Video's on these slightly less monetization friendly topics would not be possible without our supporters on Patreon. If you want to keep seeing these "spicier" videos, please consider supporting the channel on Patreon 👉www.patreon.com/EconomicsExplained

@astrumespanol

3 жыл бұрын

If you make a video about bitcoin I could totally send you some bitcoin No I'm joking, I can only send you a couple Satoshis

@being_sharan

3 жыл бұрын

Thank you for this video. Previous videos were slightly boring and repetitive in my honest opinion.

@AresErrantKnight

3 жыл бұрын

Big thanks for stressing the correlation between energy and wealth. This is easily one of the least considered correlations.

@pablooctaviano4190

3 жыл бұрын

Is there going to be references to information sources like you used to give in videos before?

@pocarisweet8336

3 жыл бұрын

So your gonna call the cops on that black girl selling water bottles on the street? Lol

Lemonade stand - “Unlicensed restaurant, utilizing child labor in a residential zone” lol way to destroy the innocence

@piedpiper1172

3 жыл бұрын

Kinder than the equally accurate “noisy viral vectors with inferior product”

@chrisjager5370

3 жыл бұрын

There's been various officials who valiently tried to enforce the law, but they were quickly put down by Big Lemonade's shadowy influence on basically everyone in the community.

@beyondwhatisknown

3 жыл бұрын

Technically the kid's an owner because they get the profit and aren't paid hourly. They set their own hours. They can close when it rains. They can rake it in if they choose the right location, wear the right cute clothes, give a winning smile, be persuasive, fine tune the lemonade recipe, put up more advertising. That's not labour.

@andrewallen9993

3 жыл бұрын

And if they add lots of sugar and allow it to ferment they can make a fortune if they don't pay tax!

@tomasbeltran04050

3 жыл бұрын

@@beyondwhatisknown self-employment?

The thing about doing business underground is you have a lot of overheads.

@EconomicsExplained

3 жыл бұрын

...

@osere6432

3 жыл бұрын

Take my like and get outta here

@andrewcook1246

3 жыл бұрын

People actually think the black market doesnt have taxes.

@25usd94

3 жыл бұрын

This is the post right here chief

@heinuchung8680

3 жыл бұрын

literally someone can have your head. If you think people do not kill for fake purses lol

This was probably the wrong video to post 2 days after getting KZread verified...

@justdadoc9443

3 жыл бұрын

👀

@beckergrey

3 жыл бұрын

Yeah, probably 🤔😏

@mynameisatypo4610

3 жыл бұрын

This "is" (Grammar nazi)

@evenfate5906

3 жыл бұрын

For entertainment this was the right video

@Spider-Too-Too

3 жыл бұрын

how do you get verified? and what does it do?

I loved that sneaky reference to Half as Interesting stealing your Australia is a Company video

@jamiele

3 жыл бұрын

I’m a huge fan of Wendover and I’ve been following him for years. It was hugely disappointing realising how his content has really slipped and is more focused on revenue. I’m surprised he hasn’t even said anything about the video either. Edit: Wendover edited the first comment weeks ago and I didn’t realise. However I’m still not enjoying his content like his older videos.

@jamiele

3 жыл бұрын

Also incase you missed it! It comes up on screen during the part about intellectual property.

@ianisoverparty

3 жыл бұрын

@@jamiele i agree with that. i feel like he's just become much more focused on revenue rather than the quality of his content. i feel like he's become too clickbaity in the past few months/years.

@MrMrMaran

3 жыл бұрын

@@jamiele He responded to that, saying that he didn't know of Economics Explained's video. His viewers saw Economics Explained's video, then requested Wendover do a video on it. I'm guessing researching the topic, he came to much the same conclusions. I've seen this happen from time to time on KZread.

