😂😂😂...because no or little maths here and you don't have to write exam...no optimization of functions and difficult math...just be honest. These videos are basically introductions. Do you find romer's book or economics textbook interesting? Maybe not...😂😂...because it has more details than the videos here...maybe maths in economics are boring...but you wanna quantify stuff, don't you. Haha, economic seminars and conferences are boring...
brilliant...Just loved the explanation. In our country's parlance (India), you are doing dharma, guiding people to do right things to ensure peace and prosperity in the world. Love & Respect from India.
These videos are gold. A lot of the points made here are just common sense to me, but when you put them all together you can just create tons of of added value, isn't that amazing?
unfortunately, this is the problem we encounter in Sudan where my relative was killed while working on his farm due to tribal conflict that doesn't concern him in any way but I would like to add the trade agreement and the health of the economy of the neighboring country to the equation where for example a country like Mexico that is neighbor with a country like the USA cannot be compared to a country like Sudan that is neighbor with the central republic of Africa, Chad, and Uganda.
Agree with the health of the economy of neighbors. U.S. For examples has stable countries surrounding it. They could just focus on producing goods and services.
I thank you for two reasons 1. You accepted that wealth does not stem from one single cause bout is very very complex. 2. You referred to a farmer as "she",SHE THANK YOU THANK YOU SO MUCH
I simply love this! Tabarrok (and Cowen) does a tremendously good job in explaining these to people like who are anxious of understanding these matters.
Yeah, you mentioned monopolies. The USA is headed that way with Amazon, Walmart, Google, Apple, Facebook, etc. The open market and competitiveness is disappearing and instead, we get multibillion-dollar companies who take advantage of tax loopholes, steal from their sellers, and dictate the entire market and screw over the choices of their customers. Maybe at some point there was reason for enthusiasm in the USA (not America, that's a continent), but now, it's turning sour for small starters. They have no choice but to sell their company to a huge tech firm or try to sell through their platforms and cross their fingers that they won't get banned from those websites. I've been selling on Amazon for over 5 years now, and it's an absolute nightmare. And the only reason why I still do it, is because they own too much market share to ignore them.
Good video but there are many non-institutional variables that affect economic growth: - Tropical countries cause people to be more lazy, and the farmland is worse because of the concentrated rain-fall - Land-locked countries are much poorer than countries with water access - Countries with good natural resources are richer (Saudi Arabia, US) - Countries that are invaded or controlled by other countries are much poorer (Afghanistan, Iraq, Iran after the war in Iraq) - Countries with too much or too little linguistic and genetic diversity are poor Here are the problems with GDP per capita: * Includes debt * Reducing birth rate increases it too much (temporarily) * In some climates GDP increasing AC and heating aren't needed * Exercise and good diet are more important for health than health spending... * Military(US) and government spending(China) increases GDP while making people less happy * Includes jails
About your non-institutional variables -first half is utter BS thats also plausibly racist, second half is just wrong (also, a country that can grow food the whole year has better farmland than one with bloody winters right???) -true true (sweden has ocean access via a navigable river) -so does a lot of shit countries but theyre still shit for a reason. Ever heard of vuvuzela -yes this is literally the main reason why there are rich and poor countries in the first place, europe went to rape the rest of the world with their imperialism instead of sharing their newfound technology via trade the way the rest of the world did to them for most of history -BS, sweden is homogeneous and rich, the US is diverse and rich, north korea is homogeneous and poor, most african countries are diverse and poor
@@arjundev3125 Sweden is diverse too. I assume you meant ethnicity as vast majority of Africans are black (homogenous). I can count Sweden's ethnic diversity of comprising of finno, east sami, north sami, norse, etc.
