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Public Goods and Externalities
Рет қаралды 38,290
Күн бұрынIn a free market, there are certain things that the government must provide that the marketplace cannot. These are called public goods, and they include things like schools, roads, parks, and many other things. These are the things that make up a nation's infrastructure. What should be a public good and what should not? What is the free rider problem? What are externalities, and are they good or bad? Let's dive into all of this!
Script by Matt Beat: / iammrbeat
Animation by Ignacio Triana: / unraveled
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@DarkAetherPeow 2 жыл бұрын
Epic transitions, you've improved so much over time and it really shows, keep it up Professor Dave!
@alizo3 2 жыл бұрын
So true!
@glennpearson9348 2 жыл бұрын
Tell me, Professor Dave, surely you anticipated that this episode would draw arguments over what should or shouldn't be a public or private service, right? You're already being called out for not talking about "toll bridges" and being accused of making a "mistake" because you didn't claim that healthcare should be listed as a public service. Don't listen to these people, please. They didn't come here to listen and learn, they came here to argue and prosthelytize. This series on economics has been educational and entertaining. Keep up the great work and ignore the haters.
@nickstaresinic9933 2 жыл бұрын
"Don't listen to these people, please." With all due respect, too often that is the wrong attitude that leads to the anti-intellectual 'cancel-culture' trap that poisons the exchange of ideas. Instead of reflexively dismissing people with whom you disagree as "haters", engage them (at least initially) and counter their arguments with yours. That exposes them and tones your logical 'muscles'.
@glennpearson9348 2 жыл бұрын
@@nickstaresinic9933 Good advice. I did engage them - extensively. They would have none of it. My note was not reflexive. It was the product of a protracted, yet futile, plea on my part directly with these folks to appreciate that Professor Dave was merely using simple examples to demonstrate his point. They were fully convinced that because Professor Dave did not deride the U.S. healthcare system as a private service, his entire lesson about the distinction between public and private services was faulty. As I said, it became clear to me that these people weren't interested in learning the information Professor Dave presented, they were interested in making political statements. PS - I didn't call them "haters," though, in this case, I think the moniker fits.
@fredricknietzsche7316 2 жыл бұрын
The phrase "toll bridge " comes to mind. I think a better example may be police or fire services.
@glennpearson9348 2 жыл бұрын
If he had said "toll bridge," then you'd be correct. He didn't, and so his example of a bridge as a public good or service is just as relevant as police or fire services. I'm sure if he'd used police as an example, someone would have started going on about "rent-a-cops," or privately owned ambulance services, or privately run jails.
@timtarbet4594 2 жыл бұрын
What program did you use to make this video? It looks pretty slick.
@nerp4956 2 жыл бұрын
Thank you for the economics videos. This is a subject I don't understand well, so these videos have been helpful.
@MindoftheNorthStar 2 жыл бұрын
Healthcare should be a public good here in America. Most of us aren't immortal or invincible so it makes sense that we all need healthcare
@SIS3W3N 2 жыл бұрын
@Joshua Marcos Every major western nation except the US has some form of single-payer healthcare, and many of those nations have surpassed the US in quality of care. Cherry-picking Brazil as an example demonstrates that you are not looking for the truth. You are just looking for data that supports the conclusion you wish to reach.
@SkollTheWerewolf 2 жыл бұрын
@@SIS3W3N The United states has also almost reached 400 million people, wheras most countries who have implemented free healthcare often have less than half. Implementing free healthcare in the US would completely fuck up the economy just like its already being right now.
@SIS3W3N 2 жыл бұрын
@@SkollTheWerewolf What evidence do you have to support that assertion? Why would having a larger population have a negative impact on the viability of such a system? You just stated a fact, and then made an assertion, without demonstrating how that fact supports your assertion. Such a system would ensure a healthier workforce while taking less money out of the hands of workers. How would that wreck the economy?
@mccellenlol4163 2 жыл бұрын
Nothings stopping you from paying a part of someone else’s med bill. What’s stopping you?
@SIS3W3N 2 жыл бұрын
@@mccellenlol4163 I am paying part of someone's medical bill when I pay for health insurance. I'm also paying profit to the insurer, and overpaying for pharmaceuticals because we don't negotiate prices like single-payer systems do. I would like to pay less for a higher level of care like many other countries already do.
