The Crazy Economy of Monaco
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- เผยแพร่เมื่อ 26 ก.ย. 2024
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Monaco is the wealthiest nation in the world per capita. It's also the country with by far the highest average age of citizens. It has the highest cost of land of any country in the world, it pretty much breaks any kind of list you want to make ranking countries cause you can pretty much bet that this 2 square kilometer spit of land off the south of France is going to win any economic top ten list out there.
So, what is really going on with the economy of Monaco?
Most people know it as a playground for the rich and famous, a parking garage for superyachts, a glorified formula 1 track, a country built around a casino, and above all else, a tax haven. But is this criticism really fair? ... let's explore in today's video!
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📚 Want to learn more about the economy of Monaco? We recommend reading "Making Monte Carlo: A History of Speculation and Spectacle", by Mark Braude
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VAT tax is around 20 % everywhere in Europe
Yea, here in Sweden it's 25%.
Latvia 22%
Norway 25%
24% in Greece
@@mourningleaves Except on vegetables, which is 12.5%
Useful rule in geopolitics: If a country has the word "democratic" in its name, it's not a democracy.
Marc-André Servant communist countries often calls themselves democratic, socialist or people’s republic
Make the world as safe as Norway, drep jævla kommunister. Takk.
@@Repz98 For en dust du er.
United = divided
Democratic = authoritarian
People's = government's
Socialist = antisocial
@@Repz98 Nvm, var faktisk lett og finne ut hvem du var. Sees snart :)
You act like 19% VAT is something exceptional, but most neighbouring European countries have basically the same rate or higher
That’s fair, but compared to most nations in earth this is still a very high rate. For reference here in Australia we pay a 10% GST (VAT) tax and still winge about it. And remember the residents of Monaco are global citizens not just Europeans
The netherlands here is 21. Xd
@@pascalalt8547 Sorry your government is stealing your money, it's 7,7% here in Switzerland :D
@@EconomicsExplained Norway VAT is 25%
@@Dylan-ti6do but do you guys have like other taxes that are more? I need to watch a vid about switserlands economics xd
"VAT 19.6% one of the highest in the world" laughs in Hungarian 27%
He's from Australia with low sales tax rates. To him, 19.6% is ludicrous because he's used to 10%.
Most British colonies have lower-than-normal tax rates and their citizens generally don't realize this.
Britain has 20% tax rate
@@Damo2690 I assume that the British rate is more recent, sales tax in the US is around 8% where I live and sales tax is literally 0% where I was born.
"cries in hungarian"
Laughs in Bhutanese.....
19.6% is one of the highest VAT in the world?
Its 20% in the UK, and I think 25% in Ireland, and we still pay 1000 other kinds of tax too...
Christopher O'Grady dunno about Irland but Denmark definitely has 25%
He said the world not Europe there are loads more places then just Europe....
Nick Hayward that’s irrelevant, Europe is still part of the world.
He didnt say it was the highest he said one of the highest Europe has very high vat taxes comparatively to the rest of the world at large so compared to most countries in the world it is one of the largest.
do you get those waived as a tourist? I visited over the summer and my friends were saying something about keeping our recipes so we can get it refunded
Hungary: *watches this*
- So a high VAT tax means an economically successful country? Ok, let's make ours 27%!
I do some business with hungarians and i keep asking myself how the hell can a small business survive with 27%. It's really difficult. Any news of lowering it in the future?
@@리주민 the vat gets passed along to the custommer, but the companies still have to pay Back to the state the 27% they received from the customers every month. And they still have to compete at prices with products from other states. And it's difficult for a small company to have a 27% chunk of their added value ripped away every month. It really fucks the cash flow. So, as i know, a lot of hungarians incorporate their companies in slovakia for example. So it's not good for the hungarian economy. But as far as i know, the prime minister has some big interests in some big companies, and he really doesn't want much competition.
Video: Like any other regular developed country, it has a very advanced public transport service
USA: *surprised pikachu face*
And I'm pretty sure their public transportation is actually clean, safe, arrives on time, has friendly staff/operators, and doesn't constantly raise the fares
Well it has to cover only a few miles.
