I’ll be making these posts once a week. The first section will be what I learned about economics; the second, marketing; the third, anything else. I may add more sections as time goes on, but for now this is a way for me to track my progress at work, and also to explain the things I learn so that they are better internalized.
Economics: Demand vs Quantity Demanded and Supply vs Quantity Supplied
I think I can do this.
Demand measures the general level of demand for a product, while quantity demanded measures the specific number of units demanded. So: Demand for oil is high. The quantity demanded is 1 million barrels.
Supply measures how much of a product is available, and quantity supplied measures the specific amount of the product provided. So: The supply of oil is 5 million barrels, but the quantity supplied is one million bc that’s what’s demanded.
This seems wrong to me, so I’m going to go back and watch our video again. I don’t feel too bad about being confused, because one of the economists in our AEA video couldn’t explain the difference on the spot as a PhD student.
Marketing: Be Clear
We had a few tweets go out about our video booth and happy hour at AEA. It wasn’t until Roman got back and looked at them that I realized how unclear they were. I (and—I think—those who reviewed them) were so caught up in the existing language that I’d drafted that I lost sight of what the point of the posts was.
Twitter is a difficult medium to master, and it seems this need for pinpoint clarity is a major reason. But as long as I keep this in mind while drafting, it shouldn’t be too hard to get it right.
The population is declining a lot faster than I’d thought—and not just in the West, although that’s certainly the most surprising part to me.
“Southern Europe, in particular, is following fast with Italy, Spain and Portugal already experiencing population decline. Germany will start to shrink in 2022, Korea in the early 2030s. Akita, Japan’s cutting edge of ageing economics,…offers a valuable window on the future.”