Economic Systems and Macroeconomics: Crash Course Economics #3
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- Опубліковано 29 лип 2015
- In which Jacob Clifford and Adriene Hill teach you about Economic Systems and Macroeconomics. So, economics is basically about choices. We'll look at some of the broadest economic choices when we talk about the difference between planned economies and market economies. We'll get into communism, socialism, command economies, and capitalism. We'll look at how countries choose the kind of system they're going to use (spoiler alert: many end up with mixed economies). We'll also look into how individuals make economic choices.
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*Main outtakes of this lesson*
1) As a social order, we have to figure out three things:
- What will we produce?
- How to produce it?
- Who will get it?
2) Two different economic systems: market economies and planned economies.
a. In _planned economy_, government controls labor, land and capital.
b. _Communism_ is primarily defined by the lack of private property. Class-lessness is a symptom of having no private property. There are no communist countries in the world.
c. Often _socialism_ has some private property and some public ownership.
d. _Command economy_ is totally controlled by government.
f. In _market economies_, individuals control production to get profit.
*Invisible hand* - the unintended social benefits resulting from individual actions.
"It's not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from the regard to their own interest."
The mechanism of the invisible hand is that if you produce unwanted or shoddy products, a competitor will produce better more desirable products and put you out of business. This results in businesses that produce the things that people want/demand most, at lower prices.
3) Modern economies are neither completely free market nor planned. There's a spectrum of government involvement.
4) Circular flow model.
a. Modern economy is made above households (individuals like him and you) and businesses.
b. Businesses sell goods and services to households in product market.
c. Households earn the money by selling labor to businesses.
d. Businesses pay for the resources on resource market.
f. Government also buys products and resources, i.e. to buy cars from businesses and hire policemen to drive them.
e. Government gets the money from taxes, households and businesses (and borrowing).
Some improvements:
1. Communism is primarily defined by the lack of private property. Class-lessness is a symptom of having no private property.
2. The mechanism of the invisible hand is that if you produce unwanted or shoddy products, a competitor will produce better more desirable products and put you out of business. This results in businesses that produce the things that people want/demand most, at lower prices.
+SidV101 thank you, I added your improvements.
might want to add 2) g. the government has to do some things for the market because they are things that the government has to do instead of the market
Thanks man! I have an exam in a few months on this topic and this is a perfect summary of the episode :)
Сергей Галиуллин the communism wants the abolition of the private property IN THE MEANS OF PRODUCTION
when you have an AP Economics Exam in two days, and you're about to binge-watch six hours of CrashCourse videos
Some notes if anyone needs em!
Economics systems are made when we figure out
What to produce
How to produce it
Who gets it
-2 current day economic systems are market economies and planned economies (which comes down to who owns and controls the factors of production) → Karl Marx classified these as Land, labour, and capital
-Planned economies have government controlling the factors of production
-Karl Marx summarized Communism as the abolition of private property → no country has ever been communist
-Socialist countries have a mix between private and sub-public ownership
-Command economy = everything controlled by the government (including output) , which is opposite to a free market economy (or capitalism) where individuals own the factors of production, and government stays out of production, commerce, and trade → meaning businesses make things with the sole purpose of profit
-Invisible hand of the market = the unintended social benefits resulting from individual actions → why companies that make shitty things go bankrupt
-Government steps in in free markets to regulate production (to ensure proper standards of employment etc) and to maintain rules of law and provide public service like bridges and schools (things that won’t turn a profit)
-Modern economies are a spectrum of planned and free economies with varying levels of government intervention (North Korea ←most countries→ New Zealand)
-Circular flow model:
-Businesses sell goods through the product market to households
-Households pay for goods by selling resources (labour) to business through the resource market
-Government then steps in and helps regulate things by using taxes, and borrowing money
→ gets more complex with international relations, trade, and finance sector
-Your moral compass dictates what you believe is the appropriate level of government intervention, like providing a safety net for those with low incomes, or straying away from those who are in poor situations due to personal choices like drugs or gambling
Thankyou so much
we need more people like you in this world
Thanks
WHAT A CHAD BRO
As a 30 year old who NEVER paid attention in school, I LOVE THESE VIDEOS!
Thank you to everyone involved.
