Productivity and Growth: Crash Course Economics #6
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- Опубліковано 25 лип 2024
- Why are some countries rich? Why are some countries poor? In the end it comes down to Productivity. This week on Crash Course Econ, Adriene and Jacob investigate just why some economies are more productive than others, and what happens when an economy is mor productive. We'll look at how things like per capita GDP translate to the lifestyle of normal people. And, there's a mystery.
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“Money cant buy happiness, but it can prevent a lot of misery”
@Isfet Shadow because it can prevent lots of misery, and because happiness is relative
I don't know why people are complaining about the series. It's way better than my economics classes in college...
agentrikamcgee very true! Got an A cause of this series
Summary for you guys:
1. Why some countries have high GDP and others have low( some countries are rich and other poor):
a. Lack of natural resources.
b. Corrupt governments.
2. GDP per capita(output per person) is used to tell how wealthy a country is.
3. Countries with high GDP/capita have far less infant mortality, poverty and preventable diseases.
4. Productivity and growth:
a. The more a worker produces, the more a worker can earn.
b. Economists argue that the main reason that some countries are rich is because of productiivty.
c. Higher value produce also the growth effect.
d. Productivity is key, but there are limits.
5. People in poor countries need food, water, plumbing, hospitals and medicine, and all of those things are needed to get better efficiency.
6. How much stuff is produced per person(can be called GDP)
7. Factors of production effect the efficiency:
a. Land
b. Workers
c. Capital( and also workers education, knowledge aka human capital)
d. Technology: The sum total of knowledge and information that society has acquired concerning the use of resources to produce goods and services. (Connectivity= productivity).
Increasing Productivity has resulted in increasing standards of living(globally and historically).
Thank You.. :)
Thanks! More people like you need to exist in the comments section
I think it should be: 6. How much can be produced by a person is GDP per capita
apart from that, good job for the summary
They are so disorganized with how they structure the lesson gezuus!! THANK YOU!
Athar Kamal you living textbook.
I think i will donate to crash course, 100 billion dollars
(Zimbabwean)
One minor criticism: I don't think we can call South Korea 'developing' anymore. They arrived at 'developed' sometime in the mid-2000s.
+taylor sharp
No, mid 90s - early 200s.
en.wikipedia.org/wiki/Developed_country#World_Bank_high-income_economies
Yeah, umm...actually, developing is a pretty problematic term in generally...
hail kpop
Don't get me wrong, but there are historical factors too, colonialism, and such. It's quite hard to be rich, if it's someone else running your economy. And many of those countries have quite frequent conflicts nowadays, which also hinders growth. (Like if there is a civil war every few years, it's rather hard to have a healthy economy going)
That goes outside economics to colonialism and politics. But it should have been bought up, yes.
Crash Course should create a link to a website with a worksheet to help reinforce the information we just learned.
Just like Khan Academy! :-)
Ryan Brown, you could do it and then offer the link to crash course either for free or for a small fee to compensate your time. Boom! Economics
Noting down would be better for learning.
85% of the comments: tone down on the humor it's not a kids show
10%: Zimbabwe is poor because of the US and Nestle
5%: summary notes
1% ACDC belt
More substantively than the typo, I worry that in the quest for simple, understandable abstract models, the economists here have missed some important historical reasons for differences in wealth and productivity. Many increases in productivity have come at the cost of human misery. Much of the capital that propelled increases in GDP among many of the richer countries historically came from colonized or otherwise exploited countries, for example. The cotton boom of the early nineteenth century, which enriched the U.S. as a country, came in large part from harrowing increases in the productivity of enslaved persons. In that case, the incredible rise in GDP had a sharply negative effect on many of the residents of the United States.
Are there stakes to this? Yes! A monomaniacal focus on productivity can lead to a trampling of the lives of the disadvantaged. If the state (pick a state) seized all of the antiquated small farms in its border, and successfully turned them into modern factory farms geared towards export, the GDP of that state would skyrocket, but the farmers (if unassisted) would be devastated. The Soviet Union massively increased its GDP and GDP per capita in the 1930s, but no one would want to live there. Part of that increase, in fact, was the poorest of the poor starving to death, another thing that boosts GDP numbers.