@@리주민 are you stupid/racist or do you really think it's possible that Africa is homogeneous because they're all black while Sweden is not because they have different types of white people? Genetically the differences between some African ethnicities right next to each other can be far larger than the differences between Europeans and Asians. And while Sweden is not completely homogeneous it is far more so when the vast majority of them are swedes, while every subsaharan African country other than Somalia has a hodgepodge of different ethnicities that don't come close to dominating their country
I am actually hater of theoretical subjects ..I mean,I really find them to be boaring ...but this channel brought a great difference in my choice....I mean..I have started loving economics...so ty❤️
J OneLife but Canadians wouldn’t want to do some of these lower labour jobs and immigrants are needed. Why do you think a lot of production has gone to China? Due to cheaper labour and not skill. Also your population is at around 40m for a country your size that’s very low which is why they needed immigrants coming in
Thank you, professor, I just finished my MBA degree, and i found i do learn more and clearer on this channel. Also, i am wondering if you can have a series of how to make this kind of interactive videos.
Wonderful. Knowledge put together. People around the world need to know and understand it and reflect on it. We do not understand it so politics manipulate and parasitize us. It´s our fault due to ignorance and our greed to live on someone else´s effort.
This video is right on target. If people set up market economies and let people keep the fruit of their labor the economy will succeed. There is another video that tries to explain why poor countries are poor by blaming the climate or a fly that devastates the oxen, etc. in an effort to not blame the people who live in these countries. That other video isn't able to explain the differences between North and South Korea where the geography and people are the same but the government policies were the difference that made South Korea successful and the North not. I find it interesting that other video disabled comments. This video does a great job of explaining the importance of good government policy and why socialism doesn't work.
Think I saw that video too. Lots of factors, but I do think the old "woe is me" victim card doesn't help growth. It perpetuates zero or negative growth. Look at zimbabwe, for example. Land expropriation did not work...it made it worse. South africa is actually mulling over the same policy. 😔🥴
I love these videos. Thanks you so much for posting them. Too few people really know or care about how wealth and success works in the macro scale. The entire modern world which those of us in wealthy countries take for granted, could very easily slip back into tyranny, poverty, and serfdom if we don't stay vigilant and root out corruption. It's not a natural tendency for those with power to willingly relinquish it. In the long run, everyone benefits from a sound democratic process, but even in free, capitalist societies the power of individuals with money is constantly undermining the system and stacking things in the favor of a few, to the detriment of the masses. The steadily increasing income disparity in developed countries is good evidence how the deck is being restacked in the favor of the rich. But still, we fail to take heed of this because our middle class is still living an enviable life. But if our working class knew where we actually should be right now, it'd cause a Revolution.
Effort divorced from payment...this is why working in low wage jobs starts to feel meaningless. When you realize you are putting in more effort by putting in more hours but you don't get a promotion or a pay raise then the effort becomes divorced from payment. There is no incentive to work harder because harder work doesn't get recognized or rewarded. That's such a hugely important concept! When I worked at Wendy's years ago I lost interest in working hard because I felt like all my hard work never was rewarded for anything more than a measly paycheck. I worked harder than my colleagues but never earned more money or received additional training to help me grow.
Quite a few of these puzzle pieces are debatable among economists, and while many of these are true in a transitioning industrial economy, in a post-industrialized economy, other institutions become much more important and regulation becomes essential at maintaining investments and creating healthy communities where people feel free to invest and be creative with their resources.
After 33 seconds of the video, 9 interesting bookks appear... Someone would know what name of the book that appears sixth in the order... 1º - Hive Mind: How Your Nation’s IQ Matters So Much More Than Your Own 2º - The Great Escape: Health, Wealth, and the Origins of Inequality 3º - Guns, Germs, and Steel - The Fates of Human Societies 4º - Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty 5º - The Wealth and Poverty of Nations: Why Some Are So Rich and Some So Poor 6º - ? 7º - Why Nations Fail: The Origins of Power, Prosperity and Poverty 8º - The End of Poverty: Economic Possibilities for Our Time 9º - Development as Freedom
Hello, I really enjoy your videos. It would be very interesting to read more on these topics, can you tell which theories or essays you have applied regarding this topic?
Any country can become rich with economic freedoms, protection of property rights, and a lack of serious corruption. Poverty is not the destiny of the poor countries. It is the natural result of the policies of their governments. It has nothing to do with us supposedly exploiting them.
