I still can't wrap my head around, how a fairly niche and olschool tabletop RPG became part of the global culture. So many things had to come together perfectly... :)
@@tomk3732 Well, for Tesla, it *is* its business model. And Tesla will lose a lot of revenue if Elon just make Supercharger free for use for all. While Apple will do just fine using type-c on iPhone.
Lol Apple and Tesla are examples of moving in the opposite direction of progress. They are for proprietary privatization for profit. Innovation is a thing of the past for them, they'll trickle down a few things over time, that only they can reap the rewards of. Small incremental progress for the sake of making a buck as "luxury" brands.
Haha. My mum would be just fine. She's a gardener. She would just have to call or drive to stores more, and people would need to pay with cash. Her carpenter boyfriend would probably care even less. He barely uses email, and didn't have online banking until a year ago.
Wow EE most UA-camrs don’t have time to reply to comments. Even though you have more than 3/4 of a million subscribers, you still reply and interact with commenters. That is very humble. Keep up the good work!
@@krateproductions4872 I know right?! I checked a few weeks ago and he had 620,000 subscribers! I’m pretty sure he will reach a million sooner than we expect.
in 1970, I started my career in accounting with a Pentel pencil, green columnar paper and mechanical adding machine! I am still working and participated in all the technological changes since then starting with the Sharp electronic calculator in 1971.
@@EconomicsExplained steam, Precision, electric, synthetic, smart, social are the 6 revolutions I recognize. Steam allowed large amounts of power to be harnessed almost anywhere, Precision made replaceable parts and better machines a reality, Electricity made power cheaper and more convenient for smaller scale and smaller investment industry, plastics and synthetics revolutionized manufacturing as previously impossible materials were created, the use of Computer aided design and integrated manufacturing revolutionized the accessibility of manufacturing, and the social revolution is still happening now. With the combination of precise electric computerized manufacturing and the internet of things, the social revolution is revolutionizing the way people invent and share ideas and products - rapid prototyping is cheaper than ever, and this revolution is currently undermining institutions and ideas of regulation (gun control) through "speech". Deterrence dispensed is an example of an open-source design of physical objects (guns) being used to get people what they want for a very small individual investment. Some European participants only design components which are fabricated and tested in America due to legal issues.
Cries in American. (While globally doing much better than most, Millennial Americans are set to be worse off than their parents due to the Great Recession, historically stagnant wages, inflation, and the covid economic crash)
It reminds me of a certain meme. A man talks to a robot: "You will never have human intelligence." And the robot responded: "You took loan for a wedding, what use would be your intelligence to me?"
Not likely, us questioning that is what will eventually resulting in us improving it enough to the point that AI may even be able to understand stuff like our questioning of its general intelligence. It's like being offended that there's people out there looking at your computer and going "Hm.... it's ok but it could be better in these ways...." and then going on to make computers actually better in those ways. And then you buy those new ones in five years and your works gets a bit easier or your games look flashier. And then they come back and do it again. I'm not met with dread at that, that's exciting, there's improvements coming!
Why would you change from something useful and practical to something entirely useless and parasitic? Economists are down in the depths of lawyers and politicians.
TBH engineers can do really well with a combination of both backgrounds. Engineering maths is highly saught after for financial modelling, or financial engineering but of course you need some background in what you are actually modelling. Pays very well too so that is always nice.
@@EconomicsExplained yes I was thinking of just that this channel really made me think of this. Thank you for helping me find my passion of economics I didn’t realize it until I came across your channel.
Automatic driving machine (cars or small robots in warehouse) primarily used visual cue to control themselves (lines/codes on the ground/etc.) and in the case of vehicles we are still far from the legal aspect of fully automatic vehicles. Also Amazon is heavily investing in regular delivery method (sorter loading a truck, driver delivering them etc.) just to show how even one of the biggest company is far from using automatic vehicle/robot to deliver their goods.
Why is everyone forgetting the impact fully developed VR would have on our modern day economy. With AIs and automatisation more and more jobs would become obsolete and the overall need of manpower would decline. What would governments have those unemployed citizens to do ? Also if VR and especially Full Dive VR was fully developed would directly smash various econimic sectors like entertainment and tourism. It's impact is no less than the 4th Industrial Revolution mentioned by EE combined.
@@sell2012 yes because haha. Lol. Lazy millenials that are getting exploited By the government and are in huge debt because of going to college to get a job and then they have to take a shitty job that doesnt pay even a living wage
@@herramirtsaaja9032 shouldve went for something that wouldve paid... you made your choice dont blame others. You didnt have to go to uni, couldve went to trade school. Keep voting your jobs away.
Another super important thing to add to that Second Industrial Revolution is Precision. The fact that they could now measure things to the micrometer (and now down to inconceivably small amounts) has changed the world more than anyone usually thinks about but it didn’t really exist before the mid 1800’s Almost all of our modern inventions rely on it
Canada Social Credit party had a National dividends as its main party platform, from 1931 to 1980's (party ended) At one point in time it was the National official opposition party
We currently get lots of value from space entirely via radio waves. Communication, GPS, Earth imaging. The next will be energy. Space-based solar energy has none of the terrestrial drawbacks. No night, no weather, no land use. Effectively unlimited base load energy. A market that’s already worth $trillions per year and in dire need of disruption. Most importantly, energy can be beamed down to receiving stations anywhere on Earth. While we’re out there building solar energy farms in space we could spare a bit of effort to build a parasol to help mitigate global warming.
An interesting caveat here is that yes, AI will make us more rich in the future but without proper regulation, it will just concentrate the wealth at the top even more, so while the future generations will be more rich, it depends on whom.
It shouldn't based on the definition... TLDR: the standard of living increase with technology because of the free market... If we're going to use what was defined in the video, then a new revolution would effect *all* industries which would increase the efficiency of production and decrease the price of those goods. Because the increase in productivity would effect all industries, the wealth wouldn't be concentrated and a monopoly wouldn't be formed. Of course that's assuming that free market competition is still in place which naturally lowers the price to appeal to the consumer. The only way to form monopolies, and thus concentrate wealth, is through government. Therefore, the only way that wealth be concentrated would be through government intervention that went against the free market and people's interests. In that case, the only ways to deal with that would be through voting or the second amendment. Fortunately, this is unlikely especially since the revolution would extend to other countries as well. Of course, let me know if I have misunderstood or overlooked something.
Marketing said "The fourth industrial revolution" didn't have a good enough ring. So we are now calling it "Industrial Revolution 4: Not for the poor". It'll sell like hotcakes.
I am writing to take issue with your mischaracterization of how historians view the Industrial Revolution. The Industrial Revolution was a decoupling of geography with wealth creation. Specifically, the introduction of the steam engine allowed machine-aided production to move from the cramped and overutilized river bank to anywhere a manufacture could move water and coal too. So rather than a village being very limited in the number of factories they could run, often limited to the bare necessities: such as having one milliner, one sawmill, and one tannery, a village could build multiple competing factories producing all sorts of things. This change, from linear space along a riverbank onto the square milage of usable village space, was monumentally exponential in a very real way. While it may be helpful shorthand to give the dates to the Industrial Revolution for the consumption of non historians, the dates do not actually define the period; and no one such as myself, whose major was history, would ever be confused about that.
