Are the "Extreme" Economic Systems Totally Pointless?
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Karl Marx and Frederick Engels were philosophers, political theorists, and economists responsible for writing the communist manifesto, which is today probably the most widely recognized text outlining a system for a communal economy.
An economy where work is done to fulfill the needs of one's community rather than to satiate personal desires. An economy where goods and services are distributed by needs rather than by means.
An economy where people could not rest on the laurels of being land or capital owners to get by without ever needing to contribute any personal effort.
This system lies in direct contrast to the other extreme of the economic spectrum which is Laissez-Faire Capitalism.
Laissez-Faire fair literally translating from french to let it be or leave alone pretty much sums up this economic system. It advocates for leaving capitalism alone entirely to do it’s thing because no government can allocate resources as efficiently as the free market.
Both of these opposing theories are very extreme and for what its worth don’t exist in any modern economies anywhere around the world today, despite what some nations might have you believe.
So what are the economic arguments for and against a communist economic system?
What are the economic arguments for and against a completely free market?
And finally
Are there any examples of these extreme systems actually working throughout history?
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@EconomicsExplained 3 жыл бұрын
Thanks as always for watching :D This video was requested by the team over on Patreon. If you want to have your say on what video is produced next please consider supporting the channel. www.patreon.com/EconomicsExplained
@simulping4371 3 жыл бұрын
kzfaq.info/get/bejne/g-BjgMyQtMC9nqM.html
@RyanRhino23542 3 жыл бұрын
Yay!
@lukasmolcic5143 3 жыл бұрын
Could you do one on the economics of worker coops?
@martiddy 3 жыл бұрын
You said that the Toyota Corolla is better in every aspect than the Vintage Lamborghini, but you forgot that the Lamborghini looks way cooler than the Corolla.
@leonardogrant6875 3 жыл бұрын
This is a pretty good video on how Walmart centrally plans and solves the distribution problem. Amazon does so even more impressively. kzfaq.info/get/bejne/reBml9F7r8zeZYU.html
@EconomicsExplained 3 жыл бұрын
I am already scared of this comment section.
@trishabidesi8604 3 жыл бұрын
Why ?
@themongolsarecoming_9437 3 жыл бұрын
Welcome to the internet.
@lesleylee3755 3 жыл бұрын
At least you don't have that much of Chinese audiences,it'll be war than
@strafniki1080 3 жыл бұрын
Hey Economics Explained i will quickly tell you how it was in czechoslovakia during socialism before comments starts pouring. Housing was extremely cheap you could get state flat or company flat or common flat. You signed 10 year contract in that company and you got flat Basic foods were affordable but yeah i know lines in shops are true. Free healthcare Free education Security but i dont have to talk about it do i? And negatives yeah yeah i know there are many i am just saying how it was
@johnlane8053 3 жыл бұрын
So what you're saying Economics Explained, is that you support a hybrid Marxist-Leninist-Maoist Anarchist command-driven kleptocracy? I should have known!!!
@abdelrahmanwael2551 3 жыл бұрын
The best economic system is the original economic system. Reject your five year plans and your platinum credit cards. Return to monke
@tiaandeswardt7741 3 жыл бұрын
Monke
@frocco7125 3 жыл бұрын
ANPRIM GANG
@venronhymns4103 3 жыл бұрын
OOOOO OOOO AHHHH AHHHHH
@ThexXxXxOLOxXxXx 3 жыл бұрын
@@n.m.8802 Its illegal.
@ThexXxXxOLOxXxXx 3 жыл бұрын
@@n.m.8802 Its doesnt matter
@davec8473 3 жыл бұрын
It's so refreshing to hear someone talk about two sides of a political scale without ranting
@tenorte9833 3 жыл бұрын
lurk more
@arthur_hollanda 3 жыл бұрын
I'm an anarcho-capitalist myself and although I don't agree with the examples he used to demonstrate the flaws of the system, which it has, I enjoyed the video a lot, he's very respectful and honest on delivering his opinions
@thorfinnroar8672 3 жыл бұрын
an outside opinion is always refreshing
@DZ-hh5dw 3 жыл бұрын
Yeah but the left wing is actually right so it's just like talking to a brick wall if we consider engage with the right wing. There is no point. At what point do we just say no to their lunacy?
@ddandymann 3 жыл бұрын
@@DZ-hh5dw Care to explain why the left is right and the right is wrong? Disclaimer before you go on a rant, I associate with neither side as I have my own set of policies that I believe would solve humanities main problems and believe that both sides are so caught up in ideological dogma that they're incapable of solving anything.
@jackjedi811 2 жыл бұрын
You have objectively discussed the two most extreme economic systems without insulting a political party or pushing your own agenda. I am impressed by your dedication to explain these topics without allowing your own emotions to interfere.
@Ciph3rzer0 2 жыл бұрын
"objectively"
@lollinski614 2 жыл бұрын
Compared to videos where the 2 economic systems are present, this is the youtube's switzerland
@thajemm4371 2 жыл бұрын
There is def some bias against the whole communist side, but pretty neutral nonetheless
@Talonidas7403 Жыл бұрын
@@thajemm4371 He is an economist. Ofc he understands communism doesn't work. Altho even then, yeah I liked how he was mostly neutral.
@sampajam6256 Жыл бұрын
@@Talonidas7403 you definitely don't understand econmic, economics model are mostly philosophical, also there is a wide variety of communist ideology, it's true that stalinism didn't work, but not all communist are for stalinism, actually most are for anarchy or social market
@Deshammanideep 3 жыл бұрын
Before finding this channel I was poor. After watching the EE videos, I stayed poor but now I understand how entire economy works.
@RED-jg6mt 3 жыл бұрын
word
@thenathanimal2909 3 жыл бұрын
In-N-Out starts at $18/hour here in CA. Flip some burgers and stack dat cash
@misutatomasu 3 жыл бұрын
@@thenathanimal2909 poor stay poor in Commiefurnia no matter how many burgers you flip. High taxes and everything is regulated.
@thenathanimal2909 3 жыл бұрын
@@misutatomasu while I too think the CA government is a corrupt joke, I literally went from flipping burgers at my very first job to making six figures at my current job with no college degree. It took me many years but the opportunity is out there. More people should pick up trades.
@DeHeld8 3 жыл бұрын
@@misutatomasu Yes, because the problem is taxes, and not the fact that the economy is lorded over by giant corporations or anyting that force the working class into servitude. Taxes are of course, as we all know, the core principle of communism.
@economicsinaction 3 жыл бұрын
2:36 *"It must be remembered that we are still figuring this all out"* Every economists get out clause
@EconomicsExplained 3 жыл бұрын
Hahaha yeah you probably right. In fairness our peers in their science labs do the same thing, but they own it a little bit better.
@TheDNAGroup 3 жыл бұрын
This guy is clearly not an economist...or an economist worth his salt #EveryContemporaryEconomist #Fraudulent
@ooferdoofer7091 3 жыл бұрын
@SPEAKING AMERICAN it was a joke mate
@TheDNAGroup 3 жыл бұрын
@@ooferdoofer7091 But it's hardly funny when you understand the history of economic thought and its consequences. #LaughForMe
@OopsFailedArt 3 жыл бұрын
SPEAKING AMERICAN God I wish your name was SPEAKING CHINESE or SPEAKING SPANISH or literally just about anything else... Trolls aren’t funny dude. Your humor was popular for 8 days in 2001.
@Atite_Lometen 3 жыл бұрын
There is a Russian saying "I'm gonna pretend I work and you gonna pretend you pay me"
@baraamuhamed2918 2 жыл бұрын
Communism in nutshell??
@Ciph3rzer0 2 жыл бұрын
@@baraamuhamed2918 There's an american saying, if you work hard your boss will get another lamborghini next year.
@baraamuhamed2918 2 жыл бұрын
@@Ciph3rzer0 what a perfect world we live in 😂😂
@beckysam3913 2 жыл бұрын
You got it wrong, its" if you pretend to pay me (as I deserve), I pretend to work hard". Its from feudalistic system and ownership of workers.
@Fetrovsky 2 жыл бұрын
Used in Mexico, too.
@slitbodmod5555 3 жыл бұрын
Economics Explained: What has more value, a vintage Lamborghini Mura or a Toyota corolla? Me who doesn't know anything about different kinds of wine: The second one?
@nanochad2979 3 жыл бұрын
lol
@smoothbrained4channer976 3 жыл бұрын
based
@hainleysimpson1507 3 жыл бұрын
The Toyota Corolla is more valuable since it's way easier to get parts.
@rutessian 3 жыл бұрын
@@hainleysimpson1507 You're confusing useful with valuable. The Miura offers an experience that a Corolla will never match and people who can afford it are willing to pay 50-150 times the price of a Corolla for it.
@flamingpi2245 2 жыл бұрын
@@rutessian Objectively the Corolla is superior in almost every way
@prashmithkumar6561 3 жыл бұрын
>Psychic Profits >A sense of pride and accomplishment EA has entered the chat
@casperhiscock4871 3 жыл бұрын
EA, Not for the game whatsofuckingever (NFL 2k22 i beg)
@19ars92 3 жыл бұрын
I got over 2 million imperial credits on battlefront 2 though, they’re meaningless in real life but hey I’m a proud Jedi 🤣
@savishra 3 жыл бұрын
Last time I was this early, feudalism was the dominant "economic system."
