I have a BSBA in marketing with minors in computer science and psychology. Above and beyond that I have also taken extra computer science and math classes. It's been over 7 years, so technically, colleges would not accept those classes anymore. I just wanted to say how much I thoroughly enjoyed this video and I will start watching more of Professor Dave's videos just to refresh my memory. Thank you, Professor Dave!

Economics are a great subject to understand as a whole, thanks Dave for this brief overview.

Props for including Hayek in your analysis at least. Since this was a very high level overview that's probably good enough for now. If anyone wants to learn more, though, you need to read Mises.

Like how clear you speak 👌 thanks professor 🙏

Stagflation was a recognized phenomenon in Argentina during the 50'. Just a footnote

I guess the terms "bull" and "bear" apply to markets, not economies, but I often think of a "bull" economy when things are growing and expanding. Likewise, a "bear" economy is one that is sinking or contracting.

@ItsJustOkay

Жыл бұрын

Stock markets and economies are often closely correlated. Not exactly so, mind. Overall the stock market tends to be more prone to the sentiment of its participants, such as in the case with flash crashes and bubbles. Generally, however, stocks tend to represent themselves in charts that are easy to read, and often they change more quickly due to everyone attempting to price in future growth or degrowth based on current information. Because their movements can be said to be *mostly* tied to the movements of the wider economy, you'll often hear the term "bull market" and "bear market" being used to describe the economic climate more broadly, even though, pedantically, they are not the same thing.

Thanks

This is a subject I find interesting but don't know much about. Does anyone have any good suggestions for further reading?

@GamerZ-xj4rn

Жыл бұрын

While I have no specifics, Austrian economics and Modern Monetary Theory influence alot of economic policy, at least here in the USA.

In your comparative analysis between Keyenes and Hayek, you ought to have acknowledged that Hayek has been proven right numerous times as the booms created by Keyenesian policies have all inevitably burst into deeper recessions than existed before. Don't forget that the Great Depression itself was caused by the Fed. But you don't have to go back that far. The housing crisis of 2008 had a number of contributing factors, but the glue that held them all together was easy credit from the Fed. And even today's recession with all the inflation we've been dealing with was caused by all that money the Fed printed in 2020 to support the pandemic lockdowns. You could chalk that up to "external shock", but it really wasn't an external shock so much as it was how the Fed responded to the external shock. The economy might have suffered somewhat if we hadn't locked down - nobody really knows - but it's unlikely we'd be dealing with all these ripple effects from inflation etc this long after if we hadn't. The Mises Institute has a lot of really good resources including books by Murray Rothbard about how central banking drove all the worse recessions of the 19th century

Professor Dave, can you do a video on Elwood’s Dog Meat farm?

Growth seems to be a necessary component in economies, but I wonder if there are any new theories or examples of economy setups that reward stability over time instead of pushing for endless growth. I'm not sure that would even be defined as an "economy" anymore, though. Maybe that'd be it's own, separate section of study. Great video, made me think!

@theunheardprophet4315

Жыл бұрын

Have a look at a degrowth economy.

@infinitemonkey917

Жыл бұрын

It's going to be an issue when the population levels off and / or curves downward. It will also be an issue as the ratio of working adults to retirees further declines.

@SleepyMatt-zzz

Жыл бұрын

​@@infinitemonkey917 Not only that, but also you can't expect endless growth in a world full of finite resources. Sooner or later we are going to run out of raw materials that help society run, particuarly rare minerals that we use to create electronics. Its pretty worrying that governments don't seem to be developing plans in the case that this becomes a reality.

@infinitemonkey917

Жыл бұрын

@@SleepyMatt-zzz Yea, humans keep pushing the carrying capacity with technology but it will likely be exceeded.

@slitor

5 ай бұрын

Population and demographics are important factors in the economy, you can't fine tune it without know the excact details of everyone. Economic policies are based on margins. But you should watch Hans Rosling "Don't Panic" To realize that economic growth does offer som stabilising factors.

