Is the Fourth Industrial Revolution Worth the Hype?

Is the Fourth Industrial Revolution Worth the Hype? | Economics Explained

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3 жыл бұрын

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So apparently we are due for a fourth industrial revolution, which might come as a surprise to you because as far as most people can tell we have only had one industrial revolution, and some nations haven’t even got around to that one yet.
All the same, this promise of a radical shift in the way we live our lives has got a lot of economists very excited and maybe a little bit anxious, both for very good reasons.
The first industrial revolution, you know the one that we all think is the only industrial revolution was responsible for giving us production.
This production went on to define our way of life in the modern world where people in advanced economies have access to practically unlimited food, robust housing, and bits and bobs to fulfill our every little desire.
The world before this was very stagnant. The idea that we have economic growth at all, where society is always advancing and every generation is richer than the one that came before it is a surprisingly modern ideology.
What’s more, is that it’s not something that we are guaranteed. We can only get so good at making stuff given our current set of technologies and resources, and in fact, we might already be starting to see this plateau.
Arguably the rollout of smartphones that gave us unlimited access to information wherever we were, was the last great paradigm shift in how we lived our lives.
13 years later this technology is improving but it doesn’t offer anything fundamentally different to the way that we live our lives, run our economies or advance our standard of living.
But maybe we are getting ahead of ourselves.
To really know what to expect from this supposedly incipient fourth revolution we must first understand a few key things.
How do economists define an industrial revolution? What is a revolution and what is just some cool new technology?
What were those other two industrial revolutions?
What is going to be the fourth industrial revolution?
And will this make our modern economies look like the land before steam engines?
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Пікірлер: 1 800

@kronos319 3 жыл бұрын

Come on EE, we all know that 3090 you need for "editing" is really so you can "research" for your upcoming "the economy of cyberpunk 2077" video

@EconomicsExplained 3 жыл бұрын

Yes yes... research...

@highlow8694 3 жыл бұрын

@@EconomicsExplained Hahaha "Research" I get it

@kingsd2797 3 жыл бұрын

Ehh "THE ECONOMY OF NIGHT CITY"

@martiddy 3 жыл бұрын

Not gonna lie, that would be a good video

@donatodiniccolodibettobardi842 3 жыл бұрын

I still can't wrap my head around, how a fairly niche and olschool tabletop RPG became part of the global culture. So many things had to come together perfectly... :)

@MicrophoneLion 3 жыл бұрын

You should do a video called “Economics Explained explains the economics of Economics Explained”

@NotShowingOff 3 жыл бұрын

It’s in every video. It’s called patreon.

@xboxnube 3 жыл бұрын

I can see the Xhibit meme now.

@kingjames4886 3 жыл бұрын

@@xboxnube hey dawg, we heard you liked economics explained, so we explained the economics of economics explained with economics explained?

@kingjames4886 3 жыл бұрын

will will smith smith?

@compostboomtron9001 3 жыл бұрын

*Inception bwoaaaa*

@davidcalvert-smith4633 3 жыл бұрын

Apple: Standardisation? Hold my lightning cable

@tomk3732 3 жыл бұрын

Same for Tesla and others. He does not know industry and a total luck of any Standardization. Maybe its the UK at play here.

@thecurrentmoment 3 жыл бұрын

@@tomk3732 he sounds Australian

@skyfeelan 3 жыл бұрын

@@tomk3732 Well, for Tesla, it *is* its business model. And Tesla will lose a lot of revenue if Elon just make Supercharger free for use for all. While Apple will do just fine using type-c on iPhone.

@Dan_Tactics 3 жыл бұрын

Lol Apple and Tesla are examples of moving in the opposite direction of progress. They are for proprietary privatization for profit. Innovation is a thing of the past for them, they'll trickle down a few things over time, that only they can reap the rewards of. Small incremental progress for the sake of making a buck as "luxury" brands.

@akdrak7553 3 жыл бұрын

To be fair, their new m1 laptops use USB c for charging.

@DT-mn9py 3 жыл бұрын

in 1970, I started my career in accounting with a Pentel pencil, green columnar paper and mechanical adding machine! I am still working and participated in all the technological changes since then starting with the Sharp electronic calculator in 1971.

@shivpatel7506 3 жыл бұрын

Wow EE most KZfaqrs don’t have time to reply to comments. Even though you have more than 3/4 of a million subscribers, you still reply and interact with commenters. That is very humble. Keep up the good work!

@krateproductions4872 3 жыл бұрын

And all that in 1 year! He really makes great videos

@shivpatel7506 3 жыл бұрын

@@krateproductions4872 I know right?! I checked a few weeks ago and he had 620,000 subscribers! I’m pretty sure he will reach a million sooner than we expect.

@EconomicsExplained 3 жыл бұрын

I think it's very important to show apprecitation to the people who have given me such amazing support :)

@shivpatel7506 3 жыл бұрын

@@EconomicsExplained Thanks EE!

@floak18 3 жыл бұрын

@@EconomicsExplained you're awesome Mr. Economics Man 🖤

@FinnUnv 3 жыл бұрын

They call me the fastest patron in the west.