The oil industry exponential growth in the early 20th century and all the changes that came along with it (i.e.: being able to cheaply and quickly move and use a huge amount of energy) would have been worth mentioning in this video IMHO. Anyway, I would love to see you cover this subject one day :)
First, I would like to say that I enjoy most of your videos; that said, this was probably your best video in regards to the generalized broad scope. I do think that the average person underestimates how critical the next 10 years will be. I think you illustrated wonderfully where we were in Industrial Revolution 1A, 1B, and 2A; and where we are going in Industrial Revolution 2B. I would hope your next video would be more in-depth look into 2B. I wrote a book, Unrestricted Psychological Warfare, about the future(which is quickly becoming the present); from 2020 to 2030 and beyond. I do believe that AI, AGI, Quantum computing, Augmented Reality, Brain-Computer interfacing, Nano-robotics, 3D printing, and many other technologies will create changes we cannot fully understand the impact of as a species. What will income/wealth inequality look like in the near future, due to the automation of labor that is coming with AI and AGI; as I call it, Technological Displacement? You may have touched on all of these subjects in separate videos, but the synergy of all of these technologies; the massive inflection point in the future where all of these technologies exist; and their unintended consequences; now that would be an impressive video to make and watch. I also do agree with you, we are in the time just before we create the "steam engine", where we have all the components to create an AGI; just, how do we do it? I personally believe that human beings, starting in 2030 and beyond will virtualize themselves; and all of this will be a moot point at best. All of these technologies will help facilitate the virtualization of the human species. This is not a future I look forward to.
Loved this video. My favorite EE videos are the ones that address timeless subjects such as this one. A video about why the first industrial revolution happened when and where it happened would be cool. Also a video about what was the average person’s quality of life across time (from hunter gatherer times, to the Neolithic, and after the industrial revolution) would be amazing.
By the broader definition we are in like the 18th Industrial Revolution (I didn't actually count). Sanitation, Irrigation, Domestication, Printing all certainly count as systematic shifts in technology that change and improves the way that business is done. The most transformative technologies since the advent of coal/steam have been electricity, the internal combustion engine and the transistor. We're on the cusp of exploitaion of inner space (biology) and outer space (resource extraction)
When the entire universe has been conquered and entrophy defeated, once all the known laws of physics are bare under our feet, once we have complete and utter control over reality itself at that point i think we can take a couple of days off
@@2hotflavored666 We should try to insure each person a good standard of living before developing technology past a point where we can control it just because "economic growth" is good for us
@@benjaminteixeira4709 and how do you plan to accomplish that without economic growth A lifting wave rises all boats, even "poor" people in américa live better than some kings in antiquity
Multiple stuff put together will make the 4th industrial revolution. Genetic engineering, IoT, AI, nanotechnology, etc. The contours of the 5th are visible as well, I would put quantum computing and nucleair fusion there as they are significantly further on the horizon yet still very much concievable within a century.
These were how I summed them up in college 1. Steam Engine and Mechanization 2. Electricity and Automobiles 3. Computers and Electronics 4. Internet, Big Data, and AI
You see Europe? You see Africa? They would be Europe and we all would be Africa. And it is the best case if they won't just eradicate human population as a whole because it is always the best economical solution which should be taken given required efficiency to become inter galaxy existence.
In economic terms the difference would be as stark as a single toddler trying to comprehend the global economy. A galactic federation worth its salt would be composed of millions of Dyson Swarms each collecting a billion times the energy that humanity currently does, a multiplier of 10^15. Humanity proudly stands astride the Earth. The galactic federation routinely dismantles star systems for raw materials.
You guys are all making a lot of baseless assumptions. While humans have made plenty of mistakes in the past, the fact is the modern economy of developed nations is not based on producing the most resources possible. It's based on industry an innovation. If you honestly thing civilizations more advanced than us would have economies less advanced than us, then you don't know what you're talking about. In the first place space is abundant with resources, there is no reason to erase a planet full of sentient creatures who's future contribution to the galactic economy would easily be far more than the worth of the resources on planet and the cost to kickstart a major technological boom. This is something that has happened on Earth many times too. Look at Japan, South Korea, or Singapore. The fact is that more individuals to contribute to an economy is always better for the economy, not worse.
@@DBZHGWgamer reasonable, compassionate, smart individuals - sure. But look at the world today - the majority of world's population don't fall into any of those categories. In any case, in absence of any actual data about the purported "galactic" federation, any kinda of assertions are based on "baseless assumptions", inlcuding yours.
China has already managed to create sustainable deuterium and tritium fusion, another viable option is lithium fusion, these are all precursors to the hydrogen thermonuclear fusion that powers the sun, they are more than enough for us
Hey now, your entire audience isn't _that_ young. I know how work was done pre-computer. My father, who was a college professor at the time, had me typing up worksheets on a word processor as an elementary schooler in the mid-nineties. I was *just* young enough to avoid having to do the same thing on the electronic typewriter that the word processor replaced. Having done schoolwork (and *actual* work) on a word processor or typewriter makes me all the more grateful for the powers of modern computing.
Rest assured this is nothing new. The discovery of radiation led to radio-active drink water, skin cream and whatnot. The atomic bomb led to "atomic" cafés, radios stations and whatnot. The rise of 3D gaming was named "virtual reality" (at least in France). Today, we have "quantum" this and "AI" that and "social" those... Tomorrow, cyber-everything ?
@@hawaiijim I thought he was going to talk about that, they are key parts of the second Industrial revlolution: interchangeable parts, mass production of steel,internal combustion engines, electricity.
@@fetchstixRHD No you don't. If I plug my PC into a DC source like a solar panel or a battery, it will work. But if I plug it directly in the AC outlet without a DC converter, it will get fried.
3 field crop rotation was a revolution as well, then the printing press too. Both of these innovations revolutionized the way the world worked. 3 field crop rotation essentially doubled food production, turning something that was there only to feed your family into a source of income to improve your life.
There was only one industrial revolution just like there was one golden age of Rock and Roll. Developing a new drive train for an EV doesn't mean that we have entered a new dawn. The same principles and theories contrived 200yrs ago still apply today you Australian Pratt.
can I add some other few things that helped the economy to grow a lot? -the understanding of the laws of thermodynamics that made machines way more efficient -the understanding of how to make fertilizer on an industrial scale that prevented a massive famine Has anyone other ideas?
In the 1800's? Other big factors were the formation of an industrial rail and port infrastructure, the development of sanitation helped grow cities and thus the available workforce, the development of chemistry and materials science to make various products with etc.
As a blacksmith myself, I can confirm that iron is a terrible material to build anything load bearing out of, especially if that is itself. If you notice, a lot of old iron made components are bulky with lots of structural supports and reinforcements. It's not exactly soft, but it's also malleable enough to deform due to work stress. So the production of cheap, quality steel in a large amount was a huge game changer.
Crypto is an escape for investors that don't want the crash to affect them totally. This is why a selected few that understand the times are taking up the opportunity of investing in cryptocurrencies, mostly bitcoin.
@@isabeldury9454 Crypto trading just like every other speculative investment is basically trading different crypto assets against each other to determine rise and fall and making returns.
To me, there's three main revolutions: The Agricultural Revolution, giving us agriculture and society The Industrial Revolution, giving us industry and mass production The Digital Revolution, giving us digital computers and the internet, as well as access to all the data on the planet at the touch of a button. Sure there were more than one of each, but they're all just continuations of the original one, now taking new forms with newer technologies and implementations.
These are technological revolutions that change the experience of humanity rather than industrial revolutions. To your list I'd add two: 3) Electrical revolution: changed the way we utilize power, and 4) Medical revolution: from germ theory to MRNA Vacccines. My hope for the 6th revolution (after digital) is social, when automation pushes the marginal cost of production so low we cease measuring value in labor.
