@@anushaaaa5001 That's a great idea! Will do! The current game theory video really only has a few basic types, so it would certainly be helpful to expand on that!
Most concise and informative economics video I've watched to date. Paying £9,000 a year and none of my lecturers even come close to this level of teaching..
Hi! Great question - yes there is a difference. Non-excludable good is one where you "cannot stop a non-payer from consuming". On the other hand, Non-rival is "one person consuming doesn't prevent another from consuming it at the same time." So for example, a public Bench or park would be non-excludable since anyone can sit on it even if they "didn't pay" taxes for it, but we cannot say it is "non-rival" since if people are sitting on it, others cannot. And on the other hand, Netflix is an example of a good that is Non-Rival because me watching a show doesn't stop you from also watching a show, but we cannot say it is "Non-Excludable" since it is possible to "exclude" people who didn't pay/don't have a login to be able to use it. Hope this helps!
You should make a video on public goods vs social programs. I constantly hear how roads, public schools, police, military are socialist. Please debunk this!
Hey Cory; that is a great idea! Yes -- those things are definitely not socialist (otherwise the US would be classified as a socialist country), and I will have to make a video about this soon! The defining feature is about whether you can start your own private business. Socialism is "Public ownership of means of production" == any business you start (means of production) has to be owned by the government (public). So yes, public goods is different from not being able to start your own private business. :)
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This was SO HELPFUL! Please make more of these!
Thank you! Will do :) Any recommendations for in-demand topics?
@@Diagknowstics A detailed series on different games in Game Theory would be super useful!
@@anushaaaa5001 That's a great idea! Will do! The current game theory video really only has a few basic types, so it would certainly be helpful to expand on that!
Most concise and informative economics video I've watched to date. Paying £9,000 a year and none of my lecturers even come close to this level of teaching..
Thank you so much Alyson! That means a lot :)
This was CLEAR, SUCCINCT and USEFUL. Thank you very much!!
Thank you sir!
Thanks soooo much. I have a test on this stuff tomorrow and this was very helpful
Thanks for the kind words! Good luck! :)
Is there any difference between non excludable and non rival...kindly help
Hi! Great question - yes there is a difference. Non-excludable good is one where you "cannot stop a non-payer from consuming". On the other hand, Non-rival is "one person consuming doesn't prevent another from consuming it at the same time." So for example, a public Bench or park would be non-excludable since anyone can sit on it even if they "didn't pay" taxes for it, but we cannot say it is "non-rival" since if people are sitting on it, others cannot.
And on the other hand, Netflix is an example of a good that is Non-Rival because me watching a show doesn't stop you from also watching a show, but we cannot say it is "Non-Excludable" since it is possible to "exclude" people who didn't pay/don't have a login to be able to use it.
Hope this helps!
@@Diagknowsticsyes it is thank you
@@Diagknowstics Thx sir it helped a lot
@@lakshyajain9745 anytime! :)
Thnx for explanation..🙂🙂
anytime! :)
What about the environment?
You should make a video on public goods vs social programs. I constantly hear how roads, public schools, police, military are socialist. Please debunk this!
Hey Cory; that is a great idea! Yes -- those things are definitely not socialist (otherwise the US would be classified as a socialist country), and I will have to make a video about this soon! The defining feature is about whether you can start your own private business. Socialism is "Public ownership of means of production" == any business you start (means of production) has to be owned by the government (public). So yes, public goods is different from not being able to start your own private business. :)
@@Diagknowstics Awesome!!!
I'm Russian, I'm not protected by US military..
I hate economics
Free rider good. Socialism, food lines in Venezuela.