The thing people miss, though, is that "It took mer jerb!" Nowadays the woman has to compete against the same man she would statistically prefer to make more than herself.
Personally, I think we only "overestimate" the effect of the internet on the economies from a purely measurable standpoint. However, one of the biggest changes from the internet is how it has changed our social behaviors (communication, identity, values, etc.), which is something that is very complex and often immeasurable. The ripple effect of those changes to social behaviors is massive. This change doesn't seem directly related to economic productivity, but the indirect effects, which I believe are slower to change and more impactful for the future, are still there.
You also have to remember that the internet is only a marginal improvement of things that already exist. Telephone to Discord is nowhere near as big a leap as pen and paper were to Microsoft office. And even working from home using telephones and fax machines to using google drive and discord is nowhere near washboard to washing machine. You could pretty closely replicate the effects of the internet with non-internet alternatives whereas washing machines cut down daily washing times from 4 hours down to more like 4 minutes of human intervention (Not including dryers).
internet allows worker to gain competency faster, that is all. I predict the economic impact is similar to a worker gaining competence/veterancy thru job experience.
The thing is, a lot of the hard-to-measure impacts of the Internet are negative effects, not positive ones. Giant corporations using it to devote human attention to ad-watching instead of literally anything else is a big one. And even a lot of the good impacts are two-sided. Information is easier to proliferate, but so is misinformation. Marginalized minorities can band together, but so can neo-nazi sleeper cells. You can chat with your grandma 1,000 miles away, but you also need to worry about thieves 10,000 miles away. Also, there's just the fact that computer technology changes so quickly relative to historic precedent that computer- and Internet-based workflows never really "mature". When technologies change slowly, people can master them and get really efficient. When technologies change quickly, there are never really any masters, and chronic inefficiencies abound.
Supply and demand has a equilibrium not to worry about. The only problem is the savings are not passed onto the customers, and the profits are kept by the investors (passive income people). And yes, interest on business loans messes up supply and demand. This is Veblen Goods supply and demand. The modern efficiency will just make this working class person own a nicer home and nicer car. A bigger nicer home and car. A car with supper cruise for the same price as a new car years ago with just regular cruise control. No inflation. And arrest my landlord (passive income person) for stealing these gains. Treating normal supply and demand as a passive income supply and demand is the problem.
Most programmers already spend 90% of their time linking snippets of code together ... completely without AI. There is a reason we build software libraries and reuse them :)
The new tech is supposed to make it easier to work with unfamiliar libraries/parts of libraries people haven't used lately. I don't like making off-by-one errors and not remembering the parameters of some function. It's enough that I don't feel like coding. I am hoping the new tech means less debugging and fewer errors.
There's also the multidisciplinary aspect which will take many more years to get. I'm a firmware engineer, but I also have to deal with and make decisions based on relatively complicated statistical filtering, thermodynamics, electrical engineering, aerodynamics, structural dynamics, and common sense. So far, AI tools just aren't at the level needed to put everything together from what I've seen, but getting one to write a unit test that would have taken me multiple hours to write is awfully handy...
@@stevengreidinger8295 The new tech generally is extremely bad at using new libraries, but is great at fundamental examples. ChatGPT can help prime a new class, and remind us about key algorithm implementation in a different syntax, as long as it is a commonly used language. Co-pilot and other IDE's are way better at preventing one off errors and remembering function parameters by a long margin.
I got online in 1990. Within a few years I was buying stuff online from overseas, before ebay paypal etc. It was a tremendous change, but I'm also old enough to remember houses with only 1 hot tap and semi manual washers let alone dishwashers and microwaves! Washing machines, vacuum cleaners and hot water through the house were astounding changes and IMO far greater impacts than the internet. Doesn't even begin to compare. Reliable cars are another one. When I was young horses were still common transport especially in commercial deliveries etc. Having a low maintenance car was just astounding. I suspect you are not old enough to understand how much the world changed for everyday western lives after WW2.
@@dableutyef They were still fairly common in the 70's, at least in Sydney. I live on the edge of Brisbane now and occasionally see a group riding down the street, but my area is somewhat rural so..
@sub R0cky Internet changed the world, but computers existed before the widespread of internet. Internet created new businesses, but it sure did kill a lot too. Internet sped up the consumism. Before, you would buy monthly pubblications to read about new stuff. Today you have new stuff pubblished online every day. Today you can basically have anything you want, typing from you phone. 20y ago, you were mostly limited by the availability of products in your area.
@oldschoolpkmajority of these do not require internet, just computers. Not the same thing. There could have been (kinda almost was) a world without a single unified internet like we have today. No one is debating whether computers and software had a bigger impact than washing machines, we are just whether all those computers and software being connected to the internet was more impactful. Imagine a world where you’d fax info and scan it into a computer, where you get catalogues instead of searching online. Yeah that would waste a couple hours per week, but compare to a world without washing machine, that would waste many hours per week. Most of your examples would not be drastically different in a world with computers and without the internet. Even online videos aren’t yet a great replacement for paid schooling. Don’t forget Netflix existed before streaming, videos can be sent without internet.
@@DangerB0ne I have one but we don't use it. We are only four people in our household. 2 adults and two children. Every house has a sink where a person can wash dishes. Now try imaging cleaning clothes without the machine...how would you even do about it?! in your bathtub?
My mum spent her first paycheck as an adult trainee teacher on the first automatic washing machine our extended family ever owned in 1977. She had just started training to be a teacher and at that time student teachers got a reasonable salary just to study. We had a "agitator" machine but that was still pretty manual, you had to keep a close eye on it and then manually pass the clothes through the "wringer" to get most of the water out. Without that machine, she might not have been able to become a teacher since she had to look after my sister and me at the time. After the machine was delivered and installed we stood and watched a whole cycle of washing, just because.
It’s the earliest recollection that I have of a washing machine was a Maytag wringer washing machine. The clothes were washed in the machine and then moved over to a laundry tub to rinse the soap out into sections, and then put through the ringer to squeeze out most of the moisture, and then hung outdoors or indoors to dry. The original Maytag wringer washers were powered by a two cycle gasoline engine. And I can’t be absolutely certain they had ringers, but they definitely were powered by an engine.
@@cyrileo I didn’t add that the washing machines with the gas engines were usually used outdoors on a porch because of the fumes. The Maytag gas engines actually have some value. The most valuable ones would be the ones that had a mason jar for a gas tank if you can believe that. I wonder how many porches got burned down from accidental damage to the jar with gasoline and oil mixture in it.
My Grandfather was one of the top salesman for the Maytag Corporation, in the 30's and 40's. Later selling the products in his furniture stores. He was a lifetime friend of Fred Maytag.
Speaking as an engineer, I think the instant access to information provided by the internet has had a big impact on productivity in engineering and the sciences. I can see how it wouldn't have as big an impact on regular office work jobs or artistic jobs, but even those areas are increasingly changed as the internet allows more people to work from home.
I agree. The flipside is that the Internet has also encouraged massive amounts of non-productive distraction time. What social or economic value is added when a high school student spends three hours watching Tik Tok videos instead of reading a book, playing with friends, doing homework or building something in the garage?
@@johnhorner5711 Lol, now you sound old. People had the same complaint about TV when I was a kid back in the 60s/70s. Kids who spend all their time watching TikTok were never going to read a book anyway, at least not a serious book. Every genre has both lightweight fluff and higher quality, even TikTok.
@@renegadepuppy For artists of all types, I think the Internet is enabling collaboration more and more. It's also letting artists connect directly with fans in ways that weren't possible before.
@Carol S Super weak argument. The internet's capabilities for distraction are in _no way_ comparable to those of TV. The internet's Main advantage, near-instant transmission of every kind of data and the ability to immediately modify your offer based on said data is _exactly_ why Tiktok and other social media is far worse. After all, this media is deliberately designed to be as addicting as possible - by exploiting all of psychology. For TV, there just wasn't this amount of data to do that. Especially considering that the amount of media usage has _evidently_ grown continuously among children in the past ten years, and Internet usage is now at the top of this usage for the older age groups, _yes,_ the internet specifically makes children (as it does adults) less productive, or at least demands overall more time from them, maybe cutting into social time, or sleep time or whatever. And disregarding the fact that the other commenter was right, who's to say that those people that told you that you're watching top much tv instead of doing other stuff were wrong? After all, if we think through the argument in the Video and consider that even in the 20th century, child labour was still a factor, plus the fact that children were often expected to Assist in the household even before appliances were a thing, who's to say that the additional time you gained to put into watching TV wasn't just time you'd have spent doing chores a generation earlier? Today, without another huge leap in the automation of chores, there just isn't more time in the day than there was 40 years ago, when in rich countries appliances were already widespread. So, as has been found, people feel rushed in their lives, because everything seems so fast, and FOMO is pretty bad - but that's largely due to social media eating their time.
I read somewhere, cannot recall though in which magazine, that in India they managed to reduce the rate of people that go hungry by building cooling warehouses for farmers (and also distributing personal fridges), where they could keep their crops and produce fresher for a longer time. Because many farmers were (and stil are) living very rural, they often could not transport their crops and veggies and whatnot to the next larger transport hub, and a lot would rott in the fields. So now they can harvest their produce and wait a bit until they can transport it to the next train-station, or until cooling trucks come to their village to collect the produce. So one can argue that maybe of the many inventions made, these four could be the most important inventions of the modern era. 1) Mechanized transportation (railway, car, etc) 2) Nigh-instant communication (telegraph, telephone, internet...) 3) Artificial cooling on a large industrial scale 4) Mechanized cleaning machinery and applicances (waste-water-treatment, washing machines, vaccum cleaners and so forth) These four groups of inventions one could say helped grow both the ammount of food we could produce to sustain our population, keeping us healthierm as well as make the work we do more productive and efficient, contributing to the growth of GDP. Though if GDP growth alone is a good indicator is a whole different story.
