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@thomasalberto613

3 жыл бұрын

I disagree with you saying that the economy won't grow very much from now on. I believe that AI or neurological enhancement could make the economy totally explode, and we aren't that far from it. Also, space exploration and asteroid mining look very promising, as are ambitious projects such as a Dyson sphere. Virtual reality meanwhile can be a great addition for education by fully replacing and surpassing physical classrooms. Also, the current educational system sucks, and there is a lot of room for improvement, which would be great for the economy.

@roberttomsiii3728

3 жыл бұрын

@JRodgesevant the finite land problem was earmarked ( 3:52 ) in the video to be discussed later, then brushed aside. Check out the KZread channel by Isaac Arthur for a detailed study on expansion beyond our planet, as referenced in brief by the post above. Things are finite by our current understanding, then we innovate and the line for finite is moved. I would argue that the true limitation is problem solving and opportunity. ( there is a problem, can I solve it, can I make money from it ) ( Isaac Arthur kzread.info/dron/ZFipeZtQM5CKUjx6grh54g.html )

@roberttomsiii3728

3 жыл бұрын

@@thomasalberto613 You do make many good points, including the education system having issues. I would say that is a variant of the issue and expand to say that the core portin of that problem area being access-to-information the ability to implement or put into practice a concept. I would argue the term entrepreneurship ( 3:40 ) is used when determining growth, because it embodies the creation of new businesses usually those that exploit a under developed sector, or to innovate and create entire market disruption. I would argue that these things are dependent on problem-solving and opportunity, ingenuity and access.

@googleuser9383

3 жыл бұрын

Does the economy need to grow? IIRC GDP doesn't care about inflation. As long as there's inflation there's growth - since companies need to increase their prices to keep up. Other than that Stockmarket says: NO. As long as we develop new technologies, new sectors will flourish at the stock market, while outdated ones fade. - just like in the real economy.

@michelangelobuonarroti4958

3 жыл бұрын

And yet real wages have stagnated since the 80s in the industrialized countries....

The way this guy politely spits out the word “but” is what keeps bringing me back to these videos.

@food2430

4 жыл бұрын

Charles Li шеirdo

@Sam-ui1ll

4 жыл бұрын

"BAHT"

@jamesrussellangeles4054

4 жыл бұрын

B U T

@Ibegood

4 жыл бұрын

@@Sam-ui1ll It's going to be confusing when he comes out with his Thailand episode.

@rfarid

3 жыл бұрын

How does one impolitely say “but”? :P

Economics explained: Can an economy grow forever? Japan:no

@chadpt

4 жыл бұрын

Why does Japan need growth? They need to work less.

@iTuber012

4 жыл бұрын

Plaza Accords made it so

@ChilapaOfTheAmazons

4 жыл бұрын

Japan is not growing because women have very few children. Upcoming technologies like the artificial womb that allow men to have children without the help of a woman will alleviate the problem.

@ChilapaOfTheAmazons

4 жыл бұрын

@Little Nero singing PADORU PADORU the goal is not necessarily economic growth, some men in Japan and elsewhere just want to have 2 or 3 children but women don't want to give birth to them. The goal for these men is to simply have children, continue their family for another generation and give them love and a good opportunity in life, the economic growth for the country is just a (positive) side effect.

@eragonshurtugal4239

4 жыл бұрын

Actualy Japan is the answers to the question: "Will an economy inevitable grow forever?"

“We live in a society” -Economics Explained, 2020

@Ukitsu2

4 жыл бұрын

Also, George Constanza, 1991.

@cars457gamingstuff5

4 жыл бұрын

Basically everyone who questions society

@placeholder1308

4 жыл бұрын

gamers rise up

@akashP998

4 жыл бұрын

*corona virus:* no u don't.

@janosd4nuke

4 жыл бұрын

@@akashP998 what's up danger! Will be interesting to see where this leads us, and how can we thrive :D

"It's all bad stuff from a humanitarian perspective, but what's worse is what it means for our economy." I'm getting a "we could all have been killed - or worse, expelled!" vibe from this statement.

@Kenionatus

4 жыл бұрын

A certain loss of human resources is acceptable as long as quarterly growth can be sustained.

@fivemeomedia

4 жыл бұрын

@@Kenionatus i dont see you complaining when you buy your stuff

@johnnyvonjoe

4 жыл бұрын

Yeah that comment did raise an eyebrow tbh.

@dulguunmurunbarsbold210

4 жыл бұрын

@@johnnyvonjoe Party pooper, I found that comment hilarious

@Kenionatus

4 жыл бұрын

@@fivemeomedia You don't see me when I buy my stuff.

Last time I was this early textile mills were big business.

@okidokidokkaebi

4 жыл бұрын

Last time i was this early the stonks market was booming

@nicholasrevill6610

4 жыл бұрын

Last time I was this early, we still hadn’t abandoned mercantilism.

@theturkanabus3610

4 жыл бұрын

Last time I was this early, Adam Smith was still a zygote

@_exxiff

4 жыл бұрын

Make a video about Latvia's economy please, its a wreck.

@joecurran2811

4 жыл бұрын

Make a video Botswana's economy, educate yourself.

Anyone who thinks that you can have infinite growth on a planet with finite resources is either a madman or an economist - Sir David attenborough

@EconomicsExplained

4 жыл бұрын

oh good lord did he actually say this? What a man

@bluemountain4181

4 жыл бұрын

Thanos: "They called me an economist"

@fuNaN89

4 жыл бұрын

Hence, the only logical growth path is to get out of our planet. Earth isn't home. It's our starting point.

@drmadjdsadjadi

4 жыл бұрын

Yes, you can have infinite growth but it depends on WHAT that growth entails. You cannot have infinite growth in PHYSICAL goods and services but you can definitely have infinite growth in VIRTUAL goods and services.

