COMPLETE Foundations of Economy for UPSC - McDonalds, Pakistan, Black Sea, RBI, Repo Rate Inflation
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00:00:00 - Instructions and Introductions
00:04:15 - Introductory Video
00:06:05 - Unfiltered Views from MisFitters
00:08:30 - Drawing Insights to UPSC PYQ's
00:09:35 - Breaking down the concept of Monetary Policy with MisFitters
00:12:05 - Addressing what is Monetary Policy
00:14:30 - Understanding the boodies that control the supply of money in the Economy
00:16:40 - Expansionary Fiscal Policy and MNREGA
00:19:33 - What is Inflation?
00:21:56 - Effect of Inflation on MGNREGA
00:24:50 - Why Tomatoes are Expensive and the McDonald's Story
00:27:08 - Government's control over inflation and the MisFits Story
00:29:25 - FCI [Food Corporation of India], MSP, Food Inflation and AP's Market Intervention Scheme
00:33:33 - What would you do to curtail the rise in prices of the rice?
00:34:11 - The main purpose of the Government
00:36:35 - Banning of rice varieties and the challenges from WTO and IMF
00:40:15 - Introducing Supply-Side Inflation and the Impact of Foreign Policy on People
00:47:06 - Understanding the Black Sea Grains Deal Initiative and its purpose
00:51:40 - Recap of Fiscal Policy playing with Inflation and tips for UPSC Preparation
00:55:10 - Role Play| PM V/S RBI's Governor
00:56:30 - How is the money supply controlled in the Economy?
00:59:50 - RBI and its responsibility
01:01:57 - How does Money Supply affect inflation?
01:04:44 - Repercussions of the Inflation| Pakistan and Revolutions across History
01:08:18 - How does RBI control the Money Supply? An iPhone story
01:11:16 - Economics Made Easy| Tips and Facts
01:13:53 - Exceptions| Changing the Interest Rates Failed to serve as an ideal tool for regulating Money Supply
01:15:40 - Understanding Repo Rate
01:15:55 - What are Commercial Banks?
01:18:05 - Case study of Federal Reserve's actions during COVID-19 | Unconventional Tool through Policy Interventions
01:20:40 - What are the Government Securities?
01:22:38 - Independent Monetary Policy Explained
01:23:20 - Solving Previous PYQ's(2022) |Question 1
01:29:00 - Solving Previous PYQ's(2022) |Question 2
01:32:40 - Solving Previous PYQ's(2021) |Question 3
01:36:00 - Addressing Doubts
01:38:45 - Closing
***
How to Prepare for Economics for UPSC, What books to read, and most importantly why study economics?
We have covered some of those answer in this video. We will upload detailed episodes in future. Do subscibe to the Channel, and let us know what you think about this.
Economics can seem intimidating or unapproachable to some, particularly to those not majoring in business or economics. Here are some common misconceptions:
1. *"Economics is all about money and markets":* While economics does study the production, distribution, and consumption of goods and services (which often involves money and markets), it's also about understanding human behavior, decision-making, and the allocation of resources. Economic concepts can apply to various aspects of life and society, not just the financial world.
2. *"You need to be good at math to study economics":* Although economics does involve some math, particularly at advanced levels, the fundamental principles of economics can be understood and applied without advanced mathematical skills. Introductory economics courses typically focus on conceptual understanding, and while some basic math may be involved, it usually doesn't go beyond high school-level algebra.
3. *"Economics is only for business people or policymakers ":* The concepts and skills learned in economics can be beneficial to anyone. Understanding economics can help people make better decisions in their personal lives, such as planning their finances or careers. It can also provide insights into social issues and public policies.
4. *"Economics is too theoretical and not applicable to real life":* While economics does involve theory, those theories often aim to explain real-world phenomena. Moreover, economists regularly use empirical data to test theories and make predictions. Economic principles can be applied to a wide range of real-world situations, from personal finance to public policy.
5. *"Economics is a 'dismal science' and is all about scarcity and limitations":* This misconception comes from a nickname for economics that originated in the 19th century. While economics does study how societies deal with scarcity, it's also about finding efficient and creative solutions to problems. Economics can be a tool for understanding and improving the world, not just highlighting its limitations.
Remember, studying economics can provide a useful framework for understanding and analyzing the world, even if your primary interests lie elsewhere.
How to study Economics for UPSC?