Jacob should become a rapper. He talks too fast
Never let anyone named Jacob become a rapper
Ben Howell Or Clarence :D
OOOHH Here comes Clarence ready to drop some sick beats :D
Yeah He stresses me out
lil jacob or yung jacob. xD
"Well, actually, it will end, when humanity ends, because microscopic organisms..."
Aight I've learnt enough.
Agreed. Five years into the future...
LOL I got goosebumps when I heard that
As someone with experience in Economics and having taken Economics courses, this is an amazing way of summarizing important economic concepts in a simple way. Sure, some things I would show a bit differently, like expanding the circular flow diagram a bit, but this is an incredible start. Keep it up CrashCourse! Bringing information like this to everyone is so valuable.
I can't even believe how engrossing economics is turning out to be. Jacob and Adriene do an excellent job of making economics both engaging, and understandable. THANK you.
"Nobody really cares about the new iPhone if there's a bomb dropping on your head"
They predicted the Note 7. #conspiracy
Mustafa Mian bruh
wink wink
"There's always an opportunity cost."
Sounds like someone's been watching full metal alchemist.
Bruh haha
The Law of Equivalent Exchange!
FOR WHAT COULD EQUAL THE VALUE OF A HUMAN SOUL?!
@@gamingwithjaky5659 5 dollars take it or leave it
Thank you for the "and a bunch of lobbyists"
I like that ACDC belt
i love how youtube comments never fail to make me feel like i'm the only one...
I know right! His belt is the best lol
So, the moral is this: don't hook up with an economist. It's not that they're heartless, they simply don't operate in the realm of feelings. :D
This is a new subject for me that I am trying to learn. Never had economics classes so thank you for making this video series.
This show is amazing. I'm from Mexico. I just discovered this UA-cam channel and I can't stop watching all of your different programs. Keep up the good work.
"In practice no country has ever been communist"
THANK YOU, I've been saying that for years.
Wow, so far only 1 excessively anti-communist comment and only 1 anti-capitalist comment that wasn't quite as excessive. Good work people of youtube! See, not every discussion has to be derogatory!
Factoid well yeah, this isn't the vice news comment section
Factoid Give it time... Alot of people need to defend their 'murican freedom to be enslaved by big business....
Lets invent capitalcommunism or communalcapitalism. Is liberal communist a thing?
Marcus Galo Aaaand there we go. The comment we were waiting for. Unnecessarily derisive and inflammatory.
Frwank Sinatwa
kinda, socialist Libertarianism is a thing.
That's an awesome AC/DC belt buckle
Who else already completed Economics but is just a weirdo who wants to understand it better?
holla! These videos are wonderful! I love crashcourse content
🖐
🌐💀🔫 Corporatocracy the plutocrats are running the countries. They are the real terrorists. They are part of it. They have billion dollars. They are the one percent but we are; 99% of people are working for the one percent. Slavery. Monetary system is legalised theft. There is no democracy. Government is not for us. They are transferring wealth to rich people. Over consumption of finite resources of earth is detrimental. Religion is poison and it is supporting hate and separatism so on. Religious punishment is endless for sinners and devils. When there's more problems other than peace and harmony (sustainability, efficiency, abundance) then there are lot of opportunities to make profits. They are part of the problem. The solution is resource based economy. Please do your research about zeitgeist movement / Zeitgeist Movies then you know the truth.
my goal is to design a better economic system for mankind
didn't even take the class lol
It's heart breaking that the only content we have of Adrienne is this, i'm totally in love with her teaching skills and could listen to her for hours! Dream teacher.
I'm gonna tell you guys, Econ was one of the most hated subjects in my graduation (Business Administration), but this series is pretty awesome. Can't wait for the next episode!
why are u watching these vids
Anish lmao fr
8:02 "It's not that they're heartless, it's just that they don't operate in the realm of feelings." Ya and that's the problem with taking their advice without any argument. We're humans, not corporations, we're supposed to decide to give a crap about others, not be amoral because it's more convenient for us. I'm so glad I don't live in the states. No offense guys, but I am perfectly ok with my taxes paying for social programs for those that can't afford stuff. And as for the helping smokers or gamblers, as long as I'm also helping to prevent that single mother out there somewhere from going bankrupt trying to pay for their sick child's medical bills, I'm happy with paying for the free loaders as well.
killerfrenchy I'm not quite sure that's what they're getting at.