@gerardcurtis3911

4 жыл бұрын

Ideas often lead to growth, take double entry book keeping. You can have infinite ideas

I don't know. I think when it comes to innovation, soon enough the whole world might just end up running into the same problem as Japan. Despite being a country of technological advancements, Japan is also a very-oldheaded country with many companies' upper echelons being filled with 60+ grandpas who refuse to retire and refuse to change the way they work for the past 30 years all because they want to cling to their throne and that includes refusing to see that their strategy had long since became obsolete. It is why Japanese work culture is mired by pointless bureaucracy, where lower level employees(younger generations) are used as labor animals where only their brute force is demanded and their ideas are not welcomed. It is why Japanese work ethics is infamous for overworking and overstressing people, yet has less productivity per person than many European countries which work literally hundreds of hours less per year. Where heads of companies care more about clinging to their position and their own personal gain than productivity, efficiency and effectiveness. They don't actually want the problem solved because that would bring to light how inept they have become. I'm afraid that will be what the world is heading for when growth starts to plateau since I also hear S. Korea has a similar problem as well. That might just be where innovation takes us, or maybe I just watched too much news with similar parallels in politicians caring far more about their own position and wealth than actually solving a crisis.

@iberrypa

4 жыл бұрын

Part of that is just the very old population demographics and culture of elder respect in Japan. The US and Europe will probably run into these issues less due to a younger population because of high rates of immigration. Also there is a lot less respect for ones elders which has downsides but at least leads to more meritocracy in promotion vs straight seniority. China is really the country that is likely to run into the same issues as Japan because of their age demographics and some more similar cultural factors. I also think that the future gains from computers still possible is underrated. Lots of jobs and tasks have potential to be automated by software and interconnected programs that deal with more and more complex functions. Things like virtual assistants are finally reaching the threshold of providing real value instead of being a nuisance.

@carlosandleon

4 жыл бұрын

The boomer remover comes in handy for those situations. . .

@padrinozerocool

4 жыл бұрын

So covid 19 is the solution?

@carlosandleon

4 жыл бұрын

@Chas Maravel dude it was a joke

@carlosandleon

4 жыл бұрын

@Chas Maravel You too man, I guess we all are a bit more irritable given the situation we are in and I may have overreacted a little bit. You have a lovely day

According to the book "the great leveler" the only way to actually decrease inequality is with war, disease and state collapse. Another book, "the case against education" was written by a PhD graduate of Princeton in economics that teaches at Georgetown University now points out that people who attend college don't often remember many of the skills they've learned in class and that many of the classes they take are useless. He proposed that it largely the result of signaling to potential employers so then the person can get a higher income over their lifetime.

@hondaguy9153

4 жыл бұрын

We're facing disease and state collapse as a possibility now. Hoping for less of the former and more of the later.

@starlord225

3 жыл бұрын

Virtue signaling is the main reason people get college degrees. It is sometimes the case that employers will filter out better qualified candidates who do not have a "relevant" degree.

@fanbuoy9234

2 жыл бұрын

Very much dependent on the academic field, but college is often less about the specific things you learn and more about learning a way of thinking, which is still very useful

@redfruit1993z

2 жыл бұрын

Most of the time, diploma mean nothing to employers. You income is related to a power dynamic and available resources. Do your boss like you? Do he needs you? Can he afford you? Are you easy to replace?

@Chris-qc6mx

Жыл бұрын

@@hondaguy9153 Just came across this comment in 2022. Sorry, it didn't work out that way...

"That awful noise when dialing up to the internet" You mean dubstep?

@rightwingsafetysquad9872

4 жыл бұрын

Dubstep is the music of the gods. Evil gods, but gods nonetheless.

@papastrella.ianmussari

4 жыл бұрын

A beautiful awful noice

@12q8

4 жыл бұрын

I haven't seen a dubstep joke in over 5 years.

@yeanah1798

4 жыл бұрын

same get milan even more in the bin

@Operator-sr1vw

4 жыл бұрын

Now that is a funny, relatable and topical joke!

"Today, we live in a society" the painful truth

@fadi77fadi77

4 жыл бұрын

that hit hard

@mathemitelmar5546

2 жыл бұрын

shiiii...

@loganstephens9555

Жыл бұрын

20 minute guitar solo begins

Infinite growth is impossible in a finite reality, and sometimes retractions are a good thing, such as when entire shitty economic or financial sectors cease to exist or become obsolete.

@Otzkar

4 жыл бұрын

It's crazy to me how many companies just sell other companies products. It makes sense with something like amazon or the grocery store but so many companies just put up a website and get provisions for the sales they get other companies.

@gerardcurtis3911

4 жыл бұрын

We have literally only started on one planet of so many millions I porbbaly couldn't write the number in the next ten minutes, it essentially is infinite

@user-wv1in4pz2w

4 жыл бұрын

@@gerardcurtis3911 it's around 10,000,000,000,000,000,000,000,000

@krishnanjayaraman5304

4 жыл бұрын

if growth will stop then that would mean that man has stopped inovating and that would mean that we are not humans anymore therefore growth should theoretically keep on

@harrytsang1501

4 жыл бұрын

krishnan jayaraman growth in an economical sense is not growth for human. For economy, growth means more; for humans, growth is change, any change

"The third and final revolution..." Industry 4.0: "Am I a joke to you?"

@rightwingsafetysquad9872

4 жыл бұрын

Yes.

@adrianbundy3249

4 жыл бұрын

I'm going far out on a leap here, but I am going to say teleportation.

@jeffbenton6183

4 жыл бұрын

@@adrianbundy3249 You might want to watch the CGP Grey video called "The Trouble with Transporters." Teleportation isn't happening in our lifetimes.

@adrianbundy3249

4 жыл бұрын

@@jeffbenton6183 I know, but I have a hard time imagining something as transformative as the coming robotics/AI revolution (the 3rd one). So a 4.0 revolution of all the economies and industry is really beyond the scope of my imagination unless I think really big and impossible right now. So I say: We find a way to get around teleportation in 150 years or so, and then we get our fourth o.O

@ulrichleukam1068

4 жыл бұрын

@@adrianbundy3249 Industry 4.0 aka IoT (Internet of things) is the computarizaton of manufacturing. It include advance technology in mobile telecommunication(5G), robotic, AI and Machine learning. The perfect outcome is to create an artificial mind (Javis or Friday in Ironman) that will control machinery (robot etc). The objectif is to use this tech in manufacturing but as we know humans it might also be used in warfare and space exploration to eventually backstab humanity 500 years later, when these Androids will come to think that putting humans in Zoo is the best solution for them not destroy themselves and their enviroment. Lol

"the sweet supple sound of my Australian accent" Darn he figured out the real reason I watch!