Mechanized farming equipment and fertilizers would be the biggest since it allows hundreds of millions to be fed by maybe 100,000 people. Freeing up those hundreds of millions to work in industry such as building railways, communications networks, cooling systems and mechanized appliances
@@avinashtyagi2 True, also, can't forget other great enablers: For 1) transport: steam engine, internal combustion engine 2) electricity, electronics and related stuff (both theoretical discoveries and practical applications): starting from galvanic elements ending in transistors and lithography 3) chemistry and chemical engineering - fertilizers, plastics, fuels, specialized materials Of course, everything more or less wouldn't be possible w/o mech eng./precision machining - screws, bolts, ...
Economists productivity should look at the effect of the internet on the denominator in addition to the numerator. The internet massively increased daily productivity - but no salaries went up - rather they often went down because now local workers have to compete with programmers from India, factories from China and Technology from America.
Supply and demand has a equilibrium not to worry about. The only problem is the savings are not passed onto the customers, and the profits are kept by the investors (passive income people). This is Veblen Goods supply and demand. The modern efficiency will just make this working class person own a nicer home and nicer car. A bigger nicer home and car. And arrest my landlord (passive income person) for stealing these gains. Treating normal supply and demand as a passive income supply and demand is the problem.
You forget to calculate in the effects those countries have for their programmers and engineers not contributing to local knowledge and local advancements. That causes their economy to be weaker and richer country's economy stronger.
We definitely all take for granted the automation we have today; microwaves, washing machines, stoves.. but more or less, internet is fundamentally what runs our world, that and oil aha
@@avinashtyagi2 but the community and communication around them are massive. I hate all social media’s; don’t have any accounts; but still now they can also serve as archives, those are just a few of the prevalent apps. But take anything else like google translate, or just being able to send photos
I remember the 1980s and early 90s and it was a rather functional world. It may power the world today but we’d figured out instant global communication, international travel, mass media, factory line production, advanced supply chains, mass ag and so on long before the internet . The forever nostalgia for the 1960s to 1980s in pop culture is the world is fundamentally recognizable to us today. We have more in common with the 80s than the 80s had with the 40s and the 40s had less in common 1900s than it does with the 80s. It’s been a culture and economic shift but I do think it’s overstated as it’s the biggest thing in our lifetimes, compared to born 100 years ago and lived 100 years we won’t see nearly the change as they did.
@@avinashtyagi2 yes it did. You underestimate its effect on communications. Instead of having meetings face to face, it can be done online. In a few years time when the VR/AR technology matures, you can set up a meeting room where everyone can interact just like in a face to face setting. Not to kention the amount of data that was used to develop technologies for better or for worse
Would love to see more on this topic. The economics of everyday tasks such as fetching water, splitting wood, doing dishes, etc is something I find fascinating.
That is exactly what a robot would say if it was trying to throw a robot revolution. Now, select all the squares that have a Train in them to prove you are not a robot
Having spoken to my grandmother about this, I understand that women spent a couple of hours most days washing clothes by hand. Along with food preparation and cleaning, most women simply had no time to enter paid employment. It is absolutely true that many people underestimate how transformative washing machines, vacuum cleaners, toasters and so on have been been to transforming society in the developed world. As amazing as the internet is, has the internet doubled our productivity? It would need to get close to have the same impact as women entering the workforce.
As somebody who originally comes from a 3rd world country, I can appreciate how much time and effort it takes to wash clothes manually. That being said, I believe the internet has had a bigger impact.
Talking about increasing interest rates. My mum asked me an interesting question with an alternative way for reducing inflation (traditionally increase interest rates). The alternate was to force a piece of everyone's income into superannuation (retirement savings) . Changing this percentage to reduce or increase spending power as needed. The benefits being it goes to peoples future savings rather then lenders (banks). Reducing the money siphoning from the bottom to the top. She said it used to be a discussion many years ago but not anymore. Always enjoyed you vids and just thought it might be an interesting thought idea.
Interesting. I belive that something like that happens in switzerland, where the government takes part of your money to your savings account that you cant spend
I just read that on the ABC news website, smacked my forehead, and screamed into the void. The Reserve Bank should be sent to the Vet for a humane disposal like a terminal dog, and Albo make a simple change that stops the theft of our money.
@@MatthewHarrold What are you talking about? Could you be any more vague? What did you read on ABC? You didn’t explain that, but you expect us to be mind readers? Way to go not being a leader… who would follow you 🤦🏻♀️
The stock market rally run is over but I don't know if stocks will quickly rebound, continue to pull back or move sideways for a few weeks, or if conditions will rapidly deteriorate.I am under pressure to grow my reserve of $250k.
The saying applies to the average investor just like every statistic does. there are definitely tons of avenues to gain heavily from any market at all and as you know bigger risk bigger rewards, but such investment executions could only be carried out successfully by a pro.
I agree, having a brokerage advisor for inveesting is genius! Not long ago amidst the pandemic crash in March 2020, I was really having inveesting nightmare prior touching base with a advisor. In a nutshell, i've accrued over $550k with the help of my advisor from an initial $120k investment thus far
@@selenajack2036 that's impressive!, I could really use the expertise of this advsors , my portfoIio has been down bad....who’s the person guiding you.
Labor saving devices such as washing machines, clothes dryers, etc. allow either one of 2 scenarios: one person to do whatever chore for a large number of familes or 1 person to do a family's requirements at more convenient times and with a lot less direct effort.
to be honest i believe at one point in time water wheel grain mills in my country had an installation to wash clothes so in some primitive way a washing service could had been done before electricity
I definitely consider the washing machine to be one of my favorite inventions. I was raised to do domestic labor, and the amount of time that machine saves me is immeasurable. I also appreciate that I can do other tasks as the clothes are cleaned.
Economics explains needs to do a video how investors have it wrong. When the capital investment (washing machine) is installed, the investors don't keep the profits or no interest rates are due (unless we are talking about Veblen Goods). These new efficiencies are pased onto the customers. A modern self driving feature in a car doesn't make that car anymore expensive then the previous car. Car prices will stay flat. Inflation won't happen. We are taking the worker's gains and getting self-driving cars for the same price. Unless the investors mistake the math equation in the two different supply and demand equations. Veblen Goods vs normal supply and demand. See. Veblen Goods supply and demand the investors charge interest rates to purposely cause inflation, because that's how Veblen Goods supply and demand works.
Hans Rosling made a similar argument, but he took the approach that the automation of household chores like washing clothes enabled women to spend more time educating themselves, rather than just more time working. For sake of argument, hold constant the idea that laundry is done by a woman, and that the time freed up by that machine is spent on education. Then take into consideration that women’s educational outcomes have been accelerating and passing men’s for well over a century. Its an interesting correlation.
Another way to look at this is which has had the greatest negative impact. Not necessarily just economically, though, because certain negatives may have altered the economy. Hard to find anything negative about having a washing machine.
Now the women have to leave their kids in the care of the state or a daycare in order to compete in an unfulfilling job against the very man she would statistically prefer to make more than herself, all so they can make ends meet with two, rather than one household income.
@Morgan I understand, but that seems more recent as people were trying to "keep up with the Joneses." I'm sure not everywhere, but I could see a huge transition from my parents' time, where it was rare to find a couple that had kids and both parents worked to my generation where it was fairly normal, and to now where it's basically a necessity. The question would be, what has caused that amount of inflation to decrease the value of the dollar so much? I could see how soon this may force multigenerational families to live together to make ends meet. Kind of going full circle to historical family living.
@@asahearts1 there is no direct relationship between the prevalence of washing machines and what you described. As for your comment, the relationship between women in the workforce and the necessity of two instead of one incomes is a rather complex one. For example, our standard of living is a lot more expensive today than it was 60 or 70 years ago. We spend a lot of money on things that simply didn't exist back then, or were vanishingly rare compared to today.
A negative impact of the washing machine could be it caused an increase in electricity and water consumption as well as the consumption of not-so-environmentally friendly detergents.
2 seconds is 10% faster than 30 seconds, OOF my friend, had to take out a calculator just to make sure I am not going insane. Anyway, good video as always :)
The obvious calculation: 2 seconds to send + 5 minutes to read the 4 pages (total time 302 seconds) is approximately 10% faster than 30 seconds to send + 5 minutes to read (330 seconds)
It's possible to compare the two now. But more telltale might be the supporting infrastructure. The 1930s are also the period when indoor plumbing starts to normalize. Housekeeping gets a lot faster when you aren't constantly running to the well.
I think pace of innovation in itself can be problematic when trying to keep a well trained workforce. I sometimes I feel like I spend more time learning tools than doing work.
"Hello, would you like to spend 2 years of your life obtaining basic proficiency in this piece of proprietary software that could be obsolete in 10 years? No, not 2 years learning your job... 2 years learning this software to help you do your job. You still have to go to school for 4 years before that in order to learn your job."
This reminds me of an essay written by an economist in the view of a pencil. He goes on to explain how he came to be, and all the steps involved. Never over look how even the simplest items in our world show how magical our global economy is😊
That's so fascinating! 🤩 Amazing to think about the power of even the simplest objects and how they've changed our lives and economies. ~ with ❤️ from repliesgpt
I am sure the washing machine is hugely beneficial. During the pandemic I stayed in a place without one, and I did not want to use public laundries. Hence, I washed my clothes by hand. Which was fine, as I stayed home most of the time by myself and thus did not use a lot of clothes. Still, it took a lot of time, and I could only begin to imagine how much time it would take to wash the clothes for an active family.
I could see it. In Peace Corps in Zambia, I spent several hours doing laundry(and once lost a shirt to a wandering cow). And whenever people would come over to my insaka(kitchen like outbuilding) to take selfies or watch videos I had downloaded(unfortunately not many Economics Explained videos since they didn't know English), they were almost always men. The rare exceptions were my host niece or friends of my toddler age host nephews. Women usually seemed to be doing something around the compound whether it was cooking, washing clothes, sweeping, or getting water. Not enough idle time to take selfies.