We know what causes wealth inequality. Property rights and genetics are the two biggest reasons. Genetic differences in humans is a major factor in wealth creation among humans. Higher IQ people as a rule will have better incomes if they have the same rights to earn money.
You explained what has to be done to be a rich country. But the question is why some countries did those things, and others (the poor) countries havent done those things to be rich???
God! This hasn't even begin to scratch the surface as to Why most countries are poor, especially those in Africa. These are just the convenient theories we tell ourselves rather than face the hard truth.
What factors explain why some countries are rich while others remain mired in poverty besides the true theories that capital per worker and wealth begets greater innovation?
You forgot work ethic as well as a productive mindset that charges forward. You can have all the capital and capital equipment in the world, and unless you have both of the aforementioned, well then, that's all you have.
Collectives don't always limit incentives; this is assuming that human beings are 'rational actors who only act in their own self-interest' which is not the case most of the time even in a purely capitalist system; and especially when offered a strong alternative. Not a huge issue, I appreciate you taking the time for the video.
Feel so sad that we Indians still love socialism tough historically we have foremost capitalists .. for much of history we had one third of world GDP.. hope we get rid of our colonial hangover and get back to free market enterprising society. Subh Laabh
There are a lot of people here in America that have been rooting for India, including hiring millions of Indians and buying billions of dollars worth of product. I really hope you can help India grow to the level they earn. I do fear for the ecological issues you face, I am sad to say.
Hi Animesh, Here's a list: - Hive Mind: How Your Nation's IQ Matters So Much More Than Your Own by Garett Jones - The Great Escape: Health, Wealth, and the Origins of Inequality by Angus Deaton - Guns, Germs, and Steel by Jared Diamond - Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty by Abhijit Banerjee - The Wealth and Poverty of Nations: Why Some Are So Rich and Some So Poor by David S. Landes - Why Nations Fail: The Origins of Power, Prosperity, and Poverty by Daron Acemoglu and James Robinson - The End of Poverty: Economic Possibilities for Our Time by Jeffrey D. Sachs Hope that helps! -Meg
Also of note - government type. Which govt is predominantly used in poor and corrupt societies? Sure, corruption exists in all types, but the executive (presidential) is the worst offender (eg US, Mexico, Zimbabwe). Executive power is concentrated in one man meaning its winner take all. Parliamentary has more safeguards with a separate head of state (monarch, president) and head of govt (prime minister). The party could remove a pm, the parliament could remove the pm, cabinet could remove a pm, and (in constitutional crises) the head of state could remove a pm. In presidential systems, impeachment and removal is only option. Since everyone has their own team, we know how the votes will go. And no, nonpartisan (no party) democracy will not work unless were talking the size of a board of directors (7-20). Unofficial parties form when the assembly becomes too large (over 20). Think of the head of state as the referee. And the head of govt and other party leaders as coaches. In parliamentary systems, the referee is an independent nonpartisan figure; in presidential, the referee is a coach.
IQ + Culture X Econ System = Results Case in point Haiti and Dominican Republic share the same island. Haiti's 70 ave IQ has resulted in a poophole, & DR's of 89 has resulted in relative wealth.
@Adrian Barnes DR is less a garage dump due to IQ...about 87 IQ ..vs about 70 for Haiti>>>>>No disrespect to either>>they're doing the best, with what evolution has given them
@Adrian Barnes pretty sure haitians average iq is actually 30. The dominican republic would be doing a lot better if not for western intervention, but that goes for all spanish speaking countries I suppose.
Singapore was colonised but embraced Capitalism. Look where it is. India latched on to socialism after colonization. It's almost as if it's the policies of those countries making them rich and poor. Poor countries often blame colonization rather than accept their government is terrible.
The original settlers of America overcame incredible obstacles and built the foundation for a rich country. Rich compared to, for example, Mexico. So why can't third world countries do the same?