France is the size of a California
@@christopher6337 Russia has pretty decent public transit in most of it's cities of at least medium size.
Anastasia S. That’s within cities, what about connecting cities across that landmass. Also curious what you standard “pretty good” refers to. In India or Africa that standard is actually having enough chairs taped to the top of the bus for everyone
@@christopher6337 yet even fucking China does mass transit better even high speed rail across the country.
I’ve visited Monaco twice, I can assure you that you can smell the money as soon as you step off the train from France
Wait..
You can SMELL IT?!?!?!
That's some serious wealth.
Here I am, in Argentina, paying 21% of that same VAT tax, on top of a million other taxes...
Zoso9391 Yikes.
Says the Swede*
@@axelandersson6314 Hahaha. Touché.
But at least you can see your taxes spent. Here you can see your taxes being stolen by the politicians (we have one of the highest % of corruption in latin america)
Zoso9391 ouf that sucks.
@@zoso9391, Mate, that sucks.
I read Argentina had the highest standard of living (in S America) back in the early 20th century.
I've been there. And holy moly, IT IS SO CLEAN and EVERYBODY seems to speak ANY language you throw at them. just insane. even by european standards.
wow in Germany we have a 19% VAT AND high income taxes
yeah but our high income tax finances the lack of company taxes u know apple and vw gotta make money
But you have a higher standard of living than the usa so why are you complaining
@@josephgeubtner because the USA is a poor benchmark.
Welcome to the country of free health care and free education.
yeah sure it's free ;))))
"Channel's favourite, Norway" LMAO
@Fat Earther yeah he was and i just liked the reference 😂
Really frustrated me that he says "VAT Tax" ..... which literally means... Value Added Tax Tax
Ok, no one says IC Unit, we say ICU Unit.
Your point is?
@@MikePlaysYeet Yeah I'll be honest, I've never called it ICU Unit or heard that! I've also never called USA "USA America"
Nobody: but...
Economics Explained: * inhales * BUT * brief pause *
Hahaha yes i have been turned into a meme I can die happy :)
There is a WATER SLIDE on top of this skyscraper! Holy... 7:50
Yea its a penthouse, god id do anything to live there
Indeed, its the penthouse of the Tour Odeon; the worlds most expensive apartment. :)
@@master_shifu4208 wanna rob a bank
@@master_shifu4208 no ya wouldn't otherwise u would have probably already done it
@@stuart9154 bruh, im trying my best. id do almost anything so i guess ur kinda right on that
Monaco with 19.6% VAT.
India : "hold my 28%"
India does not have a flat VAT/ GST
@@soulreaperichig0 Certain states have VAT instead of sales tax in India.
Yeah i was in Monaco recently and on the radio there was a ship broaker speaking about how you can buy and export your luxery yacht to monaco and hell lease it to you, letting you avoid the VAT taxes from countries like sweden with a VAT tax of 25%
can you do economies of south east asia like thailand, malaysia, indonesia etc?
Yes!
Yes, please!
@Raspberry .. who the hell give a f*"k about the economies of those countries..?
@Bahir Din i bet u dont live there?
@@bahardin3992 probably the same people who have just watched a video on the economy of Monaco?
16,9 % is not high at all. The average VAT rate in Europe is 21 percent.
@mike a yes, yes it is
And people wonder why Europe has been in a recession for decades.
@@luism5514 But we arent. We are the second largest Economic Area in the World. After China NOT the US
@mike a Public health care in Europe is much cheaper and efficient than the US private one...My country is one the most expensive public health care system in the world and we spend 11 % of our GDP in Health Care while USA....spend 19% of its GPD. So yes we pay a lot more of taxes for this public service than you but we don't have to stress about if we can pay the bill or even if we might being healed...and at the end we pay way less. While my mother had only to think about how to take care of me when i was born 'cause giving birth is free. In USA an average american pay more than 10 000$ for giving birth lol. Your country is insane...