@esakkiraj128 3 жыл бұрын

They call me the Great commenter in East

@robertstuckey6407 3 жыл бұрын

You clearly haven't heard the good news of James Bisonette

@AbdulGoodLooks 3 жыл бұрын

@@robertstuckey6407 I see you are a fellow man of culture

@thenoblemarksman1370 3 жыл бұрын

@@robertstuckey6407 Ah yes the great wealthy investor

@haroldkikoyo8276 3 жыл бұрын

@@robertstuckey6407 the great man himself

@roverrange3674 3 жыл бұрын

In germany we had this concept called "Industrie 4.0" for a while. It is mostly seen as a "smart factory". Digitalisation, automation, Internet of things, cyber-physical systems etc. They really hammer this home in Engineering classes.

@Fiercesoulking 2 жыл бұрын

it the same because of this it was just a buzz word like web 2/3.0 "smart factory" were thing even before this but the problems are the same no standardization because of the dominance of SAP and Oracle . Automation started 1967 with the first robots in factories . Digitalisation is another buzz word which combines KI, automation and 3D printing in its original meaning it meant the transition from the analog world to a digital which mostly means phone and TV

@zf8604 3 жыл бұрын

These videos are HONESTLY so educational and extremely useful, you’re changing the world one person at a time ☺️ (PLEASE DON’T STOP)

@hannofrerichs8133 3 жыл бұрын

Oh wow and I had always assumed that electricity had been a revolution.

@EconomicsExplained 3 жыл бұрын

I definately was, it was also a big part of the second industrial revolution.

@INeedAttentionEXE 3 жыл бұрын

Economics of Cyberpunk! lol or economics of Night City

@mwanikimwaniki6801 3 жыл бұрын

@@INeedAttentionEXE Yeeeeew

@DSiren 3 жыл бұрын

@@EconomicsExplained steam, Precision, electric, synthetic, smart, social are the 6 revolutions I recognize. Steam allowed large amounts of power to be harnessed almost anywhere, Precision made replaceable parts and better machines a reality, Electricity made power cheaper and more convenient for smaller scale and smaller investment industry, plastics and synthetics revolutionized manufacturing as previously impossible materials were created, the use of Computer aided design and integrated manufacturing revolutionized the accessibility of manufacturing, and the social revolution is still happening now. With the combination of precise electric computerized manufacturing and the internet of things, the social revolution is revolutionizing the way people invent and share ideas and products - rapid prototyping is cheaper than ever, and this revolution is currently undermining institutions and ideas of regulation (gun control) through "speech". Deterrence dispensed is an example of an open-source design of physical objects (guns) being used to get people what they want for a very small individual investment. Some European participants only design components which are fabricated and tested in America due to legal issues.

@christiangomez7301 3 жыл бұрын

@@EconomicsExplained Maybe the revolutions of 1848 had something to do with the "lull" between industrial revolutions 1a and 1b...

@Quickonomics 3 жыл бұрын

I always wonder if artificial intelligence gets offended if we question its general intelligence...

@esakkiraj128 3 жыл бұрын

🤔

@Gnidel 3 жыл бұрын

It reminds me of a certain meme. A man talks to a robot: "You will never have human intelligence." And the robot responded: "You took loan for a wedding, what use would be your intelligence to me?"

@ReasonableRadio 3 жыл бұрын

If it does, then it has it

@terricon4 3 жыл бұрын

Not likely, us questioning that is what will eventually resulting in us improving it enough to the point that AI may even be able to understand stuff like our questioning of its general intelligence. It's like being offended that there's people out there looking at your computer and going "Hm.... it's ok but it could be better in these ways...." and then going on to make computers actually better in those ways. And then you buy those new ones in five years and your works gets a bit easier or your games look flashier. And then they come back and do it again. I'm not met with dread at that, that's exciting, there's improvements coming!

@mateusvmv 3 жыл бұрын

It can not be offended because it is an agglomerate of (ax + b) equations and did not evolve to protect its social standing.

@mikeberinger9676 3 жыл бұрын

EE: Imagine your job without computers Me (a Desktop Technician): Guess I'll just go home then

@franco521 2 жыл бұрын

Lol fr

@MilnaAlen 2 жыл бұрын

Haha. My mum would be just fine. She's a gardener. She would just have to call or drive to stores more, and people would need to pay with cash. Her carpenter boyfriend would probably care even less. He barely uses email, and didn't have online banking until a year ago.

@KWifler 2 жыл бұрын

Wait, isn't it supposed to be the meme of an old guy saying "guess I'll die" ??

@victorcode2075 2 жыл бұрын

LOL get your abacus out.

@Kriss_L 2 жыл бұрын

That was effectively my job 18 months ago - and some of our projects are still transitioning away from paper to digital.

@ezequielcattalin7402 3 жыл бұрын

"every new generation is richer than the previous one" *cries in argentino"

@idont3282 3 жыл бұрын

*Cries in Brazilian

@levelhumor2nd790 2 жыл бұрын

Oh right! “Wealth” in this case is a metaphor for “Waste”, as in our atmosphere is now “richer” than ever before

@00chla50 2 жыл бұрын

Cries in American. (While globally doing much better than most, Millennial Americans are set to be worse off than their parents due to the Great Recession, historically stagnant wages, inflation, and the covid economic crash)

@datastorm75 2 жыл бұрын

*Cries with you in US English*

@zarmeza 2 жыл бұрын

*su*cides in venezuelan*

@chuckles069 3 жыл бұрын

EE: The idea that every generation is richer than the one that came before it. Millennials have left the chat...

@sell2012 3 жыл бұрын

Sadly the type of "millennials" you're talking about has stereotyped all of us lol

@RichardEricCollins 3 жыл бұрын

Very true. The the junior engineers at my company have no chance of buying a house. They are screwed.