@EconomicsExplained

3 жыл бұрын

It's all good fun, he puts a very unique spin on what he does so it appeals to a slightly different audience. I don't own the topics I explore, I was just having a bit of cheeky fun :)

Probably the underground selling of silly bands in my elementary school

@EconomicsExplained

3 жыл бұрын

calm down Al Copone

@rusitoexplorador

3 жыл бұрын

Im intrigued in your Channel name

@lordsiomai

3 жыл бұрын

@Anonymous D?NGO ummm...

@circa134

2 жыл бұрын

Don’t worry he only flips them the bird

Normal people when they see a lemonade stand: "Aww, how cute! I'm gonna get me some overpriced lemonade! Economists: Every day the black market grows stronger...

@saiga12forme88

3 жыл бұрын

It's getting scary out there, I've seen organized criminal black market hot spots popping up in our area all my life, they even advertise them all over the neighborhood. Their "Yard Sales" seem to have no bounds..... :)

@devinmanderson

3 жыл бұрын

@@saiga12forme88 try living in the semi rural areas of California outside the big cities, homeless camps, corner swap meets, and very professional but unliscensed food vendors from simple taco stand to full on bbq rigs...over regulation will always help drive the demand for "black" market goods.

@andrewjgrimm

3 жыл бұрын

Economics Explained: I'm gonna end this child's career.

@Ronnie-Jones

3 жыл бұрын

most forbidden documentary in history: archive.org/details/EUROPATheLastBattle

@laharl2k

3 жыл бұрын

Thats because you are paying for the cuteness of the kids, not the lemonade itself. Its like maid cafes or gas stations wih hot ladies in yoga pants. Just think about it, would you buy the lemonade if instead of kids it was a bald grown up man dresses like a little kid? the kids are basically exploiting your parental instincts

There's no way KZread should demonotize this. It's in line with the themes of your entire channel, which I find educational and interesting.

@EconomicsExplained

3 жыл бұрын

ahh maybe they will, maybe they won't. Always live in fear of the mighty algorithm.

@toastytoast9800

3 жыл бұрын

KZread demonitizes bc their are a certain small group of ppl who get overly offended by the smallest things

@Miquelalalaa

3 жыл бұрын

Toasty Toast They’re so powerful yet are not accountable to the people

@triadwarfare

3 жыл бұрын

@@toastytoast9800 of course, the reddit economists hate EE very much.

@toastytoast9800

3 жыл бұрын

@Joakim von Anka advertizers worry abt the backlash from ppl saying they have ads on "inapropriate content" which the media would capitalize on and make the company look bad

Over the past few months, I've learned more about the economy of humanity from EE than from years of education. I love the Internet

@EconomicsExplained

3 жыл бұрын

Glad I was able to help :)

@r-gart

3 жыл бұрын

Do you feel you know enough to be able to distinguish the obvious social-democrat bias some of the "facts" he says, thought?

@jackmorris303

3 жыл бұрын

Well the earliest forms of writing we have discovered are clay tablets complaining about how one guy swindled his customers in a barter trade 11,000 years ago.

@ia285

3 жыл бұрын

@@r-gart let me guess, you're a self-described 'libertarian free market capitalist'?

@acevaver5425

3 жыл бұрын

@@r-gart Your spelling inadequacy is not helping your case.

It's only child labor if you pay them, otherwise, it's "chores".

@darkproject3368

3 жыл бұрын

More like slavery

@mikitz

3 жыл бұрын

@@darkproject3368 It's slavery when you work for your upkeep (at most) forever on end and have no option of quitting. Kids are usually better off that slaves, in this respect.

@fionafiona1146

3 жыл бұрын

@@mikitz indentured servitude

@acevaver5425

3 жыл бұрын

@@fionafiona1146 Indentured servants don't have inheritances.

@fionafiona1146

3 жыл бұрын

@@acevaver5425 Indenture has been as short as a year (or as long as half the childrens live) and didn't preclude in heritance

My best friends worked in the black market when they were teenagers... ...they were babysitters and landscapers but they never reported anything so TECHNICALLY black market

@losttale1

3 жыл бұрын

It's grey market, goods legal but regulated

@fionafiona1146

3 жыл бұрын

I will have to report this year for exceeding the tax bracket but have enough bills (mostly university) that I shouldn't owe anything (I do want to be listed as "employed" in hopes of getting anything when I retire in 50 years 😉).

