.
Hey Craig. I hope you notice this comment. I need your opinion. As you suggested - to take econometrics class as soon as possible - but at the same time, choose the best teacher. So, should I prioritise the course or the lecturer?
Hey, as a student from India, I've done a lot of research on Indian water scarcity and the misconception that we can solve it by, say, taking shorter showers. From what I understand, the biggest source of water usage is farming, especially Rice and Paddy farming (90% of all freshwater usage in some states), so reducing demand for rice by using alternatives like wheat would likely be more effective at reducing water scarcity. As simple as this idea is to understand and for people to accept, I still see a lot of public messaging that seems to ignore this basic fact. I theorize that this is due to a lack of intuitive understanding of our ability, as consumers, to affect demand for goods. As an Economics professor, how do you think we can better instill this idea in people: that we, as consumers, can play a big role in the market by influencing our own demand, and that such a change will likely be more significant than simply having a shorter shower?
Asking people to change their preferences is a hard battle for public policy. The easier solution is to just increase the price of water. For household consumers, the increased price is (typically) not a huge burden since they don't use that much. But even a small change in price can force major changes for the largest users like in agriculture.
Hey the college that I want to get in only have one econometrics witch is called Introduction to Econometrics and Business Forecasting what other alternative courses do you recommend me take ?
In the economics department, look for Labor Economics or Development Economics. Hopefully they teach some of those skills. Or you could look at the statistics department for a class on regression analysis or machine learning.
Mathematical economics means lots of things. It could mean a more calculus-based economics education, or it could mean finance, or it could mean econometrics! Check the syllabus and see what it says.
Devolpement and labor economics has econometrics in disguise. Does that depend on the university, or are all programs going to be like that for the most part?
In my country, we have a pretty much rigid system, so as a maths major they won't offer me more than 4 courses in economics, so I am taking Intermediate Micro, Beginner Macro, Indian Economics History 1800s-2009 (this also included some weeks on basics of Development econ) and Monetary Policy and Banking. Also in the compulsory language course, I have a course offered jointly by Economics and Sanskrit department, in which we will go over Chanakya's Arthashastra (Which literally means economics). I think I can also sneak in a mathematical economics course.
@@MarketPowerYT it will be nice to have a (virtual) place to encounter people interested in economics Then it can also be easily organized to discus each topic in a different channel ...
@@MarketPowerYT to be honest I am a (Belgian) engineering bachelor student, and I want eventually do my master in economics, but with covid it is really difficult to meet people in person And I was thinking at that but I can understand you do not want to do that
Glad to know I’m on top of point number 1! It was more of a scheduling error but I’ll take it. Also it seems you upset some people with point 3 :( having taken a history like economics class (more discussion, theory, and history than math) this semester, I completely agree with point 3. Marxist economics is pretty stuck in the past and people also need to spot associating Marxist ideas with both government and economics
He's a university professor I doubt he has the time. If you need help, i suggest looking at the academic economics available on reddit/discord. There's a ton of helpful people there
I keep watching your older videos... can you also tell me something about how much the economics phd monthly at Yale is, is it in proportion to the cost of living? How much emphasis is placed on math and econometrics in these courses? I am primarily interested in finance, fiscal and monetary policy. thanks in advance 😀
I strongly disagree with the marxist economics part of the video, it helps to create a critical thinking about capitalism. An economist without social perspective is not a real economist even if you do a lot of numbers and complex analysis. Numbers can´t reflect the reality. Liberal economics have destroyed the world as much as communism but Karl Marx Capital is the best book ever written about the flaws and the components of capitalism so I strongly encourage to to anyone studying economics to read at least a little about it. I´m not communist but if I have not learned about other economic ways of thinking that are not the typical orthodox recipe I would not have been able to understand the situation of my country and how the economical ideas implemented in the 80 destroyed it.
I'm a teenager who, let's be honest, realizes that economics isn't *that* interesting. But, it is fundamental to historical events and many of the processes that occur within our country and world. I realize that as a future millionaire, it is crucial to understand this, so thank you so much for educating us.
If it isn’t interesting, don’t study. I’m also a teenager, and I plan to major in Econ because I find the subject fascinating. Also, “future millionaire”? Good luck with that.
I'm a second-year econ student picking my classes for next semester. This was exactly the video I needed! Learning econometrics online has been a pain this semester, but now I'm enrolling in econometrics II for the winter. Thank you!
How did you go about learning econometrics online? what was your strategy?
@@amandinegoncalves2189 Honestly, it's been mostly watching videos of my professor read off of lecture slides and then doing as many practice problems as I can before the tests. I tried using the textbook but it's so wordy and such an inefficient way to study that it's basically useless when trying to keep up with all my classes considering the time I lose. It's hard because those are essentially my only resources and I don't even know anyone in my class I can get help from :(
@@4EverLuv23 did that help you pass the class?
hey ✋ same here.