@herramirtsaaja9032 3 жыл бұрын

@@sell2012 yes because haha. Lol. Lazy millenials that are getting exploited By the government and are in huge debt because of going to college to get a job and then they have to take a shitty job that doesnt pay even a living wage

@falsum2701 3 жыл бұрын

@@sell2012 It's not a stereotype. It's pretty well-supported by hard econometric data.

@sell2012 3 жыл бұрын

@@herramirtsaaja9032 shouldve went for something that wouldve paid... you made your choice dont blame others. You didnt have to go to uni, couldve went to trade school. Keep voting your jobs away.

@Artifexce 3 жыл бұрын

I'm this fast and I'm not even an economic student , I study engineering I think it's time to change majors

@MicrophoneLion 3 жыл бұрын

Same for me

@norse8825 3 жыл бұрын

Why would you change from something useful and practical to something entirely useless and parasitic? Economists are down in the depths of lawyers and politicians.

@jefferymejia323 3 жыл бұрын

I made the switch

@EconomicsExplained 3 жыл бұрын

TBH engineers can do really well with a combination of both backgrounds. Engineering maths is highly saught after for financial modelling, or financial engineering but of course you need some background in what you are actually modelling. Pays very well too so that is always nice.

@jefferymejia323 3 жыл бұрын

@@EconomicsExplained yes I was thinking of just that this channel really made me think of this. Thank you for helping me find my passion of economics I didn’t realize it until I came across your channel.

@illusive-mike 3 жыл бұрын

While "Industrial Revolution 2B" sounds nice, I'm kinda afraid of the "Industrial Revolution 9S".

@deepankargautam1197 3 жыл бұрын

🤣🤣🤣🤣🤣🤣

@Sorain1 3 жыл бұрын

Better than the "Industrial Revolution 2A" debacle.

@darthutah6649 3 жыл бұрын

Don't worry, it will skip 9.

@Sorain1 3 жыл бұрын

@@darthutah6649 Ah so Microsoft is doing it then?

@stenakestrid 3 жыл бұрын

It will probably skip version 6 too, as quality software such as PHP and MySQL did. Missing out on the good stuff.

@TV---kn2rl 3 жыл бұрын

You keep doing this! I saw an ad for something claiming to be the "4th industrial revolution" and I wondered what that meant and here you are ready with an answer again

@dayandsauce 3 жыл бұрын

My immediate reaction of the title was the next great leap forward🧐

@EconomicsExplained 3 жыл бұрын

ooohhh... nooooo that's exactly what we don't want

@redrunner666 3 жыл бұрын

dear god no

@anotherguyonthepc5 3 жыл бұрын

Well that's exactly what it is so..

@KalonOrdona2 3 жыл бұрын

@@anotherguyonthepc5 I'm almost afraid to watch the video. EE aren't simping for the globalists, are they? Isn't it obvious that "they"'re creating an industrial revolution-s- narrative to suit their agenda?

@anotherguyonthepc5 3 жыл бұрын

@@KalonOrdona2 honestly, possibly. I'm very weary of anyone who isn't overwhelmingly critical of the great reset. If you're a thinking human, you'd be against it.

@FingeringThings 3 жыл бұрын

The next leap is when we find a way to export memes

@Natogoon 3 жыл бұрын

Did someone say L E A P ????!!!!

@terrainvictus1210 3 жыл бұрын

@@Natogoon the great Meme leap

@omsonar3078 3 жыл бұрын

I'll buy your entire stock

@MurdersAndExecutions 3 жыл бұрын

One small step for Pepe, one giant leap for memekind

@Gnidel 3 жыл бұрын

Isn't that just the Internet?

@Anterran99 3 жыл бұрын

So I have been watching your videos for the last couple of days and I have to say they are really good. The only shortcoming I see is that it is just you presenting on these issues which only leaves your interpretation of the information you are able to gather. My suggestion for this is possibly having dialogues with other economist or experts in other fields when talking about future subjects. This could open intelectual thought as people see different perspectives and the reasoning on how they got there. Also, it could just be fun for you.

@8cor153 2 жыл бұрын

Fantastic video. There probably has never been a better way to communicate this subject material

@piekay7285 3 жыл бұрын

Sending information through the country in less than a week was possible before. In Liechtenstein

@grahamturner2640 3 жыл бұрын

🤣

@niklasmolen4753 3 жыл бұрын

It could go surprisingly fast even in the past. In the Roman Empire, messages could be sent from Britain to Syria in 2 weeks.

@yandwl4162 3 жыл бұрын

@@niklasmolen4753 🤔 cool fact

@mikitz 3 жыл бұрын

@@niklasmolen4753 Horses were the maximum speed limit before trains, basically rendering the max. daily speed for information to some 50km per day.

@guycross493 3 жыл бұрын

@@mikitz you'd need to stop and change horses if you're going that fast everyday or else the horse will die from exhaustion

@digitalhermit8928 3 жыл бұрын

I highly recommend reading Martin Ford's "Rise of the Robots". It offers a quite level look at the near future

@danielrodrigues4903 3 жыл бұрын

If you're feeling a bit more adventurous, also try reading Kurzweil's "The Singularity is Near", and Tegmark's "Life 3.0".