I know you folks said you'd speak to income inequality in a future episode, and I'm glad you mentioned it. But I notice, in this episode and your episode on GDP, that you tend to bracket the exceptions and then treat them like they don't exist. Here, at least, that borders on negligence.
[I certainly recognize that both the cotton boom and the Soviet "miracle" of the 1930s were deeply predicated on new mechanical technologies., But they were also predicated on vicious reorganizations of the labor force. See Sven Beckert's Empire of Cotton and Ronald Suny's The Soviet Experiment, respectively].
That goes outside economics to colonialism and politics. But it should have been bought up, yes.
You know you're a nerd when you binge-watch crash course
and I have done it for all of their courses .....
I'm in the process of binging this series, and I already really want lemonade after seeing the intro several times in a row.
Tru ^^ Retweet
Me in a nutshell...
Joshua Rieder crash course Joshua Rieder?
How many zimbabwean dollars for that ACDC belt ?
+scarfacemperor On sale for 12.6 Trillion
+Prime Paladin No wait now it is 12.6 quintillion.
Are you using the Short Count (billion = 10^9, trillion = 10^12) or the Long Count (billion = 10^12, trillion = 10^18) ?
+scarfacemperor I was going to just type "pfft. what do YOU do for money honey" as a now to the acdc song.... and just before I hit send I realized that, without context (on very young YT), that could've erupted into quite the classist/sexist slew of attacks my way. Eh. I still appreciated the thought ;)
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Well, it has to do a lot with the historical context of each country, also. I mean, most of India´s natural resources were took away by the UK for a long time, as an example. It´s important to have in mind that there are countries that need others to keep poor...
Also, GDP per capita is the same illusion as GDS: a rich country does not mean people are richer. It is much more important to look at the money equality rates.
Can't tell if Adriene is really short...or Jacob is really tall...
(Seriously, though, I'm loving the series so far. You're both great hosts!)
GDP is a measure of how quickly we are depleting our natural resources and transforming them into landfills.
+Eugene Khutoryansky It's also a measure of how much producers can get away with overpricing their goods and still selling them to people.
+Allan Patterson Not when everyone uses the same price models for similar products.
Allan Patterson Unless every business knows they can get away with the higher prices, which they do. Perfect competition does not exist.
The entire point of supply/demand analysis is to figure out exactly how much you should overprice your goods to get the most profit.
+Allan Patterson, SchiferlED, Sorry Allen, just try to go into business against Colgate/Palmolive and Proctor & Gamble making toothpaste. The government will not stop you, I promise. But if you try to undercut the duopoly on price, they'll just cut the price on their toothpaste in your area to below your cost to produce and drive you out of business. They know full well that they can outlast you, and then go back to charging whatever the market will bear. If they are to be prevented from doing this, it will ONLY be because of government regulation. The fact is, this magical, mythical, 'free' market that so many people seem to believe in is a hoax.
Allan Patterson It works but has a fundamental flaw, and that flaw is profit. When a single person (or small set of executives) keep all of the profit instead paying better wages or lowing prices (either of which would cause more societal prosperity), wealth tends to concentrate over time. Please do some research on modern wealth inequality and you will understand just how bad the problem really is. It will only get worse over time.
This is the reason that poverty exists in a country that produces more than twice the amount needed to comfortably feed, shelter, and cloth all of its citizens. It's also why the free market doesn't work at all without significant regulation (see CrashCourse's earlier video about this).
If some countries are poor and others rich, it is not just productivity that is key. I also think that rich countries' policies of exploiting and keeping poor countries in some dependence are also an explanation for this difference between rich and poor countries.
They mentioned my country! GHANA.
Am so happy! I did not know that we were known that much!!!
no worries, you arent :) no offence, im from an unknown country as well.
@@vilemmar do you bother to tell which one?
@@jaideepsingh4395 The Czech republic, mate.
@@vilemmar We beat you in 2006 FIFA World Cup!!
@@sirturnables Dang. Okay :D Football isnt my cup of tea. We beat you at GDP per capita!
Shout out to Mr. Clifford's AC/DC belt. Even us Econ educators know how to rock out!