"Computers have reached the limit of their usefulness," you say, just as we are about to enter the fourth industrial revolution, the AI revolution... in 20 years we will look back at how we used computers today and laugh at how primitive the world used to be. Computers will become so unbelievably central and critical to any business that nothing could possibly work without it.

@ShortFuseNL

4 жыл бұрын

Possibly, yes, we will see. I hope so, although i have a nuclear fusion feeling about this one...

@Canbers

4 жыл бұрын

The big IF is when AI will be able to autonomously self-improve. The loosely defined "singularity". If AI gets to to that point, the fourth industrial revolution will be inevitable... or we bow to our new computer overlords... it is a toss up how that will play out :P

@gbmoney8746

4 жыл бұрын

And combine this with quantum computing as well

@Dan-pm4hd

4 жыл бұрын

@@Canbers AI can autonomously self-improve if you program it that way. Singularity has more to do with AI units building better AI units.

@BoraOyunda1234

4 жыл бұрын

@@Canbers Such an AI would still be limited by the absolute capability of the hardware. Even if it learns how to develop better chips and produces them, it will still be limited by the same things that limiting humans. You can't build infinitely powerful chips and produce them in infinite numbers. Also, you need electricity to power them. Singularity is an intriguing concept but it isn't possible. Real exponential curves don't exist in real universe.

Last time I was this early economy explained lived in a society

@MarcoDiCerbo1744

4 жыл бұрын

Il111

We didn't even explore our solar system, probably automation and space exploration are the key to further growth, if we can't do those, there will come a time when the economy becomes stagnant.

@carlosandleon

4 жыл бұрын

in any case things will still go forward because literally noone has a choice anyway and time doesn't stop.

@nedaltrebor8553

4 жыл бұрын

And. Like it or not. AI

@carlosandleon

4 жыл бұрын

@EpicZantetsuken Isaac Arthurs concepts are so beyond our current technology that it is absolutely irrelevant for our current exonomic models for the next 2 centuries

@henriconfucius5559

4 жыл бұрын

@@carlosandleon You think as if we aren't on the brink of a fucking AI boom.

@ArawnOfAnnwn

4 жыл бұрын

​@EpicZantetsuken Space mining and the rest are great for building a few giant companies around, but it's hardly the kind of innovation that's going to revolutionize the economy by transforming everything we do - and that's assuming it's even cost effective and/or necessary, which in the case of most resources it simply won't be. And neural networks, AI (barring some sort of self-aware scifi superintelligence) and robotics just don't deliver the kinds of productivity gains needed to supercharge the whole economy either. The increases in processing power simply aren't possible because of how far we've already come, as well as the kinds of requirements we actually have (which the video briefly touches on i.e. they're only good for niche applications needing oodles of processing capacity). In human terms, going from a few milliseconds to process or send some data to a tenth or more of that is just not as impactful as going from weeks or months to send a message in ages prior to milliseconds now. There's plenty of room to make a few new profitable companies there that promise slightly higher margins of productivity, but it just isn't the stuff revolutions are made of.

I think you're underestimating how much is spent on computer resources and how much is used by a typical business today. You're ignoring marketing, marketing automation, sales automation, operational automation, the list really does go on. Boiling it down to just needing email and Excel is a gross oversimplification. You can't say that most jobs are going to be automated by computer systems and in the same breath say that we've already extracted the majority of business value from this innovation.

@KuraIthys

4 жыл бұрын

Perhaps. But you could argue what we're seeing now is no longer directly part of the computer revolution, but is in fact it's own revolution that just so happens to require computers. Just as computers require electricity, but the gains we get from having computers are not attributable directly to electricity. Thus, is it really fair to say that AI, automation and robotics is attributable to computers?

@jeffbenton6183

4 жыл бұрын

@@KuraIthys Yes it is fair. AI/automation and robotics is just computing - that's all it is. They don't use computers, they are computers

@Minelandiaserver

4 жыл бұрын

@@KuraIthys What matters is that without computers getting better we wouldn't have any of these new innovations, so yeah the computer itself is not "doing" the revolution, but you can't discard the innovations that it enabled to create just because it isn't directly tied to them.

@ArawnOfAnnwn

4 жыл бұрын

Innovations in computing (barring some sort of self-aware scifi AI superintelligence) just doesn't deliver the kinds of productivity gains needed to supercharge the whole economy. The increases in processing power simply aren't possible because of how far we've already come. In human terms, going from a few milliseconds to process or send some data to a tenth or more of that is just not as impactful as going from weeks or months to send a message in ages prior to milliseconds now. There's plenty of room to make some new profitable companies there that promise slightly higher margins of productivity, but it just isn't the stuff revolutions are made of.

@austinharding9734

4 жыл бұрын

@KuraIthys has a great point, but i don't think any of you are really looking at the bigger picture, boy do i have a few words about this, as i do with so many other videos, but so long as i promote awareness, i feel more fulfilled

If you want to have a good laugh you just have to see predictions they made of the future decades ago.

@Alpha-kt4yl

4 жыл бұрын

FLYING CARS!

@briandiehl9257

4 жыл бұрын

Come on guys, make a million predictions so people in the future have something to laugh at

@FdPros

4 жыл бұрын

@@briandiehl9257 cat girls

@ddandymann

4 жыл бұрын

@@briandiehl9257 We will discover the Flying Spaghetti Monster by 2030. Facts.

@Crashed131963

4 жыл бұрын

Here's the numbers try and fool them. 7.8 billion people and always growing today compared to 4.3 billion in 1980. 3.4 billion people living in poverty today, that's the entire world population of 1970. More people use more natural resources from the planet , and the planet does not get larger. www.worldbank.org/en/news/press-release/2018/10/17/nearly-half-the-world-lives-on-less-than-550-a-day Eternal growth is impossile without the planet able to join in.