@kapillantigua1504 3 жыл бұрын
Mercantilism
@suedetree970 3 жыл бұрын
im pretty sure it was called manorialism
@appleslover 3 жыл бұрын
*Hunter-gatherers assemble!* 😎
@ssengageisop3952 3 жыл бұрын
Chattle slavery
@ssengageisop3952 3 жыл бұрын
Barter system was even further back
@MrChainrule 3 жыл бұрын
"You hated the stupid government so much that you became a stupid government" love it!
@Iandar1 3 жыл бұрын
Government is defined as the way people organize. You objectively can’t get away from government.
@user-ps7ij6ge6d 3 жыл бұрын
@@Iandar1 Arbitrary definition. If we are using the common definition of government as an actual central governing entity then yes, you can get away from it.
@Iandar1 3 жыл бұрын
@@user-ps7ij6ge6d I was using the formal definition, so no you can’t get away from it. Even using the common definition if you add nuance you can’t get away from the formal definition.
@user-ps7ij6ge6d 3 жыл бұрын
@@Iandar1 Fair enough.
@vod96 2 жыл бұрын
@@Iandar1 you can, but than you go back to monke (but a hierarchy still exists, so you still have a government i suppose?)
@bleflar9183 3 жыл бұрын
As a victoria 2 player i shiver at the very sight of the word "leissez fair"
@foty8679 3 жыл бұрын
The most productive countrys in victoria i always built with communism, but then i had to like, constantly look at my industry, upgrading, upgrading upgrading, looking at the stock market, oh no something crashed, funding funding...playing communist makes your country very strong, but playing leissez fair..it feels way more ez because you can focus on other stuff (but sometimes its sad to see a factory with level 99 get destroyed by capitalist, Note: I play without end day)
@bleflar9183 3 жыл бұрын
@@foty8679 Well, i also don't like to personalyl menage my economy (cus i suck at it, lol) but even then i just use the intervenyionalist policy. Becouse if i don't subsidize a factory it will close down in seconds no matter how proffitable it is.
@foty8679 3 жыл бұрын
@@bleflar9183 I only play Prussia and Texas, so i have no idea.
@lurkag2672 3 жыл бұрын
@TheOneTold no one can really pronounce it either so...
@augustuslunasol10thapostle 2 жыл бұрын
@TheOneTold spelling something so niche and dumb ain’t exactly a requirement it would be nice but if the spelling conveys the message and what it means then it’s good enough
@Cyclops0000 3 жыл бұрын
Liked the bit on subjective value. Lots of people buy branded products in a supermarket when often the generic version is made in the same factory using the same ingredients and it costs half the price. Saves me lots of money compared with the average shopper.
@juanjoseph 3 жыл бұрын
Subjective value is proven by looking at a smart but ugly person and a beautiful but dumb person. Depending on the market, both of them will be valued very differently.
@applepeel1662 3 жыл бұрын
Perceived value is the bedrock of our entire civilization
@alexmorrison3442 2 жыл бұрын
Do you want to hear about the symbolic theory of value? :) I swear this won't change into a rant about communism. I swear.
@L154N4LG4IB 2 жыл бұрын
Honestly to the subjective value lovers smiths labor theory of value or “Marx’s labor theory of value”, isn’t false. It’s just not all encompassing. I don’t know why we have to say “oh and btw labor is only valuable if it’s in demand” in a conversation about economics. Smith didn’t have to say it as the father of capitalism, why do we leftists have to constantly say this to subjective value lovers? And if value is subjective what’s wrong with using labor to value products? If something subjective it’s not one way or the other.
@marcuspacheco3815 2 жыл бұрын
Really? Because it's a terrible example the reason the Lamborghini costs more is simple. The demand exceeds the supply. Back when the Lamborghini was produced it was significantly less than a Toyota Corolla but now that 40 years have gone by and most of them have rusted away or been crashed the number of people who want one exceeds the number that exists. Therefore if you want one of the few that remain you must pay more money more money than the other people are willing to pay. If you asked the same question about a modern Lamborghini versus a modern Toyota well then the answer would be obvious a lot more material cost expertise and effort go into producing a modern Lamborghini than a modern Toyota. And the result is a vehicle that far exceeds the performance value looks and quality of the Toyota... All of those improvements come at a cost which raises the price. 🤦
@fhz3062 3 жыл бұрын
20:45 In the words of Rick Sanchez: "You hated the stupid government so much you became a stupid government".
@sorsocksfake 3 жыл бұрын
A message to anyone starting with "anarcho-". Except anarcho-primitivists of course. They be like "we'll make sure there won't be another government ever, even if it takes killing 99.99% of humanity". Slightly immoral, but one has to admire a man of principle?
@fakedoorsfordinner1677 3 жыл бұрын
Anarcho-privitism and whatever makes robot economies are my favourites. Because robots make people lazy, but if they solve all problems it makes more freetime
@fakedoorsfordinner1677 3 жыл бұрын
If all is made by man, man has meaning. If all is made by bot, bot has meaning
@leviticus2001 3 жыл бұрын
Just reading that in the subtitles made me laugh 🤣
@tyaz6556 3 жыл бұрын
@@sorsocksfake what?
@mrvwbug4423 2 жыл бұрын
As an aside to the EVE Online economy, you can't just change corporations and not have to pull up stakes and move and go through a rigorous vetting process. Assuming you belong to a corporation that is part of a large nullsec alliance which holds territory, to move to another alliance you would first need to quietly move your assets out of the territory of your current alliance without tipping them off that you're leaving, if they catch wind that you're heading for the exits they will usually immediately kick you out and seize or destroy what assets of yours they can. Once you've evacuated your assets to NPC controlled space you then have to go through a vetting process to get into your new alliance, due to the prevalance of spies in EVE it is extremely difficult if not impossible to move to an alliance which is the enemy of your former one, at least without either stealing a huge amount of assets or conduct some type of sabotage to the alliance you're leaving.
@valerieallison8612 Жыл бұрын
Even in the blue factory vs red factory example, what's to stop the blue security force just preventing you from leaving, it allows them to save a whole bunch of money by not needing to be as consumer friendly.
@Krytern Жыл бұрын
Eve Online's economy shouldn't really be discussed anymore because it isn't a real ingame economy that is only controlled by ingame actions. You can use real money to get ingame money. It shouldn't be in any comparisons.
@toomanymarys7355 Жыл бұрын
Which is pretty much what you'd get IRL in this system too...
@ChaoticNeutralMatt Жыл бұрын
@@Krytern I mean you can do that IRL with currency conversion
@Krytern Жыл бұрын
@@ChaoticNeutralMatt That isn't the same thing. Converting one countries currency into another countries doesn't have the same effect as using real money to get ingame money. Have you never played it?
@haydenmaines5905 3 жыл бұрын
A problem with the Red and Blue communities is that when the citizen goes to leave the Blue community could say there's a 1 million dollar fee to open and close our gate, and any attempt to climb over it will be damage to our property. This is what happened in many medieval English prisons, where prisoners had to pay a fee to the turnkey in order to open the prison door to leave. Many of those that were poor were unable to leave the prisons, even after they had served their time.
@CarrollLiddell 3 жыл бұрын
The solution, is to eliminate desire. - this message was brought to you by The Bhuddah.
@andydupree9091 3 жыл бұрын
No desire => no suffering => nirvana ez pz
@vylbird8014 3 жыл бұрын
The solution is to satisfy all you desire. - The advertising industry.
@quoccuongtran724 3 жыл бұрын
no desire
@khhnator 3 жыл бұрын
people still need to eat tough
@monad_tcp 3 жыл бұрын
@Advant Garde they just die, you don't have to think about that, keep it minimalist, no desire for compassion, no suffering, nirvana
@johanliebert6734 3 жыл бұрын
Oh Boi you already made people mad on a subreddit This comment section will be fire
@EconomicsExplained 3 жыл бұрын
what? it's only been up for like 5 seconds? oh boi.
@johanliebert6734 3 жыл бұрын
@@EconomicsExplainedthe inequality vid made people mad
@saasda6255 3 жыл бұрын
Economics Explained logic and sense attacks emotions and principles welllll.......
@kshitizsharma386 3 жыл бұрын
Can you link the post from the subreddit?
@caorusso4926 3 жыл бұрын
And since when reddit is a good comparative of what is actually good? Have you seen they cringe meme?
@EvilMaxWar 2 жыл бұрын
Anarcho-Capitalism would basically evolve into city-states. And from there it would not be anarcho-capitalism anymore.
@ihazplawe2503 2 жыл бұрын
that's why it's neo-feudalist
@ConspiracyCon578 2 жыл бұрын
Power operates in singularity. Hence Kingship. Everything will HAVE to lead back to a single authority. A.K.A the Parent Company. Even with City States, them fighting the ultimate City State (Parent Company) would be like :" getting in a fight where all you could do is cripple your enemy whereas he's able to kill you.
@33up24 2 жыл бұрын
If by city state you mean corporations that would just be totalitarian states with extra steps? Yeah, think of The Amazon federation and it's godly leader Jeff bezos, or the Apple State with it's postumate leader Steve jobs.