@thedylanbohn332 3 жыл бұрын

@@danielrodrigues4903 tegmark’s life 3.0 puts it into such clarity it’s mind-blowing

@johnkeefer8760 3 жыл бұрын

Another super important thing to add to that Second Industrial Revolution is Precision. The fact that they could now measure things to the micrometer (and now down to inconceivably small amounts) has changed the world more than anyone usually thinks about but it didn’t really exist before the mid 1800’s Almost all of our modern inventions rely on it

@GeorgeMonet 2 жыл бұрын

Because it wasn't necessary for the second industrial revolution. IE it wasn't the major driving force behind the change.

@daveharris2884 3 жыл бұрын

First, I would like to say that I enjoy most of your videos; that said, this was probably your best video in regards to the generalized broad scope. I do think that the average person underestimates how critical the next 10 years will be. I think you illustrated wonderfully where we were in Industrial Revolution 1A, 1B, and 2A; and where we are going in Industrial Revolution 2B. I would hope your next video would be more in-depth look into 2B. I wrote a book, Unrestricted Psychological Warfare, about the future(which is quickly becoming the present); from 2020 to 2030 and beyond. I do believe that AI, AGI, Quantum computing, Augmented Reality, Brain-Computer interfacing, Nano-robotics, 3D printing, and many other technologies will create changes we cannot fully understand the impact of as a species. What will income/wealth inequality look like in the near future, due to the automation of labor that is coming with AI and AGI; as I call it, Technological Displacement? You may have touched on all of these subjects in separate videos, but the synergy of all of these technologies; the massive inflection point in the future where all of these technologies exist; and their unintended consequences; now that would be an impressive video to make and watch. I also do agree with you, we are in the time just before we create the "steam engine", where we have all the components to create an AGI; just, how do we do it? I personally believe that human beings, starting in 2030 and beyond will virtualize themselves; and all of this will be a moot point at best. All of these technologies will help facilitate the virtualization of the human species. This is not a future I look forward to.

@belfigue 3 жыл бұрын

Loved this video. My favorite EE videos are the ones that address timeless subjects such as this one. A video about why the first industrial revolution happened when and where it happened would be cool. Also a video about what was the average person’s quality of life across time (from hunter gatherer times, to the Neolithic, and after the industrial revolution) would be amazing.

@ppedro48 3 жыл бұрын

The oil industry exponential growth in the early 20th century and all the changes that came along with it (i.e.: being able to cheaply and quickly move and use a huge amount of energy) would have been worth mentioning in this video IMHO. Anyway, I would love to see you cover this subject one day :)

@GeorgeMonet 2 жыл бұрын

Plus the development of certain plastics. It was all very important.

@WReinebo 3 жыл бұрын

Thanks for ending on such a positive note. I needed that

@pissqueendanniella4688 3 жыл бұрын

Question: how do you believe the existence of a galatic federation would affect the world economy?

@zhenyucai8688 3 жыл бұрын

Probably very bad, it'll shift our economy to w.e the items/raw materials the federation find valuable.

@dmitrizaslavski8480 3 жыл бұрын

You see Europe? You see Africa? They would be Europe and we all would be Africa. And it is the best case if they won't just eradicate human population as a whole because it is always the best economical solution which should be taken given required efficiency to become inter galaxy existence.

@CarFreeSegnitz 3 жыл бұрын

In economic terms the difference would be as stark as a single toddler trying to comprehend the global economy. A galactic federation worth its salt would be composed of millions of Dyson Swarms each collecting a billion times the energy that humanity currently does, a multiplier of 10^15. Humanity proudly stands astride the Earth. The galactic federation routinely dismantles star systems for raw materials.

@DBZHGWgamer 3 жыл бұрын

You guys are all making a lot of baseless assumptions. While humans have made plenty of mistakes in the past, the fact is the modern economy of developed nations is not based on producing the most resources possible. It's based on industry an innovation. If you honestly thing civilizations more advanced than us would have economies less advanced than us, then you don't know what you're talking about. In the first place space is abundant with resources, there is no reason to erase a planet full of sentient creatures who's future contribution to the galactic economy would easily be far more than the worth of the resources on planet and the cost to kickstart a major technological boom. This is something that has happened on Earth many times too. Look at Japan, South Korea, or Singapore. The fact is that more individuals to contribute to an economy is always better for the economy, not worse.

@anzial9225 2 жыл бұрын

@@DBZHGWgamer reasonable, compassionate, smart individuals - sure. But look at the world today - the majority of world's population don't fall into any of those categories. In any case, in absence of any actual data about the purported "galactic" federation, any kinda of assertions are based on "baseless assumptions", inlcuding yours.

@tallestgiraffe9603 3 жыл бұрын

An interesting caveat here is that yes, AI will make us more rich in the future but without proper regulation, it will just concentrate the wealth at the top even more, so while the future generations will be more rich, it depends on whom.

@flameking2178 2 жыл бұрын

It shouldn't based on the definition... TLDR: the standard of living increase with technology because of the free market... If we're going to use what was defined in the video, then a new revolution would effect *all* industries which would increase the efficiency of production and decrease the price of those goods. Because the increase in productivity would effect all industries, the wealth wouldn't be concentrated and a monopoly wouldn't be formed. Of course that's assuming that free market competition is still in place which naturally lowers the price to appeal to the consumer. The only way to form monopolies, and thus concentrate wealth, is through government. Therefore, the only way that wealth be concentrated would be through government intervention that went against the free market and people's interests. In that case, the only ways to deal with that would be through voting or the second amendment. Fortunately, this is unlikely especially since the revolution would extend to other countries as well. Of course, let me know if I have misunderstood or overlooked something.