The field of economics can have very concrete things to say about how to improve peoples' lot, but that generally takes place within a pre-determined conception of what improvement is. I imagine they'll get to this in Crash Course, but Pareto Efficiency (where you've exhausted all gains where no one will lose) is meant to be an example of an ideologically neutral economic position. Don't get me wrong, it turns out that simplistic PE is not straightforwardly neutral, but much of economics is the field of working out what is best, given an external or (perhaps more preferably) agnostic definition of what is good.
I'm happy for my taxes to pay "for social programs for those that can't afford stuff", but an economic question would be 'given we want to pay for social programs for those who can't afford stuff, how can we pay for as many valuable social programs for a given amount of money?", (e.g. would it be better for my money to go to (a) expenditure on what I want to consume, (b) the government [through tax and spend], or (c) charity [through donations]).
Whether we *should* pay is an ethical question, linked to - but importantly separable from - economic ones.
killerfrenchy Well like they said, it depends on your values. Others in your country may not agree with what you've said.
Miles Guilford I didn't bother reading your entire comment because I am sure that he meant exactly what he said about supporting freeloaders.
Really.
Personally I like to think a little deeper, and more productively, so to speak... I do think that our nation's general prosperity relies on inclusion.
America's business, IS business, so to speak. So while I have seen arbitrage used as a tool just as sure as money itself can be used as a tool... I disapprove of arbitrage as a general aim of the corporate world, and so I think limits on arbitrage ought to be codified.
....now I gotta go and read your long ass comment.. probably all about donkeys. Or the show you saw in TJ while drinking under age. Am I right?
Miles Guilford oh ok... no donkey?
Hmm..
Any way, yeah that's why we need civics lessons back in schools. I have on many threads used my personal experiences rhetorically, I won't bore you, but to say that personal experiences from citizens should shape a lot more public policy than business does.
So if you get rid of the lobbyists all questions about what's fair in society would filter through citizens' actual experiences.
Sorry that was so long winded.
The other thing to consider is what if the freeloaders become so numerous that the system can't sustain itself? Going purely on tidbits I've picked in the news, a lot of Greeks feel like they shouldn't pay taxes, but somehow they expect the government to function and provide services. Not working out so hot for them.
The neutrality of these videos is impressive, it can't be easy to do when you're discussing some of these topics, not to mention the quality of the content itself. It's really appreciated by us all, thank you!
I LOVE the Crash Course series and am happy to support it through Patreon. I wanted to leave a bit of constructive criticism for Mr. Clifford or the director of this series on economics. And I mean this with the utmost respect because I am a terrible public speaker, Mr Clifford, please slow down and/or enunciate better. English is my first language and even still it is at hard times to follow because of how quickly you speak.
Please keep up the great work!! I just finish micro and macro econ at university and am excited to see how you teach what I just paid over $1,000 to learn. :)
I'm in an intro Econ class in college right now, it's one of the 2 classes I need to graduate. I never had economics in high school, & I'm having such a hard time understanding it. I really appreciate these videos, i hope they help me, because my final is next week ;_; wish me luck.
I found this video through my microeconomics course (which, though I just started it, am enjoying immensely!). Anyway, in reference to the trade-off with government regulations between lower pollution and car prices, here is an idea:
Increase the availability of public transportation. This will reduce the *need* for cars, which will help households save on insurance and maintenance, which allows resources to go towards other wants. Plus, mass transit has a lower carbon footprint. Furthermore, the costs of pollution can potentially be quite disastrous.
Thus, I think regulations are worth it.
Here 4 years later. I took economics during winter intercession and it was some things I didn’t retain. Thank you crash course! Being knowledgeable about economics is so vital!
I am from INDIA , your crash course is really awesome, in just 10 minutes we get to know so much of things, and the holistic and example approach of teaching is best feature of your channel which is unparallel. hats off crash course. keep doing this great job. thanks a lot.
Best Crash course since world history!!!!!!!
June 2020, it's good time to talk about economics
I love how you guys can make it so easy for me to understand concepts which I thought were very complicated at first! And honestly, I think the fact that you try to go about it with a sense of humour which you know, makes it more enjoyable, is awesome. Thank you very much!