I think genetic engineering is vastly underrated in this discussion. What will we make when biology bends to our will? Growable solar panels? Trees whose sap is components of crude oil? Animals that sort our recycling for us? Bacteria that refine metals? It's not entirely clear what will be easy to make, but it also wasn't clear that transistors would lead to youtube. All i know is that genetic engineering looks to me like it'll be as big as computers, and it has already started. But perhaps if it takes a century to do what computers did in a decade then it'll look less like a revolution and more like the steady march of progress.
You keep doing this! I saw an ad for something claiming to be the "4th industrial revolution" and I wondered what that meant and here you are ready with an answer again
Outer space is an interesting one, it certainly opens us up to alot more resourses, but we are still definately in exploration phase rather than mining/harvesting phase to generate wealth. Space will probably be industrial revolution part 5
That's still further out than AI at this point, by the time space-based industry is actually developed we'll be calling it the 5th industrial revolution.
I think space would be the 5th revolution. AI, local custom manufacturing (ie 3D printing, cnc, etc), global internet access, etc are probably going to happen before we develop a proper space presence and are direct progressions of teaching sand to think.
@Anshal Mishra We can do more than one thing at a time and space exploration results in earth focused technologies. Obviously starlink, gps, etc. would not exist without looking to the stars.
So here's one of those things that economists talk about very little, but engineers and historians talk about a lot: economic growth isn't a function of human ingenuity, its a function of energy. The industrial revolution unlocked the energy of fossil fuels, which powered every facet of it (mechanisation, steel production, fertiliser production, improved mining etc.). Going further back, water and wind power revolutionised European economies in the pre-industrial period, and animal labour revolutionised agrarian economies wherever it was practical to introduce. So we need power, lots of it, if we want to see growth. Which sucks, because fossil fuels are getting harder and more expensive to extract (not to mention the whole "we're cooking the planet by doing so" issue) and the replacements don't yet stack up in terms of either cost, or in terms of providing an easily-transported form of motive power for things like planes and ships. So we need to solve the issue now if we want to see growth again.
The first thing that comes to my mind is that probably best source for energy is solar. But not on the planet, outside the planet. Then the amount of energy would be infinite and much higher.
@@RetreatHell518 Unfortunately, space-based solar has the downside that any workable system for sending a lot of power down from orbit either doubles as a death ray (if sent to a single spot) or can't be metered out and charged for (if it blankets a wide area). It also doesn't solve the storage issue.
The green revolution is going the be the first time in a long time where its win-win-win. More efficient infrastructure and services create jobs and boost the economy, reduce climate change, and also can reduce bills (e.g. heating or fuel). I'm really excited to see us switch to a low-carbon industry across the globe!
Economics Explained , why didn’t you didn’t talk about advances in transportation and communication as being a elements of an Industrial Revolution? I thought that was just common belief. Aerospace>roads>rails>boats & digital>phone>Telegraph>letters+clocks
We aren't close to an AI general intelligence that would be accessible to everyone. It is also important to remember that AI, while magic sounding is absolutely not magic. In the end it really is just probabilities and huge tensors full of some numeric data.
I think the definition of an industrial revolution could be given more depth. The main elements of a revolution are power technology, communication technology and transportation technology. The first Industrial revolution started when newcomen engine was married to a steam condenser. This allowed the steam engine to have broad utility than pumping water from mines. This engine led to textile factories and mass employment. The trains and ships run by steam engines provide the transportation and the telegraph the communication. It was the age of the steam engine fueled by coal. The second industrial revolution was the electrification powered by power stations(steam turbine) and distributed by an electric grid. It liberated power from it source, and allowed electric motors to be ubiquitous in factories. The invention of the internal combustion engine led to ships, trains, cars and planes powered by oil which provide the transportation. The telephone, radio and television provided the communication. The factory was reorganised into assembly lines and specialisation of labour to result in mass production. This was the age of electricity and mass production provide by oil. The third industrial revolution was about computation and the internet. This transformed power, communication and transportation technology. Electronic control systems(integrated circuit chips) became embedded in technology, computers an integral part of life and work. The internet allowed these computers to be networked which resulted in an information revolution and the knowledge economy. It liberated information from geography. The fourth industrial revolution is premised on AI, Automation and Renewable energy. With this revolution, we are nearing achieving a world the ancient Greeks yearned for, a world defined not by fulfilling our basic survival needs (working) but by living life ( arts and culture - values).
In the same way, one could categorize Agriculture and Writing as previous industrial revolutions which also fundamentally changed the way societies and economies run.
The next revolution is A.I. we can now use this to do industrial design for us , it can bug fix, update and progress its own software. It is subliminally changing the way we live and interact with our internet capable devices.
You completely forgot the invention of the typewriter in which the second revolution would had had a much lower impact on the industry at large … because it was the introduction of the typewriter that enable the society (both public and private) to leap forward by revolutionary the way administration was conducted at the time. Without the writing machine, everything had to be filled by hand and ran the risk to be unreadable due to pour calligraphy from the authors. The typewriter was the pivot on which the second revolution swing into full gear. without the type writer, there would not be computers.
@Marc T 0 °F, was established as the freezing temperature of a solution of brine made from a mixture of water, ice, and ammonium chloride. The other limit established was his best estimate of the average human body temperature (set at 96 °F; about 2.6 °F less than the modern value due to a later redefinition of the scale) Wow, that seems all a convenient, easy, consistent and scientific thing to do. I'll stick with boiling and freezing water, which gives me accurate and repeatable result.
@Marc T How is "average human body" even remotely scientific. It is no wonder that all but 3 countries adopted the Metric system. That system with dividing in to 2's is far from convenient and archaic at best, unfit for modern times. ► 1cm³ of water weighs 1gram, in order to change the temperature of it by 1°C you'll need 1calorie. Try that in hillbilly units.
Buildings to house all this in, mining to get the materials, roads to move the stuff around (I didn't include seaports and ships, those have been around awhile, nor airports, which though new, generally just do what other things can do), and housing for all that overpopulation.
For anyone interested in this topic who wants to get a better idea about what the next industrial revolution will look like beyond just there being artificial intelligence I would highly recommend the book “The third industrial revolution” by Jeremy Rifkin. If you don’t have time to read it all though there is a lecture you can find on UA-cam that I believe was posted by vice where he explains the highlights of it.
6:26 Steel has actually been produced for thousands, not hundreds of years. The Vared Jericho Sword, for example, dates to the 7th century BCE, and contains steel. Steel is high-carbon iron; and thus, when smelting iron with carbon-based fuels, carbon will leach into some of the iron, turning it into steel. The smiths at the time were aware that this "steel" stuff was different from the iron around it, and collected it separately from the iron.
Fusion power is the next big step , I don't see any other ways to make huge amount of power with the knowledges we have. Current renewables could replace our current production capacity at best but maintenance would become a nightmare because the only way to scale current green energy production is to increase the size of the power plant. Well there is another one: automated space solar power plant.