@thandekamahlangu6027 3 жыл бұрын

There is a show I saw called Economics Unbound (in South Africa) but I then said someone already teaches me about economics, you! 😀

@carso1500 2 жыл бұрын

Artificial inteligence, robotics and space exploration, those three will change humanity forever and are far closer than what most people believe

@Boby9333 2 жыл бұрын

Automatic driving machine (cars or small robots in warehouse) primarily used visual cue to control themselves (lines/codes on the ground/etc.) and in the case of vehicles we are still far from the legal aspect of fully automatic vehicles. Also Amazon is heavily investing in regular delivery method (sorter loading a truck, driver delivering them etc.) just to show how even one of the biggest company is far from using automatic vehicle/robot to deliver their goods.

@alexandervlaescu9901 2 жыл бұрын

Why is everyone forgetting the impact fully developed VR would have on our modern day economy. With AIs and automatisation more and more jobs would become obsolete and the overall need of manpower would decline. What would governments have those unemployed citizens to do ? Also if VR and especially Full Dive VR was fully developed would directly smash various econimic sectors like entertainment and tourism. It's impact is no less than the 4th Industrial Revolution mentioned by EE combined.

@UNr34 2 жыл бұрын

they'll change it by driving it to extinction

@paulluna1115 3 жыл бұрын

I like the brief distinction for what KZfaq has accomplished vs what a industrial revolution is

@krateproductions4872 3 жыл бұрын

Wow this video was uploaded 2 minutes ago and already on my recommended! Good job EE!

@EconomicsExplained 3 жыл бұрын

Awesome! Thank you!

@alexanderphilip1809 3 жыл бұрын

Christmas is on its way so, I'll consider this a bonus. THANK YOU.

@diegocastillo4882 3 жыл бұрын

Hi ee, i just finished watching the last season of Mr Robot and at the end something drastic it's been done to the economy and it's presented as something good, I was wondering what were your thoughts on that, and what do you think would really happen if that happened in real life, also i think it would be cool if you made a series of fictional economies and how possible they are. Love your videos

@TheRoyalManbird 3 жыл бұрын

**Andrew Yang has entered the chat**

@joeblow5178 3 жыл бұрын

Canada Social Credit party had a National dividends as its main party platform, from 1931 to 1980's (party ended) At one point in time it was the National official opposition party

@joeblow5178 3 жыл бұрын

@Jaskaran Singh The Social Credit party saw government services as a business model and believed citizen's should receive a dividend.

@aketchupman5103 3 жыл бұрын

We must secure the bag 💰for our people and a future for our children. The robots are here.

@kuyajez8384 3 жыл бұрын

#YangGang checking in ✅

@Chiken1 3 жыл бұрын

Anprim setting here like -_- *ANOTHER ONE*

@duo496 3 жыл бұрын

CAN I GET AN OOH OOH AH AH

@eliashornwall8546 3 жыл бұрын

OOH OOH AH AH!

@thegoodkidboy7726 3 жыл бұрын

oog

@eliashornwall8546 3 жыл бұрын

“Transhumanist headquarters here!” “Yes, I’ve infiltrated the anprims. They seem to think I’m one of their tribe.”

@thegoodkidboy7726 3 жыл бұрын

@@eliashornwall8546 transhumanist give steve bad water. steve wake up in forest. tribe leader grug give steve name oog. oog think forest not real.

@donaldclifford5763 2 жыл бұрын

As we advance through the third and on to the fourth versions, I see a need to return to a focus on robustness and redundancy. Massive system failures can and should be avoided by proper foresight and planning. You need a Plan B because it may very easily become Plan A, without notice .

@eastcumbriancollector983 3 жыл бұрын

These videos are so imformative,keep up the good work.

@rosswebster7877 3 жыл бұрын

Very interesting. I would also consider as another possible marker for a 4th Industrial Revolution is if all goes well with the upcoming Tokemak experiment and we viable fusion energy.

@turbotong 3 жыл бұрын

Here are two speculations for next revolutions: 1) Medicine & genetic editing 2) space age. You should probably do a video on each.

@KWifler 2 жыл бұрын

If medicine comes soon enough, many people reading this comment could potentially live forever.

@perfectlyfine1675 3 жыл бұрын

After watching this channel I constantly get investment app ads on KZfaq. CURSE YOU, MR ECONOMIC MAN!

@jvdp33 3 жыл бұрын

Great video, really enjoyed it. Please make a video on the economics of the huge shift towards renewable energy.

@budstep7361 3 жыл бұрын

Great vid like usual!

@lam7499 3 жыл бұрын

Waking up and seeing a new upload from EE already means it's gonna be a good day 😃

@EconomicsExplained 3 жыл бұрын

Hope you enjoy!

@lam7499 3 жыл бұрын

@@EconomicsExplained just finished vid - wanted to let you know I did enjoy it, thank you! Excellent work as always

@mrfriendlyghost5350 3 жыл бұрын

if i can take a quick geuss is that the fourth revolution will be space mining or something to do with space.

@ernstschmidt4725 3 жыл бұрын

the fourth revolution is Artificial Intelligence good enough to replace white collar workers. AKA skynet.