@33up24 2 жыл бұрын
@Philip Saunders they are already cities abroad that are completely privately owned, i think they are some in central America. It is as bad as you imagine
@blocks4857 2 жыл бұрын
Gotta love that he used a meme to "debunk" it
@CowboyTay 3 жыл бұрын
Well done. As an economist myself, I believe that efficiency is really the key. A central government can more efficiently maintain a defense force, the private sector can more efficiently allocate capital, electricity can be produced and delivered more efficiently at scale, and so on. Do wealthy people efficiently allocate capital, maybe, maybe not, but there is a good chance they got wealthy by being efficient to begin with. I think the real debate that rarely gets had is "What is government?" Is it a ruling body? Is it a caretaker? Is it a mechanism to ensure certain rights? What is it? @economicsexplained The answer is going to be different depending on who you ask. One of my best friends from college and I adamantly disagree on the role of government and thus have a hard time aligning on economic issues because of it.
@saeedbaig4249 2 жыл бұрын
Good question, and here it tends to lead away from pure economics and into political philosophy about what the government should do and even morally can do. It reminds me of the similar question of "What is the purpose of prison?" Is it to punish criminals? Rehabilitate criminals? Keep society safe from criminals? What if these goals conflict? (e.g. punishing a criminal more harshly, even if justified, might be counterproductive to their rehabilitation; letting a criminal out on bail/limited work in their best-interests of rehabilitation/reintigration into society might put the public at risk if they reoffend, compromising public safety).
@CowboyTay Жыл бұрын
@@saeedbaig4249 That is an excellent question also. I think we have uncovered that most debates and/or studies of major policy issues are not starting with the correct question.
@Talonidas7403 Жыл бұрын
@@saeedbaig4249 imo it's both to punish criminals and keep society away from criminals
@piratenflipper Жыл бұрын
efficiency and exploitation are not the same thing I can play a game efficiently and be good or I can exploit the system of the game to gain an unfair advantage and be better than anyone who plays
@ryanstephen120 Жыл бұрын
@@piratenflipper That is also a philosophical and/or moral dilemma that is not easy to answer. When a company like Amazon extracts maximum value from workers for minimum wages, technically that IS efficiency.. Exploitation and efficiency have significant overlaps, and it is not so clear-cut whether humans are better off with or without it. For example: China's exploitation of cheap labour and smashing of unions has simultaneously lifted the largest amount of people out of poverty in human history, while at the same time raising living standards in the west through providing more cost-effective goods. Had China not done that, the west would not have outsourced most of their factories there, and today's China would look a lot more like India/Africa.
@pickleproductions2010 3 жыл бұрын
'Are the "Extreme" Economic Systems Totally Pointless? ' *Jreg disliked that*
@frocco7125 3 жыл бұрын
This channel is getting centricided.
@sirnikkel6746 3 жыл бұрын
Welcome To Ancapistan!
@BrianMarshall1 3 жыл бұрын
@@sirnikkel6746 welcome to our eco-facist police state sub region of ancapiatsn. Now everyone is here by their own choice, so back off with your NAP violation accusations.
@greanbeen2816 3 жыл бұрын
As a newly converted anarcho-authoritarian social-capitalist with properties of capital-marxism, I 100% feel that
@aaronclarke7732 3 жыл бұрын
*Every internet user under the age of 30 disliked that
@Itsmellsfishy 3 жыл бұрын
‘Your motivation is to do the bare minimum without getting fired’ Who told you!?
@inquisitorialllama638 3 жыл бұрын
And it works!!! I'm better off than many harder working people. It's about working smart not hard.
@kawaiidere1023 3 жыл бұрын
Capitalism mood
@whythelongface64 3 жыл бұрын
Socialism is the future.
@Wrtvrxgvcf55 3 жыл бұрын
@@inquisitorialllama638 legitimately untrue lol, even if you dont get promoted, going full blast or at least 90% allows you to not only get a feel for a job, but it allows you to notice your role in it all much more obviously, which in itself gives way for you to realize your potential in either another field or maybe even starting your own niche business once you realize some things are just done sluggishly at your old job.
@inquisitorialllama638 3 жыл бұрын
@@Wrtvrxgvcf55 That just sound like being observant while working unnecessarily hard. So smarter not harder.
@javiermontiero4982 2 жыл бұрын
I learned a lot about socialism while minoring in sociology in college but that was years ago and I've mostly lost knowledge from my many courses back then. I came to this video and a few others to brush up on some of the information and I gotta say, you break down these concepts so fluidly and efficiently, I deeply appreciate your approach to content creation. Also, I especially liked your points on psychic profit and your example of subjective value with the vintage car and the Corolla. Keep up the great work.
@davidhollenshead4892 Жыл бұрын
Except that the vintage Lamborghini is worth more to society than a Toyota Corolla that was made in the same year. As Lamborghini's main product was farm tractors and decent ones at that, so they helped produce food for decades. While the Corolla from the same year had a life expectancy of two to five years and sucked to own. My stepfathers lasted just 18 months because it had no rust protection and parts just kept falling off it. When it was a few months old I accidentally slammed the door and the window fell into the door and shattered. My stepfather wasn't mad at all as previously the gearshift level had pulled out when he was driving it leaving it stuck in second gear. Frankly it was absolutely the worse car my family owned during my childhood...
@zed.i9033 3 жыл бұрын
All I am gonna say is : "Perfectly balanced as all things should be"
@nanochad2979 3 жыл бұрын
"fine, ill do it myself"
@joshsmyth130 3 жыл бұрын
@@nanochad2979 with black jack and hookers right ?
@mattolivier1835 Жыл бұрын
Even if you beat someone to death to achieve it?
@stijnhs 3 жыл бұрын
Vietnam: "I'm a communist country!" * Goes to Saigon's district 1 at night * : SUPERCAR BONANZA
@kartik3719 3 жыл бұрын
Luna Oi's video "Is Vietnam Socialist" actually does a great job of explaining the vietnamese economy
@ssengageisop3952 3 жыл бұрын
@@kartik3719 How long is the video?
@Peizxcv 3 жыл бұрын
@@ssengageisop3952 More than half a hour. I actually suspect that channel is Vietnamese government funded; soft diplomacy
@stijnhs 3 жыл бұрын
@@Peizxcv what would make it government funded? The fact that it is positive about socialism??
@Peizxcv 3 жыл бұрын
@@stijnhs No, I expected that. Although the part she said collective farming and a stamp based economy could work if Vietnamese have more resources is really unrealistic. The reason I suspect she is Vietnamese soft diplomacy is a girl, living in Vietnam, speaks fluent (but accented) English, knows a lot of American slang, talk about Vietnamese culture and food all the while adding a lot of positive things about Ho, the communists, and the government. North Korea actually runs a similar channel under "Echo of Truth". Spend a lot of time talking about the country's COVID response as well
@placeholder1308 3 жыл бұрын
how has no one mentioned the "sense of pride and accomplishment" joke in this vid yet
@EconomicsExplained 3 жыл бұрын
I think you were the first to pick up on it :)
@placeholder1308 3 жыл бұрын
@@EconomicsExplained actually, someone commented about it 32 seconds earlier but i didn't notice because i hadn't refreshed the page
@akhashdhillon2159 3 жыл бұрын
Would you mind explaining 😔
@downstream0114 3 жыл бұрын
@@akhashdhillon2159 Search it on google.
@cheese-je9xs 3 жыл бұрын
@@downstream0114 I did. I still don't get it. He says it around 10:06 but what was the joke?
@stephenmerritt5750 3 жыл бұрын
The real problem in world societies: Each society is controlled by its conditioners. These conditioners are never themselves subject to their own conditioning.
@HolyKhaaaaan 2 жыл бұрын
Yes they are.
@jazaniac 2 жыл бұрын
Not true at all. Look at medieval Europe and Christianity - many ruling families both used Christianity to control the populace and were also Christian themselves.
@50733Blabla1337 2 жыл бұрын
@@jazaniac What is wrong with you? You cant be thinking that actually was a rebuttal while the obvious FEUDALISM screeches into your face
@Misaka-gt5yj 2 жыл бұрын
@@HolyKhaaaaan No they don't. Biden tells you to pay your "fair share" Yet he uses not 1, but 2 S-CORPS to pay as little payroll tax as possible. Your conditioners NEVER subject themselves to their own conditioning.
@mattolivier1835 Жыл бұрын
Oh, you mean government. Why don't you just say government? Scared?
@SturmerSS 3 жыл бұрын
Why would blue team allow their workers to switch teams for different teams? What would stop them from threatening and starting military conflicts with their opponents? Anarcho capitalism inevitably will lead to new feudalism.
@alucard347 3 жыл бұрын
Exactly. Anarcho capitalism is effectively the simple, natural, lawless system between countries and societies.
@libercode9886 3 жыл бұрын
So, the problem of anarcho capitalism is that it can lead to the creation of a state? Your argument is self defeating
@SturmerSS 3 жыл бұрын
@@libercode9886 problem is that those states be from old past. Feudal states where people will be slaves to local rulers... corporations.