Wow. You guys missed the most important points: industrial revolution, colonization and globalization. Industrial revolution lead to the boost in production that helped begin the growth of Western economies, many of these countries had colonies, which ensured availability of raw material, cheap labour and manipulable markets for the produced goods. Finally globalization ensured that the status quo of the developed vs developing countries is maintained via outsourcing labour to the latter
Look! A clue! Domination and exploitation!
Agree. And you can have an edge with hard work and productivity, without having to screw over anybody else... but world history has shown the answer is usually a combination of the two.
You two have become SIGNIFICANTLY better as the series has progressed. At first you seemed uncomfortable in front of the camera, but now you seem more natural. Really enjoying this and Astronomy this season.
your ability to break down economics for the average Joe and Jane to understand is top notch. You really need to create a course on trading stocks for the retail investors. Thanks for all this great content and information. Lastly get those likes up folks and share this video
Yes everyone I'm sure they're condescending because they want 10 year olds to watch the show. No, they're condescending to make sure you understand the basics so you can understand the more complex things. If you don't like simplicity and effective teaching then go read some boring guide to economics. No one is forcing you to watch
I hate those people. They're very *unproductive* and hence a burden on the economy.
Hydroggen Williams Man you make sense
Reactive Xenon seriously, stop saying your age. You can make a stand and hold your ground without stating your age. When you say your age, people over look everything you say.
I love how you assumed this technique is effective as a starting point of your argument. Now nobody can't prove you wrong, until he changes what you have already settled down as granted. That's a really good manipulation!
Btw, if something is condecending, is it really effective? Just because some other unspecified book is boring doesn't automatically makes this video good. This is not how things works
Feynstein 100 W
I have to watch this for school (online school) gosh darn Coronavirus
Great explanation, Adriene and Jacob!
Thanks from Bangladesh!
thank you to the patreon donators that allowed me to watch this
Maybe, in the way they put in this episode seemed like developing countries are poor only becouse their governaments were incopetent and corrupt. All history that lead to that dosen't count? All the others steps in the capitalism had some role in that, hadn't it? Like the mercantilism capitalism until now a finantial globalized capitalism.
Its harder to the developing countries to try now to get industrialized and catch up with the ones that already have a stablished industry base.
Sorry about the bed english. I hope i could explain what i was thinking.
+Dora de Lemos Thanks for your comment. I totally agree, this series is ignoring history, which makes it harder to teach history, sociology, and other subjects. It could be so much better if it explained economics with history; i think they are following the USA AP test, which has lots of terrible assumptions.
+Dora de Lemos Exactly this. So much of a country's current prosperity is defined by our predecessors willingness and ability to make the leap towards industrialization. A situation compounded up or down by early adoption of computer technology.The future of economic growth will be heavily dictated by a country's resilience to climate change, man-made or otherwise; and their ability to transition away from dwindling fossil fuel supplies. Get onboard or get left behind, assuming of course that your nation's not already been left behind.
Just discovered this series and watched all of them today!! Please make more videos soon!!
You have no idea how many videos I watched on this topic. So called experts over complicating it. These guys really killled it. I learned it right away. On the spot. Love their teaching style. Simple.
I understand now... this entire series has been one giant subliminal advert to drive up demand for AC/DC belt buckles... well its damn well worked, I WANT ONE!
Why is it "socially unacceptable" to wear the same clothes in more than one episode? I honestly can't remember what I wore yesterday, and I don't have the time nor the inclination to care about or remember what you wear in each episode. Just wear what you want.
+Golgiapparatus2 Because, there is a set of rules women have set on themselves. :)
+Golgiapparatus2 wow is this what you got from the entire video? lol
Max Tan It was the only thing worth commenting on. Everything else made perfect sense.
+Golgiapparatus2 Often women in the media are criticized for their choice of clothing, it's a weird standard that profile figures not be caught in the same outfit. Though obviously since this is an educational piece her clothing probably won't be as a scrutinized as much as say, an actor or a musician.
Besides that, she was just using it as an example for the sake of the video.
JessietheLookout
Yes. By other women. It's a whole propaganda machine to sell clothes to women!