3:58 remember, we are in Europe. If you buy a pair of 10000 € shoes, 10000 € is what you pay, it's just that the seller only gets to keep 8000 € of that sum ;)
Then the seller would account for this when setting the sale price, so it would be accounted for
i honestly love your videos, you take a lot of time and effort and put some research which i really appreciate! i was wondering if you could make a video on what is the best country to live and work in. somewhere that business's are growing, where most people can have a solid career and live well and happy without worrying or struggling with paying debt. maybe there are multiple countries but benefit you in a different way. i was hoping you could make a video comparing and explaining. i watched your video on Norway and i was really thinking about moving there until you mentioned the living costs which are INSANE! thank you and keep up your great work
There's too many subjective variables for a comparison like this to ever work. Just because a country has a high HDI index, it isn't the best place in the world to live. Some people value career opportunities more than others. Some people like having just one season a year. Some people don't mind paying high taxes. Bla bla bla.
As for moving to Norway, or any other country for that matter, I know from experience that the grass is always greener on the other side. If you genuinely want to find the best place to live (for you ;)), you'll have to move around and explore.
Best regards, an emigrant!
“You will pay eleven thousand,six hundred and ninety euro”..
@ 19.6% VAT shouldn’t the shoes be 11,960 euro?
Love the videos mate. You deserve many more subs.
Can you believe people actually pay me to do maths like this for a living? Thanks for pointing that out, glad you enjoyed the video otherwise :)
Economics Explained hmm, you even attempted to evade and underpay your hypothetical tax liability, nice try.. says a lot 🙂
I just found your channel and I love it!! Here's a fun fact. A Nigerian Senator earns upwards of $40,000 every month!! Our minimum wage is about $83. You should do a video on the Nigerian economy!!
Why some land in Nigeria has 100 percent appreciation in an a year? I heared in Monaco it is just 10 percent a year!?
Point of correction. Nigeria’s minimum wage is $40
A few things missing here to understand Monaco.
First, there are reduced tax rates on some products, like food (10%) and medicine (10-2.1%).
So a higher tax is levied on a new super car than a pizza, which will make a difference for the “regular Monégasques”.
Then there’s a big difference between Monaco resident and citizen. Basically none of the rich people living there hold the passport. Citizens have large subsidies available to be able to live there, like for real estate. Residents pay full rate, but also need to prove they can afford to live in Monaco (minimum holdings in a Monaco bank).
Then the economy is very interesting because Monaco helps maintain the local economy in the south of France’s off-season. Because residents need to stay there a certain amount of the year to avoid being taxed elsewhere, there’s activity all year around. Something like 40,000 workers come in and out every day from France and Italy.
So that’s a few more things that make Monaco quite unique...
Perfect upload time, last vid for the night! Thank you for this, time to enjoy :)
Hahaha no sleep for you!!
VAT at 19% is one of the highest??? Seriously, I'm in Belgium and here we have 21% on pretty much everything.
In Ireland its 23%
UK has 20% VAT and high-income taxes. As does the rest of Europe.
The UK is earning a lot less on that VAT. As most purchases aren't that expensive. In Monaco very expensive purchases are frequent. Monaco doesn't need the income tax
South Africa had a vat of 14% and it increased to 15% and people are pissed about that 1% increase
@@MsJubjubbird Yeah but UK's got 60,000,000 people vs Monaco's 40,000 so that comparison is a bit off
T VS: As does the rest of Europe.
Switzerland: Am I a joke to you?
And people wonder why Europe has been in a recession for decades.
Microstate* micronation is an unrecognized political entity. Microstate is a recognized nation that’s just rlly small like Singapore
I really don’t see a flat tax as unfair, it’s the definition of fair.
The richer you are, the more you spend, but also the more you have to invest.
It is unfair because of its impact. Those with a huge amount of disposable income wont see their quality of life decrease, whilst those with very little income will see their quality of life significantly decrease.
Then how bout you quit gouging everybody. Set the tax rate to 1 perecernt flat tax and everyone benifits
@@skyranger1366 how will such a low rate pay for anything at all?