Industrial revolutions are also followed by times of extreme wealth inequality, exploitation, and severe lack of human decency that create terrible living conditions for the people who live in that time. Think children in coal mines or down chimneys, women is the textile industry, and men in any industry. You could no longer work on your farm and continue to live like your parents did as the world was changing around you. Or like in the 50/60's when the rise of large corporations lead to the complete destruction of small business. Or more recently in China, where the government allowed the creation of loans for farmers looking to move to the city so long as they used their ancestral land as capital knowing full well they could never pay back the loan. (I know this because my friend worked for a business who did this, they even threatened to fire anybody who didn't take a loan for an apartment from them. She left when they did that.) I would also say that we are currently in the "next" industrial revolution. The investor revolution. With the widespread adoption of fintech and decentralization of investments, its meant that over the last 5-6 years we have seen an unprecedented amount of investment based on speculation. This offers the ability to generate mass amounts of wealth overnight. But it's also making companies ever more reliant of share price and offering a return to investors. Just like the housing market collapse due to dodgy mortgage loans, we are going to see a massive amount of wealth wiped clean when the companies begin to fail. And of course, the revenue that would have previously run back through the company in asset investment and increased wages has been redirected into ventures that serve to best increase the stock price. Overall meaning a world of ever increasing cost and ever decreasing wages for the many, and ever decreasing cost for the rich, and a nice big bailout from the government when it all crashes, and media censorship to silence any and all dissent.
I’m an economist and numerous economists are waking up to the idea that continuous economic growth forever is not possible, it’s also not the right thing to do. Yes some technological advancements have the potential, if used correctly to improve lives, but we need to start measuring quality of lives and not GDP. Sorry, but a rant. This videos made me a bit angry. EE you clearly, like most modern economists, have not studied economics fully, choosing just to accept Perpetual growth as the thing we should aim for. Give it some thought.
What, regular people's lives are worth more than economists' desire for limitless economic growth? What a revelation. But hey, who cares is people are struggling as long as stock prices keep going up? The system is obviously working! "When the last tree is cut down, the last fish eaten and the last stream poisoned, you will realize you cannot eat money." - Cree Indians
@@visancosmin8991 The sad part is those revolution primarily benefited those who own the asset & the rich at the expanse of the poor. Manufacturing went in poor country because they allow lower working condition and worker accept lower wage than us people in rich country.
Come on EE, we all know that 3090 you need for "editing" is really so you can "research" for your upcoming "the economy of cyberpunk 2077" video
Yes yes... research...
@@EconomicsExplained Hahaha "Research" I get it
Ehh "THE ECONOMY OF NIGHT CITY"
Not gonna lie, that would be a good video
I still can't wrap my head around, how a fairly niche and olschool tabletop RPG became part of the global culture.
So many things had to come together perfectly... :)
Apple: Standardisation? Hold my lightning cable
Same for Tesla and others. He does not know industry and a total luck of any Standardization. Maybe its the UK at play here.
@@tomk3732 he sounds Australian
@@tomk3732 Well, for Tesla, it *is* its business model. And Tesla will lose a lot of revenue if Elon just make Supercharger free for use for all. While Apple will do just fine using type-c on iPhone.
Lol Apple and Tesla are examples of moving in the opposite direction of progress. They are for proprietary privatization for profit. Innovation is a thing of the past for them, they'll trickle down a few things over time, that only they can reap the rewards of. Small incremental progress for the sake of making a buck as "luxury" brands.
To be fair, their new m1 laptops use USB c for charging.
You should do a video called “Economics Explained explains the economics of Economics Explained”
It’s in every video. It’s called patreon.
I can see the Xhibit meme now.
@@xboxnube hey dawg, we heard you liked economics explained, so we explained the economics of economics explained with economics explained?
will will smith smith?
*Inception bwoaaaa*
EE: Imagine your job without computers
Me (a Desktop Technician): Guess I'll just go home then
Lol fr
Haha. My mum would be just fine. She's a gardener. She would just have to call or drive to stores more, and people would need to pay with cash.
Her carpenter boyfriend would probably care even less. He barely uses email, and didn't have online banking until a year ago.
Wait, isn't it supposed to be the meme of an old guy saying "guess I'll die" ??
LOL get your abacus out.
That was effectively my job 18 months ago - and some of our projects are still transitioning away from paper to digital.
Wow EE most UA-camrs don’t have time to reply to comments. Even though you have more than 3/4 of a million subscribers, you still reply and interact with commenters. That is very humble. Keep up the good work!
And all that in 1 year! He really makes great videos
@@krateproductions4872 I know right?! I checked a few weeks ago and he had 620,000 subscribers! I’m pretty sure he will reach a million sooner than we expect.
I think it's very important to show apprecitation to the people who have given me such amazing support :)
@@EconomicsExplained Thanks EE!
@@EconomicsExplained you're awesome Mr. Economics Man 🖤
in 1970, I started my career in accounting with a Pentel pencil, green columnar paper and mechanical adding machine! I am still working and participated in all the technological changes since then starting with the Sharp electronic calculator in 1971.
Oh wow and I had always assumed that electricity had been a revolution.
I definately was, it was also a big part of the second industrial revolution.
Economics of Cyberpunk! lol
or economics of Night City
@@INeedAttentionEXE Yeeeeew
@@EconomicsExplained steam, Precision, electric, synthetic, smart, social are the 6 revolutions I recognize. Steam allowed large amounts of power to be harnessed almost anywhere, Precision made replaceable parts and better machines a reality, Electricity made power cheaper and more convenient for smaller scale and smaller investment industry, plastics and synthetics revolutionized manufacturing as previously impossible materials were created, the use of Computer aided design and integrated manufacturing revolutionized the accessibility of manufacturing, and the social revolution is still happening now.
With the combination of precise electric computerized manufacturing and the internet of things, the social revolution is revolutionizing the way people invent and share ideas and products - rapid prototyping is cheaper than ever, and this revolution is currently undermining institutions and ideas of regulation (gun control) through "speech". Deterrence dispensed is an example of an open-source design of physical objects (guns) being used to get people what they want for a very small individual investment. Some European participants only design components which are fabricated and tested in America due to legal issues.
@@EconomicsExplained Maybe the revolutions of 1848 had something to do with the "lull" between industrial revolutions 1a and 1b...
"every new generation is richer than the previous one"
*cries in argentino"
*Cries in Brazilian
Oh right! “Wealth” in this case is a metaphor for “Waste”, as in our atmosphere is now “richer” than ever before
Cries in American. (While globally doing much better than most, Millennial Americans are set to be worse off than their parents due to the Great Recession, historically stagnant wages, inflation, and the covid economic crash)
*Cries with you in US English*
*su*cides in venezuelan*
They call me the fastest patron in the west.
They call me the Great commenter in East
You clearly haven't heard the good news of James Bisonette
@@robertstuckey6407 I see you are a fellow man of culture
@@robertstuckey6407 Ah yes the great wealthy investor
@@robertstuckey6407 the great man himself
These videos are HONESTLY so educational and extremely useful, you’re changing the world one person at a time ☺️ (PLEASE DON’T STOP)
I always wonder if artificial intelligence gets offended if we question its general intelligence...
🤔
It reminds me of a certain meme. A man talks to a robot: "You will never have human intelligence." And the robot responded: "You took loan for a wedding, what use would be your intelligence to me?"
If it does, then it has it
Not likely, us questioning that is what will eventually resulting in us improving it enough to the point that AI may even be able to understand stuff like our questioning of its general intelligence. It's like being offended that there's people out there looking at your computer and going "Hm.... it's ok but it could be better in these ways...." and then going on to make computers actually better in those ways. And then you buy those new ones in five years and your works gets a bit easier or your games look flashier. And then they come back and do it again. I'm not met with dread at that, that's exciting, there's improvements coming!
It can not be offended because it is an agglomerate of (ax + b) equations and did not evolve to protect its social standing.