0:08 - *wE liVE iN a SoCietHY* momment

@furinick

4 жыл бұрын

Wtf i live in a house

@ethanwmonster9075

4 жыл бұрын

that's the joke lads, what you're still waiting for the punch line go away!

@leifkhas7425

4 жыл бұрын

@Xeno Phon That's the problem with multiculturalism and unfettered Immigration. Japan may well be the last society due to their refusal to dilute their beautiful culture with people who will never understand or even attempt to embrace it.

@davrosdarlek7058

4 жыл бұрын

@@leifkhas7425 yet japan is doomed to die out with an ageing population. Anyway their culture was changed massively already and they have few resources to self sustain.

@leifkhas7425

4 жыл бұрын

@@davrosdarlek7058 They're going to lose around 20 million people, not go instinct. Unfortunately it's Western Civilization going extinct as we allow Europe turn into Europistan and North America into la Raza.

I'm glad that we're acknowledging that the wellspring of all of this is science and engineering. There is a lot, in my opinion, that we should be pushing our young people to do - A.I, nuclear research, power satellites, etc. We have to push more of our people into research

@ulrichleukam1068

4 жыл бұрын

AI Androids fueled on nuclear isotop batteries use sattelites to monitor humans in zoo. Petfect recipie for disaster; but just one out of many possible outcomes. I think human should turn back to their roots and live more simplistic live with more meaning and care of the earth

@prohacker5086

3 жыл бұрын

@@ulrichleukam1068 I think you are dumb

@Danycuraj

Жыл бұрын

@@ulrichleukam1068 i'm in.... lets throw these apes in suits that call themselves politicans and bankers back into the woods

Is that thumbnail a picture of the Petronas Twin Towers in Malaysia?

@EconomicsExplained

4 жыл бұрын

Yes :)

@jeevenravi

4 жыл бұрын

@@EconomicsExplained Thank you so much for that honour...your channel is amazing and I'm so happy a part of my country is present in one of your videos

@callistuschan6587

4 жыл бұрын

@@EconomicsExplained will there be a video on Malaysian economy? Please...

@TheDavidLiou

4 жыл бұрын

When I saw the thumbnail I thought he gonna touch on the economics of SEA haha

@AnonozChong

4 жыл бұрын

I clicked into this video coz of KLCC. Anyway this folk is hinting our economy has stopped growing T_T

economics explained: "we live in a society" Reddit memers: it's free real estate

@fatguy2002

4 жыл бұрын

reddit 🤮

@EconomicsExplained

4 жыл бұрын

WE LIVE IN A BASEMENT!

@AntonWongVideo

4 жыл бұрын

"wE LiVe iN a sOCiEtY" "bOTtOm tEXt"

@anlog540

4 жыл бұрын

@@fatguy2002 Well, social media in general is trash so, yeah.

@nerdomania24

4 жыл бұрын

FIX reddit members

One of the most concise and informative channels I have ever seen. Not too “doom and gloom” craziness that has polluted the internet, but also not “modern monetary theory” brainwashed information. Thank you for this.

The thing I want to know is if it is possible to have a prosperous economy without an underclass. In the US as well as other countries the prosperity of part of the population seems to be built on cheap labor, either local or in other countries.

@NS-pj8dr

Жыл бұрын

it was possible before globalization. now we either reject corporate dominance of industry altogether or form an international regulating body.

There are still plenty of innovations on the horizon which will provide room for more growth such as AI/automation, economic space travel and fusion power.

@aparadoxicalone

4 жыл бұрын

This 100% - I'll toss biotech/medicine on the pile as another area where it's pretty clear we are nowhere near the limit of innovation

@pedrorequio5515

4 жыл бұрын

Fusion power would be a big one but given how much power it should produce, i dont see how a private individual can own such a thing, its a natural monopoly. Material science is also a big industry, with cheap power new material are possible at scale. AI for automation still has critical disadvantages, as Mr.Musk found at Tesla it simply cant do everything. Grid scale batteries or whatever it is that does that also potenciates sustainable growth. Its interesting to see what comes up as many predictions of what was to take place in the previous decade werent right and in many ways we are better in many regards.

@Zellymackintosh

4 жыл бұрын

Yo for real! I keep imagining us creating enough technology that we’d be able to have every living humans basic needs met; so majority of us dont have to live to survive and we can all actually work towards something bigger than us

@spliter88

4 жыл бұрын

AI will not necessarily provide growth as much as replace humans. Estimated 80% of work can be taken over by even simple AI (and it's starting to happen), more intelligent robots means that they are able to replace humans even at job like baristas. And sure, they might be expensive. But long term a robot that costs 50k plus electricity bill is cheaper than a 30k/year salary employee. Space travel is only gonna be a thing if it's economically worth it, (especially considering the distances we're talking about) and fusion power wouldn't make nearly as much of a difference as we would need (unless we develop portable fusion batteries, which considering we don't have portable nuclear batteries, I'm not holding my breath).

@TheRealE.B.

4 жыл бұрын

*Even ignoring the possibilities of AI, the limitation of What A Human Being Can Learn In A Lifetime goes out the window if we ever figure out biological immortality and cybernetic brain enhancements.*

15:42 "you're sitting here listening to the sweet supple sound of my Australian accent" *shows Koala staring at the camera* Alright, that was pretty funny lol 😆