Because you (and the economists that maintain positions similar to that of the video) miss an important part of the picture. The economies of nations have a history. You have to look at the historical period in which most of (what are currently considered) rich countries became rich: the industrial revolution. Colonization, exploitation, and monopolization played a great role. From there, once you are already rich, it is easy to maintain dominant positions by nurturing relations of dependence. Moreover, rich countries exert political and military pressure to keep it that way. And this is not surprising, since if every country were similarly rich you, as an American, wouldn't have the same acquisitive power in the world. Think, for instance, in oil. If every country were similarly rich, you would have to pay more for it because you would have more competition in the demand. This is precisely what people living in rich countries need to understand. It is not that poor countries do not want to develop. It is that, to a great extent, that is not convenient for rich countries (given scarce resources). Of course, this is not to say that poor countries are not also responsible since national elites are also hindering the possibility of development.
@@jorge4188What you said is true but the video explains why those countries were rich in the first place and experienced the industrial revolution first. Don’t forget the brain drain too.
You mentioned Washington's desire to not become a king or de facto king...here's his address for anyone who wants to read it en.wikipedia.org/wiki/George_Washington's_Farewell_Address
![ทุกครั้งที่หลับตา (Lucid Dream) - AYLA's [ Official MV ]](http://i.ytimg.com/vi/4i1OBAQyv58/mqdefault.jpg)
My god this, this channel makes Economics 10 times more interesting than my uni degree.
True
This channel makes me want to get a degree in economics.
😂😂😂...because no or little maths here and you don't have to write exam...no optimization of functions and difficult math...just be honest. These videos are basically introductions. Do you find romer's book or economics textbook interesting? Maybe not...😂😂...because it has more details than the videos here...maybe maths in economics are boring...but you wanna quantify stuff, don't you. Haha, economic seminars and conferences are boring...
If you actually have a degree in economics you would know this isn't the same. This is just a lay person explanation.
Did You Take the Proper Classess? This is School of Economic Thought via Econ Philosphy i think
This is even better than Crash Course Economics
crash course is overrated...imo
@@sd-xk7qr Well for me it was a good introduction to Economics. I was a fresh graduate in Molecular Biology when I watched it.
@@smashinbedrock4903 It wasnt bad but definately not as good as MRU
Crash course economics tried to pass off Scandinavian countries as Socialist. At that moment I knew I couldn't trust that source for economics
Crash course is like a children's encyclopedia. Fun and entertaining, but if you find it "educational" you really need education.
brilliant...Just loved the explanation. In our country's parlance (India), you are doing dharma, guiding people to do right things to ensure peace and prosperity in the world. Love & Respect from India.
Thank you! Best to you as well.
Roman
How does your comment have more likes than the creator's?
@@arctis_:D
ONE OF THE BEST EVER EDUCATIONAL VIDEO ON ECONOMICS........GOD BLESS YOU.
These videos are gold. A lot of the points made here are just common sense to me, but when you put them all together you can just create tons of of added value, isn't that amazing?
these lecturers makes me more enthusiastic of economics
thank you
Once again, I'm blown away by how easy these videos make it look. You are single-handedly saving me during my ECON401 course. Thank you!!
You are welcome! Thanks for the kind words.
Roman
unfortunately, this is the problem we encounter in Sudan where my relative was killed while working on his farm due to tribal conflict that doesn't concern him in any way but I would like to add the trade agreement and the health of the economy of the neighboring country to the equation where for example a country like Mexico that is neighbor with a country like the USA cannot be compared to a country like Sudan that is neighbor with the central republic of Africa, Chad, and Uganda.
I wish you and your nation the best of luck
Having a large developed country as your neighbour sure does bring benefits.
Agree with the health of the economy of neighbors. U.S. For examples has stable countries surrounding it. They could just focus on producing goods and services.
That sums um "why nations fail" perfectly, which I'm reading lately. Thanks a bunch for making the reading process easier for me!
You guys gave me the incentive to go through this AP course with an honest interest
I thank you for two reasons
1. You accepted that wealth does not stem from one single cause bout is very very complex.
2. You referred to a farmer as "she",SHE
THANK YOU THANK YOU SO MUCH
One of the best videos i have seen in a while.