The Union Public Service Commission (UPSC) examination, commonly known as the Civil Services Examination (CSE), is one of the most competitive exams in India. Economics is a significant component of the syllabus, and it's important for candidates to have a solid understanding of this subject. Here's a g
00:04:15 - Introductory Video
00:06:05 - Unfiltered Views from MisFitters
00:08:30 - Drawing Insights to UPSC PYQ's
00:09:35 - Breaking down the concept of Monetary Policy with MisFitters
00:12:05 - Addressing what is Monetary Policy
00:14:30 - Understanding the boodies that control the supply of money in the Economy
00:16:40 - Expansionary Fiscal Policy and MNREGA
00:19:33 - What is Inflation?
00:21:56 - Effect of Inflation on MGNREGA
00:24:50 - Why Tomatoes are Expensive and the McDonald's Story
00:27:08 - Government's control over inflation and the MisFits Story
00:29:25 - FCI [Food Corporation of India], MSP, Food Inflation and AP's Market Intervention Scheme
00:33:33 - What would you do to curtail the rise in prices of the rice?
00:34:11 - The main purpose of the Government
00:36:35 - Banning of rice varieties and the challenges from WTO and IMF
00:40:15 - Introducing Supply-Side Inflation and the Impact of Foreign Policy on People
00:47:06 - Understanding the Black Sea Grains Deal Initiative and its purpose
00:51:40 - Recap of Fiscal Policy playing with Inflation and tips for UPSC Preparation
00:55:10 - Role Play| PM V/S RBI's Governor
00:56:30 - How is the money supply controlled in the Economy?
00:59:50 - RBI and its responsibility
01:01:57 - How does Money Supply affect inflation?
01:04:44 - Repercussions of the Inflation| Pakistan and Revolutions across History
01:08:18 - How does RBI control the Money Supply? An iPhone story
01:11:16 - Economics Made Easy| Tips and Facts
01:13:53 - Exceptions| Changing the Interest Rates Failed to serve as an ideal tool for regulating Money Supply
01:15:40 - Understanding Repo Rate
01:15:55 - What are Commercial Banks?
01:18:05 - Case study of Federal Reserve's actions during COVID-19 | Unconventional Tool through Policy Interventions
01:20:40 - What are the Government Securities?
01:22:38 - Independent Monetary Policy Explained
01:23:20 - Solving Previous PYQ's(2022) |Question 1
01:29:00 - Solving Previous PYQ's(2022) |Question 2
01:32:40 - Solving Previous PYQ's(2021) |Question 3
01:36:00 - Addressing Doubts
01:38:45 - Closing
***
How to Prepare for Economics for UPSC, What books to read, and most importantly why study economics?
We have covered some of those answer in this video. We will upload detailed episodes in future. Do subscibe to the Channel, and let us know what you think about this.
Economics can seem intimidating or unapproachable to some, particularly to those not majoring in business or economics. Here are some common misconceptions:
1. *"Economics is all about money and markets":* While economics does study the production, distribution, and consumption of goods and services (which often involves money and markets), it's also about understanding human behavior, decision-making, and the allocation of resources. Economic concepts can apply to various aspects of life and society, not just the financial world.
2. *"You need to be good at math to study economics":* Although economics does involve some math, particularly at advanced levels, the fundamental principles of economics can be understood and applied without advanced mathematical skills. Introductory economics courses typically focus on conceptual understanding, and while some basic math may be involved, it usually doesn't go beyond high school-level algebra.
3. *"Economics is only for business people or policymakers ":* The concepts and skills learned in economics can be beneficial to anyone. Understanding economics can help people make better decisions in their personal lives, such as planning their finances or careers. It can also provide insights into social issues and public policies.
4. *"Economics is too theoretical and not applicable to real life":* While economics does involve theory, those theories often aim to explain real-world phenomena. Moreover, economists regularly use empirical data to test theories and make predictions. Economic principles can be applied to a wide range of real-world situations, from personal finance to public policy.
5. *"Economics is a 'dismal science' and is all about scarcity and limitations":* This misconception comes from a nickname for economics that originated in the 19th century. While economics does study how societies deal with scarcity, it's also about finding efficient and creative solutions to problems. Economics can be a tool for understanding and improving the world, not just highlighting its limitations.
Remember, studying economics can provide a useful framework for understanding and analyzing the world, even if your primary interests lie elsewhere.
How to study Economics for UPSC?
The Union Public Service Commission (UPSC) examination, commonly known as the Civil Services Examination (CSE), is one of the most competitive exams in India. Economics is a significant component of the syllabus, and it's important for candidates to have a solid understanding of this subject. Here's a g