Through increased buisness or would you rather people go to another country to save their hard earned money
Thank you so much for your fantastic videos. They are educational not only on economics but also history. I plan to listen to them all!
Hey can I ask you what was your source for the HDI for Monaco thank you very much
Manual calculation using the UN's data. This is probably the best estimation of how it is achieved
HDI is calculated using three indices and each of those indices can be over 1, which means that the final HDI can also be over 1.
The Life Expectancy Index is scaled from 0 (life expectancy of 20) to 1 (life expectancy of 85). If a country has a life expectancy of over 85 then its LEI will be over 1.
The Education Index is based on the Mean Years of Schooling Index and the Expected Years of Schooling Index. MYSI is 1 when people are in education for 15 years on average and EYSI is 1 when people are expected to be in education for 18 years.
Income Index is 1 when GNI per capita is $75,000. Incomes over this will result in a II of over 1.
@@EconomicsExplained thanks a lot
@@EconomicsExplained an index can never go over his fixed limits, that's why is an index.
@@Reversal89 true..
@@EconomicsExplained Doesn't the HDI not let indicators ever exceed 1? If a country were to pass 85 year life expectancy, wouldn't it still be 1?
Monaco charges 19% VAT, one of the highest in the world.
Me paying 28% GST in India.
Anime Banz what a stupid dumbfuck u r i am from india and asshole see the VAT tax it ranges from 12- 16% and Learn to differentiate GST from VAT .GST is form of collection of all tax in single form and VAT varies from product to product. Hope u will understand as now indians are brainswashed by IT cells.
@@fardeen2158 GST was introduced to remove VAT you dim witted asscrack.
A total of 81% of all the goods and services fall below or in the 18% tax slab. This means 7 % of the items come under the exempted list, 14% of the items attract a 5% tax, 17% of the items attract a 12% tax, and 43% of the items attract an 18 % tax slab, while only 19% of the items fall under the highest slab of 28% in the new regime.
-- source : www.kotak.com/en/stories-in-focus/gst-rate-slabs.html
The HDI mentioned was very insightful. I never knew abt that. Thank you!
I think his score is wrong. I'm pretty sure all sub-indexes are capped at 1. So the 3 sub-indexes will never have a geometric mean over 1.
VAT is indeed the right tax because it does incentivise you to earn more so it impacts you less, certainly it is harsh on the lower income individuals, but it is fair in the sense that "the more you consume, the more you pay in VAT tax"
any country that taxes you artificially "just" because you earn more than someone else, is destined to have its rich people look for loopholes and move elsewhere.
would you consider doing a video on the different ways to measure economic prosperity. ie: gdp percaptia ppp vs median household/indivials income vs median net worth vs hdi etc...
The Monaco philharmonic symphony has more musicians than sailors in the Monaco Navy.
Switzerland next?
Good vid! Very fair discussion on tax policy.
Monaco and other micronations tend to break national indices because of the rule of small numbers, much easier to have a high GDP/Capita if you only have a population of 40,000.
But it is not always the case look at Nauru.
Res Publica rule of small numbers can go in either directions. It just means you have more variance of the mean in smaller populations.
I wonder how much of this depends on having a workforce living outside the country and commuting across the border. Rich people are really expensive to maintain, and I doubt the massive workforce needed for their lifestyle is also affluent.
A lot of workers are live-in, with their expenses paid. The rest live in France
in India we pay progressive income tax along with VAT as well. (Now renamed to GST at rates on 5,12, 18% and 28%). we also have very very high excise duty on petrol and alcohol.
Great video! Would love to see a video on other infamous tax havens like Cayman islands and more
VAT is income neutral. It taxes spending. There is no perfect tax that covers everything. Not taxing the extra income of the rich is the problem. So no, it is not a regressive tax. It is simple to administer, control and cheap to collect.
Hey, @economicsExplained
I thoroughly enjoyed the video, but I do wonder about one of the central points you made. You described Monaco's VAT rate as exceptionally high, but every country in Europe except Andorra, Lichtenstein and Switzerland (and Jersey if you want to count them) are within a few percentage points of Monaco's 20%
Furthermore, the VAT rates is most countries in Africa and the Americas are over 15%.