Speaking of illegal stuff the economics of corruption would make an interesting topic I think. Is that something you guys would consider? Thanks 🙂

@ProWhitaker

3 жыл бұрын

Agreed

@Harshhaze

3 жыл бұрын

Agree, but I'll probably maybe perhaps try them. Possibly

@carlosandleon

3 жыл бұрын

Corruption still puts money into circulation though

@minihjalte

3 жыл бұрын

If you donate to him he might

@KuraIthys

3 жыл бұрын

Sufficiently strong corruption simply leads to the laws being changed, making what was formerly corrupt now fully legal. XD

You underestimate my ability to overdose on fake yeezys

@EconomicsExplained

3 жыл бұрын

hey, don't let me hold you back

EE , are you trying to land a high paying job at HSBC ? Showcasing your understanding of black markets and illegal trade is probably a fast track way to land a job at HSBC

@EconomicsExplained

3 жыл бұрын

haha, please find my CV in the video description :P

@NedJeffery

3 жыл бұрын

@@EconomicsExplained seriously though, I would very much like to see a video on HSBC's money laundering. It should be a bigger detail than it is.

“Every society honors its live conformists and its dead troublemakers.” - Mignon McLaughlin

@stevencooper4422

3 жыл бұрын

"The black market is just the free market"

@cameron9830

3 жыл бұрын

On one hand, pirates murdered entire crews of innocent sailors. On the other hand, pirates were really cool.

@ArawnOfAnnwn

3 жыл бұрын

@@cameron9830 The real pirate life wasn't cool at all. The Hollywood version just skips out on (or cleans up) all the messy details. It was no jolly life of adventure.

@cameron9830

3 жыл бұрын

@@ArawnOfAnnwn I know what their lives were like. I recently read a great book called The Invisible Hook. I still think they're cool though.

@ArawnOfAnnwn

3 жыл бұрын

@@cameron9830 Well, "cool" is subjective, so okay. Fair enough.

"black market" sounds so harsh and illegal I prefer *"informal economic",* seems much more friendly 😄

@shorewall

3 жыл бұрын

It's all about branding. :D

@location-cognizantmissile9743

3 жыл бұрын

Just found a new euphemism for when I buy drugs.

@chaomatic5328

3 жыл бұрын

@@shorewall CPGrey agrees! Arrrrg

@tstcikhthyss

3 жыл бұрын

They're actually two different things. Informal economy just means anything which is not registered/tracked, but black economy means activity that is specifically forbidden. If you have laws saying you don't have to register a business with revenue of less than $10,000 per year, for example, then not registering a lemonade stand would be part of the informal economy, but not the black economy.

@tstcikhthyss

3 жыл бұрын

@@user-nf9xc7ww7m Then your kid should be commended for his/her ability to pull a fast one on the authorities.

Another great example is students bringing snacks to school and selling them “illegally” at a price lower than the school canteen/ cafeteria.

@intelligencecube6752

3 жыл бұрын

I did that :D

@acevaver5425

3 жыл бұрын

Another great example would be gambling with pokemon cards without taxes.

@lindatisue733

3 жыл бұрын

Schools shouldn't sell snacks for a profit. Other countries don't sell snacks, but have fruit and veg a available at breaks.

@troygarza5720

3 жыл бұрын

Young drug dealers in the making 😂. Hustling that sugar to the addicted

@crazydog3307

3 жыл бұрын

i was that kid in school lol

What drives the underground economy ? _Well, mostly Italian food._

@EconomicsExplained

3 жыл бұрын

Why does everybody keep saying this? haha

@francis_p

3 жыл бұрын

@@EconomicsExplained It's a cliché, but there is truth. Italy still has to this day a semi-tolerance for underground transactions and labor that makes its european peers frown. Berlusconi even said he fully expected unemployed people to turn to the mafia for jobs.