@alucard347 3 жыл бұрын
@@libercode9886 it's not that the argument is self defeating, it's that the ideology is self defeating. If you want to create a system through anarcho capitalism, the system is merely going to be the starting point. Anarcho capitalism is the natural state of interactions amongst humans when you remove states and society from the equation, which is how we started. Using it would merely bring us back to how we were thousands of years ago, and see us slowly developing society back to where it is currently. Hence, a self defeating ideology.
@Emistotle 3 жыл бұрын
@@alucard347 If the people want a government, they will have it. Ancap is simply trying to make it a somewhat consensual interaction. Government can still exist in ancap, there is just no implicit consent. I would advise you to read more about covenant communities and “private” cities within anarcho-capitalist literature.
@shotelco 3 жыл бұрын
Re: the perfect Economic System - “There are *_No Solutions,_* there are _only_ trade-offs; you try to get the best trade-off you can get, that's _all you can hope for.”_ ~ Thomas Sowell
@dutt_arka 3 жыл бұрын
Thomas Sowell is one of the wisest men I have ever witnessed. I wish I was born in the US,and could meet him.
@andreferrer9350 3 жыл бұрын
@@xunqianbaidu6917 so crazy people who have different opinions than we do, no? I personally think it should not be allowed, for the public good
@JohnJigglywiggly 3 жыл бұрын
Thomas Sowell is not a reputable source, he is simply a hack paid by big republican money to deny science, denounce Black Lives Matter, and deny the existence of racism. Anything he says is merely an accessory to his paid-for political agenda
@andreferrer9350 3 жыл бұрын
@@JohnJigglywiggly ad-hominen, no facts presented
@barrycadena2501 3 жыл бұрын
Sowell is probably correct in regards to economics and desperate outcomes, despite being wrong about climate change or soul raping. These are different topics, and it really doesn't matter when specific topics are being addressed
@squrtinata 3 жыл бұрын
0/10 didn’t tell me how many yards of linen equals a coat.
@severdislike4222 3 жыл бұрын
Hello first hundred plus pages of Das!
@severdislike4222 3 жыл бұрын
@Karl Marx hard das kapital reference
@Costa_123 3 жыл бұрын
@Karl Marx hi santa claus
@vladimirlenin3562 3 жыл бұрын
Das Kapital moment
@barosielle2952 3 жыл бұрын
an immense accumulation of commodities...
@Bwier1968 2 жыл бұрын
I am a little disappointed that you didn’t include a section about externalities and the Government’s role as arbiter in situations where a producer enjoys profits without incurring all costs of production. To my mind, this might be considered the most important role of government in an efficient economic system.
@allencummings7564 2 жыл бұрын
Aye
@REgamesplayer Жыл бұрын
He did under Laissez-Faire capitalism model.
@TheEndiPL 3 жыл бұрын
19:19 dude that's the plot of Team Fortress
@elmerikamari801 3 жыл бұрын
>blue and red company fighting against each other in a mercenary war Is this Team Fortress 2 lore?
@JakeN482 3 жыл бұрын
TF2 was inspired by the US military in that specific lore case. BluFor and RedFor (now called OpFor) are terms for designating allied and enemy units in mock battles for training purposes. The goal is to pit commanders and units against each other using different hardware with the hopes of simulating what an actual battle will be, with Red Force given training manuals, statistics, and training regimes stolen from the Soviet Union. Veterans who left the army and started to work in business brought the practice with them, and now it's called "Red Teaming" or "Penetration Testing" in the business world and cyber security realms respectively. There wasn't a real cohesive narrative for Reliable Excavation and Demolition nor Builder's League United in the beginning, but it sorta grew into the two mock corporations you know of today.
@adrianbundy3249 3 жыл бұрын
Red team vs Blue team was in the first Team Fortress as the default teams... Though some maps had 4, teal and yellow after red and blue. I still remember having absolutely epic games on 2fort5 with 300 ping on a 56k dialup line and servers so full you had waiting periods. I miss those days. TF2 was a pale imitation. And that was what, 98? And the general concept seems to have been around even in the early 90s games. So mayb predating TF altogether.
@MozartJunior22 3 жыл бұрын
19:20 All rise for the natio- ahem, I mean, the corporate anthem of the blue company: "I'm Blue, da boo dee da boo dah, I would beat up a guy, If I were green I would die"
@FallingPicturesProductions 3 жыл бұрын
**Members of the Green company begin looking for jobs in Blue company.**
@suicidesitter6527 2 жыл бұрын
It not easy being green.- Kermit the frog!
@joostvandergun5518 2 жыл бұрын
Why is it always assumed that it is impossible for governments to decide what people want? They can record what is used first and what not, and adjust production accordingly.
@nknkannadiga9742 Жыл бұрын
Humans are dynamic.
@robertagren9360 Жыл бұрын
Because they don't give what people want. They give what they think people want.
@TheRezro 7 ай бұрын
@@robertagren9360 Yes. That is why Communism fail (when it wasn't trying to be despotic megacorp). Old crippled man did not understand needs of the people or even the capacities of own technology.
@partydean17 6 ай бұрын
You immediately run into the problem of bad incentives as people grab more apples off the shelf than they actually needed. Money and markets is still the best way to feel for the subjective value people have for goods and services. And the way to make sure that is closer to ideal is the potential or act of competition. A central planner tends to eliminate their competition
@mix3k818 3 жыл бұрын
The truth is, these systems work best in much smaller communities (I'm talking about 1000 people). At such a small number, you might just as well also introduce anarchism (as in no government, not as in chaos) with such economic systems, since anarchism tends to be localist.
@eevee1791 3 жыл бұрын
How about Annarcho- communism
@mix3k818 3 жыл бұрын
O P A L E E V E E Same story there
@user-xg8yy7yl1d 2 жыл бұрын
I think localism is the answer in general. Even the answer to a more peaceful world. My ideal country is one that is only as big as it has to be to be economically feasible, has a nationalist policy of armed neutrality and anti-expansionism (ie Swiss-style neutrality) and in turn holds only as much power at the "all-nation" level as is strictly needed with most power further devolved to local states and down from there to individual towns. Basically keep everything as local as physically possible.
@vultureTX001 2 жыл бұрын
@Flame Bakunin everytime .
@ARojas-dg2ce 2 жыл бұрын
@Flame no.
@davidSFL79 3 жыл бұрын
The sad “reallifelore” graphic was a funny touch.
@younoobskiller 3 жыл бұрын
Okay I will sound stupid, but I think the joke flew over my head there. Why is he there?
@pedropedrohan102 3 жыл бұрын
@@younoobskiller because he likes toyota Corolla's
@rigrag7876 3 жыл бұрын
The Cold War is about to restart in the comment section...
@mauz791 3 жыл бұрын
Oh I hope so, just got my buttery popcorn 👍
@TheLucidDreamer12 3 жыл бұрын
I'm banking on alt-right fascists to talk about how white people created everything and therefore should replace everyone else
@MinecraftMasterNo1 3 жыл бұрын
@@TheLucidDreamer12 Do you even know what the cold war is? Not everything has to be about race.
@ddandymann 3 жыл бұрын
@@MinecraftMasterNo1 No but the people who make everything about race will find a way to fit race into everything.
@vloh3097 3 жыл бұрын
the cold war is about to get hot 🔥
@seanpatrick1243 3 жыл бұрын
This is the first and only channel I have turned on notifications for!
@adammyers3453 2 жыл бұрын
I would have a discussion on ethics from a philosophy student/philosopher outlining the other side of these ideas (the ethical side).
@jacobite2353 Жыл бұрын
Yeah would be nice. I call myself an ethical socialist (arguing for socialism on an ethical point) because well it is obvious that capitalism provides the greatest and strongest economies but, to me, is unethical, now this means i don't want to abolish every little capitalist part (in fact i routinely defend private property ownership) because I accept it is necessary for a good economy. But it needs to be countered for morality and a just society.
@adammyers3453 Жыл бұрын
@@jacobite2353 I would argue that while capitalism is amoral, socialism is unethical (capitalism is simply without ethics one way or the other). In my view, the main issue of socialism is that it forces dealienation on all subjects regardless if they desire it or not. For example, there is no provision for living the life of a hermit in the Oort Cloud (assuming that the technology exists for that [something that appeals to me personally]). I am not opposed to voluntary socialism, though.
@jacobite2353 Жыл бұрын
@@adammyers3453 What? You can live the life of a hermit if you want to, away from society entirely but chances are you will in some way benefit from society so therefore should pay society or else you are a thief.
@pianobear7491 3 жыл бұрын
EE: "Most governments would love to give their citizens free healthcare, universities, and world class infrastructure; while also reducing taxes..." *laughs in dictator*
@9manny99 3 жыл бұрын
Laughs in US hunting socialism and communism in the 20th century
@bubblegumgun3292 3 жыл бұрын
*laughs in leader*
@fudgerace4356 3 жыл бұрын
@@jellyfishi_ all absolute monarch country still provide free healthcare and education to all their citizen... most of them still doesnt hv to pay income tax...