But we could've never learned about this video or about Ha-Joon Chang if we didn't have the internet. It's hard to fathom how important knowledge is to the global economy, since it is not tangible or measurable by value, unlike changes in productivity or technological advancement. So I'm still with the internet on this one.
You kind of missed the point. Start hand washing your own clothes, hanging them to dry, doing without a refrigerator or a gas/electric stove and then tell me how much time you have left for the Internet (presuming somehow the Internet happened without household appliances being invented and popularized).
@@johnhorner5711 Why do this myself when I can get my maid to do this? Actually I hang out my own clothes to dry on a clothes line once the wash cycle is done, even though I employ a maid. So to me the internet has revolutionised my life more than a washing machine. Also your one dimensional way of thinking is only looking at how much time is being saved. I'm looking at how the advent of the internet enabled greater productivity with greater opportunity and the creation of tasks that never existed before from website designers to freelance workers. That is not something I can get from a simple household appliance.
The argument about the internet being a communication tool only looks at the tip of the iceberg. Its also a royalty free archive of human history and culture, and this second part is what is fueling current AI advances. One should probably account for this too when estimating the value of the internet.
This is VERY problematic as the web is at best an minuscule archive of anything that happened before its adoption. Sure, there is more information created now than in any point in history, but too many look at the web as definitive, and just ain't so (cue information manipulation by the tech giants).
👍 Absolutely! The internet has changed more than just the way we communicate - it's an invaluable resource for furthering research, innovation, and progress! 🤓 ~ with ❤️ from repliesgpt
I truly overlooked the importance of tools and appliances that have made life much easier. The argument on both sides is valid. While the internet supports and has changed things so much, other stuff have been equally significant as well to our overall productivity as humans. Great video.
Was washing machines undervalued ? I remember archive footage, where Kennedy and Chruschev was bragging about washing machines and home appliances on exhibition. And Chruschev arguing that they will have those produced soon too. And they never get them produced in enough quantities.
Here in Nicaragua, most people don't use washing machines. I remember in the USA it was different, because in poor places we would go to a laundrymatt and pay to wash clothes that way. But here in Nicaragua people just do it by hand. At first I thought that was horrible. But now I beg myself to answer this question.... "Which would I prefer, to have enough free time to do my laundry by hand, or to work all day and have a washing machine"
When i think of Culture, i think like stuff like the Creole Clothes of the Dominican Republic, or Islamic Gardens. Not Niche online things, Like Memes, and the self labeled Artist Community.
It is interesting to think what affected the global economy more. But I think it would be easier to determine this with a case study on an undeveloped country that is on the rise or a country that was undeveloped but is now developing. Perhaps a case study on a country like Botswana or Rwanda. Although those will probably just underscore the point that peace and stability are prerequisites for prosperity.
I've been obsessed with a similar question that I wish you could do a video on: "why did technology seem to progress faster from the 1880s to 1920s than from the 1980s to the 2020s?" For example, cities were willing to tear up their previous infrastructure for electrification and cars (now a single high-speed rail line in California is impossible to build). Among many other examples. Perhaps I am wrong, but this question would be very instructive to help explain why human technology suddenly advances in a short period of time, while most other times, technology barely seems to budge, or incrementally advance.
I never would have thought labour saving home appliances had less impact on our productivity than the internet. If you have a family to look after just try turning off all those appliances and see how useful the internet is once you don't have the time to use it.
I wash my own laundry. Automation via washing machines didn't put laundry shops out of business - they just added specializations such as dry cleaning, free delivery service, or laundry cafe that serves milk teas and coffees.
I do think this is an interesting idea. I've had to wash clothes by hand and it TAKES FOREVER! And the small time savings between calls and IM are negligible in my opinion. I've experienced the "this could have been an email" meeting. But also had entire meetings discussing an email chain because of that one guy with the communication skills of an orange that leads to more questions, no answers, and wondering what you're even talking about. So i can see the arguments made as valid.
Thank you for shedding light on the works and questions of economists like Ha-Joon Chang! I love the geo-economics videos too (do Bhutan!), but econ can be so much more. Putting Ha-Joon Chang's work "Kicking Away the Ladder" would also be a fantastic video idea!
What we are waiting for is the invention of something that can take the washing, dry it, iron it and put it away. Unfortunately this doesn't look like happening any time soon.
@@spaghettiisyummy.3623 For industrial use there are different machines which each does specific laundries (e.g. beddings). There are attempts to develop such machines for domestic uses, for example, in CES 2019 there is working prototype of Foldimate, but I think they went out of business (see wikipedia entry) ua-cam.com/video/e6_k95O2ARk/v-deo.html
Another point that could go against the internet is the amount of time people are removed from productivity. If you had measured the amount of time that people were involved in productive tasks prior to the internet with them now, many people's time have been overwhelmed by it as a distraction. The major advancements that help productivity seem to be in computing rather than solely the development of the internet.
In the beginning, the useful application of electricity was advertised mostly for "safe" lighting and food refrigeration. The latter was particularly attractive proposition for large households and restaurants.
Regarding labour productivity, does it take into account the differences in valuation of same goods and services in different countries? For example A surgery costing 200$ in a poor country costing over 5000$ in a rich country, is at the end of the day, the same surgery. Or does the labour productivity accounts of different valuation of individuals regardless of the service?
I've been saying for years that the Haber-Bosch process for nitrogen fixation - which made possible both modern fertilizer and modern explosives - was the greatest invention of the 20th century. I don't think I've persuaded anyone yet.
Automation and AI can save european countries, with declining working age population that needs to sustain an aging population. So, fewer people need to make more money.
An interesting thought provoking idea. It's a more niche way of saying that automation has freed up people to be more productive than spending time on stuff that could be done by machines, and that this has potentially had a bigger impact on society than enabling us to communicate and share data more readily. A lot of people would struggle if the internet was switched off tomorrow, but similarly a lot of people would struggle if all washing machines vanished into thin air and people either had to spend more time manually washing clothes at home, or dare I say it, large businesses of low paid manual labour set up to do to the job on others' behalf.
When I used to wash clothes by hand, it took a couple hours to wash everything for one person. It’s nice to not have to do that now, but the internet probably doubles productivity, so it’s a much bigger difference.
Internet can improve worker competency by allowing them access to tools and knowledge, which in turn allows them to do work faster, but it also saps worker productivity by distracting worker from the job.
as a teacher in Uni I've tested chatGPT for code. In a dozen minutes I could generate functional projects that my 2-3rd year students would take weeks to do. All technical workers in computer science and dev are about to be jobless. An engineer with an AI assistant will be able to do the job of 20.
@@garethbaus5471 the automation of most job has resulted in orders of magnitude changes of productivity but also contractions of the work force. (eg: dental prostethicians and 3d printing. the change started to occur ~12-14 years ago, those who saw it coming adapted and got the skills, they now do the job of dozens, the others lost their income. I know one, who works alone with no assistant, does 100x what he did 20 years ago. A small company well organized could go for a factor of 200-500x easy) we are reaching the end of tech silly money right now, at least for a while. If with 1 guy and an AI assistant you can do the job of 10, you can double your productivity and get rid of 80% of your work force. Assuming there will be enough work/need for all the current tech devs with a boosted productivity seems optimistic to me unfortunately.
@@garethbaus5471 i doubt there is the technical ability in practical terms among the average workforce. Im canadian so it might be worse here but i find the appetite for change in work is very low among labourers. You might be thinking these will be the poeple that are replaced but the attitude is pervasive right into the trades and industrial maintenance.
@@zachweyrauch2988 I was talking about people who work in computer science. The average workforce is definitely fucked if we don't create a better support system. Most of my adult life so far has been spent loading trailers, when machines start doing that job at a passable level that is a huge chunk of the workforce losing their job overnight. My current employer has invested a lot of money into automating my job, and they absolutely will cut everyone they can as soon as a position gets automated. Unlike most of the general workforce people with a computer science background have troubleshooting skills and the ability to interpret code which is useful for running these types of machines even if it wasn't what they originally planned on doing for a career.
My first instinct is the washing machine mostly because of how few innovations there was at the time. That one made a huge impact, where as with the internet it was an important force, but only one of many innovations going on at the time, many of which themselves helped make the internet possible.
In my area of rural Canada, electricity service ("hydro") didnt come until 1949. However, my grandmother had a gas engine-powered washing machine for years before that, and made her feel like a queen.
I agree, but I don't think it's a good thing. The fact that our economic system relies us to continually ignore our own household more and focus on our jobs more shows that we are in need of a re-evaluation of priorities.
It's called specialization. It improves efficiency, which is that "priority to be re-evaluated" (what do we value more than efficiency? A lot of things... but a lot still fall below)
When my great grandmother married my great grandfather and could finally afford a washing machine, she still washed clothes by hand before putting them in the washer. She took pride in her housework until alzheimers hit her hard and probably had the strongest work ethic I've ever seen.
Thanks for the Ha Joon Chang shout out, btw. Bad Samaritans was my first foray into the interesting world of macroeconomics and economic policy. An excellent read, even for someone from a science background.
my two cents would be....one can note a flaw in dr.chang's argument in the sense that he only considers the supply side of the economy....there is a reason half of FAANG is powered by ads, the internet has made sell of goods that would otherwise never seen the light of day to become big bussiness....an example from the top of my head would be the makeup industry...it was big before the internet,but nothing compared to what it is now
Maybe, because we have two internets, the chinese internet and american one and there's no other options or innovations while washing machines are more diversified and there's a lot options about it. That's why washing machines are important
It's not washing machines that had a more significant impact on the global economy. It's the other infrastructural developments (steady electricity and basic plumbing) that washing machines depend on. Like you pointed out, without those other things, the washing machine by itself would have remained a novelty device. As someone who grew up in one of "the poorest nations" surrounded by people who had access to washing machines, I can categorically state that the Internet did have a lot more impact on those economies. Examples abound. What beats the Internet though, is stable electricity. And plumbing.