This doesn't really take away from your point, as the lack of income tax is the big draw for the wealth that gathers in the nation, but I thought it might be helpful to point out.
Thanks again for the excellent video.
Monaco has one of the highest VAT taxes in the world?
Portugal: Old my beer...
I think you should add some sound to your intro, I thought my sound was off
Fair call might do that thanks mate :)
@@EconomicsExplained The transitions are a bit slow as well, great video though.
In Hungary we have a 27% VAT tax, plus the government takes half of our monthly salary. And we still struggle to fund public expenses. 🙃
Everyone: Monaco has a 20% VAT tax
US: *hold my 0% VAT tax 🍺*
If i'm not wrong you pay a federal tax + local taxes on goods and (maybe services). So it seems like USA has an ununifed VAT.
Coolman the U.S does not have a national VAT or GST. The U.S does, however, have a Sales Tax that varies from state to state. In my state it’s 6%. If you wanna be rich like USA getting rid of government intrusion is key. Monaco is just a tiny nation with a super concentration of rich, and is an outlier. www.uscib.org/value-added-tax-rates-vat-by-country/
state taxes are the equivalent, in some states its over 10% and not to mention sky high income taxes that don't even cover health or ed
Matthyssen hennessey mine is 6% so no not all states.
zissler- The real problem is, who wants to live in the USA ?
Here in Brasil we pay 17% of the same vat tax only to see it all being stolen by our politicians. And btw could you make a video about Brazil's economics?
you also need to become a monarchy)
Brazil needs to shoot our politicians our cut they heads in a public square like a France.
Brazil is working for "some" families quite well :)
Your whole argument about VAT sadly shows lack of research on your part. VAT of 20% is nothing special, no different than in most of the World. But indeed, VAT consists of 46% of the state's revenue.
First he says that the VAT tax is 19.6% and then 2 mins later it became 16.9% - mindblown
OH MAN
i would really LOVE to know your opinion on the economy of Egypt 🤯🤯🤯
That's easy: *Resources* (too few mining, arable land, human development, infrastructure) *minus* waaaay too much *inefficiency* (rent seeking elites, large scale corruption, monopolies) compounded by over-population ( countries have different factors). It's really not that unique.
disaster
Haha, awesome videos churning-out mate. You should write a book on these incredible economic scenarios. Video on Zimbabwe coming out sometime?
Perhaps, I have done a video on the DRC which is a nation similarly plagued by the same issue's. I can only really manage 1 video a week at the moment But I will be sure to put it on the list :)
@@EconomicsExplained Will you go into more maths and graphs as well anytime soon? I'm the type of guy that understands best with the stats to show, and I think it'll add more educational value to the video. I think this channel is going to be a staple for economics nerds.
Hi there EE, love your videos, would love to see your take on the "Inverse yield curve / coming global recession" and as well "whether Australia is going to weather yet another recession, or might actually be effected by it this time". Again, thanks for some great videos. I didn;t realize Japan's GDP had literally been stagnate since 95ish!
Yeah to be honest I try to avoid a lot of speculation type videos because I don’t really know what it means, the treasurer doesn’t know what it means, the chairman of the fed doesn’t know what it means, Santa clause doesn’t know what it means anybody that says they really know what an inverse yield curve means for the future is a conman or a silly billy TBH. It has been a good indicator in the past but I don’t have a crystal ball and can’t say what it really means for the future.
In India GST varies with the type of products from 4% to 28% but the most popular one is 18% but there are other CESS and surcharges
breaking range is sign that the index scale was made by non mathematician
Maybe, it was really a scale designed for normal countries with populations over say 1 million people. If the range was altered to bring Monaco into range the numbers would be less meaningful for real countries that the international community is actually interested in keeping their eyes on.
Great channel! I really enjoy your videos! Would you consider looking into China's economy and eventually preparing a video about it? It's an ongoing topic in my class in Denmark so I think it might be worth giving a go.