Great, unbiased explanation of planned economy vs free trade. At the end of the day, it is up to individual to make an informed decision. Thanks guys!
Jacob is rocking that AC/DC belt buckle, lol.
Thank you so so so so much for this video, this is literally exactly what I was hoping for, it's just what I needed. Just a brilliant, perfect summary of planned/market economies, perfect simplicity.
You guys have no idea how good this series' timing is. I start my first economics course next week! (And AP no less!)
You guys are awesome! Keep up the good videos! I'm really learning alot! This helps me understand it and gets me ready for my eco classes coming up in a few weeks!
I had to listed to them at 0.75 speed. Lol Thank you for the course!!
Thank you for providing free content like this Crash Course!
this is single handedly the best video educational video ive ever seen for the reasons that it explains things well and visually but more so because its UNBIASED and truthful
This may be your best video yet. Incredibly clear and concise descriptions and examples. Great work, guys.
I have my physics exam tomorrow and this helped me a lot, thank you so much!
Physics? lol
Wrong video lol
well it looks like I'm failing physics :(
just kidding
Excellent series! Thanks for making it. Will become a patreon when I am able.
I really appreciate these videos and they are well made and fun. HOWEVER Jacob Clifford talks so fast I have to pause and rewind frequently. Especially since Economics isn't coming naturally to me, so I have to concentrate super hard as it is.
I can't tell you how thankful I am for Crash Course
Crash Course got me through my Civics and Economics class 😄
"And no one really cares about buying the new iPhone if there's a bomb dropping on your head."
Bet.
Fantastic Video! A bunch of my favorite quotations all wrapped into one vid, this one is the best I've seen
Yay! I'm glad there is an Economics Crash Course. Good job, guys! 😁
omg Jacob speaks waaaayy too fast
i find he speaks normal :p
+Brising Conan ok
Aaron Rollins
yep it's not like if he was speaking as fast as eminem ^^
+Brising Conan lol true
I slowed down the speed of the video by .50 (go to the video settings) & found he speaks at normal speed then ;)
Do these episodes air once every 2 weeks? because I won't have to expect an episode every week :) Great job on the video guys!
Didn't expect to love this series so much... but I do! Crash Course, you've really outdone yourself.
So far, I'm really digging this new series.
My Economics teacher put this video up for the class to watch and take notes, and I tried to take notes but Jacob talks wayyyyyyyyyy too fast. My hands were cramping when I was done taking notes.
Like the AC/DC input :D
I like Thomas Sowell. I think economists don't concern themselves with answering questions about how SHOULD a government become involved (if at all!) to alleviate poverty, and, essentially, redistribute wealth because the answers to those questions depend on moral philosophy. I highly recommend those interested in these types of answers to read about objectivism
Thanks for making these you guys. Really appreciate it!
You guys have amazing energy. Keep up the great work!
i actually prefer the green shirt lol it matches perfectly with the hair
Can someone explain to me what the connection of the socialism stuff is to the planned and market economies because my mind is not following at all...
Thank you so much. I enjoy your videos, it's actually relevant to people like me who don't live in the US.
I really like your points that you made. You successfully explained both systems without a biase towards which one is better. Also it's true that a free market is the only way to secure wealth for people in a nation. But without the government to pay for the public needs then like school and defense then we fall out of order. This is why the United States is amazing and why England is ok, and the rest of the world is terrible (from an American point of view)
The biggest issue that we face as a society is selfishness period.
this channel is incredible, its so exciting to watch it.
First Crash Course Economics Lesson.
Surprisingly good. Love Ms Hill. Very Lively
"...aaand a bunch of lobbyists." That made me laugh with sadness.
you make universal health care sound like it's something new
Field Marshal Fry Because it is
It is for America
You make it seem like it's a good thing
Pete O'Connor
*looks at the higher life expectancy, lack of medical related bankruptcy's, lower drug cost and greater population happiness in Europe* seems to be
+Field Marshal Fry lower quality healthcare, longer waiting lists, and massive taxes all say you're wrong.
thank you adriene and mr. clifford, i'm from science major(we don't really study econ) but now i get it! :)
Episode 3 and we're already on our 3rd unique ACDC belt buckle, I love this guy.
I'm surprised New Zealand is at the right end of the spectrum since I consider my country to be pretty socialist in some aspects (health care, welfare etc) or more so than America which is what I would consider to be the quintessential capitalist country.