I'm this fast and I'm not even an economic student , I study engineering
I think it's time to change majors
Same for me
Why would you change from something useful and practical to something entirely useless and parasitic? Economists are down in the depths of lawyers and politicians.
I made the switch
TBH engineers can do really well with a combination of both backgrounds. Engineering maths is highly saught after for financial modelling, or financial engineering but of course you need some background in what you are actually modelling. Pays very well too so that is always nice.
@@EconomicsExplained yes I was thinking of just that this channel really made me think of this. Thank you for helping me find my passion of economics I didn’t realize it until I came across your channel.
Artificial inteligence, robotics and space exploration, those three will change humanity forever and are far closer than what most people believe
Automatic driving machine (cars or small robots in warehouse) primarily used visual cue to control themselves (lines/codes on the ground/etc.) and in the case of vehicles we are still far from the legal aspect of fully automatic vehicles. Also Amazon is heavily investing in regular delivery method (sorter loading a truck, driver delivering them etc.) just to show how even one of the biggest company is far from using automatic vehicle/robot to deliver their goods.
Why is everyone forgetting the impact fully developed VR would have on our modern day economy. With AIs and automatisation more and more jobs would become obsolete and the overall need of manpower would decline. What would governments have those unemployed citizens to do ? Also if VR and especially Full Dive VR was fully developed would directly smash various econimic sectors like entertainment and tourism. It's impact is no less than the 4th Industrial Revolution mentioned by EE combined.
they'll change it by driving it to extinction
EE: The idea that every generation is richer than the one that came before it.
Millennials have left the chat...
Sadly the type of "millennials" you're talking about has stereotyped all of us lol
Very true. The the junior engineers at my company have no chance of buying a house. They are screwed.
@@sell2012 yes because haha. Lol. Lazy millenials that are getting exploited By the government and are in huge debt because of going to college to get a job and then they have to take a shitty job that doesnt pay even a living wage
@@sell2012 It's not a stereotype. It's pretty well-supported by hard econometric data.
@@herramirtsaaja9032 shouldve went for something that wouldve paid... you made your choice dont blame others.
You didnt have to go to uni, couldve went to trade school.
Keep voting your jobs away.
Another super important thing to add to that Second Industrial Revolution is Precision. The fact that they could now measure things to the micrometer (and now down to inconceivably small amounts) has changed the world more than anyone usually thinks about but it didn’t really exist before the mid 1800’s
Almost all of our modern inventions rely on it
Because it wasn't necessary for the second industrial revolution. IE it wasn't the major driving force behind the change.
The next leap is when we find a way to export memes
Did someone say L E A P ????!!!!
@@Natogoon the great Meme leap
I'll buy your entire stock
One small step for Pepe, one giant leap for memekind
Isn't that just the Internet?
Sending information through the country in less than a week was possible before.
In Liechtenstein
🤣
It could go surprisingly fast even in the past. In the Roman Empire, messages could be sent from Britain to Syria in 2 weeks.
@@niklasmolen4753 🤔 cool fact
@@niklasmolen4753 Horses were the maximum speed limit before trains, basically rendering the max. daily speed for information to some 50km per day.
@@mikitz you'd need to stop and change horses if you're going that fast everyday or else the horse will die from exhaustion
**Andrew Yang has entered the chat**
Canada Social Credit party had a National dividends as its main party platform, from 1931 to 1980's (party ended) At one point in time it was the National official opposition party
@Jaskaran Singh The Social Credit party saw government services as a business model and believed citizen's should receive a dividend.
We must secure the bag 💰for our people and a future for our children.
The robots are here.
#YangGang checking in ✅
Anprim setting here like
-_- *ANOTHER ONE*
CAN I GET AN OOH OOH AH AH
OOH OOH AH AH!
oog
“Transhumanist headquarters here!”
“Yes, I’ve infiltrated the anprims. They seem to think I’m one of their tribe.”
@@eliashornwall8546 transhumanist give steve bad water. steve wake up in forest. tribe leader grug give steve name oog. oog think forest not real.
if i can take a quick geuss is that the fourth revolution will be space mining or something to do with space.
the fourth revolution is Artificial Intelligence good enough to replace white collar workers. AKA skynet.
We need a Dyson Swarm if we want to be serious about space mining in my opinion
@@PegasusTenma1 i agree xD
We currently get lots of value from space entirely via radio waves. Communication, GPS, Earth imaging. The next will be energy.
Space-based solar energy has none of the terrestrial drawbacks. No night, no weather, no land use. Effectively unlimited base load energy. A market that’s already worth $trillions per year and in dire need of disruption. Most importantly, energy can be beamed down to receiving stations anywhere on Earth.
While we’re out there building solar energy farms in space we could spare a bit of effort to build a parasol to help mitigate global warming.
An interesting caveat here is that yes, AI will make us more rich in the future but without proper regulation, it will just concentrate the wealth at the top even more, so while the future generations will be more rich, it depends on whom.
It shouldn't based on the definition... TLDR: the standard of living increase with technology because of the free market...
If we're going to use what was defined in the video, then a new revolution would effect *all* industries which would increase the efficiency of production and decrease the price of those goods. Because the increase in productivity would effect all industries, the wealth wouldn't be concentrated and a monopoly wouldn't be formed.
Of course that's assuming that free market competition is still in place which naturally lowers the price to appeal to the consumer. The only way to form monopolies, and thus concentrate wealth, is through government.
Therefore, the only way that wealth be concentrated would be through government intervention that went against the free market and people's interests. In that case, the only ways to deal with that would be through voting or the second amendment. Fortunately, this is unlikely especially since the revolution would extend to other countries as well.
Of course, let me know if I have misunderstood or overlooked something.
Marketing said "The fourth industrial revolution" didn't have a good enough ring. So we are now calling it "Industrial Revolution 4: Not for the poor". It'll sell like hotcakes.
We will always have the poor with us because the government keeps moving the poverty line higher.
I am writing to take issue with your mischaracterization of how historians view the Industrial Revolution. The Industrial Revolution was a decoupling of geography with wealth creation. Specifically, the introduction of the steam engine allowed machine-aided production to move from the cramped and overutilized river bank to anywhere a manufacture could move water and coal too. So rather than a village being very limited in the number of factories they could run, often limited to the bare necessities: such as having one milliner, one sawmill, and one tannery, a village could build multiple competing factories producing all sorts of things. This change, from linear space along a riverbank onto the square milage of usable village space, was monumentally exponential in a very real way. While it may be helpful shorthand to give the dates to the Industrial Revolution for the consumption of non historians, the dates do not actually define the period; and no one such as myself, whose major was history, would ever be confused about that.
The oil industry exponential growth in the early 20th century and all the changes that came along with it (i.e.: being able to cheaply and quickly move and use a huge amount of energy) would have been worth mentioning in this video IMHO. Anyway, I would love to see you cover this subject one day :)
Plus the development of certain plastics. It was all very important.
The 4th industrial revolution is the lock-down forever because we will from now on freak out at everything.
I highly recommend reading Martin Ford's "Rise of the Robots". It offers a quite level look at the near future
If you're feeling a bit more adventurous, also try reading Kurzweil's "The Singularity is Near", and Tegmark's "Life 3.0".