@iraklis115

3 жыл бұрын

@@francis_p You don't know Greece

@fionafiona1146

3 жыл бұрын

In Germany its likely spit between that and Slavic foods because those communities are big enough to meddle in labor intensive activities while discriminated against and subject to cultural challenges (paperwork)... If the economy turns worse it might deversify.

@giorgosandrigiannakis1375

3 жыл бұрын

fun fact: 50% of Italy's market is black.

I live in Argentina, where most of the prices are tied to a black market dollar price. Would love you to make a video about this madness we call a country.

Calling us your “American friends” when converting units is why you’re a better KZreadr than other condescending creators.

@Elcapitaan5

3 жыл бұрын

Does seem kinda condescending though (i'm an Aussie and that's how we condescend).

@shinqqing5161

2 жыл бұрын

The only time I ever heard someone used the word "foreign friends" was some Chinese official.

Cops: "So. How'd you manage to do all these shady activities?" Me: "So. There's this KZread channel..."

@alexnoman1498

3 жыл бұрын

You'd rat him out? Oi, we might keep this going for a while if everyone does their part! :D

Taking a course on the Economics of Crime next semester! Thanks for the fantastic upload!!!!!

@EconomicsExplained

3 жыл бұрын

hope this gives you a head start :)

@hal-lr8pw

3 жыл бұрын

@@EconomicsExplained absolutely! Keep up the great work (:

As an Economist, watching Economics Explained videos is like a religious person going to church because they love to hear the gospel... the content on this channel is amazing and very informative... THANK YOU very much, if I wasn't a broke intern I would have signed up to your patreon😂😂😂 but I'll keep liking all the videos you post 🇿🇲🇿🇲🇿🇲

EE: The underground economy Italy: *hold my birra* 🍺

@iraklis115

3 жыл бұрын

Greece laughs too. At least 50% of the total economy is unregistered.

@Randomguydrm

3 жыл бұрын

Agorists need New pants

@hendrikdependrik1891

3 жыл бұрын

Netherlands: The black market is just illegal. Except during King's birthday. Then it's fine!

@giorgosandrigiannakis1375

3 жыл бұрын

@@iraklis115 So is Italy's because we have pretty much the same taxes.

Last time I was this early "black market" meant something completely different

@EconomicsExplained

3 жыл бұрын

ohhh. noo....

@captaindiego228

3 жыл бұрын

😂😂😂😭

@joshuajoe1419

3 жыл бұрын

Does this count as R/CursedComments

@KoreyThatcher

3 жыл бұрын

😆

@crazydog3307

3 жыл бұрын

XD

“We can judge our progress by the courage of our questions and the depth of our answers, our willingness to embrace what is true rather than what feels good.” ― Carl Sagan

@caorusso4926

3 жыл бұрын

Carl sagan was a fake genius, a actor

@Inquiring

3 жыл бұрын

hacker russo agreed

@andrasfogarasi5014

3 жыл бұрын

Please add something of substance instead of quoting people without context. No knows what you're trying to argue.

@ArawnOfAnnwn

3 жыл бұрын

@@andrasfogarasi5014 He's not trying to argue anything. He just drops random quotes under videos from popular channels all over YT in order to lure the curious into checking out his own channel.

@chaomatic5328

3 жыл бұрын

@@ArawnOfAnnwn Quick, downvote him!

As for the size of counterfeit goods market, I work in a thrift store and the great majority of luxury purses we get are fakes. We're not allowed to resell them

Ahh yes. The next time some kids open a lemondae stand, police will come and arrest the parents. Child labor and unregistered business without government approval 😂 As always. Good video.

Ah, the black market. I shop there often

@EconomicsExplained

3 жыл бұрын

just off the I5 right?