The answer is far scarier then that. The economy long ago became decoupled from the grounding of commodity. That gave government the ability to print endlessly to inflate easier then ever. To “control”/(push off the volatility to future generations), they tried to ground the currency in ever-growing debt that “never really has to be payed off”. Except it does because the people are required to get ever more in debt with interest to get what used to be givens (home debt, education debt, car debt, medical care debt) yes even currency itself depreciates in value: punishing “savers” IE those who can actually afford what they buy. Slather on that sweat interest Usury and the debt can ever balloon keeping the currency going except... with commodity prices rise, wages stagnate, all with ever greater “nessiary debt” for citizens; eating away at the average populous savings “F u savers who are really stable. let your savings deprecate: who needs populous resilient to unforeseen emergency’s: who needs to be prepared in case they can’t go to work or something unexpected takes place: who needs self reliance skills!”. Then it’s your disposable income: fewer and fewer average purchasing power: suddenly living paycheck to paycheck. That is right there is why the economy can’t “grow forever”; despite all the natural disasters, and man made catastrophes throughout history (and constantly reported on the news and social media) , you still found complacency, apathy, and pride. With average cost of living compared to stagnant wages on the rise with no one with real self reliance skills or preparations/savings, guess what will happen when the inevitable gust of wind blows over the house of cards: collapses. When the shark can’t afford to stop swimming forward: suffocated to death. The economy was never automatically tuning for true “efficiency”. It was tuning for most cost effective under very specific ideal circumstances with minimal reserves. With everyone indebted or having reserves depreciate, no one can afford to stop, hunker down. The dwellers for apartment rent, the land lords got a mortgage, and the bank has loans and a vault or depreciating currency due to inflation. Who needs expensive stockpiles of reserve food when we could just have it delivered just in time? Who needs expensive local production of goods and services when you can outsource it for cheap? Who needs expensive people who can craft, memorize, engineer, when you could have an automated machine, ai, computer do it for you. Don’t be scared be prepared. Even though they are working you bone dry; don’t give the the satisfaction of tiring you to the point you can’t learn and better yourself and society. combat that corruption and complacency that lead us here. Because if it’s not this plague, try climate change, antibiotic resistant bacteria, topsoil/fertility erosion, societal unrest, ect. (Pick one, prepare, and solve the issues). Also notice those up and coming desasters were caused by “economists” trying to save a buck.

@marksilla8276

4 жыл бұрын

Do you have a TLDR version of this comment. I just don't have the energy to go through this entire paragraph

@wastelesslearning1245

4 жыл бұрын

Mark Silla a perfect example. I believe in your ability to read an essay. I’ll organize it a bit though. Don’t let them win. they want you to be so tired and unfocused from working so hard that you wind up not digging up the knowledge and acting on it; to benefit and grow you and society. It is in their best in interest that schooling disheartens people from learning for them selves; that the keep themselves distracted, to keep you yelling at each other to do things without organizing anything yourself.

Thank you for posting the references!

I feel like the next revolution will involve cheap space travel. Not for leisure-purposes, but for the increases in efficiency/decreases in rare earth mineral prices that come with asteroid mining. Who knows what scientists and engineers will be able to do when expensive and impractical rare elements become cheap?

@Killua2001

4 жыл бұрын

We're never going to mine asteroids for rare earth minerals that can be found or created on earth. It's not cost effective. Consider that the asteroid that killed the dinosaurs was probably 10-50 miles in diameter. If you wanted to bring that amount of material to the earth, you're adding as much energy to the earth as that asteroid released. Actually, it's worse, because you needed to launch a rocket, and then you're bringing back an INSANE amount of mass. Even doing it in numerous smaller trips doesn't help because that just is one additional rocket launch for a smaller payload. On no level is that going to be more cost effective than mining materials on earth or recycling materials on earth. If we do ever start mining in space, we're probably going to use that material in space. As in, "leave it in orbit, don't bring it down to earth". Anything else would be a colossal waste of money, and incidentally, that would be way, WAY cheaper than "building stuff in space using materials found on earth" in the long run, at large enough scales.

First time I have disagreed with one of your assessments, specifically: 'by the 1990s the commercial use of computers had basically delivered 90% of the utility to businesses that it ever would' and 'most innovation in the computer industry is channeled towards entertainment'. I think here and throughout you do not realize the idea of the double-s curve.. combustion engines increased the production capacity of textile mills, computers are increasing the productive capacity of combustion engines, and future technologies are increasing the productive capacity of computers. The whole theses of this video gears on the idea that technologies don't evolve from future innovations - and that is simply not the case.

I love that you include classical music in your videos! Big fan of 1812 overture!

I swear economics explained can read my mind, every time I log into KZread I see a topic I’ve just thought about on this channel

I really liked the conclusion you made, innovation has to be the heart that pumps our new age economy while addressing climate change

Founded this channel a few days ago and it quickly became my favorite channel 👌

@prohacker5086

3 жыл бұрын

Found is already the past tense of Find. Not to be an asshole, just wanted to point out 👍

Thanks for the time and effort 🙌

Love the amount of content coming at the moment keep it up!

“A house that does not constantly build atop itself alla Jenga, cannot stand!”

From Betteridge's Law of Headlines: "Any headline that ends in a question mark can be answered by the word no". In this particular case, the heat death of the universe inevitably will cause an economic contraction.

@shorewall

4 жыл бұрын

Yeah, but why worry about that?

@firstal3799

Жыл бұрын

Hate physics amateurs mudding with irrelevance

Great overview thanks.

Recently discovered this channel and I'm really enjoying the content and frequency of uploads

Please make one for Vietnam, please. A country with the hardest geopolitics condition and managed to push itself forward, retaining its national identity and sovereignty

@satyamkumar-cu7ve

4 жыл бұрын

vietnam is next asian tiger or it has already begun to be one

@silano360

4 жыл бұрын

"hardest geopolitics condition" Poland wants to talk to you.

@pencilfriendpaperscribbler6032

4 жыл бұрын

Keep going Vietnam! Please embrace food hygiene!💕

@phamnhuhien6758

4 жыл бұрын

@@silano360 I think it is comparable.

You really spoiling us these days. Your content is always fruitful. Never stop and cheers from Sudan.♥️

Great video!!

Guys i love the job you are doing, it is incredible! pleace keep it up!

Clicked in because of the thumbnail, thanks for featuring KLCC! - from a Malaysian subscriber

@EconomicsExplained

4 жыл бұрын

Your nation video is coming soon :)

@Shadoo.