@@danielrodrigues4903 tegmark’s life 3.0 puts it into such clarity it’s mind-blowing
First, I would like to say that I enjoy most of your videos; that said, this was probably your best video in regards to the generalized broad scope. I do think that the average person underestimates how critical the next 10 years will be. I think you illustrated wonderfully where we were in Industrial Revolution 1A, 1B, and 2A; and where we are going in Industrial Revolution 2B. I would hope your next video would be more in-depth look into 2B. I wrote a book, Unrestricted Psychological Warfare, about the future(which is quickly becoming the present); from 2020 to 2030 and beyond. I do believe that AI, AGI, Quantum computing, Augmented Reality, Brain-Computer interfacing, Nano-robotics, 3D printing, and many other technologies will create changes we cannot fully understand the impact of as a species. What will income/wealth inequality look like in the near future, due to the automation of labor that is coming with AI and AGI; as I call it, Technological Displacement?
You may have touched on all of these subjects in separate videos, but the synergy of all of these technologies; the massive inflection point in the future where all of these technologies exist; and their unintended consequences; now that would be an impressive video to make and watch. I also do agree with you, we are in the time just before we create the "steam engine", where we have all the components to create an AGI; just, how do we do it?
I personally believe that human beings, starting in 2030 and beyond will virtualize themselves; and all of this will be a moot point at best. All of these technologies will help facilitate the virtualization of the human species. This is not a future I look forward to.
Loved this video. My favorite EE videos are the ones that address timeless subjects such as this one. A video about why the first industrial revolution happened when and where it happened would be cool. Also a video about what was the average person’s quality of life across time (from hunter gatherer times, to the Neolithic, and after the industrial revolution) would be amazing.
By the broader definition we are in like the 18th Industrial Revolution (I didn't actually count). Sanitation, Irrigation, Domestication, Printing all certainly count as systematic shifts in technology that change and improves the way that business is done. The most transformative technologies since the advent of coal/steam have been electricity, the internal combustion engine and the transistor. We're on the cusp of exploitaion of inner space (biology) and outer space (resource extraction)
After watching this channel I constantly get investment app ads on UA-cam. CURSE YOU, MR ECONOMIC MAN!
You should read "The Accidental Superpower", " The Absent Superpower" and "Disunited Nations" by Peter Zeihan.
Seconded.
Are they on jstor?
Wow this video was uploaded 2 minutes ago and already on my recommended!
Good job EE!
Awesome! Thank you!
Our obsession with economic growth is scary, when does that desire end
When the entire universe has been conquered and entrophy defeated, once all the known laws of physics are bare under our feet, once we have complete and utter control over reality itself
at that point i think we can take a couple of days off
I know
Economic growth is great for us, better living conditions and more workplaces and many many other things because of economic growth.
@@2hotflavored666 We should try to insure each person a good standard of living before developing technology past a point where we can control it just because "economic growth" is good for us
@@benjaminteixeira4709 and how do you plan to accomplish that without economic growth
A lifting wave rises all boats, even "poor" people in américa live better than some kings in antiquity
As a Civil engineering student, we always learned that IoT was the fourth revolution, hmmmm. Keep up the awesome videos!
IoT, robotics, better AI, they will all be a part of the change.
From what I've heard IoT largely will be adding more data of the physical world for AI to process and create insights from.
Multiple stuff put together will make the 4th industrial revolution. Genetic engineering, IoT, AI, nanotechnology, etc.
The contours of the 5th are visible as well, I would put quantum computing and nucleair fusion there as they are significantly further on the horizon yet still very much concievable within a century.
"Every generation is richer than the one before"
Lol good one mate...
Christmas is on its way so, I'll consider this a bonus.
THANK YOU.
These were how I summed them up in college
1. Steam Engine and Mechanization
2. Electricity and Automobiles
3. Computers and Electronics
4. Internet, Big Data, and AI
Question: how do you believe the existence of a galatic federation would affect the world economy?
Probably very bad, it'll shift our economy to w.e the items/raw materials the federation find valuable.
You see Europe? You see Africa?
They would be Europe and we all would be Africa.
And it is the best case if they won't just eradicate human population as a whole because it is always the best economical solution which should be taken given required efficiency to become inter galaxy existence.
In economic terms the difference would be as stark as a single toddler trying to comprehend the global economy. A galactic federation worth its salt would be composed of millions of Dyson Swarms each collecting a billion times the energy that humanity currently does, a multiplier of 10^15. Humanity proudly stands astride the Earth. The galactic federation routinely dismantles star systems for raw materials.
You guys are all making a lot of baseless assumptions. While humans have made plenty of mistakes in the past, the fact is the modern economy of developed nations is not based on producing the most resources possible. It's based on industry an innovation. If you honestly thing civilizations more advanced than us would have economies less advanced than us, then you don't know what you're talking about. In the first place space is abundant with resources, there is no reason to erase a planet full of sentient creatures who's future contribution to the galactic economy would easily be far more than the worth of the resources on planet and the cost to kickstart a major technological boom. This is something that has happened on Earth many times too. Look at Japan, South Korea, or Singapore. The fact is that more individuals to contribute to an economy is always better for the economy, not worse.
@@DBZHGWgamer reasonable, compassionate, smart individuals - sure. But look at the world today - the majority of world's population don't fall into any of those categories. In any case, in absence of any actual data about the purported "galactic" federation, any kinda of assertions are based on "baseless assumptions", inlcuding yours.
Fusion is the next one.
The again there was that gap between the first controlled use of fire and the first controlled splitting of the atom.
China has already managed to create sustainable deuterium and tritium fusion, another viable option is lithium fusion, these are all precursors to the hydrogen thermonuclear fusion that powers the sun, they are more than enough for us
The only way forward is more, until the earth says no more! "Nature always bats last."
Revolutions:
1. Steam engine/mechanical energy
2. Electric revolution
3. Computer revolution
4. Telecommunication
5. Automation/robotics/AI
Waking up and seeing a new upload from EE already means it's gonna be a good day 😃
Hope you enjoy!
@@EconomicsExplained just finished vid - wanted to let you know I did enjoy it, thank you! Excellent work as always
Hey now, your entire audience isn't _that_ young. I know how work was done pre-computer. My father, who was a college professor at the time, had me typing up worksheets on a word processor as an elementary schooler in the mid-nineties. I was *just* young enough to avoid having to do the same thing on the electronic typewriter that the word processor replaced. Having done schoolwork (and *actual* work) on a word processor or typewriter makes me all the more grateful for the powers of modern computing.
So the next revolution is using buzzwords without knowing what they actually entail?
Rest assured this is nothing new.
The discovery of radiation led to radio-active drink water, skin cream and whatnot.
The atomic bomb led to "atomic" cafés, radios stations and whatnot.
The rise of 3D gaming was named "virtual reality" (at least in France).
Today, we have "quantum" this and "AI" that and "social" those...
Tomorrow, cyber-everything ?
Wearing band shirts with out knowing any of their songs
This is his second strait video about crypto, without him even knowing that's what he's talking about.
@@bits_for_bytes he does but it is in cryptolanguage
Buzzword standardization proposal
I am surprised that you did not mention what made standardization in the 1870s possible: the invention of precise measurement tools and the lathe.
AC Electricity: Am I a joke to you? You would not be able to post the video without me
Also the internal combustion engine. 😢
@@hawaiijim I thought he was going to talk about that, they are key parts of the second Industrial revlolution: interchangeable parts, mass production of steel,internal combustion engines, electricity.
Joke's on you, PCs actually use DC
@@apacheattackhelicopter8185: But still source their electricity from an AC source, so you still depend on AC!