I just love you guys. You people have made economics so easy and fun. Thanks
That was mind blowing, one of the most essencial, versatile and life changing information i've ever had! Thank you, it goes beyong the Econ world and change how you think about your actions, goals and life.
It makes me feel blessed by productivity for having a phone that allows me to get conscious about my surroundings, even as a country bumpkin.
*"Please pay, so you can watch for free"* - Love it.
Besides a reference to Robert Mugabe, the episode seems to have overlooked the importance of property rights, contracts and political & financial institutions in productivity and wealth creation. If people don't have the proper incentives and protections it's hard to generate high GDP. Take a look at the book 'Why Nations Fail' by Daron Acemoglu and James Robinson.
Love this! I regret not taking economics at university and this series has done such a great job
Awsome show! It makes much easier and clearer to understand Macroeconomic
Takes money to make money...
Amen brother
+Colonel Graff you mean finance?
+Bago Garde He means Western colonialism took wealth from their colonies to gain the capital to fund the start of their industrialism.
Singapore's the exception!
Clarence Lam Umm...No
No need for a new blouse for every episode, but yes Mr. Clifford, there *is* a need for you to wear every other episode a different AC/DC belt.
This is my favorite series, I'm committed to the end.
I love Thought Café's graphics! Thought bubbles are always my favorite.
A valiant attempt to address the whole subject of "wealth of nations" in a short webisode. Much of the reasoning seemed circular, though, and it comes to no real conclusion. Why are some countries richer? Because some countries are richer!
Can we have a little less negativity in the comments? I like the hosts and the show I think they are doing a great job.
That was superb to the point video. Thanks Team!😃
this video points out an incredibly important idea - communication jacking up effrctiveness of productivity.
Not only it's important to have raw horsepower for productivity, but knowing what to produce and how to trade them is important too!
Their theatrics are amazing! They both deserve Oscars. 😆
I'm really enjoying this series so far. I've learn't a LOT; definitely the best CC (for me) so far! I'm learning a lot from the comments as well...just have to skip over all the salty ones lol. Keep it up!
Thank you Crash Course!! :) Productivity is the KEY to success :)
Thx Adriene for mentioning Switzerland and its cows :D You made my Swiss heart happy!
When they say "economists", they are referring mostly to the mainstream ones (notably the neoclassical economists) whose research is financially supported by those who benefit from the propagation of a specific theory of value (notably Marginalism) and suppression of others. Many economic professors at universities and on media have been corrupted by the big money of big Capitalists, so that the students/audience are less exposed to the alternative theories that challenge the fundamental principles of Capitalism:
www.theguardian.com/education/2012/may/21/heist-century-university-corruption
3:06
No mention of the portion for the employer's income? From the profit which the workers produced but the employer appropriates and distributes, by default, a certain amount (say 20$/hr) goes to the workers and another amount to other production costs ONLY IF there is enough left for the employer to take as his income. That extra value which the workers produce, is not included in the workers' pays. That is, the labor for which each worker receives 20 $/hr, is actually worth more than 20 $/hr. Paying the workers a wage which is LESS than the actual value of their labor that produces the surplus, is how the employers make their incomes.
Thank you so much for this comment.
This is all good and well but fails to mention or consider the effects of colonization, wealth + resource extraction, and historic + predatory trade agreements that advantage certain countries over others. This is a significant contributor to ongoing political and economic instability in many regions.
great video, remind us why productivity is so important to increase the standard of life of a country with simple examples !
y'all are doing great I feel like teens will understand this. you have to think about it it doesn't matter how they teach it or what kind of silly jokes that make as long as you learn the lesson that's all that matters. we look at different type of request courses at school and they helped us a lot so please continue to make them how they are now.
I feel like history was over generalized in this video. I understand it’s a short video but colonization and slave trade history should be briefly mentioned when considering why Western countries increased their productivity.
"We wouldn't judge you for re-wearing clothes. But we do judge you for making a comment about it, and we judge both of you for lots of other equally inane things"
--half the comments
Thanks for this Wonderful Course Team!
Thanks Crash Course you are so incredibly helpful!
When will Crash Course institute economics videos updated to 2019?
I always thought that Jacob Clifford's first name was Mr.