4 жыл бұрын

@@EconomicsExplained prepare for a swarm of malaysians to praise/lambast your video, their government, and even each other When you do release it

There are areas that have huge potential for economic growth that we have not yet fully mastered. Such as AI, Nanobiotechnology, Medicine, Biotechnology , Genetics, Nanotechnology, Robotics, Energy (such as fusion power which will transform this world when it becomes successful) and most importantly, orbital infrastructure, space travel, space mining and space elevators. Space mining will have a huge impact on our future, we will no longer be limited to earth's resources. When space travel becomes economical and we can possibly develop engines and ways through which we can easily explore our solar system and venture further, and couple that with space mining, it will usher in a new era of economic growth and discovery. So for you to say our economy will stagnate does not seem to be true. And we will continue to discover new areas where our economy would be able to grow from. If you were born in ancient times like the Egyptian or Roman eras, it would be impossible to imagine our current civilisation. Absolutely impossible but here we are. So it's dumb to assume we won't make progress. Innovation won't stop.

@pistolen87

4 жыл бұрын

So much hinges on better storage and production of energy, let's hope we'll get there.

Thank you for making these videos. It is amazing how good your content is and how it responds to a demand regarding people KZread watching needs. I recommend you to most of my friends. Best regards.

Can you explore the economics of trash? Burning trash, selling trash, recycling, etc. Thank you for all your videos; I'm learning so much.

Please do a video on the economics of Yugoslavia

This is probably one of your best and most important videos!

thanks for being one of the very very few that uploads on sundays. :)

I've got to disagree with your point about innovation ending. We're currently on the cusp of our next economic revolution. Accountants, lawyers and doctors - the most procedural of knowledge-based careers, are going to be increasingly assisted by AI, reducing the number of people working in these fields. Truck drivers and several other forms of blue collar work that was previously difficult to automate will also be replaced. IF, and it's a big if, we can embrace the socialist policies we'll need to maintain a wealthy middle class through this, we'll have a lot of the economy automated, leaving more time available for further innovation.

@ryankearns2315

4 жыл бұрын

IOUaUsername agreed, he seems to underestimate how AI will likely revolutionize our world in the short term. Another possible branch to revolution is quantum computing. It is currently a niche business case which you’d use it for but it works so drastically different than normal computers, there’s now way to know exactly how it will be used in the future.

@nitishkumarjurel241

4 жыл бұрын

What you are describing as socialist policies are just establishment of a welfare state i.e. state sponsored free/highly subsidized universal healthcare, education, housing and universal basic income (These measures are what I believe will be implemented when automation gets fully rolling since it will be completely impossible at that time to employ all the people). Socialism is "collective ownership of means of production". Nothing in a welfare state has necessarily anything to do with " collective ownership of means of production".

what about artificial intelligence, it’s a huge innovation in computer technology.

@evanfunk7335

4 жыл бұрын

I agree. I think he left that out of this video even though it is going to be a big disruptor in the world economy

@freetrader0000

4 жыл бұрын

That part of the video was pretty much a joke, to be honest. He probably just saw a video on Moor's Law. 30 years ago we barely had access to internet. AI is already being used for business decisions, managing huge data, and making the Ad industry profitable. It looks to have a promising future, too. IoT, cloud computing, graphics, robotics, etc are all still growing. ... I do get the video's message, though, and think our current economic system makes dangerous assumptions.

@ArawnOfAnnwn

4 жыл бұрын

@@freetrader0000 AI (barring some sort of self-aware scifi superintelligence) just doesn't deliver the kinds of productivity gains needed to supercharge the whole economy. The increases in processing power simply aren't possible because of how far we've already come, as well as the kinds of requirements we actually have (which the video briefly touches on i.e. they're only good for niche applications needing oodles of processing capacity). In human terms, going from a few milliseconds to process or send some data to a tenth or more of that is just not as impactful as going from weeks or months to send a message in ages prior to milliseconds now. There's plenty of room to make some new profitable companies there that promise slightly higher margins of productivity, but it just isn't the stuff revolutions are made of.

@sankhyohalder97

4 жыл бұрын

@@ArawnOfAnnwn A failure of imagination at best, nonsense at worse. It's not merely an issue of more processing power, it's the entirely new class of software we can make and also exploit with more processing power. Smarter AI will offload human cognitive labour in the same way horses offloaded human mechanical labor, and allow absolutely massive productivity gains. Not to mention entirely new industries could be created that are beyond human minds now, given sufficient AI.

@sankhyohalder97

4 жыл бұрын

@@ArawnOfAnnwn Also, given that an ever increasing number of AI experts and Computer Scientists think that AI is one of the most important risks to our future, you're brushing off a very real possibility as mere "sci-fi" while not acknowledging the good theoretical reasons to expect it to become a reality in a human time frame..

Man your videos are getting better and better, been watching you since your first video. 👍👍 You know what I was thinking before? You should write a book called “The Perfect Economy”. I think you are the only person I know who knows exactly what the perfect economy would be, a balanced one.

great video, thanks

An interesting idea for a video would be how anti-aging technology would impact the job market and the economy

@tom4115

Жыл бұрын

It will be absolutely massive

EE: There have only been 3 industrial revolutions throughout our entire history. *Andrew Yang has entered the chat*

Thank you for this food for thought.

EE: Computer has given us pretty much everything it could. AI: Hold my beer

@kevinclass2010

4 жыл бұрын

The singularity: hold my human

@cnordegren

4 жыл бұрын

Hold my Gbs

*"Who wants to grow forever?"* ~ Freddie MMT

Nice work

Thanks for the unbiased lesson.

I think its really important to have regulation or a formula in place to control population growth or maybe some way to make people learn not to be so wastefull. In such way that the earth con sustain people without collapsing like it was/is just before this pandemic 🤔

This is your best video. Ever. Congratulations man!

Hahaha, loving Tchaikovsky’s 1812 Overture in the background...

The future of economic growth? Space exploration and colonization. The last frontier

The consequences of industrial revolution have been a disaster.... Uncle TED

@joma5721

4 жыл бұрын

Based and tedpilled

@CataciousAmogusevic

4 жыл бұрын

Ooga booga Grug agree

@joma5721

4 жыл бұрын

Mahmut Kerem Biçer do grug lead people towards agriculture?

@adrianbundy3249

4 жыл бұрын

It's been amazing. It has been overwhelmingly positive; and has helped us out for the better in so many ways. Even socially (take for instance, it is doubtful feminism would have taken off with some of our tech restrictions before that - and that is an easy argument to make). So I wouldn't say the industrial revolution is a disaster. But it wasn't 100% sunshine and rainbows. The other 15% of it are problems we must now deal with; but that doesn't mean we should only look at that, and then call the full 100% of the industrial revolution consequences a disaster.