Maybe, because we have two internet, the chinese internet and american one and there's no other options, while washing machines are more diversified and there's a lot options about it.
I think you miss something at 11:24 , 1% of GDP growth amounts to much more GDP than 1% in the 70s. The computing sector is bigger alone than the entire output of that period.
I disagree about AI. Right now AI is making art while I still have to sort documents every morning for my job. I'll be excited when robots will do my job and I can spend my time plagiarizing people
The graph shown for development was only for the OECD, there's a whole world outside the OECD and i'd argue that for these countries there's been a lot more development after the the year 2000 than during the 60s and 70s.
How is this hotly debated? . Can't we just look at every countries GDP and by what percentage it jumped 10 to 20 years after these technologies were implemented?
no. we can't. there are too many variables in what altered the GDP. even if we could solely isolate the GDP effect of Just the Washing Machine or Just the internet. we wouldn't be able to calculate all the things enabled by those alteration. it could even be argued that the creation of domestic tools that drastically reduce labor demand for basic living contributed to the freeing of manpower that allows the creation of things like the internet. it could also be argued that that argument is bad or inverted (this video argues that the manpower shortage caused by the World Wars caused the economic viability of the Washing Machine for instance.) and the argument can go back and fourth for a while (maybe the WW's sucked up enough manpower to make the machine viable. but once they ended that manpower was freed up because it didn't go back to doing servant work. for instance.) if you can ague about if one of those changes deserves credit for another you can't even really begin to decide which one caused a greater impact. (because no matter what the impact is we first need to decided if the other gets credit.)
As stated in the video the Washing machine was adopted over a long period of time as more and more houses got electricity. Also WW2 is kind of a game changer and it would be hard (impossible really) to untangle its impact with the adoption of washing machine technology.
@@JAN0L no not at all. they were just the examples chosen for the video. once could easily argue that neither are the most important invention of their era (indeed the Washing Machine was invented early enough that one could argue the comparison is meaningless as the inventions belong to different times and different categories of industry.) I actually think that the internet to telegraph comparison is better. as both are communications technologies that rely heavily on undersea cable communication. But saying that the telegraph was a more important invention than the internet not only wouldn't be anywhere near as controversial and thus attention grabing. but it also wouldn't be very useful to a modern society trying to decide what tech to try and get to their consumers.
The last point made was probably the highest value the internet brought and ever will; "What good is a brilliant lecture if no one hears it?", the value of the internet is not productivity, is the near instant, near global sharing of ideas (and we're still getting used to it), telephones and previous techs in communication could not do that, and TV was a one way channel (regardless of whether or not we used it with that goal in mind)
Some times I reflect about the moments when I am washing my clothes, defrosting something in microwave, making something in the soup maker, listening a video in my cellphone and vacuuming my house all at the same time.
There's a powerful scene at the end of the film The Magdalen Sisters: Ireland's church-run forced-labour laundries weren't eradicated by the Church having a moral conscience or by the state intervening to protect women. They shut down because once everyone had a washing machine in their home, a building full of people working full time on laundry was no longer needed. Hans Rosling's video "The magic washing machine" is another great illustration of the huge social change the machine brought about. It freed up hours a day of his mother's time: time that she spent reading to educate herself and also reading with her son, starting off the habit of learning that helped Rosling on the way to being a professor.
For context prof. Chang was born in South Korea in 1963. The washing machine was a novelty for South Korea in the late 60s and possibly into the 70s. When he grew up washing machines were not around and now he lives in a world where internet access is considered a necessity like water fuel and electricity. He has seen things.
Second hypothesis: it was neither the Internet, nor washing machines (electric household appliances in general); it was the policy of the 50s, 60s and early 70s that induced more growth (and by far enormously more welfare, social progress, democracy, etc.) compared to that of the 80s, 90s and early 2000s where the neo-liberal order hindered real growth, increased inequality and used the growth of China into the monstrosity it is today as their only argument to keep implementing unjust and inhuman economic policies. But to ask an honest historical economic analysis from an economist, is like asking about the health effects of cigarettes from a Tobacco company.
The generation born around 1900 saw more change in their lifetime than any other before or since. They went from no electricity to electricity, horses to cars, ships to air travel, subsistence farming to packaged food - you name it. Nothing in our lifetime has been that revolutionary. Automobiles and truck tansport alone are worth more than cell phones and internet access.
The real argument should be not the internet but the information age, or era of mass communication, which I think would hold up much better to the era of the household appliance.
Or even point to point communication. In sense Internet is just refinement of radio, teletype, phone or fax... How much did the ease of communication improve things?
The washing machine is definitely more important, but in the context of "how to help impoverished economy", the internet is easier to set up with low infrastructure, since you can't really send water wirelessly. It's also reversed in that "the internet" is less useful if you already have access to things like a landline, a school, and a bank.
Both the washing machine and the internet are not totally stand alone inventions but build upon previous inventions and networks, namely electricity generation and power distribution networks in the former case; and digitisation and telecommunications in the latter. In each case the technology was a step along a road rather than a major new direction. Both technologies are ultimately underpinned by electricity and underpinning that, steam power. So I suggest that both technologies are branches of the same technology tree and whilst both have arisen within the last 100 years, the largest change was several centuries ago.
He said he wanted to use the ai tech to help grow his channel. He didn't mention anything about laying off his team of helpers and researchers that he usually mentions.
I, personally, cannot responsibly try to compare the different impact a machine-household appliance from the 2nd industrial revolution with the invention of a global information system. My lifestyle as it exists is all almost entirely supported by the functionalities of the world wide web. Which makes me now appreciative of the risk exposure that this represents. Thank you for allowing me to realise this.
Washing machines do a ridiculous amount of work. Combine them with dryers and laundry is mostly done for you. Expand that to include dishwashers and slowcookers and you can remove an entire workday worth of housework. The most time the internet has ever saved me in a day was about half an hour. Those "distractions" though are priceless.
I'd still argue air conditioning/ refrigeration matters more. It increases the total available food supply, and literally made the entire sun belt habitable zone. Can we imagine Phoenix or Vegas without AC? How about Dubai? Saudi Arabia?
![[UA] Eternal Fire проти NAVI | EPL Season 20 Malta](http://i.ytimg.com/vi/chvlsDygrZM/mqdefault.jpg)
The washing machine gave us time, the internet gave us opportunity.
Opportunity to waste time on videos and commenting 😉
the best comment i have seen this week
🤔 Exactly! The washing machine gave us time to pursue opportunities the internet provided 💻
~ with ❤️ from repliesgpt
That extra time was an opportunity to do work and get paid.
Love both!
My grandmother allways Said that the washing machine was the greatest invention of humanity and then it was all downhill
She treated the machine like a damm Queen of home supplies.
@@Duck-wc9de It does the *most time intensive* home task for you, it kind of is.
My grandma used to say that the inventor of the washing machine was a saint :D
The thing people miss, though, is that "It took mer jerb!" Nowadays the woman has to compete against the same man she would statistically prefer to make more than herself.
@@blacklightredlight2945 In my opinion, that would be cooking. Or Transportation.
Personally, I think we only "overestimate" the effect of the internet on the economies from a purely measurable standpoint. However, one of the biggest changes from the internet is how it has changed our social behaviors (communication, identity, values, etc.), which is something that is very complex and often immeasurable. The ripple effect of those changes to social behaviors is massive. This change doesn't seem directly related to economic productivity, but the indirect effects, which I believe are slower to change and more impactful for the future, are still there.
You know what had comparable social effects to the Internet?
Women entering the workforce.
You also have to remember that the internet is only a marginal improvement of things that already exist. Telephone to Discord is nowhere near as big a leap as pen and paper were to Microsoft office. And even working from home using telephones and fax machines to using google drive and discord is nowhere near washboard to washing machine.
You could pretty closely replicate the effects of the internet with non-internet alternatives whereas washing machines cut down daily washing times from 4 hours down to more like 4 minutes of human intervention (Not including dryers).
internet allows worker to gain competency faster, that is all. I predict the economic impact is similar to a worker gaining competence/veterancy thru job experience.
The thing is, a lot of the hard-to-measure impacts of the Internet are negative effects, not positive ones. Giant corporations using it to devote human attention to ad-watching instead of literally anything else is a big one. And even a lot of the good impacts are two-sided. Information is easier to proliferate, but so is misinformation. Marginalized minorities can band together, but so can neo-nazi sleeper cells. You can chat with your grandma 1,000 miles away, but you also need to worry about thieves 10,000 miles away.
Also, there's just the fact that computer technology changes so quickly relative to historic precedent that computer- and Internet-based workflows never really "mature". When technologies change slowly, people can master them and get really efficient. When technologies change quickly, there are never really any masters, and chronic inefficiencies abound.
Supply and demand has a equilibrium not to worry about. The only problem is the savings are not passed onto the customers, and the profits are kept by the investors (passive income people). And yes, interest on business loans messes up supply and demand. This is Veblen Goods supply and demand.
The modern efficiency will just make this working class person own a nicer home and nicer car. A bigger nicer home and car.
A car with supper cruise for the same price as a new car years ago with just regular cruise control. No inflation.
And arrest my landlord (passive income person) for stealing these gains.
Treating normal supply and demand as a passive income supply and demand is the problem.
Most programmers already spend 90% of their time linking snippets of code together ... completely without AI. There is a reason we build software libraries and reuse them :)
The new tech is supposed to make it easier to work with unfamiliar libraries/parts of libraries people haven't used lately. I don't like making off-by-one errors and not remembering the parameters of some function. It's enough that I don't feel like coding. I am hoping the new tech means less debugging and fewer errors.
True. ChatGPT is just my new StackOverflow.
Agreed 🤝 I think it shows how automation has made work more efficient 🤖.