@@4EverLuv23 Same problem :")
Hey Craig, thanks for your content, man. Your the best economics youtuber around!
wow im a second year bachelors student and this helped me a lot, i also think taking math and statistics classes seriously is really important.
key words for next video: Stata, R, Matlab, Python
Relatable:D
Python as well don’t forget
I am starting my 3rd year in economics and i have been debating / wondering on ehat subjects i should habe chosen, and this has helped narrow down some choices. The only choices i cant finalize is between economic history and labour economics since i have interest in the way economic hostory is done but i am doubting my skills in being in that subject.
What should I do if I can’t take Econometrics until my third year? Should I take a bunch of math courses or should I start learning how to program or both?
Math, stats and calculus. Do linear algebra and some other maths (assuming you want to do graduate school) that's relevant for research in a field you're interested in. I study international business (i was originally a Linguistics major) but I'm very interested in learning and hopefully doing research one day (although realistically probably not) on how language development affects economic activity
Stats and math courses will prep you for econometrics. And perhaps in your spare time watching videos covering econometrics will help.
This was an amazing video. Thank you! I just finished taking my first Econometrics course and I’m taking an applied econometrics course in panel data next semester!
thank you so much for this! you've been more helpful than you may realise!
Thank you for your help mate!!! I really enjoy your channel!!
Thank you very much for this 💫🙏
Thank you brother! ❤️❤️
I don’t have this at my college. Only have Marco and micro
Moocs
Glad to have this before my enrollment😻 Merci beaucoup!!!
What about people that just want a very good understanding of economics and finance in general? Which books/courses should I go for? I would also like to learn about investing
Why is econometrics such an important unit, and how does it differ from microeconomics?
Econometrics is applied to investigation, you have to put commands and some models in Stata to get results for the variables you want.
So taking econometrics is a must for undergraduate?
3:30 Mao: BLASPHEMY!!!!
Mao: Inventing qoutes by Marx out of pure imagination
Monetary econ: & Money and Banking.
Hey Dr. Palsson, if I’m interested really interested in doing a lot of pure theory in grad school, what kind of things can I do as an undergrad to prepare?? Thanks!
A lot of math. Basically get a math major. Then see which economics professors offer the most math-based courses.
You conclude that an undergraduate economics student must do search alot? And master in statistics v econometrics?
This video was awsome, Thank you.
Could you suggest online courses with great teachers
Great video as usual! Please do one on Game Theory in the future.
Thank you for the helpful information :)
i took 2 statistics classes, 1 econometrics class and planning to visit a second econometrics lecture. also had some econometrics in developing economics, do you think that should be enough? 😂🙂
best regards
How difficult is econometrics?
Can u share ur linkedin profile link?
Hi! thanks for creating this channel and still making videos that help students like me :) I just wanted to ask you, if i have taken macro and micro for the first 2 years of my undergrad, will it be sensible to take them again in my final year as an advanced level or am i better off taking other modules? I am personally not a fan of Macroeconomics, but I am a bit scared that If i don't take them again I might be less qualified. What do you think? thanks a lot
Your advanced macro/micro classes are probably intended for students going to get a PhD in economics. They are math-intensive courses with little real-world application. If you're not planning on getting a PhD, focus more on field courses where you can see economics applied to specific questions.
Inventory , natural resource , environmental sustainability , population real number , how to know the real demography
Key words for next video: Advanced statistics and data analytics
How would you suggest someone with little economics or research experience prepare to apply for a PhD program?
If you think that Marxist economics is stuck in the past, look at some courses or online videos by Anwar Shaikh. Btw, most Political Economy classes are based on a Marxian approach.
Can you suggest few colleges for studying economics. Please
between time series analysis and econometrics, which one should I take first? can I take time series analysis this semester and econometrics in the next?
Usually time series analysis is an econometrics class. Sounds like the time series class is either a finance or macro class. The econometrics class will deal with cross-section and panel data, which are really important. Probably something you should talk with a professor at your school about.
@@MarketPowerYT thnks so much, Craig! I think I have the answer now!
Hey Craig. I hope you notice this comment. I need your opinion.
As you suggested - to take econometrics class as soon as possible - but at the same time, choose the best teacher.
So, should I prioritise the course or the lecturer?
Econometrics should be taken regardless of whether you have the best teacher.
@@MarketPowerYT thank you so much for your reply, Craig! appreciate it a lot!!
Hey, as a student from India, I've done a lot of research on Indian water scarcity and the misconception that we can solve it by, say, taking shorter showers.
From what I understand, the biggest source of water usage is farming, especially Rice and Paddy farming (90% of all freshwater usage in some states), so reducing demand for rice by using alternatives like wheat would likely be more effective at reducing water scarcity. As simple as this idea is to understand and for people to accept, I still see a lot of public messaging that seems to ignore this basic fact.
I theorize that this is due to a lack of intuitive understanding of our ability, as consumers, to affect demand for goods. As an Economics professor, how do you think we can better instill this idea in people: that we, as consumers, can play a big role in the market by influencing our own demand, and that such a change will likely be more significant than simply having a shorter shower?