Economist, Ravi Batra in Greenspan's Fraud, maintains the major driver of economic bubbles is first line workers real wages do not change directly with productivity gains (in either positive or negative sense). Interesting arguments for this are largely in Chapter 6 but the whole book is a good read.
Very informative and clear. Thankx!
Me in episode #31: "didn't she wear that in episode 11?"
yall r so adorkable. yall make an intro to capitalism more tolerable
Ikr I'm not proud of it but I ship them. My brain is really weird sometimes.
@@feynstein1004 what the heck
+ninga 4 u anonymous Lol that was a year ago, dude. I don't ship them anymore.
These videos are great, Thank you so much!!!
I love your series. I am taking in one video per day.
At 3:37 "the main reason why some COUNTIRES are rich" YOU MISSPELLED COUNTRIES!!!!
sfinholm71 and you misspelled countries lol
@@mercythedoll no he didn't wtf
Nice belt!
+MadeofAwesome4ever THAT'S EXACTLY WHAT THE UNDERTAKER TOLD JOHN CENA!
Heather Stranger *Do do do dooooo*
Adriane and Jacob aren't your econ professors and this isn't a university course. It's called "Crash Course" for a reason, it's a light hearted UA-cam series intended to appeal to a large audience who simply want to know more about the subject. It's great and all that everyone is so keen on giving writing tips, however, you're completely missing the point of the show. If this show isn't in depth enough for you, then go literally anywhere else. As an economics student myself, I think it's a great show and does an awesome job in connecting big ideas in economics. Keep up the good work Crash Course.
amazingly explained!!!
What about sweat shops? You have companies who are able to have workers who produce a tremendous amount of product, but their workers are being paid garbage.
+JessietheLookout define tremendous
Jimmy Rong In some Mexican sweatshops people are expected to produce 1,000 pieces a day. (www.globalexchange.org/fairtrade/sweatfree/faq)
This average, about a piece a minute, is not uncommon. Many sweatshop workers are forced to work for 72+ hours straight to finish company orders.
+JessietheLookout that's awesome, you get the most profits for the least amount of investment, mexico sounds like utopia
Thindorama you're actually trying to justify sweatshops in support of profits? hilarious.
+JessietheLookout exactly! I would argue that some of these developing countries have much higher productivity. in fact most of the manufacturing is happens outside the usa...
An economist says its because of productivity. An economic hitman says its because rich countries invest much time and effort into ensuring poor countries stay poor.
Thanks for these awesome videos!
I'm so glad you touched on the fact that resources ≠ a wealthy country, though I'm itching for Crash Course International Political Economy so we can talk about the resource curse and the effects of globalization on productivity...
Who misses John green ?:(
+Jayden Taylor These are way harder to watch without him.
+leslucas is weird to most people comedy always kept me laughing while learning about whatever . its not that there bad I'm just spoiled with the great john green
I think we are just used to watch him over the CC History, but he is one of the executive producer of CC, so in part? He is still thre
John Green would burcher economics to the point my face would melt. So even though I miss him, I'm happy he's not here.
But he had an enjoyable take on my subject of history. Each their own.
90% of the comments are about his AC/DC belt ......that’s 2019 for ya😂
Came here to learn economics.... but fell in love with this Adriene person!!
Great job guys, salutes from Brazil!
why does John run a bakery? Clearly he would run a pizzeria.
This was fantastic. They could have mentioned colonialism though.
Am pleasantly surprised to see Singapore being featured here! As a Singaporean, I've heard wayyy too many times that Singapore is a part of China when I talk to people overseas. And it is true that Singaporeans are generally not very satisfied with our living conditions despite our wealth (i.e lack of beggars and homeless people, great infrastructure, impressive education system). We're just too sheltered to be able to empathise with the less fortunate and hence be grateful with whatever we have
6:26 south of Salt Lake City, Utah. Recognized it immediately
i really find it interesting, really
but i'm pretty sure i'm not absorbing the info.
maybe it will be once i'm done with all episodes and watch it all a zillion times. T.T
Me too lol. I have to re-watch these to get it
Hold on...why on Earth would you need a different top for every episode? That's crazy talk! Who pays attention to what shirt you're wearing?
