How Bad Economics Killed Millions

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If unintended consequences aren't considered, there can be a real and deadly trade-off between economic benefit and human wellbeing. Making poor policy decisions that may seem like economic opportunities can and have lead to famines, economic collapse and people losing their livelihoods, homes and lives. This is why economics is so important, and poor economic decision making can literally be fatal for millions of people.
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8 ноя 2023

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Комментарии : 948

@EconomicsExplained 6 месяцев назад

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@AndrewGeierMelons 6 месяцев назад

Do you see all of the OpenAI TKP whatever bots?

@alexwolfeboy 6 месяцев назад

BetterHelp sell patient data (not allegedly, they were fined already by the FCC), including mental health questionnaires to advertisers. This is an appalling lack of regard of your community to continue promoting them.

@PXAbstraction 6 месяцев назад

@@alexwolfeboyNot to mention regularly hiring unqualified therapists and also having in their EULA that they don't guarantee your therapist will be qualified, even though they advertise otherwise. They are a scam company.

@PXAbstraction 6 месяцев назад

Why do you continue to promote this documented scam of a company?

@Mahmoud-kw3sb 6 месяцев назад

i am certain listening to Top G helps more

@haldir108 6 месяцев назад

The answer to whether to Bin or to not Bin the Maccas wrappers is that it takes less work for you to do it, than it does for the worker to walk over to your table, and then do it. Minimizing how much work something takes is good economic policy.

@rafaelortega9252 6 месяцев назад

Good point, my man!

@stevk5181 6 месяцев назад

True, but if I'm paying the same, or more, to bus my own table, I will likely go somewhere else to eat, or (as an American in American) tip less or not at all.

@evanmcdonald9134 6 месяцев назад

@@stevk5181 Wouldn’t you be paying less to bus your own table because the cost for the resteraunt is less so the cost pushed to you is also less?

@scorpioneldar 6 месяцев назад

this is only true if your solving for effort expenditure efficiency. if Instead you are solving for maximizing employment. then the correct answer is the reverse. and there are many many metrics you can solve for in economics. some of which would tell you that there should be no wrappers in the first place. others which would have you sit at your table and shred the wrapper into tiny pieces all day.

@jeffbenton6183 6 месяцев назад

Labor theory of value. In all seriousness though, in real life, corporate doesn't really see things like that, they only see cash inflows and outflows. They want people to clean it up because it'll look better and hopefully draw in more customers, but they're not going to stop cutting hours just because a wrapper sits around for half an hour. Just pick up the wrapper 'cause the person behind the counter probably has 10 other things they need to do at that time.

@rickywinataa 6 месяцев назад

"Yes Prime Minister" made a joke about smoking & tax money all those years ago and the irony is it still holds true today

@geoffp625 6 месяцев назад

You thought Yes minister was a comedy not a BBC documentary?

@juliansebastian 6 месяцев назад

As a PhD student in economics I‘m so glad you made this video! It‘s a fascinating field but too often people and especially politicians act like an economic theory is a law of nature and subsequently make stupid decisions.

@leonfa259 6 месяцев назад

I have a question, I always wondered why economists are so in favor of household consumption? Wouldn't artificial consumption through science, space and infrastructure spending make more sense?

@juliansebastian 6 месяцев назад

@@leonfa259 I‘m assuming with artificial consumption you mean public spending. In that case, yes, it’s definitely a way to fuel growth of an economy but it has its limits. On the one hand, e.g., infrastructure spending only makes sense as long as there is a need for more infrastructure. On the other hand, any public spending in democracies must be justified to the people which is why household consumption is less controversial. It also indicates that there is personal wealth in a country which is a good sign for a well functioning economy. I’m sure I’ve missed some points here but I hope this helps to answer your question a bit :)

@leonfa259 6 месяцев назад

@@juliansebastian I am a European currently in China where democratic justification is less of an objective, but both here and in the west there is an increasing amount of unproductive jobs that seems like a ubi without the u. As a techno optimist I always wonder if we shouldn't push more of the resources available into R&D instead of pushing private consumption of unnecessary luxuries. I understand that we need demand for economical growth, but why give the middle class and up even larger homes to feel alone in and even more luxuries to be depressed with.

@davianoinglesias5030 6 месяцев назад

Public expenditure is marred in corruption and misappropriation of funds. This in turn leads to inequitable distribution of incomes and public projects. Household consumption on the other hand is democracy in your pocket, every individual is highly motivated to achieve their consumption needs and the highest income goes to the best producers, it's an automatic resource allocation mechanism.