Andy Feng Almost, but as an NZ and US citizen, Australia is up there on the right too; economically they're more right than the US but not as much domestically.
Andy Feng It's just too bad that the reality seems to be that America is the quintessential crony-capitalistic nation, and not the free-market capitalistic nation. When the government picks winners and losers through subsidies, tax breaks, etc. it doesn't work out too well...
Andy Feng I'm glad you brought this up, so this is the thing they were talking about in the earlier videos, that socialism is not oppositional to capitalism. You may have a free-market driven government, that makes thoughtful social decisions. The two can live harmoniously (dawhat!!). The US has gotten to the point of monopolistic capitalism, which actually undermines free-market values (I think. This crashcourse is super enlightening, I'm excited for next week).
Andy Feng You can have the freest market in the world, but still tax people and redistribute some wealth. Wealth redistribution isn't necessarily and economic policy.
Andy Feng
As of 2015, New Zealand actually has the 3rd freest economy behind Hong Kong and Singapore. www.heritage.org/index/ranking
You have lower taxes, fewer regulations and less debt than the US. The US's economy is actually not that free anymore. It ranks 12th, behind countries such as Denmark, Canada, Australia and New Zealand.
i'm not an economic student, just wonder how the govt controls production in command economy system? is it through law, incentive or what?
Ugh, Crash Course, this is awesome. Thank you!
You guys are awesome. Loving the course. \m/
Thanks for the video! But I'm worried that you skipped very interesting and perhaps relevant options that are not either central planning or typical free market capitalism. For example, participatory economics as a form of decentralized planning, and market socialism as in Yugoslavia's market system based on workers' coops or John Roemer's proposals for distributing big industry throughout the whole of population in the form of untransferable stocks. I think at least a mention of these other alternatives (and perhaps others) should be considered important if you want to show a more complete picture. Again, thanks for the video!
My man has a AC/DC belt
This series is shaping up nicely.
that ACDC belt is going to be here ever episode huh?
the problem with a free market is that what society wants is not always what society needs, and command economy is never free of corruption and end up satisfying the leaders rather than providing for society...
Wise Lum Absolutely agreed, so long as the command economy as we view it led on a very large scale, and has a large army of buerocrats. I would argue that something along the lines of a gift economy, in the transition helped by use of money in a classless and stateless society would produce a far better alternative than any of these two chioces. But, if you do not belive that a gift economy could exist in the modern day, you could also run a mutualist system of worker ownerwhip and democraticisng of the workplace but which still uses money and investements, or Bakunins idea of Labour Notes for done work, which is then used to buy commodoties (But not private property, like a factory or something like that). from other collectives, "syndicates" as they are sometimes called, and thereby having an economy driven by money but which isn't capitalist. There are more than just two options, friend.
***** yeah those are interesting, I also believe that no system is perfect and it'll be interesting to see how well those other strategies would work in society and what problems may arise from them, like most things, in theory they may work in a certain way but when they're implemented in the real world many other factors come into play
Wise Lum Obviously, yes. But they have been brought into practice, and they have worked (Zoomia, the Zapatista, Free Cathalonia, Free Territory of Ukraine, Free Territory of Xianjang etc etc). Of course they have their own little set of problems, but I'd argue that any of those are preferable to what we live under right now. You might very well disagree, and that's fair enough :D
have they been used on large scale before? since large scale international application of systems is usually what leads to the surfacing of those issues, i don't know if i disagree haha i'm just interested to see what would result
Wise Lum I will admit that they have not yet seen large scale use, no. But if things go as I hope, we will soon be able to see :D
Crash Course Is One Of The Best Things In My Life !
I'm only 14 and love watching (and taking notes on Crash Course), so much so that I'm now doing so for homeschooling). I consider this to be a better use of my intellectual potential.
If you understand this at normal speed we cannot be friends.