Clearly you do😂
This episode reminds me of my 6th grade social studies class. Also, computers are still very useful for playing Oregon Trail.
This is incredibly well done. If only actual classes in economics were like this instead of "right well, you've got to remember the standard answer for the definition of productivity for the exam in 6 months word for word or you'll drop 2 marks" -_-
Step 1.Type in google "countries by average IQ"
Step 2.Check images.
Step 3.Look at any image that shows the map of the whole earth.
Makes you think.
"Socially unacceptable"... I don't think anyone cares about what you're wearing. I didn't even noticed you changed clothes between one episode and the next. I actually think it's frivolous.
Trust me people would care if she didn't. They might not say it out loud in the comments but they would care
+PinguThePenguin Unbelievable!
+PinguThePenguin WOMEN would care. Guys do not care and do not notice.
+PinguThePenguin And what would they do? Stop watching because a person isn't spending tons of money on sweatshop made clothes? Reenforcing pointless insecurities between us isn't exactly beneficial for society.
Team Xtreme I would not say that :p Some men would care maybe a couple of them
***** Yea ikr, thats stupid. I wouldnt care tho. I see it as like the simpsons, they never change their clothes and i don't care
Wow thanks to CrashCourse it will help me a lot for my board exam. i like all the videos specially this i earn and enjoy watching thank you guys.
These videos will save my life this year in my ap econ class. Having this foreknowledge will help a ton! Thanks a TON!
The video boils down GDP inequality to one word: productivity. Next I'd like to see a video focusing on the real answer: exploitation. Also, in microeconomics, I'd like to learn how companies determine the price of their goods and services, and if there's an equation for a price that maximizes profit. Just a side note, if you're worried about the clothes you wear in these videos, my advice is to ignore any of the commenters on UA-cam who actually care. I don't come here for fashion notes.
Why this is wrong, and other reasons countries are poor/rich:
Productivity in economic terms has very little to do with actual value. Prostitution and gambling can raise the economic fortunes of a place, but if you've ever lived in a city like Vegas or Atlantic City...the cost is great. Or for example, the financial crisis bundles or pyramid schemes or real estate speculation or making your country into a tax haven for wealthy corporations...all great economic decisions with regards to "increasing productivity" but net losses for humanity. Also, wages are considered a net loss with regards to economic productivity. How much of America's "great productivity" is the great corruption and inefficiency in the health care system or insurance industries?
The problem with this productivity measure is that "value" is "monetary value." So an American pharmaceutical creates 400 times more value for one pill for pinworms because they charge 400 times as much as a company charges for the same pill anywhere in the world and in the US it's prescription (Albendazole, Wiki it)
12 other reasons countries are financially poor besides internal productivity:
1)No control over their countries resources/capital due to outside intervention/colonialism
2)Foreign Interventions/War/Chaos that have less to do with Economics (DRC, Afghanistan)
3)Historical exclusion/institutionalized racism (Haiti being embargoed by the US, Trump trying to repeal NAFTA, Venezuela sanctions)
4)One-sided trade deals due to like...armed intervention/bullying. (Gunboat diplomacy; Halliburton's and other US companies' contracts to rebuild Iraq; USAid money that effects policy and politics in Latin America)
5)One-sided trade deals due to predatory lending from foreign banks or the IMF/World Bank and the "spread your legs" economic policies attached.
6)Wanting to have control over your resources against the will of your powerful colonizers/neighbors (China in the Opium Wars, Iran/Guatemala's CIA coups, Kuwait undercutting OPEC in 1990, Venezuela under Chavez(which was mismanagement but also US isolating them))
7)Economics of Scale (Big companies from established world powers have capital/power, so they can buy up, box out or change their governments' policies to succeed and beat competition...I mean like the East India Company had its own army)
8)Foreign investment. In Kyrgyzstan a lot of malls have been built recently. These put the means of "production" in the hands of an inefficient wealthy elite, undermine freedom/democracy, and remove power from middle class producers/small businesses in the name of greater production, makes prices higher for everything, and most of the money goes to investors from other countries. Also foreign investors (like Wal-Mart in Mexico) are a large cause of corruption.