Cool vid 🎉
Fantastic 🎉,,,this is the mark of a great teacher , congratulations 🎉🎉
I simply love this!
Tabarrok (and Cowen) does a tremendously good job in explaining these to people like who are anxious of understanding these matters.
What a passionate and compassionate team, thank you very much for all the videos.
Awesome video. This is what I love about economics.
Yeah, you mentioned monopolies. The USA is headed that way with Amazon, Walmart, Google, Apple, Facebook, etc. The open market and competitiveness is disappearing and instead, we get multibillion-dollar companies who take advantage of tax loopholes, steal from their sellers, and dictate the entire market and screw over the choices of their customers. Maybe at some point there was reason for enthusiasm in the USA (not America, that's a continent), but now, it's turning sour for small starters. They have no choice but to sell their company to a huge tech firm or try to sell through their platforms and cross their fingers that they won't get banned from those websites. I've been selling on Amazon for over 5 years now, and it's an absolute nightmare. And the only reason why I still do it, is because they own too much market share to ignore them.
Good video but there are many non-institutional variables that affect economic growth:
- Tropical countries cause people to be more lazy, and the farmland is worse because of the concentrated rain-fall
- Land-locked countries are much poorer than countries with water access
- Countries with good natural resources are richer (Saudi Arabia, US)
- Countries that are invaded or controlled by other countries are much poorer (Afghanistan, Iraq, Iran after the war in Iraq)
- Countries with too much or too little linguistic and genetic diversity are poor
Here are the problems with GDP per capita:
* Includes debt
* Reducing birth rate increases it too much (temporarily)
* In some climates GDP increasing AC and heating aren't needed
* Exercise and good diet are more important for health than health spending...
* Military(US) and government spending(China) increases GDP while making people less happy
* Includes jails
About your non-institutional variables
-first half is utter BS thats also plausibly racist, second half is just wrong (also, a country that can grow food the whole year has better farmland than one with bloody winters right???)
-true true (sweden has ocean access via a navigable river)
-so does a lot of shit countries but theyre still shit for a reason. Ever heard of vuvuzela
-yes this is literally the main reason why there are rich and poor countries in the first place, europe went to rape the rest of the world with their imperialism instead of sharing their newfound technology via trade the way the rest of the world did to them for most of history
-BS, sweden is homogeneous and rich, the US is diverse and rich, north korea is homogeneous and poor, most african countries are diverse and poor
@@arjundev3125 Sweden is diverse too. I assume you meant ethnicity as vast majority of Africans are black (homogenous). I can count Sweden's ethnic diversity of comprising of finno, east sami, north sami, norse, etc.
@@리주민 are you stupid/racist or do you really think it's possible that Africa is homogeneous because they're all black while Sweden is not because they have different types of white people? Genetically the differences between some African ethnicities right next to each other can be far larger than the differences between Europeans and Asians. And while Sweden is not completely homogeneous it is far more so when the vast majority of them are swedes, while every subsaharan African country other than Somalia has a hodgepodge of different ethnicities that don't come close to dominating their country
@LagiNaLangAko23 ur right lol sry
I am actually hater of theoretical subjects ..I mean,I really find them to be boaring ...but this channel brought a great difference in my choice....I mean..I have started loving economics...so ty❤️
Great to hear!
-Roman
I am looking forward stepping up from the theory into the realm of applied reality.
Thank you
the channel is helping me a lot in the university.
Nice video! Helped me with economics class a lot.
Esperate hombre, ya te la paso
@@asley8407 yo la estoy haciendo ahorita
I love how you add why, most people would’ve just left it there but you go ahead and explain.
J OneLife but Canadians wouldn’t want to do some of these lower labour jobs and immigrants are needed. Why do you think a lot of production has gone to China? Due to cheaper labour and not skill. Also your population is at around 40m for a country your size that’s very low which is why they needed immigrants coming in
J OneLife it was made by the brits
@J OneLife do you go to every comment section saying this Mrs dummy?
Thank you, professor, I just finished my MBA degree, and i found i do learn more and clearer on this channel. Also, i am wondering if you can have a series of how to make this kind of interactive videos.