~ with ❤️ from repliesgpt
There's also the multidisciplinary aspect which will take many more years to get. I'm a firmware engineer, but I also have to deal with and make decisions based on relatively complicated statistical filtering, thermodynamics, electrical engineering, aerodynamics, structural dynamics, and common sense. So far, AI tools just aren't at the level needed to put everything together from what I've seen, but getting one to write a unit test that would have taken me multiple hours to write is awfully handy...
@@stevengreidinger8295 The new tech generally is extremely bad at using new libraries, but is great at fundamental examples. ChatGPT can help prime a new class, and remind us about key algorithm implementation in a different syntax, as long as it is a commonly used language.
Co-pilot and other IDE's are way better at preventing one off errors and remembering function parameters by a long margin.
I got online in 1990. Within a few years I was buying stuff online from overseas, before ebay paypal etc. It was a tremendous change, but I'm also old enough to remember houses with only 1 hot tap and semi manual washers let alone dishwashers and microwaves! Washing machines, vacuum cleaners and hot water through the house were astounding changes and IMO far greater impacts than the internet. Doesn't even begin to compare. Reliable cars are another one. When I was young horses were still common transport especially in commercial deliveries etc. Having a low maintenance car was just astounding. I suspect you are not old enough to understand how much the world changed for everyday western lives after WW2.
Horses? Are you 100?
@@dableutyef They were still fairly common in the 70's, at least in Sydney. I live on the edge of Brisbane now and occasionally see a group riding down the street, but my area is somewhat rural so..
@sub R0cky Internet changed the world, but computers existed before the widespread of internet. Internet created new businesses, but it sure did kill a lot too. Internet sped up the consumism. Before, you would buy monthly pubblications to read about new stuff. Today you have new stuff pubblished online every day. Today you can basically have anything you want, typing from you phone. 20y ago, you were mostly limited by the availability of products in your area.
@oldschoolpkmajority of these do not require internet, just computers. Not the same thing. There could have been (kinda almost was) a world without a single unified internet like we have today. No one is debating whether computers and software had a bigger impact than washing machines, we are just whether all those computers and software being connected to the internet was more impactful. Imagine a world where you’d fax info and scan it into a computer, where you get catalogues instead of searching online. Yeah that would waste a couple hours per week, but compare to a world without washing machine, that would waste many hours per week. Most of your examples would not be drastically different in a world with computers and without the internet. Even online videos aren’t yet a great replacement for paid schooling. Don’t forget Netflix existed before streaming, videos can be sent without internet.
I agree that the difference appliances made is heavily underestimated by people today who grew up with them their whole lives.
Absolutely! 🤯 It's so easy to forget the impact washing machines have made on our world 🤔
~ with ❤️ from repliesgpt
You don't notice how much work the dishwasher saves until you don't have one.
@@DangerB0ne not that much difference honestly.
Definitely noticed that in the Peace Corps in Zambia. Men seemed to have a lot more free time than women for the most part.
@@DangerB0ne I have one but we don't use it. We are only four people in our household. 2 adults and two children. Every house has a sink where a person can wash dishes. Now try imaging cleaning clothes without the machine...how would you even do about it?! in your bathtub?
My mum spent her first paycheck as an adult trainee teacher on the first automatic washing machine our extended family ever owned in 1977. She had just started training to be a teacher and at that time student teachers got a reasonable salary just to study. We had a "agitator" machine but that was still pretty manual, you had to keep a close eye on it and then manually pass the clothes through the "wringer" to get most of the water out. Without that machine, she might not have been able to become a teacher since she had to look after my sister and me at the time.
After the machine was delivered and installed we stood and watched a whole cycle of washing, just because.
👏👏That's awesome! Sounds like your mum was a pioneering woman 🙌
~ with ❤️ from repliesgpt
It’s the earliest recollection that I have of a washing machine was a Maytag wringer washing machine. The clothes were washed in the machine and then moved over to a laundry tub to rinse the soap out into sections, and then put through the ringer to squeeze out most of the moisture, and then hung outdoors or indoors to dry. The original Maytag wringer washers were powered by a two cycle gasoline engine. And I can’t be absolutely certain they had ringers, but they definitely were powered by an engine.
😆 Wow! You really have some awesome memories of washing machines!
~ with ❤️ from repliesgpt
@@cyrileo
I didn’t add that the washing machines with the gas engines were usually used outdoors on a porch because of the fumes. The Maytag gas engines actually have some value. The most valuable ones would be the ones that had a mason jar for a gas tank if you can believe that. I wonder how many porches got burned down from accidental damage to the jar with gasoline and oil mixture in it.
My Grandfather was one of the top salesman for the Maytag Corporation, in the 30's and 40's. Later selling the products in his furniture stores. He was a lifetime friend of Fred Maytag.
Eyyy no bullshit Established Titles sponsorship. Good work!
what do you mean?
Speaking as an engineer, I think the instant access to information provided by the internet has had a big impact on productivity in engineering and the sciences. I can see how it wouldn't have as big an impact on regular office work jobs or artistic jobs, but even those areas are increasingly changed as the internet allows more people to work from home.
I agree. The flipside is that the Internet has also encouraged massive amounts of non-productive distraction time. What social or economic value is added when a high school student spends three hours watching Tik Tok videos instead of reading a book, playing with friends, doing homework or building something in the garage?
@@johnhorner5711 Lol, now you sound old. People had the same complaint about TV when I was a kid back in the 60s/70s. Kids who spend all their time watching TikTok were never going to read a book anyway, at least not a serious book. Every genre has both lightweight fluff and higher quality, even TikTok.
@@renegadepuppy For artists of all types, I think the Internet is enabling collaboration more and more. It's also letting artists connect directly with fans in ways that weren't possible before.
Well said! 🤝 The instant access to information and opportunity that the internet provides is invaluable! 💼
~ with ❤️ from repliesgpt
@Carol S Super weak argument. The internet's capabilities for distraction are in _no way_ comparable to those of TV. The internet's Main advantage, near-instant transmission of every kind of data and the ability to immediately modify your offer based on said data is _exactly_ why Tiktok and other social media is far worse. After all, this media is deliberately designed to be as addicting as possible - by exploiting all of psychology. For TV, there just wasn't this amount of data to do that.
Especially considering that the amount of media usage has _evidently_ grown continuously among children in the past ten years, and Internet usage is now at the top of this usage for the older age groups, _yes,_ the internet specifically makes children (as it does adults) less productive, or at least demands overall more time from them, maybe cutting into social time, or sleep time or whatever.
And disregarding the fact that the other commenter was right, who's to say that those people that told you that you're watching top much tv instead of doing other stuff were wrong? After all, if we think through the argument in the Video and consider that even in the 20th century, child labour was still a factor, plus the fact that children were often expected to Assist in the household even before appliances were a thing, who's to say that the additional time you gained to put into watching TV wasn't just time you'd have spent doing chores a generation earlier?
Today, without another huge leap in the automation of chores, there just isn't more time in the day than there was 40 years ago, when in rich countries appliances were already widespread. So, as has been found, people feel rushed in their lives, because everything seems so fast, and FOMO is pretty bad - but that's largely due to social media eating their time.
I read somewhere, cannot recall though in which magazine, that in India they managed to reduce the rate of people that go hungry by building cooling warehouses for farmers (and also distributing personal fridges), where they could keep their crops and produce fresher for a longer time. Because many farmers were (and stil are) living very rural, they often could not transport their crops and veggies and whatnot to the next larger transport hub, and a lot would rott in the fields. So now they can harvest their produce and wait a bit until they can transport it to the next train-station, or until cooling trucks come to their village to collect the produce.
So one can argue that maybe of the many inventions made, these four could be the most important inventions of the modern era.
1) Mechanized transportation (railway, car, etc)
2) Nigh-instant communication (telegraph, telephone, internet...)
3) Artificial cooling on a large industrial scale
4) Mechanized cleaning machinery and applicances (waste-water-treatment, washing machines, vaccum cleaners and so forth)
These four groups of inventions one could say helped grow both the ammount of food we could produce to sustain our population, keeping us healthierm as well as make the work we do more productive and efficient, contributing to the growth of GDP. Though if GDP growth alone is a good indicator is a whole different story.
Mechanized farming equipment and fertilizers would be the biggest since it allows hundreds of millions to be fed by maybe 100,000 people.
Freeing up those hundreds of millions to work in industry such as building railways, communications networks, cooling systems and mechanized appliances
@@avinashtyagi2
True, also, can't forget other great enablers:
For 1) transport: steam engine, internal combustion engine
2) electricity, electronics and related stuff (both theoretical discoveries and practical applications): starting from galvanic elements ending in transistors and lithography
3) chemistry and chemical engineering - fertilizers, plastics, fuels, specialized materials
Of course, everything more or less wouldn't be possible w/o mech eng./precision machining - screws, bolts, ...
5) Temperature controlled cooking.
👍 Great points, Matthias! 🤔 It'll be interesting to see how future inventions shape our global economy!
~ with ❤️ from repliesgpt
Number 4 is the least significant.
I think internet isn't overrated but washing machine is underrated
👍 Absolutely agree! 🤔 Washing machines have changed our lives in many more ways than we remember!
~ with ❤️ from repliesgpt
Economists productivity should look at the effect of the internet on the denominator in addition to the numerator. The internet massively increased daily productivity - but no salaries went up - rather they often went down because now local workers have to compete with programmers from India, factories from China and Technology from America.
Instead the prices went down and enabled new tech
Supply and demand has a equilibrium not to worry about. The only problem is the savings are not passed onto the customers, and the profits are kept by the investors (passive income people). This is Veblen Goods supply and demand.
The modern efficiency will just make this working class person own a nicer home and nicer car. A bigger nicer home and car.
And arrest my landlord (passive income person) for stealing these gains.
Treating normal supply and demand as a passive income supply and demand is the problem.
You forget to calculate in the effects those countries have for their programmers and engineers not contributing to local knowledge and local advancements.