@PegasusTenma1 3 жыл бұрын

We need a Dyson Swarm if we want to be serious about space mining in my opinion

@mrfriendlyghost5350 3 жыл бұрын

@@PegasusTenma1 i agree xD

@CarFreeSegnitz 3 жыл бұрын

We currently get lots of value from space entirely via radio waves. Communication, GPS, Earth imaging. The next will be energy. Space-based solar energy has none of the terrestrial drawbacks. No night, no weather, no land use. Effectively unlimited base load energy. A market that’s already worth $trillions per year and in dire need of disruption. Most importantly, energy can be beamed down to receiving stations anywhere on Earth. While we’re out there building solar energy farms in space we could spare a bit of effort to build a parasol to help mitigate global warming.

@robbiehorninlow1520 3 жыл бұрын

You do this video now, a week after my assignment on the 4th industrial revolution was due

@josephdestaubin7426 3 жыл бұрын

I am writing to take issue with your mischaracterization of how historians view the Industrial Revolution. The Industrial Revolution was a decoupling of geography with wealth creation. Specifically, the introduction of the steam engine allowed machine-aided production to move from the cramped and overutilized river bank to anywhere a manufacture could move water and coal too. So rather than a village being very limited in the number of factories they could run, often limited to the bare necessities: such as having one milliner, one sawmill, and one tannery, a village could build multiple competing factories producing all sorts of things. This change, from linear space along a riverbank onto the square milage of usable village space, was monumentally exponential in a very real way. While it may be helpful shorthand to give the dates to the Industrial Revolution for the consumption of non historians, the dates do not actually define the period; and no one such as myself, whose major was history, would ever be confused about that.

@meldridgereedjr2842 3 жыл бұрын

You should read "The Accidental Superpower", " The Absent Superpower" and "Disunited Nations" by Peter Zeihan.

@tuan2352 3 жыл бұрын

Seconded.

@saxo689 3 жыл бұрын

Are they on jstor?

@sanderhaegeman6113 3 жыл бұрын

As a Civil engineering student, we always learned that IoT was the fourth revolution, hmmmm. Keep up the awesome videos!

@Cyberspine 3 жыл бұрын

IoT, robotics, better AI, they will all be a part of the change.

@Waitwhat469 3 жыл бұрын

From what I've heard IoT largely will be adding more data of the physical world for AI to process and create insights from.

@dekippiesip 3 жыл бұрын

Multiple stuff put together will make the 4th industrial revolution. Genetic engineering, IoT, AI, nanotechnology, etc. The contours of the 5th are visible as well, I would put quantum computing and nucleair fusion there as they are significantly further on the horizon yet still very much concievable within a century.

@LeanIAco 3 жыл бұрын

Great video! We have subscribed :)

@weaksause6878 3 жыл бұрын

Oh man, I wasn't subscribed! How have I missed that button after watching so many of your uploads.

@WarbirdPhoenix 3 жыл бұрын

Fusion is the next one. The again there was that gap between the first controlled use of fire and the first controlled splitting of the atom.

@PegasusTenma1 3 жыл бұрын

China has already managed to create sustainable deuterium and tritium fusion, another viable option is lithium fusion, these are all precursors to the hydrogen thermonuclear fusion that powers the sun, they are more than enough for us

@migtig5544 3 жыл бұрын

Have you ever read "Industrial Society and its Future"? Its a great paper by a former UC Berkeley math professor. Really enlightening.

@veganchaatparty 3 жыл бұрын

Super Awesome Video!!! Super thanks for sharing!!! Awesome!!!

@stevo728822 3 жыл бұрын

8:57 I remember working in an office without computers. All the paperwork was kept in card containers and there were rows and rows of A to Z filing cabinets. And I worked in a supermarket without computer cash registers where every item had to be stamped with a ticket price. The good old, bad old days.

@gss232 3 жыл бұрын

Our obsession with economic growth is scary, when does that desire end

@carso1500 3 жыл бұрын

When the entire universe has been conquered and entrophy defeated, once all the known laws of physics are bare under our feet, once we have complete and utter control over reality itself at that point i think we can take a couple of days off

@benjaminteixeira4709 3 жыл бұрын

I know

@2hotflavored666 3 жыл бұрын

Economic growth is great for us, better living conditions and more workplaces and many many other things because of economic growth.

@benjaminteixeira4709 3 жыл бұрын

@@2hotflavored666 We should try to insure each person a good standard of living before developing technology past a point where we can control it just because "economic growth" is good for us

@carso1500 3 жыл бұрын

@@benjaminteixeira4709 and how do you plan to accomplish that without economic growth A lifting wave rises all boats, even "poor" people in américa live better than some kings in antiquity

@cherubin7th 3 жыл бұрын

The 4th industrial revolution is the lock-down forever because we will from now on freak out at everything.

@thatprogolfer 3 жыл бұрын

I like how you used Manchester, NH in your stock footage at 3:40... really nice...

@NSTudor 3 жыл бұрын

just wanted to stop for a moment and let you know how great I think your channel is: very. keep it up

@MarkBorland 3 жыл бұрын

10:25 love the Doug DeMuro cameo 😂

@janakiraman1252001 3 жыл бұрын

AC Electricity: Am I a joke to you? You would not be able to post the video without me

@hawaiijim 3 жыл бұрын

Also the internal combustion engine. 😢

@Perrirodan1 3 жыл бұрын

@@hawaiijim I thought he was going to talk about that, they are key parts of the second Industrial revlolution: interchangeable parts, mass production of steel,internal combustion engines, electricity.