@9manny99 3 жыл бұрын
@RoastWorthy As we strip them of resources and use debt diplomacy. 🙈Easy to help a problem you create
@9manny99 3 жыл бұрын
@RoastWorthy And you think we didn’t 🤔We are established and have a military from sea to sea+ allies
@darius2640 3 жыл бұрын
EE: "Toyota Corrola is a better car than Lamborghini" *[angry Doug noises]*
@GhostEmblem 3 жыл бұрын
He said "vintage" Lambo as in decades old. So yh even if it costs more its extremly reasonable for it to be worse in every concievable way.
@hainamhoang9369 3 жыл бұрын
@@GhostEmblem what about the lastest models of these two? Is corrola still better ?
@easygoingdude9990 3 жыл бұрын
Any Initial D fans in the house?
@lcmiracle 3 жыл бұрын
@@hainamhoang9369 the point is that a vintage lambo costs more than a modern Toyota Corrola on the market today because people attach higher subject values to the former. The price tag on a vintage lambo is therefore unrepresentative of its objective values i.e. technological expertises, ergonomics, practicality and comfort.
@RaphBuzz 3 жыл бұрын
Who cares about capitalism vs communism debate? This is what really triggers people. =p
@21dolphin123 3 жыл бұрын
I'm interested to know how u think an anarcho capitalist system could avoid becoming a series of blue and red warlords fighting for resources
@Omar-yb8uj 3 жыл бұрын
anarchism and capitalism inherently juxtapose one another, as capitalism creates a social heirarchy based on capital which contradicts the anarchial nature of anarchism. As such anarcho capitalism can't exist, it's actually just libertarianism
@murdakah 3 жыл бұрын
Miro, not true. Anarcho-capitalism is actually another name for voluntarism. The key difference here is actually very simple. When you have a government, the government has a monopoly on violence. When you have these hypothetical corporations, they might control most of the violence, but they are competing against one another.
@davigurgel2040 3 жыл бұрын
@@Omar-yb8uj this is one definition of anarchy, presented by classical anarchists such as bakhunin and proudhon. The meaning of anarchy in "anarcho"-capitalism means no imposed hierarchy, that is no hierarchy you are forced to participate in. What would classical anarchists do if the people in an anarchist society voluntarily chose to be part of a hierarchy, such as a private company? You need a hierarchy to force people not to form hierarchies, thus why classical anarchism is impossible
@FragginWagon76 2 жыл бұрын
Of course that's your contention. You're a first year grad student. You just got finished reading some Marxian historian, Pete Garrison probably, you’re gonna be convinced of that until next month when you get to James Lemon, then you’re gonna be talking about how the economies of Virginia and Pennsylvania were entrepreneurial and capitalist way back in 1740. That's gonna last until next year, you’re gonna be in here regurgitating Gordon Wood, talkin’ about, you know, the Pre-revolutionary utopia and the capital-forming effects of military mobilization.
@paavoilves5416 Жыл бұрын
@@Omar-yb8uj Private ownership of means of production (capitalism) could in the extremes be anarchy, couldn't it? If everyone individually controlled their own way of conducting business, wouldn't it be anarchy? Anarcho-communism instead is an oxymoron as anarchism is about voluntary cooperation with no state (which means private property), as communism advocates for elimination of private property and instead wants everything to be publicly (state) controlled.
@S85B50Engine 3 жыл бұрын
20:45 You either die free or live long enough to see yourself become the government.
@EggyBagelface93 3 жыл бұрын
I think what a lot of people forget about free markets is that sometimes it's impossible to vote with your wallet. For example if a government doesn't restrict certain actions of corporations, there is nothing to stop from companies A, B and C working together to charge a higher price than warranted. Here in Canada a few years ago some grocery stores were caught price fixing with other major retail grocers.
@Sivert23 3 жыл бұрын
Or take the example of standard Oil. It grew so big that it could dump prices and soak the losses, while the smaller competing companies couldn't and went out of buisiness. Thus leading to a De facto monopoly on oil. That is what happens when a company "wins" in capitalism.
@brettmcclain9289 3 жыл бұрын
Cartels will fall apart in a free market, so yes you can vote with your wallet.
@michaelzlprime 3 жыл бұрын
@@brettmcclain9289 It's established fact of history that if permitted cartels thrive, and thriving markets turn to monopolies, standard oil is a great example. saying "but a REALLY free market will be perfect" is just naive
@larllarfleton 3 жыл бұрын
@@brettmcclain9289 how?
@vojtechstrnad1 3 жыл бұрын
@@Sivert23 Standard Oil might have been terrible for competition but great for the customer. The price of oil only started to rise once it was broken down. This may be harsh but I think that competition only has the right to try but not to actually be successful, and if they fail it's for the best to let them fail.
@omarramadan2547 3 жыл бұрын
Sounds like Centrist Propaganda to me.
@sirnikkel6746 3 жыл бұрын
All the extremes are on the same team!
@BrianMarshall1 3 жыл бұрын
@@sirnikkel6746 I don't know why, but all the jreg references here seem completely normal.
@SammyxSweetheart.02 3 жыл бұрын
The two extremes have more in common with each other than they do with their moderate counterparts
@sirnikkel6746 3 жыл бұрын
@@SammyxSweetheart.02 BEEP BOOP, HORSESHOE CENTRIST DETECTED
@BrianMarshall1 3 жыл бұрын
@@SammyxSweetheart.02 Found the centrist
@McCannsCanines 2 жыл бұрын
I thought, mistakenly, that economics was boring before I found your channel. So thank you for explaining this all in a down to earth, unpretentious manner. I’m a hobby novelist and your channel has given me lots to think about in regard to world building. I do have a question though. Is there a middle ground between the lax capitalism you mentioned, and archo-capitalism? Wouldn’t native Americans be an example of that? Less than country, but a strong community who provides for itself. I’d love to hear your thoughts on that!
@whitezombie10 2 жыл бұрын
The lax and archo capitalism are the same thing, native Americans were simple people and weren't able to create so much because factories didn't exist and they lived in small communities and it was harder to survive so they were forced to cooperate , while today's population would do anything to get more power and the people have enough time to think at getting more
@50733Blabla1337 2 жыл бұрын
You can make a way stronger case that the native americans lived in a communist way tbh
@FishWhiskey Жыл бұрын
@@50733Blabla1337 wdym lived? Alot of them are still living on poor tribal lands.
@50733Blabla1337 Жыл бұрын
@@FishWhiskey dunno what point you are trying to make
@FishWhiskey Жыл бұрын
@@50733Blabla1337 im saying they still live like that but you said lived.
@emilianocichanowski7894 3 жыл бұрын
Look guys, the centrist is actually making a point
@firestorm165 3 жыл бұрын
We always do, it's just that everyone else never listens
@Avenus112 3 жыл бұрын
Self serving ideology to win points by dunking people on the internet is too much fun to give up though.
@emilianocichanowski7894 3 жыл бұрын
@@firestorm165 becose a centrist does notake points most of the time, normaly they agry with an alredy existing one, they are conformist, and most of the time suport the preexisting state
@firestorm165 3 жыл бұрын
@@emilianocichanowski7894 because the pre-existing state is a result of multiple milenia of trial and error and 99 times out of a hundred any suggestions of "improvements" have already been tried and have found to be an incredibly bad idea
@aiuifohzosfdh 3 жыл бұрын
no, Economics Explained doesnt even know that communism is stateless and that is his counter-argument. China and the USSR were never communist they were working towards communism. Also the free market isnt efficient: look at the 15.5 million that die every year, even tho we can easily save them, bcs it isnt profitable for private owners to save them.
@themongolsarecoming_9437 3 жыл бұрын
EE: Capitalism vs Communism KGB disliked that.
@lesleylee3755 3 жыл бұрын
CIA also🤩
@EconomicsExplained 3 жыл бұрын
Welp looks like no more going outside for me
@waliddjema5442 3 жыл бұрын
@@EconomicsExplained Let's DRINK some tea my FRIEND (russian accent)
@martiddy 3 жыл бұрын
vs Socialism vs Anarchism
@juliancoenen4917 3 жыл бұрын
*Capitalism vs Socialism vs Anarchism Communism has never been achieved, the USSR was socialist
@integ3r 3 жыл бұрын
*teleports behind you* "Heh, thought you had me cornered? I'm a radical centrist."
@Churlz 3 жыл бұрын
MASAKA?!
@lukenguyen3146 3 жыл бұрын
Filthy centrist pick a side
@Churlz 3 жыл бұрын
@@lukenguyen3146 he did!
@ddandymann 3 жыл бұрын
@@lukenguyen3146 Yeah let's just pick between two imperfect ideologies rather than looking at how to combine the strengths of the two while mitigating the weaknesses to create a somewhat less imperfect system.
@hellgorama 3 жыл бұрын
NANI?!?!
@burtonyan8467 2 жыл бұрын
How've you gone through the whole video and not talk about corporations naturally leaning towards monopoly? From that point of view, they also become as bad as any government that won't listen to feedback on what to produce. If anything, in this scenario, a government that exists to serve the people is more likely to produce goods that people want than a corporation that would produce whatever could extract the most resources out of people.
@joelle4226 2 жыл бұрын
free market capitalism would just give us the cheapest goods for the highest prices without people being about to do anything about it because one company controls the market.