@leonfa259 6 месяцев назад

@@davianoinglesias5030 As long as externalities are fairly priced I agree. But for projects on a country and conversational level with break even times of above 20 years like the moon landing in the 60s private spending won't work. Even infrastructure spending needs the regional and country level to be viable.

@patrickajdavis 6 месяцев назад

When learning political science independently, my father told me "the first rule of politics is to forget what you know about economics". Even when economic policy is talked about. Those on both sides can benefit from not giving the whole economic picture to their citizens.

@theethicsofliberty4642 6 месяцев назад

The worst Economic Delusion ... is believing that it is a positive thing to Control the Economy ... control artificialize the economy ... the more you control the economy, the worse it is for the poor ... the worse it performs long-term ... privileging a minority of already rich and powerful to the detriment of the poor majority ...

@inigobantok1579 6 месяцев назад

Also besides those who study it. Economics is pretty boring to be spouting on average Joe's and Janes in society.

@quintessenceSL 6 месяцев назад

This seems incredibly patronizing, and further justifies people having little confidence in "experts".

@ThatGuyPotatoes 6 месяцев назад

@@quintessenceSLJust because something is an ugly truth you may not like does not make it patronizing.

@quintessenceSL 6 месяцев назад

@@ThatGuyPotatoes Likewise when people completely ignore experts altogether and we can throw all empiricism out the window.

@joeyjoejoeshabadoo1411 6 месяцев назад

This is why ethics and shared morals are so important within science. Science without ethics leads to the ends justifying the means.

@AmazingDuckmeister 6 месяцев назад

Which is itself an ethical outlook known as Consequentialism.

@nablamakabama488 6 месяцев назад

It’s especially important that people learn that science itself doesn’t really give any advice. It only tells you something about the consequences of your actions, and in most cases not even every consequence, but only the limited amount that has been studied. It’s like a genie fulfilling your wishes. If you haven’t thought about what exactly you want, it will twist your deepest wish into a horrible nightmare.

@dannyarcher6370 6 месяцев назад

It's also why ethics and shared morals are so important within societies. Another reason globalisation has been terrible for Joe Bloggs.

@chillbeatz6805 6 месяцев назад

you see the world and you say its science that needs more ethics???

@Wolf-oc6tx 6 месяцев назад

@@chillbeatz6805 Science certainly needs more ethics since then it would be harder to bribe scientists to give slanted results and such, if you want a example(that there currently isn't a partisan divide over) look at how tobacco companies covered up the health risks of there products for years and how many of the same companies are involved the food supply........

@alanhonlunli 6 месяцев назад

This is about broken window paradoxes. You don't break a window so the repair guy can keep his job. If the window is not broken, then the repair guy can find gainful employment in something that is actually productive.

@thewhitefalcon8539 6 месяцев назад

Except he can't because there's a job shortage. The paradox only works if there's a labor shortage (job surplus). It's a serious proposal that the government should pay people to dig holes all day to alleviate job shortages. In fact the US military already does this.

@alanhonlunli 6 месяцев назад

@@thewhitefalcon8539 if the best thing the government can think of is useless holes, then there's a problem. You might as well just have universal income at that point.

@paavoilves5416 6 месяцев назад

@@thewhitefalcon8539 I mean I get your point, but don't job shortages relieve by creating more jobs? Private individuals (people = businesses) create jobs, they don't just pop out from nothingness. There where is a need, there is work to be made and we don't really seem to run out of needs.

@FTW23-qq8nb 6 месяцев назад

Therefore reeducation and the ability to switch to a new speciality must be taken seriously.

@johanalejandrocazadordepin7225 6 месяцев назад

That's more of a fallacy than a paradox

@washingtonradio 6 месяцев назад

I read a book many years ago that stated economics had some serious fundamental flaws. One flaw in economic models is the implicit assumption a person has all the relevant information available when making a decision. I think it can be shown this assumption is false, everyone operates in a 'fog of life' were we each only know a limited amount of information before making a decision. The 'fog of life' is much like the 'fog of war' good military historians talk about when military plans are made. Also Moltke's dicta should always apply to any economic scheme: "No plan survives contact with the enemy".

@oliviastratton2169 6 месяцев назад

I mean, Econ 101 has these flaws. Once you study these things seriously, you try and create models that account for things like "information asymmetry".

@doujinflip 6 месяцев назад

That's why healthcare is best treated as a public utility much like the "natural monopoly" of roads and energy service. The barrier to becoming a health professional means you're not going to medical school just to second-guess them, nor shop around for the best surgeon in the middle of an emergency.

@ingold1470 6 месяцев назад

The subjective theory of value does address this in a way. People aren't maximising their own self-interest in an objective sense, they're making what they believe in the moment to be the best choice.