9)Lack of integration with the global economy: (For example, Pacific Island paradises might have tons of food and a very high "standard of living" but no cash if they haven't turned their island into a plantation "export economy")
10)Lack of stability: Kyrgyzstan has had 2 revolutions, which scared money away, even though the revolutions were about taking corrupt officials who were mismanaging the country out of power and thus increased local economic efficiency, freedom, and quality of life.
11)The deck is stacked: 90% of the countries in the world are former colonies. Which means their infrastructure, their power structures, their means of production were structured at one point for wealth extraction rather than building. It also means that most of the capital in the world has been consolidated in the hands of these global empires. Let's face it: MacDonald's may have had some innovative ideas and some good burgers 50 years ago. But 95% of the kiosks in Mexico have better food. But MacDonald's has capital and is from a country with capital and they have much less, so MacDonald's is everywhere.
12)Global Aid which undercuts local food, clothing, banking, and infrastructure companies and their productivity.
10 Other reasons countries are rich besides actual productivity:
1)Extraction of Wealth from other Countries (Belgium, Netherlands, UK, US, Spain, Russia, France as empires):
2)Tariffs that keep out competition (EU...ex: free to send money into the EU, lots of fees to send money out) or Subsidies/Favoritism for Native industries (Airbus and Boeing scandals, US farmers)
3)A lack of morals (Pollution and corruption are productive and work to keep costs down...for a while! Monopolies and extortion increase "production" as an economic number greatly, at least for a while; Singapore got rich on opium initially, just like Americans and Portuguese and the English and Arabs before them got rich off the slave trade)
4)Conquest of Productive Land/Resources
5)Ambition/Greed as Values. American individualism is more suited to wealth creation than Guatemalan communal values or Native American respect for nature. (Per capita Ayn Rand fans)
6)The ability to reduce the world into numeric values and ignore all other values as a way of thinking (per capita economists).
7)Outsourcing/Tax Havens/Lawyers Et al
8)How much financial capital you have to start with (How rich your daddy was)
9)Security/how likely you are to get invaded (Imagine if France didn't have to worry about building the Maginot Line what else they could have built instead)
10)Slavery/Low Wages/Low levels of workers' rights/power.
Intellectual property laws/patent laws can also be mentioned on both sides here, as well as trade policies/agreements in general. Spoilers: They protect powerful companies and powerful countries, not small countries and little people. If you live in SoCal, being a content creator is very lucrative and prestigious. Not so much in Central Asia, and many sites block their sites entirely. Why? Because rich people in California are more interested in paying you to hear what you have to say. And because of outdated international media laws that don't recognize the internet as a thing.
These oversimplifications are more than just dangerous; they gloss over the real historical reasons for wealth accumulation and the way things are and actually how they continue to work today. Also thank you to Crash Course History on Haitian revolutions for giving me the impetus to complicate things.
You should do a video!
That's an amazing educational video :)
Thank you. Helped a lot
The guy sometimes sounds like he wants to win a contest of who can speak the fastest (as a non english speaking person, this is quite annoying).
Besides that, this is great !
John Green is worse, on that point of view.
That's crash course for you!
Skipping the complex difficulties like racial and social stereotypes is exactly the difference between these two and John. He at least tried to tackle the social complexity and it's interaction with history, etc. They just skip it. Sigh.
that joke in the beginning made me laugh, well done :)
I love Crash Course and I’ve learned a lot more from it then in my 18 years in school so far so it’s sad that a lot of people (here at least) would laugh if you reference this as a source (though, it’s totally understandable for a research paper)
I was so excited for this Crash Course, but so far, I really hate the humor and writing. I don't understand why Government & Politics and Astronomy are so well done, yet Economics falls so short.
As much as love Crash Course, these economics set of videos definitely come with a bias toward America and capitalism. Nothing to prevent me watching, but still kind of like the elephant in the room. Other than that rock on Crash Course!
They seem to be American and America is awesome
Hey, when is the next episodes of this series coming? Is it coming? I love this series.
VERY HELPFUL :) I hope its effectiveness shows when I get to take my AP Economics..! But does this sound quite fast, only to me? or is it my shallow economics knowledge..