@ShavoSoaDer 2 жыл бұрын
Even Standard Oil didn't became monopoly. They were losing market share before anty-monopoly law was implemented. It's not that easy to became monopoly and it's even harder to became predatory monopoly. If Toyota would be one step from becaming monopoly in car industry and preprare themselves to charge a lot money for cars, why someone that became billionaire from different industry wouldn't start preparing to compete with them and build cars? Very big corporations are also became very bureacratic and don't react to new trends as quickly as smaller ones do, which helped smaller companies like Amazon outcompete some retail gigants in online retailing. Corporations loves lobby government for regulations that creates barriers to entry and create live of small business owners harder.
@buddermonger2000 2 жыл бұрын
@@ShavoSoaDer honestly the biggest issue with big corporations is the trend toward using the government
@davianoinglesias5030 2 жыл бұрын
Monopolies become small dictatorships in the end
@NotARussianDisinfoBot 2 жыл бұрын
I think 2020 did a good job of showing both giant businesses and giant governments do not care about their people. I would argue businesses have to care a little more than governments, because the consumers csn hurt their bottom line. Governments just tax the he'll out of everything and go into debt without a care in the world.
@looseycanon 3 жыл бұрын
"Self interest of people to accumulate wealth and resources for them selves would outwiegh the motivation to go to war, because the destruction caused by this would almost inevitably be a lose-lose" Laughs in assasinations
@Jacobcordura 3 жыл бұрын
This is absolutely true. Im from philippines and there is on going fatal chinese activities that does not concern the constitute of international law. The socialist spirit of theirs and knowledge overall of the wars on which you have preceeded that self interest of the people is the reason to surrender the wars which in medieval times having mercantilism spirit really did a lot of wars. But what i have concern is that the chinese know what we are conscious of not making a war to happen because of liberty and free market that subdue the requisition of war. By in this manner that the china have power and knows the consciousness of the people on which the nations of that people are giving the priority to its own people thus making an advancement for Chinese government to be submissive to the nation's interest of domination.
@gigicostanza7697 3 жыл бұрын
@@Jacobcordura bro huwag ka nalang mag-english 😅 from what I understood, you're saying China understands that self-interest outweighs going to war? since they are a larger, much more organized system they will triumph over smaller, less-organized groups, thus not needing to go to war? Is that the realization you wanted to point out?
@kanucks9 3 жыл бұрын
@@gigicostanza7697 I think he was saying that china is performing violent international operations that would traditionally cause war because they know the rest of the world doesn't want to fight, for lost profits.
@juanjoseph 3 жыл бұрын
And yeah, that's why communist regimes end up murdering everyone they don't seem fit.
@DrBernon 3 жыл бұрын
Genghis Kan disagrees with this quote.
@CHEFPKR 3 жыл бұрын
I feel like both have things that work for them. However, being able to constantly strive for more is something humans need imo. For necessities (medicine/Healthcare) there should be regulation. But if I want to work for a Porche, I should be able to.
@Horizontalvertigo 3 жыл бұрын
Self-actualisation do be on the top of Maslow's Pyramid, for what that's worth
@saltysalad3868 3 жыл бұрын
@@Horizontalvertigo Can you explain with what you mean with "for what that's worth"?
@Horizontalvertigo 3 жыл бұрын
@@saltysalad3868 Some bloke called Maslow said it, not Higher Level Being Of Your Choice. Self actualisation as *the* prime human need is more important to my point than a specific frame work, Maslow's is fine and universally known so there you go
@saltysalad3868 3 жыл бұрын
@@Horizontalvertigo Ah, I thought that you meant that there is something wrong with Maslow's Pyramid. I misread your comment then. Thanks for elaborating!
@Horizontalvertigo 3 жыл бұрын
@@saltysalad3868understandable, have a nice day
@literallyme2071 3 жыл бұрын
I see many comments warning about this “aggressive” comment section, but I don’t see any aggressive comments. Edit: Oh boy, I didn’t know I would get this many likes. Thanks for liking this comment everyone!
@EconomicsExplained 3 жыл бұрын
haha well I am always suuprised by how civalised the EE audience is. They really do put all other YT commenters to shame.
@unintentionallydramatic 3 жыл бұрын
Because the comments in the first hour are exclusively from subscribers, who are going to be there to learn. After that you get people who were linked it and come in with their own notions.
@manasmahanand732 3 жыл бұрын
In 3 2 1 ....
@caorusso4926 3 жыл бұрын
Censoring is magic
@kronosbach5263 3 жыл бұрын
@@manasmahanand732 reeeer you can not want eqaulira asyfhvhbshdsjid
@emenbeedoubleyou 3 жыл бұрын
I would be super interested in hearing your take on a market socialism/economic democracy system.
@uristmcary Ай бұрын
Adam Smith explicitly says in the wealth of nations that "honor" (psychic gains) is a great motivator. Citing that blacksmiths are often paid little even though a minority are paid very well and rub shoulders with nobility. While also claiming that butchers are normally well fed (and better paid). It always cracks me up, that economists keep rediscovering things Adam Smith mentioned but didn't name.
@hermannhinterhauser1227 3 жыл бұрын
"Government control of fiat currency through monetary policy should be destroyed with extreme prejudice" Money printer go BOOM!!
@Koubles 3 жыл бұрын
I honestly agree with that though. There's more than 22 trillion reasons why this was a bad idea in the US alone
@originalsinquirls1205 3 жыл бұрын
@@Koubles 22 trillion is actually a really small number. In the scheme of things anyway. Could be 500 billion octillion and as long as the dollar was worth an appropriate number of septillions it'd be the same.
@originalsinquirls1205 3 жыл бұрын
Eh. I don't want a debate. Way I remember it I was trying to educate kris. Get him to think about the larger picture. Once you see that you can print money indefinitely the question becomes what does printing money do. And it depends on who you give it to. In politics. 22 trillion is just a scapegoat. They talk about it to avoid dealing with something inconvenient.
@bubblegumgun3292 3 жыл бұрын
MONARCHY DETECTED IN LIBERTERIAN SOIL, EXTREME PREJIDUCE ENGAGED
@loki-of-asgard7877 3 жыл бұрын
Center doesn't mean moderate if center is leaning towards an extremism
@luxither7354 3 жыл бұрын
Thinking of economics in a complete purist sense of communist or capitalist is like thinking of politics as only left or right. Neither are representative of real world economics or politics and are gross generalisations/idealisations of the reality we live in to split sides in a system that doesn't need it.
@hloniphizwemthembu8143 3 жыл бұрын
You're wrong. They're not the same. Capitalism is based on the reality of economics, which is how people use scarce resources efficiently. Communism does the opposite. Capitalism realizes the right to own property and communists believe that nobody should have that right. In a capitalist society your performance is measured by the amount of wealth you generate (anyone can become wealthy if they voluntarily start a business and successfully attract clients), in a Communist society that wealth is given to a select few(usually beaurocrats). You said we don't need both, again you're wrong because alot of people(you and I) have benefitted from capitalism while communism has successfully killed over a 100 million people.
@luxither7354 3 жыл бұрын
@@hloniphizwemthembu8143 You completely miss my point: my point is that arguing these systems in a purist sense, like done in this video, completely ignores the nuance of the real world, which EE himself aknowlegdes. This was never saying that one was better or one was worse, but instead critiquing the over-simplistic nature of "Capitalism v Communism." The comment you've made isn't adding to the conversation, you're just making yourself look like an idiot.
@Zorro9129 3 жыл бұрын
A capitalist system is ideal but given the entrenched systems of power in society a minimal state may be necessary, at least in the short-to-medium term.
@narsimhas1360 3 жыл бұрын
@@mozart116 How are they wrong
@localman9063 Жыл бұрын
@@hloniphizwemthembu8143 You have no idea what communism or capitalism is. Read a book please. Yeesh!
@JcadeH1 3 жыл бұрын
Its not about creating the perfect system its about slowly mastering the inevitable cycle of humanity
@dolvana 3 жыл бұрын
Very interesting. Great job!
@theconqueringram5295 3 жыл бұрын
This is why practically every country is a mixed economy in some way.
@carso1500 3 жыл бұрын
yeah, every single "pure" economic system from anarchism to socialism to capitalism sucks, some less than others but they all have terrible terrible mistakes that completly ruin everything, some less than others but they all have their errors, the only real solution is to grab the best parts of every system and make do which is imo what every country already does
@alexpotts6520 3 жыл бұрын
@@carso1500 I wish the people who put so much thought into grand ideologies, that are unlikely to ever be implemented and would be disastrous if they did, could instead think more on the margin, where they could actually make a positive change.
@ValFckGoogle 3 жыл бұрын
When governmental bodies start dictating what/how/who produces what, then you fall into disaster. The "best" economies (like the US) existed without government intervention. Once government started intervening more and more, the economy became less stable, the politicians more corrupt, and the poor-to-rich wealth gap increased. The so "mixed economy" notion is nonsense. There is no mixed economy that works -- they're only surviving off of what was working.
@arkajyotimajumdar2533 3 жыл бұрын
@@ValFckGoogle There are literally dozens of economies that are way better than that of US with more government intervention that is transparent and contributes positively to the lives of her citizens. An example of a country with no government intervention at all in the "free market" is Somalia.