@warwickeng5491

4 жыл бұрын

Found the Anprim

Hi! maybe you could do an episode on the economics of gaming, not of in-game economies per se, but how the rise of various gaming platforms has created divisions in the gaming community, how it has given rise to "platform exclusives", that are just a tool to inflate the value of a particular platform, and how the developers are usually financially backed by the company owning that particular platform, to make up for the losses caused by said game not being available on all platforms. I'm sure you can think of many more topics relevant to this.

Thank you!

But the continuing increase of technology might not benefit the industries of the 1990s, but they do continue to create new industries. For example, your job. We are approaching right now a period of engineering turmoil that will likely end with a completely new set of products that are radically different from what we see today.

"We live in a society" - Economics Explained

I've askey myself this question! Great video, man. One thought I've always had: For me personally, every I time I overdo a thing, or do that thing too often, something happens that stops me from going on with that habit. For example, let's say I would go drinking every weekende, eventually every three days and finally every day. Well the the probability of me getting sick or having a drunk accident increases every time. So eventually something big happens that would stop me from doing it. I know, there are people who would go on but wise people would reconsider their actions and think about the consequences, instead of ignoring the sign until something much much worse happens. I think this is very much happening to the whole world. We've been overdoing it. We have grown too much too fast. And if we don't take responsibility and repair the damage, like said in this video, the consequences will be grave. I think the climate crisis and the COVID-19 shitshow are great examples for that.

This topic is what I have been thinking about for a few weeks now during quarantine

Short Answer: In City Skylines,Yes. In Real Life,No.

@vaclavcervinka65

4 жыл бұрын

Well, India could use some growth.

@ichbinein123

4 жыл бұрын

Once the city and the population grows so big my FPS goes into the single digits...

you forgot to talk about how energy is the main driver of economic growth. it's a real shame when we know that there is a direct correlation {fossil fuel use = GDP}

How do you get the film materials, mate? Well informed and exciting video mate

Love your program....and your accent:)

He said computer inovation has stopped Cuantum Computing : ouf wait... ill be there soon The nature of mankind consists of innovation

@ten_tego_teges

3 жыл бұрын

If you talk to anyone that knows anything about quantum computing they'll admit that nobody knows when it'll be a viable technology. There are literally like 3 algorithms that are known to be solvable by a quantum computer and only one that has been practically shown to work faster than a silicon processor (though even that is debatable). Maybe we'll have actual practical quantum computers in 10 years, but it might as well be 50 years or 100 years. Don't take my word for it, Google it or talk to physicists that work in the field. Quantum computing is crazy over-hyped.

@abcdabcd-ki3cz

3 жыл бұрын

@@ten_tego_teges yeah it probably is overrated but my point was not specifically tied to quantum computing, i just meant to say that due to globalisation and the expansion of human kind and it even becoming an interplanetary species it is very unlikely that innovation will stop.... ever, because the universe is unlimited and so is the humans imagination and capability of creating with best regards and thanks for the reply

@ten_tego_teges

3 жыл бұрын

@@abcdabcd-ki3cz I understand your point, but I still think that this crazy fast innovation we see now is not a given. Being interplanetary makes little difference, because Martian/Venusian colonies won't be self-sustainable for a big while, never mind contribute to our development here on Earth. This will be the century of reorganising our economies to save the planet or at least should be. We ought to produce less and consume less, not bid on exponential growth like we have so far. If there's a field that I think has potential for a real 4th or 5th industrial revolution its synthetic biology and biotechnology, but similarly to quantum computing this might be around the corner or decades away.

10:20 More powerful computers made AI possible.

4:15 Double cheeked up on a tuesday afternoon

I love your content though. Keep going. Subscriber 👌

How are there 20 comments on a 17 minute video when it's barely out for 2 minutes!

@goodyKoeln

4 жыл бұрын

19 comments containing the word “first” and one person asking why there are already 19 comments? 😇

@drewgoh5748

4 жыл бұрын

@@goodyKoeln yeah, I guess I'm part of the problem. Usually I don't mind, must be the quarantining (social isolation) driving me mad too..

@peteriyen

4 жыл бұрын

The time travellers

The gross GDP has been growing for some countries and some have been in shambles. Why

@Alaraahi

3 жыл бұрын

The market is moving well most especially bitcoin, I'm amazed at the raise of bitcoin the past few weeks bitcoin has raised to 56k today. 2021 is gonna be a great year for investors.

@charlesclifford2624

3 жыл бұрын

@@Alaraahi You're absolutely right, only bitcoin investors will understand.

@David_garner9

3 жыл бұрын

@@charlesclifford2624 Investing in assets is the code for having a successful financial life, investing with the right company or software would free you from modern financial slavery.

@freddiethomas3704

3 жыл бұрын

@@David_garner9 bitcoin is now at 56k, I believe it will raise up before the end of the month.

@rebeccacasey9419

3 жыл бұрын

@@freddiethomas3704 That's why Warren Buffett once said "if you don't find a way to make money while you sleep, you will work until you die".

You're the reason I even find economica interesting anymore!

Great video as always!! I know you mainly go over the facts up to the present, I kinda wish you touched a little bit on The Fourth Industrial Revolution, what we’re currently going through right now. Quantum computing is part of it, but Square, blockchain, and electric autonomous vehicles (12:10) powered by AI will change transportation and the economy forever.

Technology is the main factor in economic growth, and I feel like most people take technological development for granted. But there are limits to tech and engineering, and even if we aren't near those limits yet, there is no guarantee that we can keep pace with the past few centuries. Altho a lot of us are pessimistic about the future, there is still a lot of optimism about tech that is probably foolish. Space colonization, greatly extended lifespans, the AI "singularity" -- these are likely impossible, but popularly believed to be our future.