Asking people to change their preferences is a hard battle for public policy. The easier solution is to just increase the price of water. For household consumers, the increased price is (typically) not a huge burden since they don't use that much. But even a small change in price can force major changes for the largest users like in agriculture.
@@MarketPowerYT In India almost no farmer purchase water, its either come from govt mainted canals, local water bodies or private well.
Damn... I'm in my last year and I just started my first econometrics class....
Hey the college that I want to get in only have one econometrics witch is called Introduction to Econometrics and Business Forecasting what other alternative courses do you recommend me take ?
In the economics department, look for Labor Economics or Development Economics. Hopefully they teach some of those skills. Or you could look at the statistics department for a class on regression analysis or machine learning.
what about mathematical economics?
Mathematical economics means lots of things. It could mean a more calculus-based economics education, or it could mean finance, or it could mean econometrics! Check the syllabus and see what it says.
Devolpement and labor economics has econometrics in disguise. Does that depend on the university, or are all programs going to be like that for the most part?
In my country, we have a pretty much rigid system, so as a maths major they won't offer me more than 4 courses in economics, so I am taking Intermediate Micro, Beginner Macro, Indian Economics History 1800s-2009 (this also included some weeks on basics of Development econ) and Monetary Policy and Banking. Also in the compulsory language course, I have a course offered jointly by Economics and Sanskrit department, in which we will go over Chanakya's Arthashastra (Which literally means economics). I think I can also sneak in a mathematical economics course.
What are you studying now? Bachelor's?
@@deeps3399 Yea BSc
@@aryankumarprasad1574 okay.I m doing my Master's now.
Should I take micro level 2, macro level 2 and econometrics at the same time?
I’m about to start my 2nd year and a lil nervous for these 3 courses
If you drop any, I recommend dropping Macro. But you should ask around your school and see how difficult they are.
@@MarketPowerYT Thanks for the recommendation, sir!
Missed opportunity to make (Hermione) Granger causality puns.
What kind of math is in Econometrics?
Statistics, basically
Calculus
I only like econ because of different schools of thought tbh
Can you please open a Discord?
It's on my mind. How useful would that be for you?
@@MarketPowerYT it will be nice to have a (virtual) place to encounter people interested in economics
Then it can also be easily organized to discus each topic in a different channel
...
@@MarketPowerYT like discussing about one specific video, or else
@@MarketPowerYT to be honest I am a (Belgian) engineering bachelor student, and I want eventually do my master in economics, but with covid it is really difficult to meet people in person
And I was thinking at that but I can understand you do not want to do that
@@MarketPowerYT thank you
After watching this, I want to start my degree again😭
bruh those slapping sounds lmfao
king
Anyone here familiar with health economics that could help me out with a couple questions?
Glad to know I’m on top of point number 1! It was more of a scheduling error but I’ll take it.
Also it seems you upset some people with point 3 :( having taken a history like economics class (more discussion, theory, and history than math) this semester, I completely agree with point 3. Marxist economics is pretty stuck in the past and people also need to spot associating Marxist ideas with both government and economics
hi,i need help. Do you have time help me tutor my micro economics? i can pay you.
He's a university professor I doubt he has the time. If you need help, i suggest looking at the academic economics available on reddit/discord. There's a ton of helpful people there
It's a little too late for me 😭
Same
Then your understanding of marxian economics is very limited.
Hmm. A prof ...so limited view of Marx vs Marxism....
No way, you really did have the audacity =)
I keep watching your older videos...
can you also tell me something about how much the economics phd monthly at Yale is, is it in proportion to the cost of living?
How much emphasis is placed on math and econometrics in these courses? I am primarily interested in finance, fiscal and monetary policy.
thanks in advance 😀
Price theory is better
MATLAB?? Python 👍🖖
First rule: TAKE ECONOMETRICS AS SOON AS POSSIBLE
me: nervous breakdown
fixed point theorem 🤣
Environmental economics is not that good either
I strongly disagree with the marxist economics part of the video, it helps to create a critical thinking about capitalism. An economist without social perspective is not a real economist even if you do a lot of numbers and complex analysis. Numbers can´t reflect the reality.
Liberal economics have destroyed the world as much as communism but Karl Marx Capital is the best book ever written about the flaws and the components of capitalism so I strongly encourage to to anyone studying economics to read at least a little about it.
I´m not communist but if I have not learned about other economic ways of thinking that are not the typical orthodox recipe I would not have been able to understand the situation of my country and how the economical ideas implemented in the 80 destroyed it.
I'm a teenager who, let's be honest, realizes that economics isn't *that* interesting. But, it is fundamental to historical events and many of the processes that occur within our country and world. I realize that as a future millionaire, it is crucial to understand this, so thank you so much for educating us.
I disagree, it’s extremely interesting
"Future millionaire". Hold your horses.
If it isn’t interesting, don’t study. I’m also a teenager, and I plan to major in Econ because I find the subject fascinating. Also, “future millionaire”? Good luck with that.
FIRST