Wonderful. Knowledge put together. People around the world need to know and understand it and reflect on it. We do not understand it so politics manipulate and parasitize us. It´s our fault due to ignorance and our greed to live on someone else´s effort.
you should receive a Nobel prize for this video alone.
the best ever
I found the video very clear to present to my high school students. Thanks for sharing
Very good explanation. thank you very much
Brilliant videos! Greetings from Egypt.
wow, so clear explanation! Thank you very much for the video. It helps me a lot with my doubts.
Brilliant. Amazing. Wonderful. Everything positive. Thanks so much for this video.
This video is right on target. If people set up market economies and let people keep the fruit of their labor the economy will succeed. There is another video that tries to explain why poor countries are poor by blaming the climate or a fly that devastates the oxen, etc. in an effort to not blame the people who live in these countries. That other video isn't able to explain the differences between North and South Korea where the geography and people are the same but the government policies were the difference that made South Korea successful and the North not. I find it interesting that other video disabled comments. This video does a great job of explaining the importance of good government policy and why socialism doesn't work.
Think I saw that video too. Lots of factors, but I do think the old "woe is me" victim card doesn't help growth. It perpetuates zero or negative growth. Look at zimbabwe, for example. Land expropriation did not work...it made it worse. South africa is actually mulling over the same policy. 😔🥴
Great analysis. You broke everything down so well.
Omg.. such a great video! Thanks a ton.
WOW such an interesting video!! I loved it
Thank you this clear explanation Sir!
By any chance you guys have written any books which might be Suggested to read? The explanations are wonderful and simple
I love the way that you explained this!
(Sam) Some about big government is questionable but the rest seems fine.
You need some government actions to enact some property right and dispute and that's not necessary to have big government
I love these videos. Thanks you so much for posting them.
Too few people really know or care about how wealth and success works in the macro scale.
The entire modern world which those of us in wealthy countries take for granted, could very easily slip back into tyranny, poverty, and serfdom if we don't stay vigilant and root out corruption.
It's not a natural tendency for those with power to willingly relinquish it. In the long run, everyone benefits from a sound democratic process, but even in free, capitalist societies the power of individuals with money is constantly undermining the system and stacking things in the favor of a few, to the detriment of the masses.
The steadily increasing income disparity in developed countries is good evidence how the deck is being restacked in the favor of the rich.
But still, we fail to take heed of this because our middle class is still living an enviable life. But if our working class knew where we actually should be right now, it'd cause a Revolution.
I hear you. However, there are too many dumb people out there that would call you a socialist when you mention the word "Revolution".
So accurate and so precise! Great work!
Keep it sir
Keep posting
Very good imformation you are providing to us
Good job! I learned a lot because of your efforts
Brilliant video!
I love this channel.
Great work ….
Effort divorced from payment...this is why working in low wage jobs starts to feel meaningless. When you realize you are putting in more effort by putting in more hours but you don't get a promotion or a pay raise then the effort becomes divorced from payment. There is no incentive to work harder because harder work doesn't get recognized or rewarded. That's such a hugely important concept! When I worked at Wendy's years ago I lost interest in working hard because I felt like all my hard work never was rewarded for anything more than a measly paycheck. I worked harder than my colleagues but never earned more money or received additional training to help me grow.
Great explanation.Than you so much sir
What is the title of the 6th book that appear at 00:30 just before "why nations fail"? The only one I cannot recognise.
Quite a few of these puzzle pieces are debatable among economists, and while many of these are true in a transitioning industrial economy, in a post-industrialized economy, other institutions become much more important and regulation becomes essential at maintaining investments and creating healthy communities where people feel free to invest and be creative with their resources.
Our professor made me watch these videos and I cant help but feel the discrimination and superiority complex. Good content tho
Awesome! Thank you for making this video. We must empower others in developing countries to adapt more forward thinking to move away from poverty.
Best teachers & best video
Great channel!
brilliant video
After 33 seconds of the video, 9 interesting bookks appear...