@TheWeirdSide1 2 жыл бұрын
Free loader: Viewer who watches this video and does not become his patron(patreon). This service is funded by a few individuals but also through advertisement and/or subscription to youtube(Google) itself, another private interprise and 'larger fractal' of this smaller one. But Google forced ads on creators videos not too long ago and so patreons now have less if any incentive. Now we have to pay for both fractals. Most people will choose to subscribe to KZfaq to avoid ads, while unlikely to also pay individual creators. Since economics is not a hard science, it would be interesting to understand what has changed since youtube forced ads. Joe Rogan simply left youtube and went to Spotify in response(alongside other incentives like Spotify making a inticing offer). Maybe Sir Professor Dave can make a video explaining this situation and as a bonus/incentive for himself, advertise his patreon account simultaneously amoung the lesson👌 (thank me later)
@NokoPilot 2 жыл бұрын
Thank you for the knowledge drops, Dave. Great series thus far.
@ojasjoshi5574 2 жыл бұрын
You explanations are awesome
@naviv6040 2 жыл бұрын
hey dude, you should one video about Level ( water level ) describe how tides operates , fresh water large body ......
@vincenttyyy1172 7 ай бұрын
Thank you so much for your videos, it really helps
@mechtheist Жыл бұрын
When I took my first econ course, when it got to externalities, it was one of those 'wow, that really explains a ton of stuff', it's rather obvious, facepalm obvious as in why didn't that ever occur to me kinda way. And over the years, it became more and more confusing why you seldom see any kind of thorough analysis of externalities, you almost never hear of them in the news, especially in any substantive manner, and if they are mentioned, it's almost always one-sided, usually ignoring the harm done to millions while hyping the benefits to a few. It's incredibly disappointing that it's not taught in high schools, how can you claim to be preparing kids to be productive and _knowledgeable_ citizens if you omit such topics? It's enough to make you think they don't want folks to understand a lot of stuff.
@dixztube 2 жыл бұрын
Dang this channel has grown!!
@telmoandrade1169 2 жыл бұрын
I know it’s informative so I click and listen. Keep it up!
@bizarrereservoir638 2 жыл бұрын
Our government has found out having a largely uneducated society creates an equally large workforce who, out of desperation, work minimum wage jobs so they don’t starve.
@gtorr47 2 жыл бұрын
💯 It's all by design.... Btw, Professor Dave, my Gematria teacher @GematriaEffectNews would love to debate you regarding the killer v!rus, the c19, the Rona, the 👑 v!rus. Can't hardly wait!
@antediluvianatheist5262 2 жыл бұрын
@@gtorr47 as if anyone wants to talk to them
@mattgrifpotato7854 2 жыл бұрын
This help me so much, thx.
@NayanMaityTalks 2 жыл бұрын
Great sir.. ❤️
@-JA- 2 жыл бұрын
Thank you.
@gamingsquad7937 11 ай бұрын
Nice video
@howardfitness2029 Жыл бұрын
Wonderful
@jeymon243 2 жыл бұрын
For an empirical guy you never explain why a service should be public, you just say "it can't be provided by the private sector" without a reasoning. And your example of the bridge is kinda bad, you just asume the way that service is gonna be provided (an inefficient one btw) without leaving room for more eficient ways of providing that service that could emerge from hundreds if not thousends of peoples minds. (English is second language ignore typos and grammar)
@ProfessorDaveExplains 2 жыл бұрын
Um, it should be pretty self-explanatory, bud. And no, the bridge is a prime example.
@jeymon243 2 жыл бұрын
@Professor Dave Explains wow, ironically you remind me of that flat-earther you debated a few days ago, where he would repeat "the earth orbiting the sun doesn't make sense" without saying why. Interesting that you are empirical and pragmatic for some things and dogmatic for others. If the bridge example is a prime example that proves how wrong you are. As i said, you just asume a convenient scenario that proves your point and ignore the rest of (more probable) possibilities. Why can't there be more efficient ways of provinding that service? No one out of thousands of minds can come up with a better way? Do subscripcion methods not exist? What about tolls? And all the other possibilities that exist that I may not know there existence. Its pretty arrogant and non scientific to say "this is self-explainatory" when you didn't explain a thing and leave it like that. Dogmatism, thats what it is.
@mechtheist Жыл бұрын
@@jeymon243 Uh, you do realize they've been building bridges for some time now? It wasn't a new thing back in Roman times, I'd imagine every form of funding you can come up with has been tried at one time or another. Take tolls, there's lots of those around, you want to live somewhere that requires you to pay a toll every bridge you cross, every highway you drive on, even every road? A big chunk of the video _does_ explain the decision on whether public or private financing makes sense, did you even watch the video or are you a kneejerk 'government is always bad' kinda troll? Why not cough up some data on how inefficient public goods are and how it's always more efficient to let the private sector handle things. I'm betting any study that concludes private sector supplying X will be much more efficient is easily shown to be flawed, likely ignoring many externalities, almost all economic analyses do this rendering them almost worthless.
