Why You're Thinking About Unemployment Wrong

“Let’s get back to unemployment!”

He forgot to say that in Venezuela the inflation was caused by US sanctions.

Will ve great when you discover libertarism! It will also shed different light on this topic

Johnny Harris might seem like an all right guy, but as you look into his eyes, remember that he would likely prefer that you were a baguette and that he could eat you.

This is basically how I thought about unemployment. Misleading title

I’ve found watching the lectures of Richard Wolff to be essential to understanding the social justice implications of our national and global economies. Please check him out!

Unemployment is controlled by interest rates. Raising interest rates makes borrowing money more expensive, so companies tighten their belts and layoff workers, since labor is always the first thing trimmed in expenses. According to classic Chicago-school Econ 101, full employment is bad for the economy.

And people say money doesn't make the world go round 🤣

Johnny once again misses a huge point. He suggests that our economy is based on free markets - it's not. Example: How can the labor market be free when the government puts its thumb on the scale and makes it illegal to accept a wage below a certain level even if you otherwise would (like if you're a high school student just looking for work experience and gas money - not someone trying to support a family)? He presents government stepping in as a necessary process when the "free market" gets out of control and never acknowledging that it is precisely BECAUSE of government intervention (ie lack of freedom) that bad things - like boom/bust cycles - happen.

How does corporate greed factor into this? Where companies that continue to make record profits conduct mass layoffs claiming they can't afford the staff?

What would be nice is that if you didn't need unemployment, You could get your money back when tax season hits

I'm barely employed, lmao

Please make a video about the the care economy and how undervalued it is. <3

The government needs to step in at the start of the pipeline with affordable and equal quality EDUCATION! We have a shortage — an increasingly worsening shortage — of nurses, doctors, FAA workers, teachers, etc. The is extremely bad for the future. Mark my words.

As a professional who does Vocational Rehabilitation for the state of California, thank you for this video. My job is developing employment opportunities for people with disabilities. Unemployment is a topic I tackle either when it's trending or not. I hope one day public broadcasting airs these videos it gives a definitive scope on what really matters in an elementary level.

My unemployment rate is voluntary at this point due to not having the best track record with most jobs and my ever-increasing development of social anxiety and insecurities because of it.

Economy only works for people who can afford to use it. For those who can't, the economy fails. Raising prices does not satisfy everyone since doing so leaves those with lower income left behind and starving. In your animation, only 20 baguettes per day are available, but 30 people wanted baguettes and you are banking on the assumption that 10 of those people will change their mind after the price is raised, but that's not really how a real world scenario works. Those 10 people who changed their minds in your unrealistic scenario are left unsatisfied. The economy should work in favor of everyone, not just those who can afford to be included and in this country there are too many people who are homeless and hungry who are forced to go without because the government refuses to help its own people adequately. On top of that, inflation keeps jacking up prices of food that are essential and making it even more difficult for those with lower income to keep buying even basic necessities. Our economy fails and is only getting worse every year.

Sorry if I sound a little bitter. It just frustrates me how the rich get richer and the poor are left behind with little to no help, especially in one of the wealthiest countries in the world. There is no excuse for this to happen.

but reddit told me things are expensive because of greed. Could reddit be dumb? don’t answer that.

They wanted slave, and we don't want to be slave anymore 😅 we want to be free

Economy has nothing to do with people!

I want a “humans aren’t baguettes” tshirt

Can you explain how African economies unemployment increase despite economy growing

People are just people and people will always be just people

So why do I think about unemployment wrong…?
I expected more about where to look when unemployed not just a broad overview

It's all about consumption, right? People work to produce things with value, get paid for their labour so that they can spend their money which makes more money for companies who can raise wages giving people more money to spend and so on, boom, economic growth. That's a market economy in a nutshell right? Wouldn't then unemployment benefits or even something like a universal basic income give everyone more spending power and ultimately serve to grow the economy in the long run? Of course with the added benefit of easing a lot of people's economic stressors and promoting overall mental well-being, which could lower the cost of mental health services because people would be happier overall. If governments deal with economic crises by basically giving away free money then wouldn't it then make sense to always be giving people money so that the economy would grow? Asking for economists

Would be interested in a description of how employer costs play into this.