@@fetchstixRHD No you don't. If I plug my PC into a DC source like a solar panel or a battery, it will work. But if I plug it directly in the AC outlet without a DC converter, it will get fried.
Great vid like usual!
I'm just commenting for the algorithm.
3 field crop rotation was a revolution as well, then the printing press too. Both of these innovations revolutionized the way the world worked. 3 field crop rotation essentially doubled food production, turning something that was there only to feed your family into a source of income to improve your life.
10:25 love the Doug DeMuro cameo 😂
Fantastic video. There probably has never been a better way to communicate this subject material
Have you ever read "Industrial Society and its Future"? Its a great paper by a former UC Berkeley math professor. Really enlightening.
There was only one industrial revolution just like there was one golden age of Rock and Roll. Developing a new drive train for an EV doesn't mean that we have entered a new dawn. The same principles and theories contrived 200yrs ago still apply today you Australian Pratt.
can I add some other few things that helped the economy to grow a lot?
-the understanding of the laws of thermodynamics that made machines way more efficient
-the understanding of how to make fertilizer on an industrial scale that prevented a massive famine
Has anyone other ideas?
In the 1800's? Other big factors were the formation of an industrial rail and port infrastructure, the development of sanitation helped grow cities and thus the available workforce, the development of chemistry and materials science to make various products with etc.
As a blacksmith myself, I can confirm that iron is a terrible material to build anything load bearing out of, especially if that is itself. If you notice, a lot of old iron made components are bulky with lots of structural supports and reinforcements. It's not exactly soft, but it's also malleable enough to deform due to work stress. So the production of cheap, quality steel in a large amount was a huge game changer.
Crypto is an escape for investors that don't want the crash to affect them totally. This is why a selected few that understand the times are taking up the opportunity of investing in cryptocurrencies, mostly bitcoin.
Agreed 👍
I have heard so much about crypto trading and bitcoin, yet to really grasp the whole idea around it.
@@isabeldury9454 Crypto trading just like every other speculative investment is basically trading different crypto assets against each other to determine rise and fall and making returns.
Indeed crypto trading has proved to be very profitabl, more people are beginning to reap the massive gains in the crypto market.
@@mirabelakah3347 recently been looking up crypto news but got nothing credible yet. Really wish to earn off of it.
It's incredible! A video about industrial revolution and economy that not even once mentions oil
To me, there's three main revolutions:
The Agricultural Revolution, giving us agriculture and society
The Industrial Revolution, giving us industry and mass production
The Digital Revolution, giving us digital computers and the internet, as well as access to all the data on the planet at the touch of a button.
Sure there were more than one of each, but they're all just continuations of the original one, now taking new forms with newer technologies and implementations.
Many agree that a second agricultural revolution happened in the 60s with the widespread use of fertilizer and better seeds
@@DeeZedEx very different type of “revolution” and imo not a revolution but a new change with little change on how humans live.
These are technological revolutions that change the experience of humanity rather than industrial revolutions. To your list I'd add two: 3) Electrical revolution: changed the way we utilize power, and 4) Medical revolution: from germ theory to MRNA Vacccines. My hope for the 6th revolution (after digital) is social, when automation pushes the marginal cost of production so low we cease measuring value in labor.
I think genetic engineering is vastly underrated in this discussion. What will we make when biology bends to our will? Growable solar panels? Trees whose sap is components of crude oil? Animals that sort our recycling for us? Bacteria that refine metals? It's not entirely clear what will be easy to make, but it also wasn't clear that transistors would lead to youtube. All i know is that genetic engineering looks to me like it'll be as big as computers, and it has already started. But perhaps if it takes a century to do what computers did in a decade then it'll look less like a revolution and more like the steady march of progress.
The world is recessing into a music industrial revolution.
Nice
You keep doing this! I saw an ad for something claiming to be the "4th industrial revolution" and I wondered what that meant and here you are ready with an answer again
I wish I could live to see the 30th industrial revolution where we become a type 3 civilization
Oh man, I wasn't subscribed! How have I missed that button after watching so many of your uploads.
Why this gas crisis UA-cam advertisement keeps popping up every time I watch an Economics Explained video?
Same
Same
1: iron, steam, railways, belt-driven machinery.
2: electricity, synthetic chemicals, petroleum, motor vehicles.
3: plastics, synthetic medicine, computers, aerospace/rocket engineering.
4: local fabrication, robotics, cybernetics, space colonisation, post-scarcity.
I think its going to be something related to outer space.
I don't know or what.
But, It has to be outer space.
Outer space is an interesting one, it certainly opens us up to alot more resourses, but we are still definately in exploration phase rather than mining/harvesting phase to generate wealth. Space will probably be industrial revolution part 5
Space could be the place where : industry is, where data travels(starlink) where energy is produced etc...
That's still further out than AI at this point, by the time space-based industry is actually developed we'll be calling it the 5th industrial revolution.
I think space would be the 5th revolution. AI, local custom manufacturing (ie 3D printing, cnc, etc), global internet access, etc are probably going to happen before we develop a proper space presence and are direct progressions of teaching sand to think.
@Anshal Mishra We can do more than one thing at a time and space exploration results in earth focused technologies. Obviously starlink, gps, etc. would not exist without looking to the stars.
Keep up the good work bro
I thought electricity was the second revolution
So here's one of those things that economists talk about very little, but engineers and historians talk about a lot: economic growth isn't a function of human ingenuity, its a function of energy.
The industrial revolution unlocked the energy of fossil fuels, which powered every facet of it (mechanisation, steel production, fertiliser production, improved mining etc.). Going further back, water and wind power revolutionised European economies in the pre-industrial period, and animal labour revolutionised agrarian economies wherever it was practical to introduce.
So we need power, lots of it, if we want to see growth. Which sucks, because fossil fuels are getting harder and more expensive to extract (not to mention the whole "we're cooking the planet by doing so" issue) and the replacements don't yet stack up in terms of either cost, or in terms of providing an easily-transported form of motive power for things like planes and ships. So we need to solve the issue now if we want to see growth again.
The first thing that comes to my mind is that probably best source for energy is solar. But not on the planet, outside the planet. Then the amount of energy would be infinite and much higher.
@@RetreatHell518 Unfortunately, space-based solar has the downside that any workable system for sending a lot of power down from orbit either doubles as a death ray (if sent to a single spot) or can't be metered out and charged for (if it blankets a wide area).
It also doesn't solve the storage issue.
The green revolution is going the be the first time in a long time where its win-win-win. More efficient infrastructure and services create jobs and boost the economy, reduce climate change, and also can reduce bills (e.g. heating or fuel). I'm really excited to see us switch to a low-carbon industry across the globe!
😂😂😂😂😂
Almost all of my work was paper just 18 months ago. We began a transition to digital, and some of our projects are still only about 50% transitioned.
Economics Explained , why didn’t you didn’t talk about advances in transportation and communication as being a elements of an Industrial Revolution? I thought that was just common belief. Aerospace>roads>rails>boats & digital>phone>Telegraph>letters+clocks
We still don't know what quantum computer can do that's applicable to our day to day tasks tho
We aren't close to an AI general intelligence that would be accessible to everyone. It is also important to remember that AI, while magic sounding is absolutely not magic. In the end it really is just probabilities and huge tensors full of some numeric data.
I think the definition of an industrial revolution could be given more depth. The main elements of a revolution are power technology, communication technology and transportation technology.
The first Industrial revolution started when newcomen engine was married to a steam condenser. This allowed the steam engine to have broad utility than pumping water from mines. This engine led to textile factories and mass employment. The trains and ships run by steam engines provide the transportation and the telegraph the communication. It was the age of the steam engine fueled by coal.