@christopherleblanc160 6 месяцев назад

Moltke's work was expanded upon by the further research of Mike Tyson, who opined "Everyone has a plan 'till they get punched in the mouth."

@hereigoagain5050 6 месяцев назад

There are theories that use "limited rationality," "information asymmetry," and "decision-making biases." A challenge is that the conclusions are sensitive to the assumptions, and the assumptions are often not verified.

@kevincronk7981 6 месяцев назад

As a Freshman in college majoring in economics it's really encouraging to hear being an economist made him need therapy lol

@TheFirebird123456 6 месяцев назад

Its called the dismal science for a reason.

@xanders-game 6 месяцев назад

That trolley problem analogy cracked me up!

@mga149 6 месяцев назад

I have to admit that's the most... unique... solution to the Trolley Problem I've heard.

@turbotong 6 месяцев назад

So if your advertised therapists prevent suicides, are they good for the economy?

@vulkanofnocturne 6 месяцев назад

Only if they save productive people.

@wayando 6 месяцев назад

It depends who they save, I guess ...😂😂😂

@wayando 6 месяцев назад

@@monkemode8128... Older people know more though ... And they have already absorbed all the knowledge and training. So they are more valuable.

@AddictiveSin 6 месяцев назад

Lol they don't

@mrguitarguygates 6 месяцев назад

@AddictiveSin well that's that bullet dodged... or not, I suppose

@blackpolygon9306 6 месяцев назад

"What is best for the individual is often not what is best for a society" While it's still true, given the context you probably meant economy and conflated economy and society, which shouldn't be done. Many things that are good for the economy are bad for the society.

@kerpwnt 6 месяцев назад

And many things that are good for the society are bad for the individual. People like to look at society as a machine to control. They forget that the parts of that machine are people with their own wishes and goals.

@the_expidition427 6 месяцев назад

Everybody wants to rule the world

@ncuco 6 месяцев назад

I've had *that* discussion as in Portugal (where I'm from) we leave our dirty platters in the mall on the table for someone to pick up, yet in Poland (where I live) everyone puts them in the bin. We are assuming mc donalds can pay, but for a small business hiring anothet person may lead to bankruptcy. I had a small bar 10years and only survived because who worked for me multitasked

@grant710 6 месяцев назад

Gooday mate. So you worked in the hospitality and catering, leisure and hotel industries. Challenging all the Beautiful Celebrities with their restaurants and bars and the major franchise for a dollar? And you want to cry about hard work? Maybe something less competitive would work for you. I cook.

@cuteswan 6 месяцев назад

“…what is best for the individual is often not what is best for a society.” I'm not fond of the implicatation that "what is best for society" is judged by some as what's best for the economy. But I do love the economist's take on the Trolley Problem, thouigh did they consider the insurance and liability costs too?

@doujinflip 6 месяцев назад

I've always thought the subsequent liability for the switchman is the key to whether he'll condemn the one guy in the siding, or conveniently fail to throw the switch in time for the five on the main line.

@enzonavarro8550 6 месяцев назад

The problem is: do we know what's best for society?

@evancombs5159 6 месяцев назад

The bigger reason why what is best for the individual often is in conflict with what is best for society is because what is best for the individual often comes at the expense of another person. What is best for me economically is to trick other people into paying me money for a service, then not providing that service, and refusing to give them a refund. That way I get money, and do minimal work. This is often why you get hostile return policies and poor customer service. If we lower the standard from best to good, then we may get a more accurate statement.

@sor3999 6 месяцев назад

Didn't EE put out a video about the cost of war because the cost of raising and educating those individuals are wasted? Why does that not apply here? You'd have to say the people who are tied down are old retirees to say you removed economic burdens.

@michaelotton1170 6 месяцев назад

As someone who's worked in fast food for a few years I can say from practical experience that binning your own rubbish is better for three reasons: First for staff it's more work then just binning the rubbish as they need to also walk around the store and actively look for rubbish which needs to be done frequently enough to properly remove the rubbish but also not so frequently to interfere with other duties. Second While the table will need to be properly cleaned anyway for health and safety reasons seeing rubbish can significantly effect peoples perception of the cleanliness of a establishment and their likelihood of visiting again compared to a table with crumbs on it they just wont sit at. Third clearing tables is a job that has little measurable effect and is one of the first tasks be be delayed during any kind of staffing issue and create disproportionate effects for small issues e.g. someone skips work during a busy period so now either trash piles up in the dining area or the cashier has to stop serving his/her line of customers for 2-10 min to walk through the dinning area clearing and cleaning tables making everyone in the increasingly long line upset. So please unless your eating at a place large enough to have a dedicated cleaner (e.g. food halls) that does way more then just clearing tables please dispose of your own trash.