Someone would know what name of the book that appears sixth in the order...
1º - Hive Mind: How Your Nation’s IQ Matters So Much More Than Your Own
2º - The Great Escape: Health, Wealth, and the Origins of Inequality
3º - Guns, Germs, and Steel - The Fates of Human Societies
4º - Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty
5º - The Wealth and Poverty of Nations: Why Some Are So Rich and Some So Poor
6º - ?
7º - Why Nations Fail: The Origins of Power, Prosperity and Poverty
8º - The End of Poverty: Economic Possibilities for Our Time
9º - Development as Freedom
Thank you MRU!
BRAVO!! BEST VID I"VE EVER SEEN ON HOW AND WHY IT WORKS.
good technology ,inspiration, education performance, networking need in african countries
Fascinating!
Thank you so much for making such videos!
Awesome videos. Super well and simply explained. Thank you for uploading this content. I hope you keep the good work.
That thanks at the end: 🥺
Hello, I really enjoy your videos. It would be very interesting to read more on these topics, can you tell which theories or essays you have applied regarding this topic?
Really good videos...
Do you think reserving 50% seats in colleges and employment for a few people regardless of their ability can hurt a country's economy?
Ask India
*standing ovation*
thanks for the vidoes
Any country can become rich with economic freedoms, protection of property rights, and a lack of serious corruption. Poverty is not the destiny of the poor countries. It is the natural result of the policies of their governments. It has nothing to do with us supposedly exploiting them.
what study can one take to learn about this topic?
Good.
Thanks...
We know what causes wealth inequality. Property rights and genetics are the two biggest reasons. Genetic differences in humans is a major factor in wealth creation among humans. Higher IQ people as a rule will have better incomes if they have the same rights to earn money.
ClassicExampleBand racist moron
Your iq is as high as my knees
There is smile on my face everytime I hear about the American Revolution
You explained what has to be done to be a rich country. But the question is why some countries did those things, and others (the poor) countries havent done those things to be rich???
Maybe it is a reflection of the groups of people that grew the countries towards wealth..... High quality vs low quality....
I have argued this point about collective farms with my partner in terms of the USSR and Stalin's collectivization of the farms.
Best video on TH-cam
no it's not
the american exceptionalism jumped out. yikes
why does it even matter if you are in a wealthy country if you are not wealthy yourself...
Hello Professor LU class. Otterbein rocks my socks
Because of stolen wealth obviously
5:48 There you go India.
God! This hasn't even begin to scratch the surface as to Why most countries are poor, especially those in Africa.
These are just the convenient theories we tell ourselves rather than face the hard truth.
What factors explain why some countries are rich while others remain mired in poverty besides the true theories that capital per worker and wealth begets greater innovation?
You forgot work ethic as well as a productive mindset that charges forward. You can have all the capital and capital equipment in the world, and unless you have both of the aforementioned, well then, that's all you have.
Here From Egcc Macroeconomics
Collectives don't always limit incentives; this is assuming that human beings are 'rational actors who only act in their own self-interest' which is not the case most of the time even in a purely capitalist system; and especially when offered a strong alternative.
Not a huge issue, I appreciate you taking the time for the video.
Feel so sad that we Indians still love socialism tough historically we have foremost capitalists .. for much of history we had one third of world GDP.. hope we get rid of our colonial hangover and get back to free market enterprising society. Subh Laabh
your colonial drinking times were actually the best times for India and that's how they got to be who they are today.
There are a lot of people here in America that have been rooting for India, including hiring millions of Indians and buying billions of dollars worth of product. I really hope you can help India grow to the level they earn. I do fear for the ecological issues you face, I am sad to say.
@@discutiibibliceprove it
can someone please tell me name of those books which come in the background.
Hi Animesh,
Here's a list:
- Hive Mind: How Your Nation's IQ Matters So Much More Than Your Own by Garett Jones
- The Great Escape: Health, Wealth, and the Origins of Inequality by Angus Deaton
- Guns, Germs, and Steel by Jared Diamond
- Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty by Abhijit Banerjee
- The Wealth and Poverty of Nations: Why Some Are So Rich and Some So Poor by David S. Landes
- Why Nations Fail: The Origins of Power, Prosperity, and Poverty by Daron Acemoglu and James Robinson
- The End of Poverty: Economic Possibilities for Our Time by Jeffrey D. Sachs
Hope that helps!