@ValFckGoogle 3 жыл бұрын
@@arkajyotimajumdar2533 You're confusing lawlessness with free market. Understand the difference and then come back to me. And also, your first statement is false on all fronts.
@tynannida9642 3 жыл бұрын
Much more interesting than the economics classes I took in college.
@chukwunta 9 ай бұрын
awesome. So much knowledge. Am always filled.
@Ultravenom1 3 жыл бұрын
"Capitalism" "communism" Spooked.
@zesky6654 3 жыл бұрын
Finally a man of culture.
@venronhymns4103 3 жыл бұрын
amen. just take peoples things and do ketamine.
@Ledabot 3 жыл бұрын
The ghost of Max haunts us!
@19ars92 3 жыл бұрын
Spooky Scary Skeletons ☠️💀☠️
@Telhias 3 жыл бұрын
A question here: In a laissez-faire capitalism, what is the difference between a private security company that collects a portion of your income for your "protection" and a mafia running a protection racket? Both are groups of armed and dangerous individuals able and willing to take part of your money under promise that you will be "safe" if you pay it. A follow up question: What stops a private security company from staging a coup and taking over the company to get more money out of it?
@johnmooney2877 2 жыл бұрын
A private security company has rules and regulations and operating standards. The Mafia are a criminal organisation
@Telhias 2 жыл бұрын
@@johnmooney2877 The mafia as a criminal organization, by definition is also organized. As such they also have rules, regulations and operating standards. They don't have to have them all or even set to the acceptable for their clients standards, but then neither does a private security company under laissez-faire capitalism. There is nothing forcing a private security company to have any standards aside from being the strongest around. Weaker organizations with better standards can get subsumed or eradicated.
@TheCheeseman1983 2 жыл бұрын
@@johnmooney2877 I believe the OP's point is that, in the context of anarcho-capitalism, there is no higher governing body to hold the private security force accountable, and thus any "regulations and operating standards" are unenforceable. There is no motivation for the guys with guns to be your employees when they can be your conquerors.
@user-mg4cn6wm1u 2 жыл бұрын
@@TheCheeseman1983 there would be though, for the same reason that this military coups are pretty rare in the modern world. The people with guns and the people who know how to run the factories are not the same people, and the guns were either made by the factory or traded for with wealth that came from the factory. In anarcho capitalism the people who run the factory would naturally be in charge, so replacing them would also threaten to dismantle the entire economy that feeds and houses the soldiers.
@TheCheeseman1983 2 жыл бұрын
@@user-mg4cn6wm1u The people who run the factory would “naturally” be in charge? Why? What’s stopping the people with guns from enslaving the people who run the factory? How could the people who run the factory stop them from doing so?
@vladislavkorecky618 4 ай бұрын
Best video on economics I've ever seen. Amazing work!
@BenSalernoMedia 2 жыл бұрын
@19:19 I love how you snuck a Team Fortress 2 reference in here.
@thelonecabbage7834 3 жыл бұрын
I'll never understand why people expect minimum wage employees to provide more than minimum effort. Can you think of ANY other scenario where you would expect more than you paid for?
@---fb4mg Жыл бұрын
I mean that rule doesn't just apply to minimum wage. Why go above and beyond and accept more responsibilities and work if you aren't going to get payed for it? Studies have begun to show that in the alot of the cases the best way to get a raise in America is to go work for a new company. Since unless the place values its employees and give normal raises to match the market, new hires of the same qualifications get payed more to do equivalent work.
@Krytern Жыл бұрын
@@---fb4mg Paid*
@toomanymarys7355 Жыл бұрын
Minimum wage exists because some people 's labor is worth far LESS than Minimum wage. If you're putting in minimum effort, then you are one of those people who will most likely end up unemployed because the wage rate mandated by government is so far above your value.
@jamesdean5095 Жыл бұрын
Yeah this is a classic symptom of capitalism. Ensure everyone contributes more than they’re paid for by dangling the promise of promotions but dragging it out. My employer is explicit about this: you will not be promoted until you have been demonstrating that level of performance consistently for some time.
@Krytern Жыл бұрын
@@toomanymarys7355 You have everything so backwards. Most people will put in minimum effort because they get minimum wage. It's called getting what you paid for.
@katyoutnabout5943 3 жыл бұрын
Dude your channel has BLOWN UP in the past year. Congrats! You’ve earned it
@mikeoveli1028 3 жыл бұрын
When I was 15 years old in 1970, I understood that both sides were wrong. There are two things that must be attended to. The clever must be rewarded. The poor must be cared for. Those too poles have their shadow. The clever ones will take over and leave nothing for anyone else. The poor ones will just quit. The governments job is to keep the balance.
@wildec2 3 жыл бұрын
Not a bad nutshell.
@alexgallagher9759 3 жыл бұрын
Not quite; the poor do not quit, but their needs are not cared for, as the government cannot produce and allocate as efficiently as the private sector can
@blocks4857 3 жыл бұрын
Except when the government does the opposite
@mikeoveli1028 3 жыл бұрын
@@blocks4857 That unfortunately is our problem.
@deanwoodward1353 2 жыл бұрын
The Poor's end up building machines called guillotines, solves the issue but creates new problems in the process
@Articulate99 Жыл бұрын
Always interesting, thank you.
@GLIDAREWN 3 жыл бұрын
I think this topic deserves more than 22 minutes
@DeHeld8 3 жыл бұрын
yes, and the creators of this videos could have spend more then 5 minutes skimming over the wikipedia page on communism before they make all sorts of outlandish and blatantly false claims about the fundamental tenets of marxism....
@dubiusindex8216 3 жыл бұрын
Episode II: Anarcho-Communism vs. Fascism
@ltariku 3 жыл бұрын
@@DeHeld8 thank you! It's so sad to see being straw manned to present a nice fluffy middle ground that would satisfy both sides. Ridiculous!
@vladimirlenin3562 3 жыл бұрын
@@Joel-xt4hx confusion
@smallpeople172 3 жыл бұрын
@@Joel-xt4hx well if people misrepresented capitalism as a ridiculous straw man you would feel the same. For example if i used somalia or the central african Republic as the guide for how to do capitalism
@AaPerm 3 жыл бұрын
Last time I was this early, this channel posted SketchUp videos.
@EconomicsExplained 3 жыл бұрын
Aye now this is a last time I was this early joke I can get behind. Well done sir
@AaPerm 3 жыл бұрын
@@EconomicsExplained Thanks!
@michaelimbesi2314 3 жыл бұрын
The standard of living of workers in Victorian Era cities had actually increased significantly. People tend to view living on a country farm as something wholesome, pure, and romantic. This is a modern myth. The farmer of the era was just as poor as their urban counterpart, but also lacked access to the amenities that cities provided. Cities were certainly less sanitary, but they were also far more likely to have a doctor, and if the city dweller lost their job, they could find another. If the farmer lost their crop, they starved. If the city worker lost a limb in an accident, they could sit out on the street and make money begging. The farmer has no such fallback. Cities were full of poor people because they attracted the poor, because they were good places to be poor. (See Edward Glaser’s *Triumph of the City* for further reading)
@legrandliseurtri7495 2 жыл бұрын
Life expectancy literally decreased in the first years of industrialisation. I don't think it was working that great tbh.
@legrandliseurtri7495 2 жыл бұрын
@@dudebros6122 Dude, did you even read the og comment? The person was talking about victorian era cities, which starts in the early days of industrialization.
@legrandliseurtri7495 2 жыл бұрын
@@dudebros6122 ''was''. I used the past tense for a reason.
@mohanytube 11 ай бұрын
This video is gold. Worth watching. Thank you very much.
@Artaresto 3 жыл бұрын
10:20 I am lucky I guess. For a scaffolder, my prime motivation for work is not salary at all: my main reward is feeling accomplished when I do my job well, when both the client and my company are satisfied with my work. Also, my work is basically freebuilding scaled-up Legos with some added adrenaline. It fits me so perfectly that actually getting paid for working is a bonus. I also hope that most people will find work satisfaction more important than money,
@TKUA11 3 жыл бұрын
Socialism is just a theory for the jealous and those that don’t want to work hard
@quadeevans6484 3 жыл бұрын
@@TKUA11 i think that socialism is really for poor people who feel oppressed by shitty companies, but unfortunately it does draw in those kinds of people
@Zorro9129 3 жыл бұрын
@@quadeevans6484 What socialism claims to be vs what it actually is.
@sirnikkel6746 3 жыл бұрын
The best mentality: Works perfectly doesn't matter your economic system.
@janb.3600 3 жыл бұрын
@@TKUA11 Socialism is for those people who doubt that the stupidly wealty actuallly deserve their wealth. Do wealthy CEO's work hard? Some of them probably do. Do they work thousands of times harder than their lowest paid employees? I doubt it.
@clockworkphysicist 3 жыл бұрын
The Blue v Red analogy is JUST TF2
@chrs-wltrs 3 жыл бұрын
"Most governments would love to give universal Healthcare and reduce taxes, but don't have the resources." 👀👀 @ US military budget Uh, you sure about that?
@RealityCheck6969 Жыл бұрын
Very good video. I listened to every second of it like you were the pope of economics. :D
@imgooley 3 жыл бұрын
I think you missed the mark a bit in describing communism, and also, Capital is the most cited work of social science published before 1950. The Communist Manifest doesn't really contain much of the nuts and bolts of Marxist thought.