Actually, some of your "leading" indicators are incorrect. GDP is actually a measurement of the economy and is more appropriately categorized as a coincidental indicator. Interest rates are classified as a lagging indicator.

supply side economics seems like common sense on paper until you realise it just makes companies richer at the expense of everyone else.

@csl9495

7 ай бұрын

At the expense of someone's own individual choice?

@KonaduKofi

6 ай бұрын

​@@csl9495To what alternative? Starving and dying?

In practice evidence shows Hayek’s solution is way better than Keynes. But a politician will never admit it because their power is reduced.

@arshadalam4457

Жыл бұрын

Finally found a good comment.

Good

This is great!

"WHAT'S UP BITCHES"- Teddy Roosevelt, probably

"Business cycles are very difficult to predict" *Ron Paul has entered the chat*

I watched you flat earth videos, but I’m watching this now as well

This is the Dave the flat earth needs right now.

#teamhayek

Why would I support your patreon?

@ProfessorDaveExplains

3 ай бұрын

So I can devote myself entirely to making content

@jonathanj2006

3 ай бұрын

@@ProfessorDaveExplains I understand that but I’m not interested

@ProfessorDaveExplains

3 ай бұрын

That’s fine

Hayek's model is in support of the poor people and saving limited earth resources. Keynes's view is to over-consume limited earth resources in order to pump money and resources to business owners which just makes rich people richer in the cost of future generations!

I may be oversimplifying, but if growth = quantity and stability = quality then it comes down to what mix of growth and stability society wants as a whole. That's why we vote in the elections and with our wallets.

@qwertydog9795

Жыл бұрын

unfortunately it's near impossible to vote with your wallet when monopolies are more common than ever

The first great depression was I believe in 1873

Chemistry jesus

Why grow forever? Why not just be sustainable? That's a problem with capitalism.

Ah yes, the cycles of capitalism, unsustainable growth followed by a recession when prices grow too high for our meager wages to cover costs. While the working people suffer from such cycles those that propagate it suffer nothing but a reduction in profits. You gotta love it I suppose.

@Junglebtc

Жыл бұрын

Agreed but what's better ? Socialism enforced by government no thanks

@themadman5615

Жыл бұрын

The government has forced us to do many things we'd otherwise disagree with, things as terrible as war or making us pay for the destabilisation of democratic countries with our taxes. Furthermore, if the government was forcing you into socialism it wouldn't be socialism, that would more so be communism, and that's not good for anyone. Socialism needs to come from democracy and remain as such, as that's the only way such an experiment could survive, it is truly of all the people and for all the people, not just built by and for a few rich people or by government officials which you find with capitalism and communism. I highly suggest you try to find as unbiased sources as you can to learn more about this topic, try to find some on all sides of the matter so you can come to your own educated opinion. But please, do not just assume something is bad without fully understanding it, learn as much as you can before coming to an opinion. Sorry for having anyone who reads all this read for so long, but I do hope anyone who does has a very good day.

@brenbro9291

Жыл бұрын

Nothing but our chains

@petert1692

Жыл бұрын

Capitalism? That died out decades ago. Oligopolies and corporate welfare queens perhaps?

@kevv.1912

3 ай бұрын

Comrade, communista

A large issue with capitalism are these boom and bust cyclee

Unpredictable: really, anyone could see that this "free money" during the Trump era pandemic was going to lead to inflation. I should've bought a house, but I paid off most of my debt, oh well maybe at our next bust, I'll be able to buy a house.

Capatilism sucks socialism/communism is better

@kevv.1912

3 ай бұрын

Yes yes yes, your phone should be given or divided to poor people even when they're not working, world is made for big and small changes open economies are best when it comes to development and emphasis on capitalism rather than black and white communism

@jon82489

3 ай бұрын

@kevv.1912 guess what? There are a bunch of phones they're just private owned and sold by Corporations for profit So rather than attack communists why not attack corporations?