Training costs, healthcare costs, mandatory maternity/paternity PTO, mandatory overtime, employer paid SSI, insurance, legal expenses involved with new hires, workplace compliance cost.

These are all costs to the employer beyond the wage paid to the employee. I could conceive of a situation in which an employer would choose to operate at a lower than ideal number of employees to balance some of these costs. Could make short term hiring difficult, and disincentivize full utilization of the labor market. Since employers have discretion in hiring, the least skilled/leaste experienced segments of population will be the un-utilized portion.

Under the no-free-lunch theory, we have many people enjoying a marginal benefit of employer contributions to SSI and 401k, but a potential consequence is a few people who cannot get jobs. Therefore cannot cultivate a resume, and then cannot get jobs.

The labor generated by 25 year old with zero work experience is not worth the employers cost of hiring, let alone the wage required for his/her labor.

Perhaps there should be an option in our economy to take jobs outside of the labor laws. Allow an unskilled/unexperiance person to obtain a legitimate job, without insurance, without SSI, without overtime laws. This would allow the employer a perspective hire to reach an equitable agreement. The person could work for a year, and eventually apply for jobs with full employment benefits and full employer contributions, and full overtime laws.

As a pricing consultant and someone who’s worked closely with pricing for 9 years you nailed pricing Johnny! I love the analogy and takes a real nebulous subject to people and breaks it down expertly into how important it really is despite how innocuous it feels.

Have you thought about how much messing with the minimum wage up or down affects that because in reality if I gotta pay you $10 but I used to be five I still have to raise all my prices and also makes me want to hire less workers because now I’m paying you beyond your skill level is now the minimum and the minimum raises they don’t change the wages of the text tears up so now you’re at minimum wage maybe like it but I used to make at a skilled labor job And at the end of the day within just a short period time, it all equalize it back out because no one’s going to keep prices exactly the same and pay their employees more so it’s just for the stupid people for a short period of time

He totally nabbed that guys baguette

He totally nabbed that guys baguette

Muito bom!

well i don't understand why the baker did not cut the baguettes in half and prioritized selling to all customers over making profit on selling something as garbage as a fucking baguette.............
i guess he doesn't eat his own baguettes........
cause there's no way he'd honestly believe they're worth 4 dollars if he did........ fart, tooo much baguettes.

This all happens because of Capitalism.
Socialism fixes it, everyone gets what they need to survive, and the people can work as whatever they want, and we don't have to do boring office work, etc that only exists to generate profit rather than helping society.

Beautiful

I'm from India, in my country this problem is very common. The main question is why us has this same problem? Usa is superpower, but still has this problem?

The problem with the COVID relief money- as far as helping in the way the government apparently intended (to keep the economy going)- is that the amount of money they gave was diddly-squat compared to what people would have really needed for that purpose. If someone's unemployed, that money would barely cover rent, let alone basic expenses for food etc., let alone any "extra" costs (ie. things that one could avoid if they cut back to the bare bones- like gas for your car, toys for your kids, or a few new clothing items to replace what wears out).

Baguettes cost €1.20 €1.50 max where I live. Wouldn't dream of living in a place where my favorite bread cost 3$. Oh well America, sucks to suck 😂😂😂😂😂

Watching this video essay second time, and still find it outstanding. Thank you guys for your work and efforts! It’s a miracle how you can put all that information in one short video. Keep it going, folks. I’m a big fan of you.

So in conclusion, should I quit my job without a backup plan or not?!

johnny talking about baguettes while i was eating a baguette 🤣 we love baguettes

Quantitative Easing - Let's goooo -- what is money? --- how has the federal reserve done as of now? Has it been a useful institute?

Any chance of explaining how unemployment is tied to housing market interest rates?

Is no one going to point out that he stole that poor man's baguette?

yeah.

Just in case anybody is it on it.
Who's your daddy 😂
If I actually find anybody who gets this were you there when she said it at graduation 2018

Population decline also has an impact on employment. As well as people with multiple jobs.

Dude did u just spend an entire video explaining to me what supply and demand is? SMH

unemployment in india is higher than any country but govt cheat by releasing manipulated data

- Prices is the language.
Apple speaks gibberish, I cannot understand a word...

Oh Johnny, I love baguettes too, and I have definitely made croutons with them!!