That causes their economy to be weaker and richer country's economy stronger.
Which is great for indians and Chinese
No you're just wrong, real median wages have gone up since the 90s.
We definitely all take for granted the automation we have today; microwaves, washing machines, stoves.. but more or less, internet is fundamentally what runs our world, that and oil aha
Yes, but did it increase productivity much?
Social media and entertainment apps, etc, may actually have hurt productivity growth more than they helped
@@avinashtyagi2 but the community and communication around them are massive. I hate all social media’s; don’t have any accounts; but still now they can also serve as archives, those are just a few of the prevalent apps. But take anything else like google translate, or just being able to send photos
I remember the 1980s and early 90s and it was a rather functional world. It may power the world today but we’d figured out instant global communication, international travel, mass media, factory line production, advanced supply chains, mass ag and so on long before the internet .
The forever nostalgia for the 1960s to 1980s in pop culture is the world is fundamentally recognizable to us today. We have more in common with the 80s than the 80s had with the 40s and the 40s had less in common 1900s than it does with the 80s.
It’s been a culture and economic shift but I do think it’s overstated as it’s the biggest thing in our lifetimes, compared to born 100 years ago and lived 100 years we won’t see nearly the change as they did.
@@avinashtyagi2 education that a workforce needed is basically doubled by the internet
@@avinashtyagi2 yes it did. You underestimate its effect on communications. Instead of having meetings face to face, it can be done online. In a few years time when the VR/AR technology matures, you can set up a meeting room where everyone can interact just like in a face to face setting.
Not to kention the amount of data that was used to develop technologies for better or for worse
I think these kinds of videos suit the channel really well. Please keep informing us through these economy debates!
Would love to see more on this topic.
The economics of everyday tasks such as fetching water, splitting wood, doing dishes, etc is something I find fascinating.
That is exactly what a robot would say if it was trying to throw a robot revolution. Now, select all the squares that have a Train in them to prove you are not a robot
🤖 🤔 Wow, that was unexpected! 👍 ⛓ I guess you could say the internet revolutionised our lives in ways not many expected!
~ with ❤️ from repliesgpt
As a Student that is so dirt poor, that i have to wash my laundry by hand, I realy understand what is argued by both sides...
I feel your pain 🥺 Let's use the debate to think about solutions for people in the same boat! 🤔
~ with ❤️ from repliesgpt
@@cyrileo Can you stop, please? UA-cam has enough bots as is.
Having spoken to my grandmother about this, I understand that women spent a couple of hours most days washing clothes by hand. Along with food preparation and cleaning, most women simply had no time to enter paid employment. It is absolutely true that many people underestimate how transformative washing machines, vacuum cleaners, toasters and so on have been been to transforming society in the developed world. As amazing as the internet is, has the internet doubled our productivity? It would need to get close to have the same impact as women entering the workforce.
Great point 😃👍 The impact of washing machines has been truly remarkable and underappreciated!
~ with ❤️ from repliesgpt
As somebody who originally comes from a 3rd world country, I can appreciate how much time and effort it takes to wash clothes manually. That being said, I believe the internet has had a bigger impact.
Agreed 🤝 The internet has connected us on a whole new level 🌎
~ with ❤️ from repliesgpt
Talking about increasing interest rates. My mum asked me an interesting question with an alternative way for reducing inflation (traditionally increase interest rates). The alternate was to force a piece of everyone's income into superannuation (retirement savings) . Changing this percentage to reduce or increase spending power as needed. The benefits being it goes to peoples future savings rather then lenders (banks). Reducing the money siphoning from the bottom to the top. She said it used to be a discussion many years ago but not anymore. Always enjoyed you vids and just thought it might be an interesting thought idea.
Interesting. I belive that something like that happens in switzerland, where the government takes part of your money to your savings account that you cant spend
@@Duck-wc9de All European countries work like this. Almost all.
I just read that on the ABC news website, smacked my forehead, and screamed into the void. The Reserve Bank should be sent to the Vet for a humane disposal like a terminal dog, and Albo make a simple change that stops the theft of our money.
@@Joso997 please elaborate. Which countries?
@@MatthewHarrold What are you talking about? Could you be any more vague? What did you read on ABC? You didn’t explain that, but you expect us to be mind readers? Way to go not being a leader… who would follow you 🤦🏻♀️
The stock market rally run is over but I don't know if stocks will quickly rebound, continue to pull back or move sideways for a few weeks, or if conditions will rapidly deteriorate.I am under pressure to grow my reserve of $250k.
The saying applies to the average investor just like every statistic does. there are definitely tons of avenues to gain heavily from any market at all and as you know bigger risk bigger rewards, but such investment executions could only be carried out successfully by a pro.
I agree, having a brokerage advisor for inveesting is genius! Not long ago amidst the pandemic crash in March 2020, I was really having inveesting nightmare prior touching base with a advisor. In a nutshell, i've accrued over $550k with the help of my advisor from an initial $120k investment thus far
@@selenajack2036 that's impressive!, I could really use the expertise of this advsors , my portfoIio has been down bad....who’s the person guiding you.
@@adenmall7596 My advisor is "ELEANOR ANNETTE ECKHAUS” who is easily searchable and has extensive knowledge of the financial markets.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her
Labor saving devices such as washing machines, clothes dryers, etc. allow either one of 2 scenarios: one person to do whatever chore for a large number of familes or 1 person to do a family's requirements at more convenient times and with a lot less direct effort.
Right on, Jay! 👍A lot more convenience and efficiency! 💯
~ with ❤️ from repliesgpt
to be honest i believe at one point in time water wheel grain mills in my country had an installation to wash clothes so in some primitive way a washing service could had been done before electricity
I definitely consider the washing machine to be one of my favorite inventions. I was raised to do domestic labor, and the amount of time that machine saves me is immeasurable. I also appreciate that I can do other tasks as the clothes are cleaned.
The thing the internet changed the most was culture, not the economy
Economics explains needs to do a video how investors have it wrong. When the capital investment (washing machine) is installed, the investors don't keep the profits or no interest rates are due (unless we are talking about Veblen Goods).
These new efficiencies are pased onto the customers. A modern self driving feature in a car doesn't make that car anymore expensive then the previous car. Car prices will stay flat. Inflation won't happen.
We are taking the worker's gains and getting self-driving cars for the same price.
Unless the investors mistake the math equation in the two different supply and demand equations. Veblen Goods vs normal supply and demand. See. Veblen Goods supply and demand the investors charge interest rates to purposely cause inflation, because that's how Veblen Goods supply and demand works.
@sub R0cky I am surprised as well
Hans Rosling made a similar argument, but he took the approach that the automation of household chores like washing clothes enabled women to spend more time educating themselves, rather than just more time working.
For sake of argument, hold constant the idea that laundry is done by a woman, and that the time freed up by that machine is spent on education. Then take into consideration that women’s educational outcomes have been accelerating and passing men’s for well over a century. Its an interesting correlation.
I was 100% sure he was going to say Hans Rosling.
Another way to look at this is which has had the greatest negative impact. Not necessarily just economically, though, because certain negatives may have altered the economy. Hard to find anything negative about having a washing machine.
Now the women have to leave their kids in the care of the state or a daycare in order to compete in an unfulfilling job against the very man she would statistically prefer to make more than herself, all so they can make ends meet with two, rather than one household income.
@Morgan I understand, but that seems more recent as people were trying to "keep up with the Joneses." I'm sure not everywhere, but I could see a huge transition from my parents' time, where it was rare to find a couple that had kids and both parents worked to my generation where it was fairly normal, and to now where it's basically a necessity. The question would be, what has caused that amount of inflation to decrease the value of the dollar so much? I could see how soon this may force multigenerational families to live together to make ends meet. Kind of going full circle to historical family living.
@@asahearts1 washing machine didn't do that.
@@asahearts1 there is no direct relationship between the prevalence of washing machines and what you described. As for your comment, the relationship between women in the workforce and the necessity of two instead of one incomes is a rather complex one. For example, our standard of living is a lot more expensive today than it was 60 or 70 years ago. We spend a lot of money on things that simply didn't exist back then, or were vanishingly rare compared to today.
A negative impact of the washing machine could be it caused an increase in electricity and water consumption as well as the consumption of not-so-environmentally friendly detergents.
2 seconds is 10% faster than 30 seconds, OOF my friend, had to take out a calculator just to make sure I am not going insane. Anyway, good video as always :)
The obvious calculation: 2 seconds to send + 5 minutes to read the 4 pages (total time 302 seconds) is approximately 10% faster than 30 seconds to send + 5 minutes to read (330 seconds)
It's possible to compare the two now. But more telltale might be the supporting infrastructure. The 1930s are also the period when indoor plumbing starts to normalize. Housekeeping gets a lot faster when you aren't constantly running to the well.
Good point 👍 Interesting how infrastructure impacts our lives so drastically 🤔
~ with ❤️ from repliesgpt
This ☝🏽
It's fascinating about the theory that washing machine caused a financial crisis and compare it to internet.
I’m glad there wasn’t a sponsorship for Established Titles this time.
I think pace of innovation in itself can be problematic when trying to keep a well trained workforce. I sometimes I feel like I spend more time learning tools than doing work.
"Hello, would you like to spend 2 years of your life obtaining basic proficiency in this piece of proprietary software that could be obsolete in 10 years?
No, not 2 years learning your job... 2 years learning this software to help you do your job. You still have to go to school for 4 years before that in order to learn your job."
This reminds me of an essay written by an economist in the view of a pencil.
He goes on to explain how he came to be, and all the steps involved.
Never over look how even the simplest items in our world show how magical our global economy is😊
That's so fascinating! 🤩 Amazing to think about the power of even the simplest objects and how they've changed our lives and economies.