-Meg
Thank you Meg 😊
@@MarginalRevolutionUniversity thanks
What about climate ? I guess that falls under the lucky bracket.
Cedric Samuels falls under geography
Climate doesn’t really matter. Sweden and Norway are located in the freezing cold environments and Australia is mostly in hot environments
Also of note - government type. Which govt is predominantly used in poor and corrupt societies? Sure, corruption exists in all types, but the executive (presidential) is the worst offender (eg US, Mexico, Zimbabwe).
Executive power is concentrated in one man meaning its winner take all.
Parliamentary has more safeguards with a separate head of state (monarch, president) and head of govt (prime minister). The party could remove a pm, the parliament could remove the pm, cabinet could remove a pm, and (in constitutional crises) the head of state could remove a pm. In presidential systems, impeachment and removal is only option. Since everyone has their own team, we know how the votes will go.
And no, nonpartisan (no party) democracy will not work unless were talking the size of a board of directors (7-20). Unofficial parties form when the assembly becomes too large (over 20).
Think of the head of state as the referee. And the head of govt and other party leaders as coaches. In parliamentary systems, the referee is an independent nonpartisan figure; in presidential, the referee is a coach.
Talk about black and white thinking.....
3:00 that's not how collective farming worked. That's also a vast simplification of the famine.
IQ + Culture X Econ System = Results
Case in point
Haiti and Dominican Republic share the same island.
Haiti's 70 ave IQ has resulted in a poophole, & DR's of 89 has resulted in relative wealth.
@Adrian Barnes DR is less a garage dump due to IQ...about 87 IQ ..vs about 70 for Haiti>>>>>No disrespect to either>>they're doing the best, with what evolution has given them
@Adrian Barnes pretty sure haitians average iq is actually 30. The dominican republic would be doing a lot better if not for western intervention, but that goes for all spanish speaking countries I suppose.
you changed the way of boring studies to the grandmother stories...
What is the reason why you have erased a legacy of colonialism from your explanation of global economic inequalities?
Agree found that frustrating
because the actual study find no correlation let's say causation alone between colonialism and Growth...
Because every other country on earth gets to do the same.
Singapore was colonised but embraced Capitalism. Look where it is. India latched on to socialism after colonization.
It's almost as if it's the policies of those countries making them rich and poor. Poor countries often blame colonization rather than accept their government is terrible.
The original settlers of America overcame incredible obstacles and built the foundation for a rich country. Rich compared to, for example, Mexico. So why can't third world countries do the same?
Because you (and the economists that maintain positions similar to that of the video) miss an important part of the picture. The economies of nations have a history. You have to look at the historical period in which most of (what are currently considered) rich countries became rich: the industrial revolution. Colonization, exploitation, and monopolization played a great role. From there, once you are already rich, it is easy to maintain dominant positions by nurturing relations of dependence. Moreover, rich countries exert political and military pressure to keep it that way. And this is not surprising, since if every country were similarly rich you, as an American, wouldn't have the same acquisitive power in the world. Think, for instance, in oil. If every country were similarly rich, you would have to pay more for it because you would have more competition in the demand.
This is precisely what people living in rich countries need to understand. It is not that poor countries do not want to develop. It is that, to a great extent, that is not convenient for rich countries (given scarce resources). Of course, this is not to say that poor countries are not also responsible since national elites are also hindering the possibility of development.
@@jorge4188What you said is true but the video explains why those countries were rich in the first place and experienced the industrial revolution first. Don’t forget the brain drain too.
2:07
who is the 3rd guy with beard?
💎
2019 Iam here.
You mentioned Washington's desire to not become a king or de facto king...here's his address for anyone who wants to read it en.wikipedia.org/wiki/George_Washington's_Farewell_Address