@apacheattackhelicopter8185 3 жыл бұрын

Joke's on you, PCs actually use DC

@fetchstixRHD 3 жыл бұрын

@@apacheattackhelicopter8185: But still source their electricity from an AC source, so you still depend on AC!

@apacheattackhelicopter8185 3 жыл бұрын

@@fetchstixRHD No you don't. If I plug my PC into a DC source like a solar panel or a battery, it will work. But if I plug it directly in the AC outlet without a DC converter, it will get fried.

@julianflandorfer8768 3 жыл бұрын

EE, thanks for the very interesting Video. I missed production factors, though, as the change in main production factors is an important aspect of technological, economical and social evolution as well (like, human skills and force for hunter-gatherers, land for agrarian societies and capital for industrial societies). This is probably due to the fact, that one could make a whole new video only about production factors and their historical evolution. I'd love to see a video about this! Also, it seems to me that with this fourth Revolution, Information as a production factor is going to rise in importance and eventually be even more significant than capital, our main production factor nowadays. If you do such a video, I'd be interested to hear your opinion on this!

@spacechannelfiver 2 жыл бұрын

By the broader definition we are in like the 18th Industrial Revolution (I didn't actually count). Sanitation, Irrigation, Domestication, Printing all certainly count as systematic shifts in technology that change and improves the way that business is done. The most transformative technologies since the advent of coal/steam have been electricity, the internal combustion engine and the transistor. We're on the cusp of exploitaion of inner space (biology) and outer space (resource extraction)

@Ultrawup 3 жыл бұрын

To me, there's three main revolutions: The Agricultural Revolution, giving us agriculture and society The Industrial Revolution, giving us industry and mass production The Digital Revolution, giving us digital computers and the internet, as well as access to all the data on the planet at the touch of a button. Sure there were more than one of each, but they're all just continuations of the original one, now taking new forms with newer technologies and implementations.

@DeeZedEx 3 жыл бұрын

Many agree that a second agricultural revolution happened in the 60s with the widespread use of fertilizer and better seeds

@saxo689 3 жыл бұрын

@@DeeZedEx very different type of “revolution” and imo not a revolution but a new change with little change on how humans live.

@williamyeh298 3 жыл бұрын

These are technological revolutions that change the experience of humanity rather than industrial revolutions. To your list I'd add two: 3) Electrical revolution: changed the way we utilize power, and 4) Medical revolution: from germ theory to MRNA Vacccines. My hope for the 6th revolution (after digital) is social, when automation pushes the marginal cost of production so low we cease measuring value in labor.

@liberty-matrix 3 жыл бұрын

The only way forward is more, until the earth says no more! "Nature always bats last."

@vtipoman 3 жыл бұрын

Thanks for the cool knowledge mister economics man

@enzoclaudino3213 3 жыл бұрын

This video was fantastic thank you very much

@chaineeconomie4534 3 жыл бұрын

can I add some other few things that helped the economy to grow a lot? -the understanding of the laws of thermodynamics that made machines way more efficient -the understanding of how to make fertilizer on an industrial scale that prevented a massive famine Has anyone other ideas?

@Cyberspine 3 жыл бұрын

In the 1800's? Other big factors were the formation of an industrial rail and port infrastructure, the development of sanitation helped grow cities and thus the available workforce, the development of chemistry and materials science to make various products with etc.

@rushopolis 3 жыл бұрын

I'm just commenting for the algorithm.

@musikSkool 3 жыл бұрын

Most people ignore the problem of automation until a robot takes their job. If an economist says get a new profession, you should become an economist and take their job, if they complain, tell them to change their profession.

@bmpproducer9334 3 жыл бұрын

Reminds me of the theorie of long waves about which we just spoke in our economic class

@eskanderx1027 3 жыл бұрын

"Every generation is richer than the one before" Lol good one mate...

@farmduck2762 3 жыл бұрын

Two things I want to know: Where's our flying cars? When do we get the genetically-engineered cat-girls?

@tomeryud 3 жыл бұрын

there arent going to be flying cars. you can watch a video on youtube explaining why. basically its very loud (look at helicopters for reference), dangerous, and highly inefficient (you need to spend a lot of energy to stay up)

@PegasusTenma1 3 жыл бұрын

@@tomeryud There’s many counter-arguments to that. In fact, there’s several technologies that use quiet rotor blades for the flying cars, similar to a quadcopter, and produce no waste since they only use electricity

@alexd7592 3 жыл бұрын

use VR glasses will be faster and greener I think with limited resources and global warming traveling will be very expensive, matrix is coming

@rightwingsafetysquad9872 3 жыл бұрын

We have flying cars. They’re called helicopters. Very expensive, and until recently, very difficult to drive.

@leonardonguyen4338 3 жыл бұрын

@@PegasusTenma1 the argument that any electric vehicle or device is better at saving the environment is partially untrue. At the moment, we havent invent an efficient way to recycle/reuse battery so in 10 years there will be lot of end of life battery from massive vehicle (car/truck). Not including the risk of battery polluting drinking water and the energy to make battery. We can only hope that in 10 years, some advance technology will deal with it.

@Waitwhat469 3 жыл бұрын

AI, even the specific intelligence kind is pretty amazing in what it could mean, much like taking machining from art to standard process I see it mostly being a huge cost reduction to any field that deals with data (which is a nearly all, even if they don't know it :P ).

@alexfarmer7778 3 жыл бұрын

I’d love to see a video about how the demographics of your channel represents an economy or something like that.