@Bluebanana2121_

3 жыл бұрын

@@EconomicsExplained Yep! Nice place.

@andrewjgrimm

3 жыл бұрын

Naran Tuul, Ulaanbaatar, Mongolia. Literally translates to "Black market".

In Australia during Covid19 restricitons liquor stores were placed in the categories of essential services... likely to avoid a new black market starting up (and thus wiping out potential tax revenue). This is a fascinating example of government control of a market.

Wow this was a great video. Thanks EE. You're the only KZreadr I can never get tired of.

Would love to see a video on MMT, just finished the book "The Deficit Myth", find it fascinating. I just started supporting you on Patreon too, keep up the good work!

Economics explained: guns are illegal Americans have left the chat

@hung-upear2659

3 жыл бұрын

They are not the only ones

@tstcikhthyss

3 жыл бұрын

Not all Americans, just the ones in the US.

@dragonstormdipro1013

3 жыл бұрын

US has illegal guns lol

@robinsss

3 жыл бұрын

@MothScowl the best way to combat black markets is to first stop remove things on the list of tightly restricted list that logically shouldn't be there legalize any transaction that only involves consenting adults that would remove all drugs, prostitution , guns, and body parts then enforce laws on counterfeit or stolen items

@robinsss

3 жыл бұрын

@Billary Clinton are these bans constitutional?

You're getting into Jake Tran's youtube territory :p. He does videos on mostly illegal money related stuff lol. From money laundry to drugs to guns to all sorts of stuff, might get you youtube/cops etc...

@bionmccool

3 жыл бұрын

He talks about how they work from the perspective of an average Joe (inherit politics, social impact, history etc.) Here we have a focus on solely economic aspects. Jake's content is still really cool.

@EconomicsExplained

3 жыл бұрын

@@bionmccool to further this point, we actually talk quite a bit and liaise on each others video's, top-notch guy that Jake!

I understand now. While we were studyimg economics in highschool. My teacher was talking about the "informal sector" and how they're not contributing to GDP. She was talking about the black market! Great video!

Yes thank you patrions I can’t afford to help this Chanel out financially but I do subscribe and give EVERY video I watch a like so that others can see it. I’ve been following this channel for a year now and I’ve fact checked loads of things they have been saying and it aaaaalll checks out. I am from south Texas U.S.A. And I thoroughly enjoy the accuracy of this channel. Keep it going fellas and sorry I can’t contribute. Economists explained is the best!!!!!!!

You should make a video on the economy of Poland.

@EconomicsExplained

3 жыл бұрын

It's on the plan soon :)

One thing you might not have thought of: because copyrights and patents confer monopoly rights, their pricing models are inherently artificial. You discussed them as a form of price floor (protecting creator profits as a right), but they can also act as a price ceiling. In fact, many large publishers are known to deliberately undersupply their own exclusive markets in order to increase the perceived value of their works.

This reminds me of a project in my economics class in high school. We had to create a plan for a hypothetical business. I chose a lemonade stand (because lazy) and figuring out the regulations / permits was the toughest part. IIRC it ended up basically being a food cart that used regular tap water and discount lemonade juice powder.

I had a friend who was paid under the table, except he didnt realize it at the time (he was young and didnt know all the detaiks of w2's and such). The company he worked for had him basically listed as a contractor, when he was most certainly an employee. It made a big difference when he had an accident at work that resulted in huge medical bills. Contractors keep their own medical insurance, employees are insured (at work) by their employer, which means their trying to save on taxes meant he was on the hook for his uninsured medical bills (much less time lost, suffering, etc etc). He had to call the state labor board and a whole bunch of stuff, and I dont think he ever got his bills fully paid for. Even middle class workers can be absolutely screwed by participating (in this case unknowingly) in a black market. Sometimes its important to remember why governments involved in some of these things, and be aware of the additional risk.

hi! amazing video as always i'd love to see you talking about the economics with the universal basic income. where would it work and how?