The second industrial revolution was the electrification powered by power stations(steam turbine) and distributed by an electric grid. It liberated power from it source, and allowed electric motors to be ubiquitous in factories. The invention of the internal combustion engine led to ships, trains, cars and planes powered by oil which provide the transportation. The telephone, radio and television provided the communication. The factory was reorganised into assembly lines and specialisation of labour to result in mass production. This was the age of electricity and mass production provide by oil.
The third industrial revolution was about computation and the internet. This transformed power, communication and transportation technology. Electronic control systems(integrated circuit chips) became embedded in technology, computers an integral part of life and work. The internet allowed these computers to be networked which resulted in an information revolution and the knowledge economy. It liberated information from geography.
The fourth industrial revolution is premised on AI, Automation and Renewable energy. With this revolution, we are nearing achieving a world the ancient Greeks yearned for, a world defined not by fulfilling our basic survival needs (working) but by living life ( arts and culture - values).
Why does the title say forth industrial revolution?
In the same way, one could categorize Agriculture and Writing as previous industrial revolutions which also fundamentally changed the way societies and economies run.
Finally subscribed to help with the 3090. Somehow it's comforting to know that even EE can't afford it.
The next revolution is A.I. we can now use this to do industrial design for us , it can bug fix, update and progress its own software. It is subliminally changing the way we live and interact with our internet capable devices.
A good tedx video on this topic is called “Sam Hyde paradigm shift 2070”
You completely forgot the invention of the typewriter in which the second revolution would had had a much lower impact on the industry at large … because it was the introduction of the typewriter that enable the society (both public and private) to leap forward by revolutionary the way administration was conducted at the time. Without the writing machine, everything had to be filled by hand and ran the risk to be unreadable due to pour calligraphy from the authors. The typewriter was the pivot on which the second revolution swing into full gear. without the type writer, there would not be computers.
Standardisation. Ah yes, how every self respecting developed nation in the world has adopted that superior measuring system.
@Marc T 0 °F, was established as the freezing temperature of a solution of brine made from a mixture of water, ice, and ammonium chloride. The other limit established was his best estimate of the average human body temperature (set at 96 °F; about 2.6 °F less than the modern value due to a later redefinition of the scale)
Wow, that seems all a convenient, easy, consistent and scientific thing to do. I'll stick with boiling and freezing water, which gives me accurate and repeatable result.
@Marc T How is "average human body" even remotely scientific. It is no wonder that all but 3 countries adopted the Metric system. That system with dividing in to 2's is far from convenient and archaic at best, unfit for modern times.
► 1cm³ of water weighs 1gram, in order to change the temperature of it by 1°C you'll need 1calorie.
Try that in hillbilly units.
Buildings to house all this in, mining to get the materials, roads to move the stuff around (I didn't include seaports and ships, those have been around awhile, nor airports, which though new, generally just do what other things can do), and housing for all that overpopulation.
I feel Fusion would likely be the forth revolution as it would trivialise energy and make it super cheap to do many energy intensive things today.
For anyone interested in this topic who wants to get a better idea about what the next industrial revolution will look like beyond just there being artificial intelligence I would highly recommend the book “The third industrial revolution” by Jeremy Rifkin. If you don’t have time to read it all though there is a lecture you can find on UA-cam that I believe was posted by vice where he explains the highlights of it.
4:50 *"Imagine if the world today did not grow wealthier over a 50 year period, people would lose their minds..."*
just wanted to stop for a moment and let you know how great I think your channel is: very. keep it up
I heard the term "fourth industrial revolution" from Andrew Yang when he first ran for President.
It`s from Klaus Scwab by The World Economic Forum
It's a relitively popular talking point amongst economists at the moment.
Super Awesome Video!!! Super thanks for sharing!!! Awesome!!!
0:43 - Kamyanets-Podilskyi castle in Ukraine
Nice to see an economics video that ends on a happy ending!
6:26 Steel has actually been produced for thousands, not hundreds of years.
The Vared Jericho Sword, for example, dates to the 7th century BCE, and contains steel.
Steel is high-carbon iron; and thus, when smelting iron with carbon-based fuels, carbon will leach into some of the iron, turning it into steel. The smiths at the time were aware that this "steel" stuff was different from the iron around it, and collected it separately from the iron.
5th industrial revolution: Return to monke, produce rocks.
4:00 Lets get this man a gold UA-cam button
I like this channel so much that I'm actually mad at myself for not earning enough money to justify being able to be a patrion subscriber!
Whenever I read leap somewhere I think starving peasants not progress xD
Great video! We have subscribed :)
For AI to have the affect you think we also need an energy revolution. Need to be 100% renewables. AI will require vast amounts of energy.
Fusion power is the next big step , I don't see any other ways to make huge amount of power with the knowledges we have.
Current renewables could replace our current production capacity at best but maintenance would become a nightmare because the only way to scale current green energy production is to increase the size of the power plant.
Well there is another one: automated space solar power plant.
Industrial revolutions are also followed by times of extreme wealth inequality, exploitation, and severe lack of human decency that create terrible living conditions for the people who live in that time.
Think children in coal mines or down chimneys, women is the textile industry, and men in any industry. You could no longer work on your farm and continue to live like your parents did as the world was changing around you. Or like in the 50/60's when the rise of large corporations lead to the complete destruction of small business. Or more recently in China, where the government allowed the creation of loans for farmers looking to move to the city so long as they used their ancestral land as capital knowing full well they could never pay back the loan. (I know this because my friend worked for a business who did this, they even threatened to fire anybody who didn't take a loan for an apartment from them. She left when they did that.)
I would also say that we are currently in the "next" industrial revolution. The investor revolution. With the widespread adoption of fintech and decentralization of investments, its meant that over the last 5-6 years we have seen an unprecedented amount of investment based on speculation. This offers the ability to generate mass amounts of wealth overnight. But it's also making companies ever more reliant of share price and offering a return to investors. Just like the housing market collapse due to dodgy mortgage loans, we are going to see a massive amount of wealth wiped clean when the companies begin to fail. And of course, the revenue that would have previously run back through the company in asset investment and increased wages has been redirected into ventures that serve to best increase the stock price. Overall meaning a world of ever increasing cost and ever decreasing wages for the many, and ever decreasing cost for the rich, and a nice big bailout from the government when it all crashes, and media censorship to silence any and all dissent.
I’m an economist and numerous economists are waking up to the idea that continuous economic growth forever is not possible, it’s also not the right thing to do. Yes some technological advancements have the potential, if used correctly to improve lives, but we need to start measuring quality of lives and not GDP. Sorry, but a rant. This videos made me a bit angry. EE you clearly, like most modern economists, have not studied economics fully, choosing just to accept Perpetual growth as the thing we should aim for. Give it some thought.
What, regular people's lives are worth more than economists' desire for limitless economic growth? What a revelation. But hey, who cares is people are struggling as long as stock prices keep going up? The system is obviously working!
"When the last tree is cut down, the last fish eaten and the last stream poisoned, you will realize you cannot eat money." - Cree Indians
@@sylvestergharold7265 nice quote!
@@longnewton1 What youtuber ever properly studies the fields that they make videos about ?
@@visancosmin8991 The sad part is those revolution primarily benefited those who own the asset & the rich at the expanse of the poor. Manufacturing went in poor country because they allow lower working condition and worker accept lower wage than us people in rich country.