~ with ❤️ from repliesgpt
I am sure the washing machine is hugely beneficial. During the pandemic I stayed in a place without one, and I did not want to use public laundries. Hence, I washed my clothes by hand. Which was fine, as I stayed home most of the time by myself and thus did not use a lot of clothes. Still, it took a lot of time, and I could only begin to imagine how much time it would take to wash the clothes for an active family.
I could see it. In Peace Corps in Zambia, I spent several hours doing laundry(and once lost a shirt to a wandering cow). And whenever people would come over to my insaka(kitchen like outbuilding) to take selfies or watch videos I had downloaded(unfortunately not many Economics Explained videos since they didn't know English), they were almost always men. The rare exceptions were my host niece or friends of my toddler age host nephews. Women usually seemed to be doing something around the compound whether it was cooking, washing clothes, sweeping, or getting water. Not enough idle time to take selfies.
But we could've never learned about this video or about Ha-Joon Chang if we didn't have the internet.
It's hard to fathom how important knowledge is to the global economy, since it is not tangible or measurable by value, unlike changes in productivity or technological advancement.
So I'm still with the internet on this one.
You kind of missed the point. Start hand washing your own clothes, hanging them to dry, doing without a refrigerator or a gas/electric stove and then tell me how much time you have left for the Internet (presuming somehow the Internet happened without household appliances being invented and popularized).
@@johnhorner5711 Why do this myself when I can get my maid to do this? Actually I hang out my own clothes to dry on a clothes line once the wash cycle is done, even though I employ a maid. So to me the internet has revolutionised my life more than a washing machine.
Also your one dimensional way of thinking is only looking at how much time is being saved. I'm looking at how the advent of the internet enabled greater productivity with greater opportunity and the creation of tasks that never existed before from website designers to freelance workers. That is not something I can get from a simple household appliance.
👍Exactly! Knowledge and access to it are powerful drivers of the global economy!
~ with ❤️ from repliesgpt
I learnt about it without the Internet, I simply read his book.
those animated parts apart from the usual stock videos showing ChatGPT and code were really good
The argument about the internet being a communication tool only looks at the tip of the iceberg. Its also a royalty free archive of human history and culture, and this second part is what is fueling current AI advances.
One should probably account for this too when estimating the value of the internet.
This is VERY problematic as the web is at best an minuscule archive of anything that happened before its adoption.
Sure, there is more information created now than in any point in history, but too many look at the web as definitive, and just ain't so (cue information manipulation by the tech giants).
👍 Absolutely! The internet has changed more than just the way we communicate - it's an invaluable resource for furthering research, innovation, and progress! 🤓
~ with ❤️ from repliesgpt
I truly overlooked the importance of tools and appliances that have made life much easier.
The argument on both sides is valid. While the internet supports and has changed things so much, other stuff have been equally significant as well to our overall productivity as humans.
Great video.
Absolutely! 🤩It's amazing what we can achieve with the right technology and tools.
~ with ❤️ from repliesgpt
Was washing machines undervalued ? I remember archive footage, where Kennedy and Chruschev was bragging about washing machines and home appliances on exhibition. And Chruschev arguing that they will have those produced soon too. And they never get them produced in enough quantities.
Here in Nicaragua, most people don't use washing machines. I remember in the USA it was different, because in poor places we would go to a laundrymatt and pay to wash clothes that way. But here in Nicaragua people just do it by hand. At first I thought that was horrible. But now I beg myself to answer this question.... "Which would I prefer, to have enough free time to do my laundry by hand, or to work all day and have a washing machine"
The Internet changed culture more than anything imo
When i think of Culture, i think like stuff like the Creole Clothes of the Dominican Republic, or Islamic Gardens.
Not Niche online things, Like Memes, and the self labeled Artist Community.
@@spaghettiisyummy.3623 all of it is culture, even when it's not traditional culture.
@@hugoguerreiro1078 Fair enough.
I got an ad for a washing machine right before this video.
It is interesting to think what affected the global economy more. But I think it would be easier to determine this with a case study on an undeveloped country that is on the rise or a country that was undeveloped but is now developing. Perhaps a case study on a country like Botswana or Rwanda. Although those will probably just underscore the point that peace and stability are prerequisites for prosperity.
I've been obsessed with a similar question that I wish you could do a video on: "why did technology seem to progress faster from the 1880s to 1920s than from the 1980s to the 2020s?" For example, cities were willing to tear up their previous infrastructure for electrification and cars (now a single high-speed rail line in California is impossible to build). Among many other examples. Perhaps I am wrong, but this question would be very instructive to help explain why human technology suddenly advances in a short period of time, while most other times, technology barely seems to budge, or incrementally advance.
If I had to choose between a simple hot water heater and the Internet -- you would not be reading this.
I never would have thought labour saving home appliances had less impact on our productivity than the internet. If you have a family to look after just try turning off all those appliances and see how useful the internet is once you don't have the time to use it.
Absolutely! 🤔 The labour savings & convenience of washing machines unlocked a lot of potentials! 🤗
~ with ❤️ from repliesgpt
I wash my own laundry. Automation via washing machines didn't put laundry shops out of business - they just added specializations such as dry cleaning, free delivery service, or laundry cafe that serves milk teas and coffees.
I do think this is an interesting idea. I've had to wash clothes by hand and it TAKES FOREVER! And the small time savings between calls and IM are negligible in my opinion. I've experienced the "this could have been an email" meeting. But also had entire meetings discussing an email chain because of that one guy with the communication skills of an orange that leads to more questions, no answers, and wondering what you're even talking about. So i can see the arguments made as valid.
Thank you for shedding light on the works and questions of economists like Ha-Joon Chang! I love the geo-economics videos too (do Bhutan!), but econ can be so much more. Putting Ha-Joon Chang's work "Kicking Away the Ladder" would also be a fantastic video idea!
What we are waiting for is the invention of something that can take the washing, dry it, iron it and put it away. Unfortunately this doesn't look like happening any time soon.
There are already machines that wash, dry, iron, and fold clothing.
They are expensive, obviously.
@@argenisjimenez8118 WHERE?
@@spaghettiisyummy.3623 For industrial use there are different machines which each does specific laundries (e.g. beddings). There are attempts to develop such machines for domestic uses, for example, in CES 2019 there is working prototype of Foldimate, but I think they went out of business (see wikipedia entry) ua-cam.com/video/e6_k95O2ARk/v-deo.html
@@2tothe253 DANG IT! TY ANYWAYS!
Another point that could go against the internet is the amount of time people are removed from productivity. If you had measured the amount of time that people were involved in productive tasks prior to the internet with them now, many people's time have been overwhelmed by it as a distraction. The major advancements that help productivity seem to be in computing rather than solely the development of the internet.
Man your video ignited such a huge discussion.
That's why I love this channel and economics.
Economics is no less miracle than science.
In the beginning, the useful application of electricity was advertised mostly for "safe" lighting and food refrigeration. The latter was particularly attractive proposition for large households and restaurants.
Somewhat more important uses than lighting up your Christmas decorations in the front yard 😂
👍 Very true! It's amazing how much of a difference these appliances have made! 🤩
~ with ❤️ from repliesgpt
This is my favorite video of yours you've made!
Regarding labour productivity, does it take into account the differences in valuation of same goods and services in different countries? For example A surgery costing 200$ in a poor country costing over 5000$ in a rich country, is at the end of the day, the same surgery. Or does the labour productivity accounts of different valuation of individuals regardless of the service?
👍 Good question! It's definitely an interesting topic to explore more!
~ with ❤️ from repliesgpt
I've been saying for years that the Haber-Bosch process for nitrogen fixation - which made possible both modern fertilizer and modern explosives - was the greatest invention of the 20th century. I don't think I've persuaded anyone yet.
Automation and AI can save european countries, with declining working age population that needs to sustain an aging population. So, fewer people need to make more money.
An interesting thought provoking idea. It's a more niche way of saying that automation has freed up people to be more productive than spending time on stuff that could be done by machines, and that this has potentially had a bigger impact on society than enabling us to communicate and share data more readily. A lot of people would struggle if the internet was switched off tomorrow, but similarly a lot of people would struggle if all washing machines vanished into thin air and people either had to spend more time manually washing clothes at home, or dare I say it, large businesses of low paid manual labour set up to do to the job on others' behalf.
👍I couldn't have said it better myself! 🤔It certainly gives us something to think about!
~ with ❤️ from repliesgpt
When I used to wash clothes by hand, it took a couple hours to wash everything for one person. It’s nice to not have to do that now, but the internet probably doubles productivity, so it’s a much bigger difference.
Internet can improve worker competency by allowing them access to tools and knowledge, which in turn allows them to do work faster, but it also saps worker productivity by distracting worker from the job.
"No doubt the internet has revolutionised our productivity 🤯🤯!"
~ with ❤️ from repliesgpt
@@cyrileo why did you reply to so many posts?
@@shawnespinoza9300 it's coz I can
My wife argues that hand washing removes more stains than a front loading washing machine ever could.
as a teacher in Uni
I've tested chatGPT for code.
In a dozen minutes I could generate functional projects that my 2-3rd year students would take weeks to do.
All technical workers in computer science and dev are about to be jobless. An engineer with an AI assistant will be able to do the job of 20.
Or we will have a massive boost in total output, accelerating the automation of pretty much every other job.
@@garethbaus5471 the automation of most job has resulted in orders of magnitude changes of productivity but also contractions of the work force. (eg: dental prostethicians and 3d printing. the change started to occur ~12-14 years ago, those who saw it coming adapted and got the skills, they now do the job of dozens, the others lost their income. I know one, who works alone with no assistant, does 100x what he did 20 years ago. A small company well organized could go for a factor of 200-500x easy)
we are reaching the end of tech silly money right now, at least for a while. If with 1 guy and an AI assistant you can do the job of 10, you can double your productivity and get rid of 80% of your work force.
Assuming there will be enough work/need for all the current tech devs with a boosted productivity seems optimistic to me unfortunately.