It would be great if you do economics of Spain. Love your vids !

@EconomicsExplained

3 жыл бұрын

I will! It should be soon actually!

@adrimacia5027

3 жыл бұрын

Economics Explained thx

Thank you for the videos. I'm pushing a late and poor retirement. I have spent my life working and trying to understand Economics/government/taxation/business. I couldn't afford to go to College and get an Economics degree, but you have given me much insight into how the system works. This video is a prime example why some people want you demonetized . Black Market, Rich People, Educations system, Government. You are publishing stuff to the common people who wouldn't otherwise be allowed to know this stuff. Thank you.

This is informative. I like it! Keep it up.

So the black economy needs to become more energy efficient to avoid being detected by economist, NOTED!

@giorgosandrigiannakis1375

3 жыл бұрын

If we autonomize our house, noone can measure our energy output.

"Now I would never tell you to enter the black market, but I can teach you how to do it if you absolutely need to"

there is no better place to acquire knowledge, on how to start a shaddow organization then your channel thx from latin-america my australian friend.

Your channel is AMAZING!!

@EconomicsExplained

3 жыл бұрын

Glad you think so! It's always great to hear support like this.

When are we going to get the economics of stock footage?

Economics explained takes a turn down the silk road...

@EconomicsExplained

3 жыл бұрын

oh boy I wonder what we are going to find.

@shorewall

3 жыл бұрын

"It's Always Sunny in Philadelphia" music plays.

Love watching your videos thank you for making them

Amazing video, the example of Tax-free cigarettes is absolutely spot on, i used to buy tax-free cigarettes at sketchy night shops where they would cost about a third of what the regulated supermarkets would ask. Oh and you could buy them at like 15 years old with no questions asked

1:28 he says that the video is definitely gonna get demonetized. Me: gets like four ads in the video.

I buy my food from the black market everyday (aka street food). Thailand's black market is half the size of the country's GDP.

@caorusso4926

3 жыл бұрын

I buy almost everything form the black market, never have payed for music. After you have the right connection you can buy anything cheaper that legal, TV, smartphone, food, water, energy, gas, etc. Is simply not worthy to pay more if is possible to pay less.

Great video, love your work

Very informative, thanks 👍

1:27 I thought you would say: "our friends over at the Delgado cartel from colombia"

So when are you going do the economic ranking of the economies you've already covered?

@EconomicsExplained

3 жыл бұрын

soon (when I stop being lazy)

Thanks for the tips!

Nobody: Kids selling lemonade: Gangsta's paradise!

Where is the rating of black market economy? 😃 Size:8, GDP:5, Stability:3, Growth:10, Industry: 9 😏

Since lockdown 4 months ago, cigarettes have been illegal in South Africa. You can still get a hold of them via the black market, only their price has doubled. Illegalising them only gave the entire cigarette market over to the already well established drug market. Making something illegal means the government doesn't want to tax it. Consider who is getting that additional untaxed income and why your government doesn't want to tax them.

@EconomicsExplained

3 жыл бұрын

I did not know that, thanks for pointing it out!

Man, if I could go back to college, I'd LOVE to become an economist. This field of study is just too interesting, and you basically analyze numbers that lead you to the conclusion that humans are insane.

Best channel I discovered in 2020

Says underground economy : *shows us overhead view of city*

Do a 'Economics of owning an Electric car VS Economics of owning a Gas car' Video 🔥🔥

honestly I think this is important for economist to know and understand it explains grey markets and taxation philosophy and how the market interacts with regulatory control. it also highlights good and bad economic policies. wish I learned this when I was younger.

Interesting video to post with KZread notifications on at just the right time. 🤔👀

Agorism was here Edit: im Gonna put this video on the black market

@shannahan7

3 жыл бұрын

*this joke was made by the countereconomics gang*

"ill-gotten kidneys" 🤣 🤣 🤣

Love the jab at Wendover productions. XD Turns out friendly banter is alive and well it seems

Grey markets (in cars, mobile phones etc) would be a very interesting video. DVD region codes, import restrictions, different 4G frequencies could all be referenced.