Oh boy I have plans to do it, but I am going to need to make a half hour long video to do it justice and it is going to take me a while to produced. Stay tuned and also glad to hear that you are enjoying :)
Your videos are brilliant man, keep it up 🇦🇺🇦🇺
Thanks mate, will do :)
Basically Monaco IS what Dubai is so hard trying to be
3:54 , bruh, its not even close to being the highest in the world.
Spain, Poland, Belarus, Serbia, Italy, Sweden, Denmark and So on
Oree4Three Almost all of its European neighbors have the same or higher.
a VAT tax isn't a regressive tax but rather a flat tax. The example in the video only explains that living expenses account for a smaller percentage of the total expenditures in rich households, compared to poorer households. You could say that a VAT tax has a disproportionate effect, however that effect wouldn't be benefiting those who make more, but rather those who use/consume less products in that market.
not kidding, this video was recommended to me. Anyway, nice video
Oh well I am glad to hear that you enjoyed it, always happy when new people like my little video's :D
would love to hear the differences between the various tax havens around the world
Making a shopping list? ;-)
"VAT taxes" - like saying PIN number.
Or ATM machine
Or IBM machine
True actually didn’t even consider that
@@EconomicsExplained a pedantic point, I admit! Ps, curious to know where you stand with Behavioural Economics?
Monaco is beautiful and I can attest to why tourists like myself love. Great views, food, and definitely safe. I have never seen so expensive cars in one place. Yes it is expensive, but it is a great experience and worth the trip.
Keep it up, studying economics and I'm really enjoying the content.
I will be sure to, its a great subject I hope you have been enjoying your studies so far :)
Studies are good feel like first degree is just scratching the surface. Wonder how many people who watch study economics.
And it's a stone throw from Italy, Switzerland and France. You can drive 5 minutes to France, 20min to Italy and one hour to Switzerland, 3 hours to Germany. One hour flights bro Paris, Rome and Zurich. 2.5 hours to London. You can have croissant in France in the morning and lunch in Italy. Than in the evening club in Ibiza islands in Spain.
I had breakfast in Zurich, lunch in Monaco, coffee in France and dinner in Zug. 12 hour round trip
How is this an unfair tax? as u said they pay in absolute numbers more in tax?
25% VAT in Croatia. People must be rich in Croatia.
They would be, if not for taxes :-D
Amazing video! Amazing content all around. Def joining the Discord. Keep up the hard work! My gf and I watch your videos at dinner
SuperKiwi thanks mate glad you are enjoying :) look forward to chatting on discord.
You think VAT of 19.6 is high
*Laughs in Finnish 24%*
please keep these videos coming. they are absolutely fantastic and so interesting
It's also the country with the most of billionaire's second wives living there
so the Government makes money when spend it , and not when you earn it
Pretty much yeah. For tuna trot for the people of Monaco that make much more than they spend
i love your videos man. Good job and god bless you for sharing your time, energy and research
"VAT tax" is redundant! Don't sound uneducated; just sat VAT. Similar to people saying "PIN #," rather than "PIN."
Monaco is smart not priveleged
Love this channel! Could you do an episode on environmental economics?
No
But Qatar is the highest in the world by GDP per capita
but no one with any sense wants to live there.
Sweden have 3 type of VAT tax 25, 12 and 6%, depending on what you buy
Economics of Andrew yang's policies? You've covered both ubi and vat now and presidential candidate yang has been all about both of these things. I think you'd have a really fun time checking him out.
VAT tax is nice if you don't have to pay federal and state taxes which is what we're doing here in Europe and it's killing us. You guys in the US should appreciate the position you're in.
Fantastic channel, love it!
I was told that you can avoid income tax in France as well, by having lots of children. My understanding is that three or more basically means no income tax.
The UK is 20% VAT flat rate on all goods and services with a very small number of exceptions such as heating fuel which is 5%.
There's also loads of other taxes here in the UK but there given many different names.
Fuel Duty
Roughly 110% depending on the supplier but is a set figure rather then an actual percentage of £0.5795 per litre for normal and bio fuels, LPG is £0.3161 per kg. VAT is the added on top at sale.