There goes a potential friend
Aww but im a good person :(
:(
Feels a bit biased towards an American model of economics
Whatever you say commie
@@JohnDoe-oh9wp being skeptical of capitalism doesn't make you a communist you complete idiot. Most people fall roughly in the middle. Support some socialist elements, usually healthcare, education and social housing. But are also fine with the free market existing for less essential goods like TVs or cars. If you're going to throw around words like commie, at least actually read some of Karl Marx's stuff so you know what it actually is. Communism is actually about abolishing the free market and private ownership all together. Marx suggests that there are 2 classes: proletariat (workers) and burgeousis (land owners, bankers etc). Both these classes are in eternal conflict because the bosses will always exploit the workers, you'll never be paid as much as you're actually worth to your boss. Therefore, workers should seize the means of production, take control of the factories and banks and that, and run the economy to provide equally for everybody. Everyone is expected to chip in, and everyone will be supported. Full communism doesn't even have currency as there would be no actual exchanging of value. Things would work: "To each according to his needs, from each according to his ability". There you go, Marx 101. Next time you call someone a commie at least know what you're calling them. Also Marx had some very clever insights on economics and if you are interested in economics as a subject you should read some his stuff even if you disagree with him overall.
Whatever, pinko
@@jikkh2x I prefer redo and blacko please.
I think it's an American based school which would teach American Economics.
Watched all 3 back to back and now I want more! Wish I had this in high school instead of the teacher I got who was sooooo boring and dry good god!
You Guys are just awesome it's always fun learning through your videos ....
China isn't in fact socialist, nor is it communist. From all of the countries I have lived in, not a single one of them has been more of a FREE MARKET ECONOMY than China; No public funds for assistance, no socialised housing. Socially, the government is bordering on dictatorship, but economically, people are wheeling-and-dealing constantly, with little regulation. We are largely misinformed in the West about how China is run, and I hope this comment helps.
For reference, I have lived in the following countries as a comparison:
China (Shanghai, Guangzhou)
Hong Kong
Canada (Edmonton)
United States (Los Angeles)
United Kingdom (London, Northampton, Exeter)
Italy (Milan)
South Korea (Seoul)
Singapore
Thailand (Bangkok)
France (Paris)
Now let me re-iterate: Not a single country I've listed has been more of a FREE MARKET ECONOMY than China has been. Sure, they have governmental businesses which operate large corporations, such as the tobacco industry, but in general, no place I've lived in has had more people in business for themselves, pushing to make an extra dollar, close an extra sale, or gain a higher margin than China. They're fighting for every Yuan, and it's clearly because they have no safety net. There's far less regulation when it comes to pollution, and workplace standards.
From there, let me just say: IT'S HORRIBLE!
They're obsessed with money, more than anywhere else I've lived. If they get sick, and can't pay for the hospital, they're fucked. If they lose their job and can't pay the rent? They're fucked. They are controlled by what they can say, do, watch, hear, and read by their glourious government which is keeping them stupid to ensure they continue to work as slaves and hand over their money in the form of taxes, but there's clearly a disconnect between what the Government say they're doing, and what they're actually doing. The environment is absolutely ruined, the air is poison, the ground water is undrinkable, and that's directly a result of the obsession over growth due to the free market economy, and people scrambling after a starvation crisis which killed off 50 million Chinese people (thanks, Mao).
This hellhole is worse than the propaganda surrounding the "Red" countries which Americans are so obsessed with hating (still?).
Out of the places, I've lived, the best places to live for normal every-day people, to ensure a high level of education, good healthcare, proper wages, and a good quality of life overall?
Canada and the United Kingdom.. Both are Democratic Socialist.
Singapore was quite nice as well, but that has to do with a tiny tiny tiny area of regulation, tiny population, and a great position on the globe to be a trade hub. Hong Kong could fall into that as well.
The question asked in this video was: Should the people who do things to harm themselves (such as gambling or smoking) be helped by the Governmental safety net?
Yes. They should. Many smokers were alive during a time in which the government allowed advertisements to be aired which claim smoking is GOOD FOR YOU. Those people are just facing the reality of that now. Gambling is a disorder, and mental weakness which should be treated the same way alcoholism should be treated; with respect and a plan to get the people out of the obsession.
The first step is prevention, through education, and the more educated a population is, the less it smokes and gambles.