@TheInvisibleHandCo 6 месяцев назад

Amazing video! Find it fascinating to see how economic policies truly impact the lives of people, for better or worse

@damarthapa4496 6 месяцев назад

It is really fascinating for us😌

@hereigoagain5050 6 месяцев назад

It can be the tail wagging the dog. Often, economic policies are lagging indicators of industrial & social trends.

@crawkn 6 месяцев назад

Self-service such as bussing your own table reduces business expenses and usually results in lower prices to the consumer, which is why it is common. Nobody is forced to clean up after themselves, and some people don't, but it is commonly understood to be the most efficient system, and compliance is generally granted. Most of the civility that makes life reasonably bearable is a matter of courtesy, not obligation.

@chrisgarcia6772 6 месяцев назад

Your analogy at the end reminded me one of my seventh grade teachers telling the class that he never emptied his tray at fast food restaurants because he didn’t want to contribute to unemployment 😂

@rogink 6 месяцев назад

I've heard the same from idiots who drop litter in the street. "It keeps the street sweeper employed".

@enemixius 6 месяцев назад

Both statistics and philosophy have their places within the field of economy. The main problem imo is when economic policy is based on lies. Ideology and facts should be kept apart, one can always have opinions on whether a projected outcome is desirable or not but it should always be made clear which outcome is the most likely, especially if a very similar policy has already been tested several times before. A functioning democracy requires transparency about these things, but that's sadly not how these issues are handled in practice (and this applies to politicians on all sides of the political spectrum).

@chrispaul3778 6 месяцев назад

If you don't find a means of multiplying your money, you will wake up one day and realize that the money you thought you had, had been exhausted. Investment is a ladder to climb the financial wall.

@looseycanon 6 месяцев назад

Ah, bringing up housing was a poor choice, to demonstrate problem capital inflow... There are other policy based restrictions on house building. Take zoning, unwillingness of employers to promote work from home, interest rates or even environmental policies and copyright (I'm not joking. Where I live, you need permission of the architect, who created the blueprints, to make changes to house you own). I'm not saying, that this inflow of money from people, who are able to command greater income is not to blame here, but I'd argue, there are many more intervening causes for this particular situation.

@simonsmatthew 6 месяцев назад

You need ontology and epistemology taught in economics. Where did it come from and why does it start with rational agents, idealised marketsconstrained optimisation (which comes from the assumption that there are limited resources but unlimited wants): Is it true? Are we basically greedy? Has this been passed by a pscyhologist or anthropologist? Economcs then works backwards trying to explain why the world is not 'an idealised market. A bit like a theologian explaining Genesis and reconciling it with the Theory of Evolution. Purely fictional and arbitary stories are put forward. This is not science. It is not actually about economics adopting a scientific method. Because it isn't scientific in the first place. Being mathematical or quantitative does not make things scientific.That is the conflation that economists make. Ultimatey it has to drop its pretentions and look more like other social sciences if it is going to get anywhere close to adequately explaining.capitalism. But it won't happen.

@exzactlyy 6 месяцев назад

for the maccas example, i think it depends partly on how busy it is. if its peak time and the restaurant is packed out then it may be easier for a handful of employees to do the table clearing rather than having everyone queue to bin their own wrappers. if its not very busy, then i think its better if the customer bin's their wrappers. in this second case, if it makes financial sense to make some employees redundant when customers bin their own wrappers, then their should be appropriate safety measures in place to ensure the ex-employees (who are made redundant through no fault of their own) have access to equivalent alternative employment or compensation.

@psikeyhackr6914 6 месяцев назад

Is planned obsolescence good for society? Does ignoring the depreciation of durable consumer goods affect the results?

@serbangroza 6 месяцев назад

Nothing lasts forever so there's always be life vs cost debate, I would say we should just get a better picture of the products(reviews/standardized tests) and things shoyld over time sort out such that you could buy a product based on your needs

@psikeyhackr6914 6 месяцев назад

@@serbangroza Ever heard of a bathtub curve? I worked as an audio tech for years before I heard of MTBF: Mean Time Between Failure. Then it was years more before found that my understanding of that was wrong. All discussion of economics since Sputnik that does not mention planned obsolescence is rubbish. We are on a finite planet turning resources into garbage while climate scientists say nothing about CO2 resulting from unnecessary manufacturing due to planned obsolescence. We are running on stupid.