@Zones33 3 жыл бұрын

I wish I could live to see the 30th industrial revolution where we become a type 3 civilization

@SillieWous 3 жыл бұрын

So the next revolution is using buzzwords without knowing what they actually entail?

@musaran2 3 жыл бұрын

Rest assured this is nothing new. The discovery of radiation led to radio-active drink water, skin cream and whatnot. The atomic bomb led to "atomic" cafés, radios stations and whatnot. The rise of 3D gaming was named "virtual reality" (at least in France). Today, we have "quantum" this and "AI" that and "social" those... Tomorrow, cyber-everything ?

@timnicholls19 3 жыл бұрын

Wearing band shirts with out knowing any of their songs

@bits_for_bytes 3 жыл бұрын

This is his second strait video about crypto, without him even knowing that's what he's talking about.

@thecurrentmoment 3 жыл бұрын

@@bits_for_bytes he does but it is in cryptolanguage

@TheMurmandamus 3 жыл бұрын

Buzzword standardization proposal

@112steinway 3 жыл бұрын

I know it's very technical, but is there any chance you could do a video on "The Economics of Industry 4.0"? As someone who works in manufacturing, that would be very interesting to me. Also, maybe a video about framing the strikes and unionization of labor in during the late 1800's through an economic lens?

@duane8620 3 жыл бұрын

Great video! I think you should do a video called "The 2021 Special: Return of Begging, Bartering & Trade in the Post Covid World". Would be a highly educational episode for our incoming economy ;)

@tushark918 3 жыл бұрын

I think its going to be something related to outer space. I don't know or what. But, It has to be outer space.

@EconomicsExplained 3 жыл бұрын

Outer space is an interesting one, it certainly opens us up to alot more resourses, but we are still definately in exploration phase rather than mining/harvesting phase to generate wealth. Space will probably be industrial revolution part 5

@Perrirodan1 3 жыл бұрын

Space could be the place where : industry is, where data travels(starlink) where energy is produced etc...

@MrMattumbo 3 жыл бұрын

That's still further out than AI at this point, by the time space-based industry is actually developed we'll be calling it the 5th industrial revolution.

@beskamir5977 3 жыл бұрын

I think space would be the 5th revolution. AI, local custom manufacturing (ie 3D printing, cnc, etc), global internet access, etc are probably going to happen before we develop a proper space presence and are direct progressions of teaching sand to think.

@beskamir5977 3 жыл бұрын

@Anshal Mishra We can do more than one thing at a time and space exploration results in earth focused technologies. Obviously starlink, gps, etc. would not exist without looking to the stars.

@aragornii507 3 жыл бұрын

The world is recessing into a music industrial revolution.

@pholiux1418 3 жыл бұрын

Nice

@ryansahs 3 жыл бұрын

Nice to see an economics video that ends on a happy ending!

@hannibalbra1216 2 жыл бұрын

Keep up the good work bro

@tuberklops 3 жыл бұрын

A good tedx video on this topic is called “Sam Hyde paradigm shift 2070”

@demigodgamez 3 жыл бұрын

Wait. Why did you take a course on materials science when you are an economist? Just curious.

@ernstschmidt4725 3 жыл бұрын

my guess is mandatory elective courses, but i don't know.

@luispericchi9347 3 жыл бұрын

Great video!

@semmelweis8398 3 жыл бұрын

I think that fusion power and space economy deserved at least a mention in the video. Besides that very nice video.

@junechevalier 3 жыл бұрын

We still don't know what quantum computer can do that's applicable to our day to day tasks tho

@thiagortins 3 жыл бұрын

Why this gas crisis KZfaq advertisement keeps popping up every time I watch an Economics Explained video?

@anartapoashan5714 3 жыл бұрын

Same

@qwertycrusader1019 3 жыл бұрын

Same

@vallahdsacretor4839 2 жыл бұрын

As a blacksmith myself, I can confirm that iron is a terrible material to build anything load bearing out of, especially if that is itself. If you notice, a lot of old iron made components are bulky with lots of structural supports and reinforcements. It's not exactly soft, but it's also malleable enough to deform due to work stress. So the production of cheap, quality steel in a large amount was a huge game changer.

@Darkrampager 2 жыл бұрын

3 field crop rotation was a revolution as well, then the printing press too. Both of these innovations revolutionized the way the world worked. 3 field crop rotation essentially doubled food production, turning something that was there only to feed your family into a source of income to improve your life.

@andrew66769 3 жыл бұрын

Last time I was this early we were still going through the first one.

@michaelrichardson3834 3 жыл бұрын

last time i saw a comment like this, the universe hadn't even STARTED.

@Niidea1986 3 жыл бұрын

I thought electricity was the second revolution

@Kriss_L 2 жыл бұрын

Almost all of my work was paper just 18 months ago. We began a transition to digital, and some of our projects are still only about 50% transitioned.

@yoshyoka 2 жыл бұрын

I am surprised that you did not mention what made standardization in the 1870s possible: the invention of precise measurement tools and the lathe.

@cjjuszczak 3 жыл бұрын

4:50 *"Imagine if the world today did not grow wealthier over a 50 year period, people would lose their minds..."*

@kostaspatsatzakis9264 3 жыл бұрын

Why does the title say forth industrial revolution?

@AADJYT 3 жыл бұрын

These were how I summed them up in college 1. Steam Engine and Mechanization 2. Electricity and Automobiles 3. Computers and Electronics 4. Internet, Big Data, and AI