Austerity, as promoted by many governments currently (such as, sadly, the UK) is a farce to cut the social benefits currently offered from the working and middle class and filter them into buying weapons, padding the pockets of the politician's Eaton buddies, and spying on their own citizens to be able to control them. How do we get higher quality educations? By encouraging the people who might decide to be Doctors and Engineers to consider working as a teacher, through high wages, and good working environments. I'm certain every country has enough bombs and drones to last through the entire of World War III once it comes along, and still have some left over for when intelligent lifeforms climb out of the slime after another few hundred million years... so why are we cutting school funding to pay for more of those things? Why are we cutting benefits for Pensioners, and cancelling the pension program all together for those currently under 40, in order to pay for things like the GCHQ spy program (or the NSA in the USA)? Because those things help the people in control stay in control, and pad the pockets of their buddies (or themselves, via lobbyists).
Just my 2 cents.
People seem to see China as socialist even though for most cases its free market.
There might not be a social safety net, but the government is big, powerful, and essentially totalitarian.
There's really no way to classify it.
Interesting. A very weird combination from two extreme ends.
The key word - education. And not just knowledge about stuff - but self-esteem, and understanding how to learn. "Give a man a fish, and he will eat for a day; Teach a man to fish and he will eat until the fish are gone; Teach a man to learn how to think and understand cause/effect and he will make the world better for himself and everyone else"
A country can have a communist government with a free market based economy. In China, it is State Capitalism at the corporate level even though local economies might be more market based. The government certainly does have its hands on the factors of production.
"Socialist" and free markets are not mutually exclusive.
the question of
1. what "we" produce
2. how "we" produce
3. and who gets it
is all answered by prices. you are asking the wrong questions if you want the most productive and greatest wealth for society.
individuals produce goods by looking at the market for prices to determine if its worth it to produce for their time. you don't need "institutions" to do that.
mackiechang of course it all makes sense now
what will we produce : prices
how will we produce : prices
and who gets it :prices
Thanks for this Wonderful Course Team!
Thanks for your work it helps me understand English and Economy terms.
Denmark is held up as an example of a mixed, socialist economy. However, Heritage in its Index of Economic Freedom lists Denmark as the 11th most free market nation of the 180 or so nations on Earth. The US is 12th in this same list. So Denmark is more capitalist than the US.
Why you speak soooooooo fast!!! I lost you after couple of seconds!!!!
Set video speed to slower
And then he sounds drunk!
Some people who watch these videos are beginners and some people are more experienced. They keep the speed fast enough so people don't get bored. But it's not too hard to keep pausing and replaying stuff to try to understand the concepts
They try to find a good middle ground basically
You see, they're applying economics to the video-making. They don't want to make a video that takes too long for the viewer to watch it, thus they are speaking 'too fast'.
An economics teacher with an AC/DC belt buckle - for the win.
Extremely interesting. I will watch all episodes. Greetings from Brazil.
WINK WINK
"There are no solutions, only trade-offs" -Thomas Sowell
A fair and unbiased introduction to different economic systems... I guess the BBC spoiled me.
Loving these sessions.. Keep it up (y)
This guy needs to enunciate more clearly if he's gunna talk that fast...
thank youu i have to go back every time
IT'S SO FREAKING FAST
I can understand what he's saying.
Damn im moving to New Zealand! True economic freedom!
I'm with you where I live the government taxes everything and controls 53% of tge economy.
+Joao Castro *the
+Joao Castro where do u live? In my country we don't pay taxes and the government pays me to goto university and pay me to get married
+Issa Tarouf Portugal where do u live?
you should go to Singapore or Hong Kong instead
Excellent video! Thanks so much!
great episode really helped me with me school work well this and papa roach BEST BAND EVER!
'Economics isn't about emotions' YES IT IS. Every time someone buys the iPhone over a Galaxy, sure, the android is a better phone, but MY EMOTIONS (and my friends) say I buy the iPhone. A person's economic choices in developed countries are no longer based upon, how they can get enough food to last the winter, but on social standing, and other things of which their meaningful costs and effects are almost purely emotional, not money driven, but happiness driven.
John Smith thats taste choice, they will go over it in a few weeks the different types of demand changes.
John Smith Except for the fact that iPhones have superior builds, last longer, and are faster. Not to mention more high-quality apps.
Kasufert You are a perfect example of emotion buying rather than facts
miller repin You're either joshing or stupid. The iPhone has countless features the Galaxy lacks, a better camera, a higher quality screen, and more widespread support and accessories.
Kasufert "superior builds" drops the phone 1 foot it cracks