Can an Economy Grow Forever? Coronavirus: Yes, but no

@carlosandleon

4 жыл бұрын

well I guess those mechanisms just rewind the clock so we can move forward again. Like a wind up toy car

@ozzyfromspace

4 жыл бұрын

@@carlosandleon Never thought about it like that, actually. Thats a surprisingly deep idea, I think

One of the main forces causing the growing inequality is inflationary monetary policy via the Cantillon effect -- it is not just due to free market rewards, which is why many super wealthy exhibit self-shaming guilt rhetoric.

Good video, I felt you could have covered more about about middle income trap and the industrial shift needed to move an economy out of it.

15:35 "Economic growth is something that is truly important to every global citizen today." No it is not. Economic growth is the problem, not the solution. We are well past the point where growth in either our population or our economy is either important or useful. Our ridiculous obsession with growth is killing the natural world and consequently us and our civilisation. There are zero good reasons for not ending this insanity.

@solsol2733

2 жыл бұрын

It is useful for the people it lift out of poverty

Last time I came this early I became a dad.

@EconomicsExplained

4 жыл бұрын

ooooo

@oc911

4 жыл бұрын

@@EconomicsExplained Hi, could you do a video on the British Empire? Love your channel mate! Keep up the good work❤

@nitishkumarjurel241

4 жыл бұрын

@@oc911 colonial empires basically just forced population of colonies to work in hideous conditions on subsistence wages to grow cash crops and extract natural resources from colonial lands which were exported to the colonising country where they were manufactured into finished goods and sold to colonised countries. Tariffs were imposed so that no fair competition could compete with resource extractors in colonies and manufacturers in mother country. The wealth generated from this was used to make life prosperous for citizens of mother country and to fund the military.

@ChristianThueringer

4 жыл бұрын

Haha, made me laugh out loud

@oc911

4 жыл бұрын

@@nitishkumarjurel241 He did a video on the Dutch East India Company. They used slaves. The economics of the British Empire are fascinating even with all the destruction. Just give it a rest mate🤷‍♂️

I believe we can have endless growth with innovation, space, and building up all the developing economies. Everything done with great management and better equality. That's if we don't destroy ourselves first

@Hamsteak

4 жыл бұрын

@Dan Ryan most of the material we used on earth is still here. So advanced mining and recycling with different modes of travel and energy being developed means we could

Nice touch to play the V for Vendetta demolition music.

What I learned from this video: every man grows a beard.

new growth=squeezing the working class and reducing services, privatizing them to make new profit centers

@saasda6255

3 жыл бұрын

Working class people dont have money to squeez

Since the strategy in modern times has been to keep growing the economy with more goods, more services, including more government services and more government infrastructure the amount of money representing the value of the economy which is the Gross Domestic Product (GDP) also has to continuously increase. To create incentives to keep the economy and GDP growing, the money supply is continuously inflated by pumping more and more money into the system. This is done by promoting and creating more and more debt especially government debt with virtually no incentive to pay back the government debt. The law of diminishing returns eventually starts to kick in and as more money in the form of debt is created, the resulting growth rate in the economy and GDP becomes lower and lower as more and more debt is created. In an effort to keep the economy growing, the debt will quickly increase to more than the value of the economy and the GDP and when the debt becomes several more times than the value of the GDP, the system collapses and the value of the money goes to zero. When this happens the system is reset and the cycle is repeated. During the reset, there are some winners but there will be mostly losers with many casualties and war is also a possibility. The only chance this type of debt money system has of working is if the economy is continuously growing. If the economy is not continuously growing, history has proven that the FIAT money that is created will always have a tendency to hyper inflate and devalue to zero and since the law of diminishing returns basically guarantees that the economy cannot continuously grow the system starts looking like a Ponzi scheme in which the belief is that current debt can always be paid off with future money until there is so much debt that the amount of future money needed starts to go to infinity and the value of the money starts to go to zero. The idea and thinking that the economy always has to grow for humans to progress and to be successful may be the problem. Presently if the economy is not growing, it is considered a failure. This type of thinking cannot go on uninterrupted on a finite planet with finite resources. There needs to be flexibility in the system for the economy to expand and contract and for a contraction to be considered normal and not a problem. For this type of thinking to work, there needs to be some new economic models developed along with some new types of money and financial systems based on economic sustainability not on economic growth and money inflation. I am hoping that the explosion of information technologies like the internet can help and inspire all human life on earth to live together in fair, peaceful and sustainable ways. Unfortunately information technologies like the internet can also make it easier to spread false and fake information and help inspire division and hatred against other humans, other cultures, or other nations. The outcomes are really never predictable.

I’m looking into a similar question for my dissertation topic but applying it more to individual company growth. I’m broadly looking to answer the question ‘How realistic is a company’s aim of infinite growth? Is it achievable?’ It’s early days but atm its focussing on large companies that are scaling really well and have the potential to expand into multiple sectors e.g. Tesla, Amazon etc. There doesn’t seem to be much on the topic so I don’t know if it’s just assumed that businesses will just slowly decline eventually once they hit maturity. Would be interesting to hear people’s thoughts on companies growing forever? Do you think there’s a limit where eventually all demand with be met and revenue/growth physically can’t increase? Do you think natural resources will be a limiting factor? Just looking for general ideas on where to research into further/how I could go about research. Atm I’m looking at annual reports and future growth objectives. Interesting to think if some companies around today will still be here in hundreds of years into the future, or if they’ll fail to adapt and die off. Maybe Amazon will be some nutty mega-company spanning solar systems in a thousand years’ time. If we don’t all nuke each other that is.

@firstal3799

Жыл бұрын

We aren't going anywhere off planet earth. All exuding companies will die.

It seems like we have reached our potential here. Let' pack and move to Mars.

@anuragjain464

3 жыл бұрын

Elon musk: just wait and watch.

Humans: *Runs out of resources in their cave so takes over a field* Humans: *Runs out of resources in their field so takes over the Nile River* Humans: *Runs out of resources in the river so takes over a continent* Humans: *Runs out of resources in the continent so takes over the planet* Humans: *Runs out of resources on earth so Colonizes the solar system* Humans: *Runs out of resources in their solar system so colonizes the Galaxy* Humans: *Runs out of recources in their galaxy so colonizes the observable universe* Humans: *Runs out of resources in their universe so colonizes the Multiverse*