Income tax
Based on what you earn annually, the more you earn the higher percentage you pay.
For the 2019-2020 tax year
Personal allowance - £0-12,500 = 0% (this is taken off all your earnings upto a max of £125000, above this level of earning your not entitled to a personal allowance)
Basic rate - £12,501-50,000 = 20%
Higher rate - £50,001-150,000 = 40%
Additional rate - over £150,000 = 45%
Other forms of taxes are
💥Vehicle Exercise Duty - used to be called Road Tax, varies car to car
💥National Insurance - paid by both employee(2-12%) and employer(13.85%) per employee based on there annual income
💥Council tax - based on you house and where you live
💥Business rates - based on a businesses value
💥Corporation tax - based on a businesses profits (19%)
💥Sin tax - based on the amount of sugar a drink contains
There's probably many more but I can't think of any at the moment but basically in the UK we pay a lot of tax, not sure how that compares to other countries though
The VAT tax being regressive took me a while to process but damn, that's interesting.
Hi! I find your videos very interesting and quite informative but I can't help but notice the fact that you omitted sources in this video. I don't always read your sources, but when I do I find it immensely helpful that they are displayed so prominently. Could you add them now, or is it too much work for very little gain?
Thanks!
I'm hidding my FAFSA money in Monaco
top notch stuff! Super fascinating! Thank You 🙏
Just to say it. Liechtenstein is theoretically richer per capita
Love your videos
know what's good about the whole planet being one single nation? no more god damn tax heavens!
how is that good?
How is that any good ? America is nowhere near a tax haven and look at them compared to Monaco. They know how to operate.
Or just realize that hierarchies of any sort will ALWAYS exist within humanity and competitiveness will always be nature to the species of homo sapiens. Better to embrace that and let smaller nations compete with who gives its citizens the best living conditions instead of otherwise inevitably becoming destructive hierarchies and also having one huge, extremely corrupt and instable government (only possible with a total dictatorship).
Your complete lack of understanding of pure basic sociology, economics and general logic is baffling.
omg this single nation idea is just so stupid.
I searched myself for the HDI of Monaco and unfortunately found no information. Can you please send me a link to a source?
Obviously the " 1 million $ Family " was the white one. :D
Everyone: *triggered*
ClemensAlive it probably was because of the footage he already had in his hands.
Ooooh million I thought it was billion
Speaking of crazy wealthy economy relative to population size can you do a video on qatar eventually?
Ahaa you demonstrate wealth is built by creating poverty.
uhh, no. Wealth is built by building/making something people want and then making sure the government doesn't get its grubby hands on it.
@@joshn2342323 ... From resources appropriated from someone. The 'government'' is the appropriator. Government is in ALL systems. The Systems of governance vary. Piracy is a dominate form. The agency is always people. Look up Prato as to why wealth creates poverty - you are right that the creation of wealth can reduce absolute poverty but not always.
so basically, MONACO IS A COUNTRY WHERE RICH PEOPLE WHO DON'T WANT TO HELP OTHER PEOPLE GET TOGETHER.
makes sense
Hi Guys as always I hope you enjoy :) If you have any questions I do my very best to reply to all comments in the comments section. Otherwise I will be hanging out on the new Economics Explained Discord Channel. feel free to hang out and discuss economics or make a suggestion for a new video or call me a Keynesian shill or I dunno even ask for help with your economics homework I don’t really mind :)
Link - discord.gg/TjWDPAA
Great Work!
make a discord so I can discuss economics with uuuuuuu
Economics Explained Just discovered your channel via the Norway video, absolutely fell in love with it. I know a future million-subscriber youtuber when I see one, just wait a bit and your channel will explode even more!
@@zeWuzard he has one
@@zeWuzard check the description
I learned more from this video than school. Thanks for dropping the gems on me.
Very good video as always, would yo like to make a video of the Earth economy in "The Expanse" TV show, I think is very close to one of the scenarios that you did in your video about the economics of automation
Yeah I am going to look at some fictional economies soon and this is definitely on the list!
Nocturne No.2 Op90 is probably my favorite, great choice!