Automatic Stabilizers | GDP — Transcript
Full transcript
- 0:01[Music]
- 0:07as the economy moves along the business
- 0:09cycle experiencing periods of economic
- 0:12growth or recession and changing
- 0:14unemployment and inflation it impacts
- 0:17people's lives ideally the economy would
- 0:20experience a steady stable growth near
- 0:23its long run Trend growth
- 0:25rate automatic stabilizers help
- 0:29automatic stabilizers are a standing
- 0:31policy that activates automatically
- 0:34without intervention usually during a
- 0:37recession an example is unemployment
- 0:41insurance unemployment insurance is a
- 0:43program providing cash benefits for a
- 0:46specified period of time to workers who
- 0:49lose a job through no fault of their own
- 0:53when the economy is in recession there
- 0:55are normally more people who are
- 0:57unemployed which means more people
- 0:59qualify for unemployment insurance the
- 1:02income provided by unemployment
- 1:03insurance supports people while they are
- 1:05out of work and the extra spending
- 1:07supports the economy so unemployment
- 1:10insurance is an automatic stabilizer
- 1:13because government spending
- 1:14automatically increases during
- 1:16recessions as the economy recovers and
- 1:19people find jobs they move from
- 1:21receiving unemployment insurance to
- 1:23earning income and government spending
- 1:25on this program automatically adjusts so
- 1:28in this way automatic stabilizers are a
- 1:30little like the cruise control on your
- 1:32car when you are going uphill the cruise
- 1:34control will adjust the engine to work
- 1:36harder to keep the car near a constant
- 1:38speed and as you reach the crest of the
- 1:40hill and go down the other side the
- 1:42cruise control will adjust the engine so
- 1:44it keeps that same speed going downhill
- 1:47in a similar way automatic stabilizers
- 1:49can moderate or smooth the business
- 1:51cycle but can't entirely eliminate the
- 1:54highs and lows
- 1:59[Music]
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