Today I was woken up prematurely by the gleaming sun right in my eyes. But this was quite alright because I was ready to begin my day. The majority of class today was spent by discussing things such as inflation, minimum wage, and unemployment. One thing that I learned today that I thought I already knew was the definition of unemployment. In the United States unemployment is defined as those who are actively searching for a job, but do not have one. Hence everyone who is just not working is not calculated into the unemployment rate. I also learned today that as prices become more inflated, minimum wage increases because the money needed to live a semi comfortable lifestyle is greater with inflation. I am learning so much more each day in this class.
As I stated in my previous blog I was not too clear in the difference between nominal GDP and real GDP. But today I uncovered the difference, Nominal GDP is the total GDP without regards to inflation, whereas real GDP factors in inflation and hence is a more accurate and comprehensive calculation.
Also today I was able to clear my mind by going to the athletic facilities that Brown has to offer. The sporting complex was amazing, and it was quite fascinating to see all that they had to offer. It felt good to acquire some physical exercise after so many hours dedicated to strengthening my mind. I had never been in a gym with so many athletic, yet brilliant people at the same time. It was quite an experience that I think you could only acquire in a college setting.
Tonight all of the macroeconomics students will watch a movie pertaining to economics with our professor. It should be interesting to interact with the professor for the first time outside of the class room setting. I am truly pleased with the student to professor interactions at Brown. Many of the RA’s and Brown alums mentioned that predominantly all of the professors at Brown love to talk and just hang out with the students. They build great relationships to the point that some professors have sign-up sheets for students to babysit their kids, or just stop by their house for dinner. As a perspective student this really is enticing to me.