@@garethbaus5471 i doubt there is the technical ability in practical terms among the average workforce. Im canadian so it might be worse here but i find the appetite for change in work is very low among labourers. You might be thinking these will be the poeple that are replaced but the attitude is pervasive right into the trades and industrial maintenance.
@@zachweyrauch2988 I was talking about people who work in computer science. The average workforce is definitely fucked if we don't create a better support system. Most of my adult life so far has been spent loading trailers, when machines start doing that job at a passable level that is a huge chunk of the workforce losing their job overnight. My current employer has invested a lot of money into automating my job, and they absolutely will cut everyone they can as soon as a position gets automated. Unlike most of the general workforce people with a computer science background have troubleshooting skills and the ability to interpret code which is useful for running these types of machines even if it wasn't what they originally planned on doing for a career.
My first instinct is the washing machine mostly because of how few innovations there was at the time. That one made a huge impact, where as with the internet it was an important force, but only one of many innovations going on at the time, many of which themselves helped make the internet possible.
In my area of rural Canada, electricity service ("hydro") didnt come until 1949. However, my grandmother had a gas engine-powered washing machine for years before that, and made her feel like a queen.
I agree, but I don't think it's a good thing. The fact that our economic system relies us to continually ignore our own household more and focus on our jobs more shows that we are in need of a re-evaluation of priorities.
It's called specialization. It improves efficiency, which is that "priority to be re-evaluated" (what do we value more than efficiency? A lot of things... but a lot still fall below)
When my great grandmother married my great grandfather and could finally afford a washing machine, she still washed clothes by hand before putting them in the washer. She took pride in her housework until alzheimers hit her hard and probably had the strongest work ethic I've ever seen.
Thanks for the Ha Joon Chang shout out, btw.
Bad Samaritans was my first foray into the interesting world of macroeconomics and economic policy. An excellent read, even for someone from a science background.
my two cents would be....one can note a flaw in dr.chang's argument in the sense that he only considers the supply side of the economy....there is a reason half of FAANG is powered by ads, the internet has made sell of goods that would otherwise never seen the light of day to become big bussiness....an example from the top of my head would be the makeup industry...it was big before the internet,but nothing compared to what it is now
Maybe, because we have two internets, the chinese internet and american one and there's no other options or innovations while washing machines are more diversified and there's a lot options about it. That's why washing machines are important
Yes
❤️
Good point.
It's not washing machines that had a more significant impact on the global economy. It's the other infrastructural developments (steady electricity and basic plumbing) that washing machines depend on. Like you pointed out, without those other things, the washing machine by itself would have remained a novelty device.
As someone who grew up in one of "the poorest nations" surrounded by people who had access to washing machines, I can categorically state that the Internet did have a lot more impact on those economies. Examples abound.
What beats the Internet though, is stable electricity. And plumbing.
Maybe, because we have two internet, the chinese internet and american one and there's no other options, while washing machines are more diversified and there's a lot options about it.
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💅
I think you miss something at 11:24 , 1% of GDP growth amounts to much more GDP than 1% in the 70s. The computing sector is bigger alone than the entire output of that period.
11;17 man that stock video was perfect for this video
I disagree about AI. Right now AI is making art while I still have to sort documents every morning for my job. I'll be excited when robots will do my job and I can spend my time plagiarizing people
My grandmother’s first washer had a gasoline engine. Maytag four-stroke, pedal started single, as I recall.
Everything is about to shrink drastically
Shrink? It's a washing machine not a dryer
Do you mean stink?
You're not supposed to put wool in the washer. Lesson learned, I hope.
The graph shown for development was only for the OECD, there's a whole world outside the OECD and i'd argue that for these countries there's been a lot more development after the the year 2000 than during the 60s and 70s.
How is this hotly debated? . Can't we just look at every countries GDP and by what percentage it jumped 10 to 20 years after these technologies were implemented?
no. we can't. there are too many variables in what altered the GDP. even if we could solely isolate the GDP effect of Just the Washing Machine or Just the internet. we wouldn't be able to calculate all the things enabled by those alteration. it could even be argued that the creation of domestic tools that drastically reduce labor demand for basic living contributed to the freeing of manpower that allows the creation of things like the internet.
it could also be argued that that argument is bad or inverted (this video argues that the manpower shortage caused by the World Wars caused the economic viability of the Washing Machine for instance.) and the argument can go back and fourth for a while (maybe the WW's sucked up enough manpower to make the machine viable. but once they ended that manpower was freed up because it didn't go back to doing servant work. for instance.)
if you can ague about if one of those changes deserves credit for another you can't even really begin to decide which one caused a greater impact. (because no matter what the impact is we first need to decided if the other gets credit.)
As stated in the video the Washing machine was adopted over a long period of time as more and more houses got electricity. Also WW2 is kind of a game changer and it would be hard (impossible really) to untangle its impact with the adoption of washing machine technology.
Were the washing machine and the internet the only major inventions introduced in those time frames?
@@JAN0L no not at all. they were just the examples chosen for the video. once could easily argue that neither are the most important invention of their era (indeed the Washing Machine was invented early enough that one could argue the comparison is meaningless as the inventions belong to different times and different categories of industry.)
I actually think that the internet to telegraph comparison is better. as both are communications technologies that rely heavily on undersea cable communication. But saying that the telegraph was a more important invention than the internet not only wouldn't be anywhere near as controversial and thus attention grabing. but it also wouldn't be very useful to a modern society trying to decide what tech to try and get to their consumers.
And finally we are gonna put the washing machine on the economics explained's national leaderboard
first!
was so unsure of what to expect going into this video. but it was absolutely worth it
The last point made was probably the highest value the internet brought and ever will; "What good is a brilliant lecture if no one hears it?", the value of the internet is not productivity, is the near instant, near global sharing of ideas (and we're still getting used to it), telephones and previous techs in communication could not do that, and TV was a one way channel (regardless of whether or not we used it with that goal in mind)
Some times I reflect about the moments when I am washing my clothes, defrosting something in microwave, making something in the soup maker, listening a video in my cellphone and vacuuming my house all at the same time.
There's a powerful scene at the end of the film The Magdalen Sisters: Ireland's church-run forced-labour laundries weren't eradicated by the Church having a moral conscience or by the state intervening to protect women. They shut down because once everyone had a washing machine in their home, a building full of people working full time on laundry was no longer needed.
Hans Rosling's video "The magic washing machine" is another great illustration of the huge social change the machine brought about. It freed up hours a day of his mother's time: time that she spent reading to educate herself and also reading with her son, starting off the habit of learning that helped Rosling on the way to being a professor.
For context prof. Chang was born in South Korea in 1963. The washing machine was a novelty for South Korea in the late 60s and possibly into the 70s. When he grew up washing machines were not around and now he lives in a world where internet access is considered a necessity like water fuel and electricity. He has seen things.
Second hypothesis: it was neither the Internet, nor washing machines (electric household appliances in general); it was the policy of the 50s, 60s and early 70s that induced more growth (and by far enormously more welfare, social progress, democracy, etc.) compared to that of the 80s, 90s and early 2000s where the neo-liberal order hindered real growth, increased inequality and used the growth of China into the monstrosity it is today as their only argument to keep implementing unjust and inhuman economic policies.
But to ask an honest historical economic analysis from an economist, is like asking about the health effects of cigarettes from a Tobacco company.
The generation born around 1900 saw more change in their lifetime than any other before or since. They went from no electricity to electricity, horses to cars, ships to air travel, subsistence farming to packaged food - you name it. Nothing in our lifetime has been that revolutionary. Automobiles and truck tansport alone are worth more than cell phones and internet access.
I really enjoy these "teaching questions". More Please.
👍👌😃 Absolutely! Who knew washing machines had such an impact! 🤔
~ with ❤️ from repliesgpt
The real argument should be not the internet but the information age, or era of mass communication, which I think would hold up much better to the era of the household appliance.
Or even point to point communication. In sense Internet is just refinement of radio, teletype, phone or fax... How much did the ease of communication improve things?
Dude we just talked about this in ap human geography yesterday your timing is unreal
Gives a lot to think about how we do research
The washing machine is definitely more important, but in the context of "how to help impoverished economy", the internet is easier to set up with low infrastructure, since you can't really send water wirelessly. It's also reversed in that "the internet" is less useful if you already have access to things like a landline, a school, and a bank.
Both the washing machine and the internet are not totally stand alone inventions but build upon previous inventions and networks, namely electricity generation and power distribution networks in the former case; and digitisation and telecommunications in the latter. In each case the technology was a step along a road rather than a major new direction.
Both technologies are ultimately underpinned by electricity and underpinning that, steam power. So I suggest that both technologies are branches of the same technology tree and whilst both have arisen within the last 100 years, the largest change was several centuries ago.
He said he wanted to use the ai tech to help grow his channel. He didn't mention anything about laying off his team of helpers and researchers that he usually mentions.
... And after we've answered these questions, we'll put the washing machine on the economics explained national leaderboard.
That Stack overflow is epic 😂
I feel like people wildly underestimate how many business processes aren't automated but could be, and how this automation compounds upon itself.
I, personally, cannot responsibly try to compare the different impact a machine-household appliance from the 2nd industrial revolution with the invention of a global information system. My lifestyle as it exists is all almost entirely supported by the functionalities of the world wide web. Which makes me now appreciative of the risk exposure that this represents. Thank you for allowing me to realise this.
Fascinating! Great video
A good episode. Now we need a washing machine leaderboard!
Washing machines do a ridiculous amount of work. Combine them with dryers and laundry is mostly done for you. Expand that to include dishwashers and slowcookers and you can remove an entire workday worth of housework. The most time the internet has ever saved me in a day was about half an hour. Those "distractions" though are priceless.
I'd still argue air conditioning/ refrigeration matters more. It increases the total available food supply, and literally made the entire sun belt habitable zone. Can we imagine Phoenix or Vegas without AC? How about Dubai? Saudi Arabia?