@TheRogueRockhound 2 жыл бұрын
Well done Dave. QQ: have you discussed the Tragedy of the Commons?
@agent_w. 2 жыл бұрын
nice video dave
@xXThePhantom09 2 жыл бұрын
I'm sorry this is unrelated, but I've been wondering if energy is a physical thing or just a construct like math and haven't been able to find a solid answer
@martinrivera3385 2 жыл бұрын
I'm a bit rusty on my physics knowledge, but I do believe "energy" is a way to describe the work going into making something move. Energy is then more like a construct as it describes the physics required to make something act. It takes "energy" to move a rock for instance. That "energy" can come from chemical reactions in a human body that came from contractions of muscles, and that is powered by the energy released from digesting food, which came from sun light captured by plants. Again I'm no expert but that is my attempt at explaining it!
@danielcbrecht 2 жыл бұрын
I love this guy, especially when he calls someone out. I loved following flat earthers and pierre after he burned them. I didn't even know about half of them. Great for laughs. Especially the flat earthers
@amatyawaghmare1488 2 жыл бұрын
Most irritating sound at the beginning change it
@MilitaryPoliceG795 2 жыл бұрын
Can you make a video on DeFi? I believe the future adoption of DeFi may change what are concidered public goods.
@moonkeele 2 жыл бұрын
1:52 Everyone outside USA screams as the screen Hospitals! Only in USA could this be controversial
@deanna1410 2 жыл бұрын
Well the medical industry is owned by billionaires so they can afford to buy a lot of propaganda lol. I know how silly that sounds, but idk how else to put it lol.
@eddiegesch8645 2 жыл бұрын
Just commenting for the algorithm.
@Minder666 2 жыл бұрын
There are no public goods... only public bads.
@blubberwasser5105 2 жыл бұрын
pi is exactly 3
@koled224 Жыл бұрын
Engineers unite
@paulwillisorg 2 жыл бұрын
Tragedy of the Commons
@JacksonOfBelgium 2 жыл бұрын
Dave debate Kent again
@archivist17 2 жыл бұрын
Kent the criminal? Nah. Not worth it.
@danielfraga1897 2 жыл бұрын
You made a mistake and didn't include Healthcare as a public good
@glennpearson9348 2 жыл бұрын
Not a mistake. He just didn't include it. Probably because he know it would create unwanted arguments, which, as we can see, has happened anyway.
@sidharthcs2110 2 жыл бұрын
I don't think that needs a special mention. It should be a public good , like the rest of the developed world
@danielfraga1897 2 жыл бұрын
@@glennpearson9348 The argument comes from its exclusion. Including it would have been the objectively correct stance.
@glennpearson9348 2 жыл бұрын
@@danielfraga1897 By this logic, then one could claim he made a mistake by not listing anything and everything else that could also be considered a public good or service. You wanting it to be so, does not make it so.
@Knight_Astolfo 2 жыл бұрын
See, he didn't include it so people like me wouldn't come along and remind you that I'm not paying taxes so people like Nikocado can keep killing themselves on my dime. Fatty's gotta cut 200 science-weights before he gets healthcare. FOR THE PUBLIC GOOD AND PUBLIC HEALTH!
@paulwillisorg 2 жыл бұрын
1:40. Incorrect. Increasing the traffic load on the bridge increases wear and therefore cost. You lied.
@ProfessorDaveExplains 2 жыл бұрын
I said for the most part. What you’re describing is negligible. Cool your jets.
@nickstaresinic9933 2 жыл бұрын
"You lied." You've added heat without light. Insult is not an effective means of persuasion.
@paulwillisorg 2 жыл бұрын
@@nickstaresinic9933 Maybe my goal was truth and not persuasion.
@nickstaresinic9933 2 жыл бұрын
@@paulwillisorg With all due respect, starting your reply with "Maybe..." suggests that you might not be sure yourself! My point is simple: If you want to engage in a serious discussion, then you don't call someone a liar! A serious comment would expand on your point of contention, attempting to refute his argument, without such insults.
@paulwillisorg 2 жыл бұрын
@@nickstaresinic9933 The is no need to attempt to refute. The lie is obvious to anyone not swimming in socialist dogma.
@jaykennethjumat2501 2 жыл бұрын
I only came here because of the meme chemistry jesus
@seriusxs957 2 жыл бұрын
how familiar are you with the contingency argument for the existence of god??
@ProfessorDaveExplains 2 жыл бұрын
This is an economics tutorial. Stop spamming my channel.
Economics Explained
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