@davianthule2035 3 жыл бұрын
The communist manifesto like all poltical manifestos is an advertisement ,
@nuvisionprinting 3 жыл бұрын
@@davianthule2035 actually it's more like an amature writing when compared to das kapital with all three volumes.
@ThatTimeTheThingHappened 3 жыл бұрын
What do you suggest as a better descriptor of communism?
@nuvisionprinting 3 жыл бұрын
@@ThatTimeTheThingHappened das kapital.
@venronhymns4103 3 жыл бұрын
Kropotkin>Marx
@djole94hns 3 жыл бұрын
Can you do a vid on worker cooperatives? Btw, what are your thoughts on market socialism?
@hugoehhh 3 жыл бұрын
yess
@kdegraa 3 жыл бұрын
It will only work if competition is outlawed by the State.
@Boofus90 3 жыл бұрын
@@kdegraa I hope you know the concept of “competition” isn’t a driving factor in socialism, working for the collective good is. You’re not going to have a billionaire attempting to run other businesses into bankruptcy as they wouldn’t be allowed too in the first place.
@triggeredliberal7236 3 жыл бұрын
@@kdegraa Am pretty sure they said market socialism, not planned economy socialism. Free Markets follow supply and demand and we're talking about Market socialism so.......................................................................................................................................
@DZ-hh5dw 3 жыл бұрын
Don't ask this person. Read actual academic works, trust me, it'll be the best thing you do.
@themightyquyn 3 жыл бұрын
Excellent summation of all of these systems.
@ianowens5255 3 жыл бұрын
I'm not sure how a comment helps get a new Porsche, however I'm here for it! New to the channel already love it!
@unintentionallydramatic 3 жыл бұрын
Last time I was this early the comment section wasn't on fire yet.
@EconomicsExplained 3 жыл бұрын
yeah I am hunkering down for this one haha
@mclilzenthepoet2331 3 жыл бұрын
Yh
@samsonxon 3 жыл бұрын
Every time I watch your videos, I have a brighter, more informed day. Thank you EE! I love learning here
@EconomicsExplained 3 жыл бұрын
Happy to hear that!
@lll9107 3 жыл бұрын
Yes, an uncredentialled child teaching other children "facts".
@eymed2023 Жыл бұрын
The problem with anarcho-capitalism isn't that it would be bad or chaotic, but rather that it cannot really exist in reality. If you dismantle the state, business owners will create a new one to enforce laws that suit their interests. Anarcho-Capitalism sounds like it could be a fun, if chaotic world to live in...but now I realise it's just a fantasy. I will never get to actually live that. No one will. Not for long, anyway. Anarcho-capitalism CAN technically exist, but only for a short time, before some business owner gets big enough to create another state. The only way to REALLY make Anarcho-Capitalism even CLOSE to a reality would be to live in a constant never ending cycle of dismantling the state whenever one gets formed. But even then, that will not solve the inherent problems of Capitalism. Capitalism needs to go. It is literally killing us, and will destroy the entire planet unless we do something about it. And we have very little time.
@springroll4421 2 жыл бұрын
this is honestly a really good explanation of the shortcomings and strengths of these systems. Good stuff!
@ChocolateMilkCultLeader 3 жыл бұрын
Channels like this are so important to understand everything
@Ishmaelstene 3 жыл бұрын
When you kept on saying "Long term" the Keynesian in me kept on responding " in the long term we are all dead "
@brettmcclain9289 3 жыл бұрын
How can you live with yourself?
@Ishmaelstene 3 жыл бұрын
@@brettmcclain9289 😂😂
@warren5037 3 жыл бұрын
r/technicallythetruth 🤣
@sangeetanarendrasingh5416 3 жыл бұрын
Long term for an individual is very different from the long term for the economic vitality of a country. But sure, spend your money away like it's the last day of your life, just don't come begging for more when your interest runs out.😉
@JakeN482 3 жыл бұрын
@@sangeetanarendrasingh5416 Keynes (a noted fan of capitalism and critic of auth-com economics) proved that every person saving money at the same time is a potential source of a crisis of under production. He also independently proved that the lack of a welfare state leads to workers always being hit hardest from crises of overproduction through no fault of their own. Both faults were exacerbated in the presence of the gold standard, and he independently proved that it was because currency isn't actually indicative of what can be made or not made. He did this without talking about commodity fetishisation nor using the labor theory of value. Later Keynesian economists (some socialist, some not) fleshed out his ideas to further show that monopsony of social goods and militant syndicalism are more effective at generating value and keeping people happy than laissez faire capitalism. It's almost as if having capitalist workplaces where employers are making decisions about what to make and who to hire are tiny versions of a planned state, and thus should be abandoned.
@neowild Жыл бұрын
In theory though, in a perfect imaginary world, perfect communism and anarcho-capitalism would result in very similar societies which just goes to show the problem is yet again us
@thegourmetgolfer5544 Жыл бұрын
It is funny how similarly flawed both systems are
@maximus5668 9 ай бұрын
Excelent video !!
@Palatineoffacts 3 жыл бұрын
feels good to get in early!
@DuckieDev 3 жыл бұрын
Agreed
@TestTackle 3 жыл бұрын
That's what he said?
@businessguide6219 3 жыл бұрын
Your videos are splendid! Thank you for giving me a new perspective to contemplate!
@ravanpee1325 3 жыл бұрын
Please do a Video on "Social Market Economy"
@vladimirlenin3562 3 жыл бұрын
You mean imperialist economy?
@ravanpee1325 3 жыл бұрын
@@vladimirlenin3562 No, the "Social Market Economy" in Germany between 1949-today. Basically a ordo-liberalism approach en.wikipedia.org/wiki/Ordoliberalism . Would be a coordinated market economy as described by Peter A. Hall and David Soskice
@LK-cq4qq 3 жыл бұрын
Yahhh
@vladimirlenin3562 3 жыл бұрын
@@ravanpee1325 no I mean it’s imperialist as well as that
@vladimirlenin3562 3 жыл бұрын
@@ravanpee1325 he also covered that in his vid on germany
@marcelforrel 3 жыл бұрын
It’s easy to push a plan for those who want to get something for doing nothing , than get more but have to work in order to get it.
@pranithgeddapu3432 3 жыл бұрын
Never was really interested in Economics, and I just trudged through ap macro economics this summer. Your channel changed that. Keep up the good work : )
@Zorro9129 3 жыл бұрын
The Academic Agent has a complete course in economics, I recommend checking him out.
@fuccckckkkkckkck 3 жыл бұрын
Honestly there a lot of boring economics professors out there. I was an econ major until I took some classes and my god they sucked the passion out of me.
@MrseCode 3 жыл бұрын
FINALLLYYYYYY I HAVE BEEN WAITING FOR THISSS
@EconomicsExplained 3 жыл бұрын
hopefully it doesnt disapoint :)
@appleslover 3 жыл бұрын
@@EconomicsExplained disappoint* Finally corrected a native speaker 😉
@MrseCode 3 жыл бұрын
@@EconomicsExplained ARE YOU KIDDING MEE??? IT'S VERY EPICCC!
@ColdFusionNero 3 жыл бұрын
Serious question though, what stops there being common ownership of a company by its workers. The company still depends on making sure its supply matches demand but the common ownership means that everyone benefits when the company does well.
@aquietwhyme 2 жыл бұрын
Most of the time it is the fact that investor-driven companies have the power to run in the red for as long as their investors continue to subsidize them, in the expectation that smaller companies that cannot do so (like most co-ops) will be driven from the market, allowing those investors large profits in the medium or long term driven by monpolistic forces. Just take a look at Uber, which has never been profitable in it's entire existence, vs the numerous Taxi companies, many of which are organized as co-ops, and who cannot afford to run at a loss for long periods of time. Or niche grocery stores, who often get driven under by companies like Whole Foods who can afford to let a location run at a loss for as long as it takes to kill off any local competitors.
@Stroggoii 2 жыл бұрын
Co-ops are incestuous to a point. Because they tend to work locally, with local labor and local markets they're incredibly slow to react to larger economic shifts, barely innovate and are ripe for corruption. My father joined a milk farming co-op with the second largest cow stable. They refused to let him buy new machines when he needed them, they refused to go into meat and cheese production like he wanted, they made him drive two hours in and out on his off days for superfluos meetings. Then the government came to prospect the land for a new airport and the other stable owners stopped working altogether thinking they were gonna strike it rich selling their land. In the end my father went from millionaire to homeless because he joined a co-op, and the one local rancher who didn't join ended up buying all stables for pennies when the government ultimately chose another location for the new airport. Most cooperatives are agrarian and government subsidized because they are not good business. The don't hire hierarchically, they don't make profit driven decisions which are ultimately subsistence driven decisions, and they can't operate at a loss while they find their footing because it's the community's livelihoods and not some loan shark's interests that are at stake if they fail.
@50733Blabla1337 2 жыл бұрын
@@Stroggoii Sounds like bs to me having read other comments from you
@marvwatkins7029 2 жыл бұрын
That's right: "for whom", as it should be on the captions.
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