EE, it says “Enteprise” on the ‘video image’

@EconomicsExplained

3 жыл бұрын

oh ooops, let me fix that up haha.

@Xanthopathy

3 жыл бұрын

the word you're looking for is thumbnail

"local kidney dealer" lol

Grats on the channel verification!

great video! 👍

Economics of war crimes

@johanandhira5429

3 жыл бұрын

Does skipping a duolingo lesson a war crime?

@alessandropaleologo1534

3 жыл бұрын

@@johanandhira5429 More like Duolingo commits one if you do

@LowestofheDead

3 жыл бұрын

The military industrial complex

@crazydog3307

3 жыл бұрын

its pure prophet :D

Breaking News: EE found dead on his apartment under mysterious circumstances. The police are investigating. Security footage shows men in black clothes entering the apartment.

@thomasluffman8605

3 жыл бұрын

It has ultimately been deemed a suicide.

@andrasfogarasi5014

3 жыл бұрын

Breaking News: EE found dead in apartment, presumed suicide. The police have already closed investigation. Security footage wiped in freak accident.

@gunswinger3110

3 жыл бұрын

EE found dead by 5 shots to the back of the head, cause of death deemed to suicide.

@linngrameus

3 жыл бұрын

Did he have information on Killary?

What a fantastic channel!!!

Wow you really making me love economics

Pretty sure it is legal to buy, sell and own guns in the US. It's legal too in Australia... you just don't have the same level of access to the same types as the US.

I Just want to know how much one indivudual has to pay for buying an actually *complete* Spinosaurus Aegypticus skeleton and a Snek Naga girl -slave- servant(!)

@vikaskalsariya9425

3 жыл бұрын

around 600k~ish.* (Source = joe)

this channel on another level lol

Love your videos!

@EconomicsExplained

3 жыл бұрын

Thank you!

If you’re brave enough how about tackling the semi-black market known as offshore banking.

You didn't even mention red, pink, or grey markets

Jeez, you gotta love this channel because of its dark humor haha!!

The difference between the price floor in supply and demand is technically a shortage but contrary to what you said earlier in the video is also an enormous opportunity for legal innovation. Unsatisfied or unrecognized demand is the greatest motivation for innovation. In the example of gas supply and demand that would give something that would otherwise have an unsustainable price model a chance at economics of scale.

Remember Stay in school kids Oh wait you cant

Last time I was this early,North Korea was doing well

@darthrevan2961

3 жыл бұрын

Boomer

As I'm not a fan of most government interventions in the markets, a study on the negative effects of overly presumptuous governments would be really interesting. (Perfectly explained in the gas price ceiling example.) Some regulation is quite self-evident and a well functioning court system to enforce contracts and rights is also very important for a healthy economy. But what about other topics? For example price fixing is usually understood to be bad. But how about IP. There was an interesting study about how the progress on the development of steam engines had stagnated during the enforcement of James Watts patent. Our current IP system is not so self-evident as IP laws are also used to protect markets from new comers. The software industry (where I work in) is highly innovative because IP rights are hard to enforce. What about aviation regulations that have stifled any new development there. What about Job protection laws that slow down labor mobility. What about the tax gap that makes it twice as expensive to hire someone than to do something yourself like construction or gardening. Which makes the allocation of labor inefficient. And there are likely more areas where regulation is counter productive in the long run and where the government should just stay clear from. However these are also areas with no easy answers.

I love your videos!!

how does this video not have millions of view? best financial not-advice yet!!!! I think I'm gonna open ahhhh.... "lemonade stand"!!!!.

Educational videos like these should be subtitled

love your videos

good work.

Beautiful vid

You touched on cash in hand labour in this video. Have you done any videos on the economics of wages?

This was the best!!!

*Political and Economic leaders of the world need to take note of this video*