@quintessenceSL 6 месяцев назад

Standard answer is by people cleaning up their own mess, you can employ people that would have cleaned up after the slobs in more productive roles (supposing they are skilled enough and there are other opportunities available, which is always a gamble). Revised version- by people not wiping their own butts, we could increase GDP by everyone having a chambermaid.

@thewhitefalcon8539 6 месяцев назад

That only works if there's a shortage of labor

@Liam_S_Gannaway 6 месяцев назад

I'm currently completing my economics degree and the further I get, the more depressing it gets lol.

@grant710 6 месяцев назад

Have you heard about the Robodebt Scheme in Australia? Economics gone criminal costs lives. The new Australian Government has released the report. Australian Federal Police are assisting the matter pending criminal investigation. Economics is dangerous

@grant710 6 месяцев назад

Try Universe 25 experiment research. It's very interesting.

@Roundwave23 6 месяцев назад

Fight depression with Austrian Economics. Read Von Mises, Rothbard, and Ron Paul.

@grant710 6 месяцев назад

@@Roundwave23 fight depression with prison sentences for financial fraud.

@GeorgeJoubert-id2cv 5 месяцев назад

@@Roundwave23failed economics? Try Austrian economics!

@sierranexi 6 месяцев назад

"How much stock footage do you want?" "Yes"

@smferreiro2610 6 месяцев назад

I did, in fact, ask myself if I should take the Maccas or not to the trash bin, long ago... ...and after weighting one and the other positions I decided I would do it depending on how well I was served: it discourages bad employees and it makes life easier to good employees. The company would pay fewer workers, and I gain the best service (from the possible combinations). It makes me feel justified, although the policy needs to be widely adopted to be effective🙂

@nikhilsingh5233 6 месяцев назад

Economy is too important to be left to economists.

@2hotflavored666 6 месяцев назад

Especially left economists.

@Maelstromme 6 месяцев назад

@@2hotflavored666Right economists keep forcing failed supply side theories on us. It failed in the 1930s and it came back as neoliberalism which has been failing us for 40 years. Now we’re dealing with enshittification and monopoly formation.

@2hotflavored666 6 месяцев назад

@@Maelstromme And left economists kept forcing failed supply side theories on us. Until we finally achieved freedom in 1991, and now are prospering under right economics like Capitalism.

@2hotflavored666 6 месяцев назад

@@Maelstromme Of course, those "failed supply side theories" you mentioned haven't actually failed. It's just that you have no idea what it's actually like to live in a failed economy under communism.

@lightfeather9953 6 месяцев назад

@@Maelstrommemonopolies are a consequence of left economics. They're almost irrelevant in free markets and almost always caused by govt interference. And what evidence do you have that monopolies are getting worse besides feels bad feels? And no, the govt interference of the fed actually helped cause the great depression. They literally apologized for it. Compare lower tax countries like USA and Singapore to similar education etc countries in Europe, it's not even close. Much of Europe is comparable to Mississippi on economic success ffs I'm ideally a social democrat, but just saying what is pretty clear. I wish your average left policies were best for the economy but reality is more complicated.

@problemsolver3254 6 месяцев назад

doesent economics have to take in to accounts ideology as ideology can determent what you value and by how mutch.

@amorencinteroph3428 6 месяцев назад

On the final question on whether to bin it or not, the premice leaves out the opportunity cost of the business having to hire that extra worker. That might be one more worker, but its an expense the company must either pass onto the consumer (higher price of goods) or lower everyone's wages to compensate. Or if its a business that's overworked on the margins, it wont get cleaned at all or bot adequately. This is before we get into knock on issues (like one table sees the messy table, and so also doesnt clean up after themselves, and so on). Or the potential value of your time (however short) being compared to this expense.

@PaulineMontagna 6 месяцев назад

I won’t tackle the Macca’s problem, but I do have thoughts on a similar problem: volunteerism. Being a volunteer brings a lot of benefits to the volunteer and the clients, but it means that the government doesn’t need to pay people to do that work, and therefore allows them to refuse to fund that work. If the volunteer organisation is unable to muster enough volunteers, or if the government cuts funding to NGOs the work doesn’t get done.

@charlamagnehilton3497 6 месяцев назад

This channel teaches me way more than my college lecturers ever did

@007kingifrit 6 месяцев назад

the internet replaces college, we just need to reward people for what they learn

@majorfallacy5926 6 месяцев назад

Economics is also somewhat different from science in that its theories can invalidate themselves by becoming successful. Physics doesn't care whether we understand gravity or not but many a factor premium has been found only to vanish shortly after.

@leonfa259 6 месяцев назад

A bit like biology. I always see economics as adaptable complex systems. I am always amazed by how much we are aligned in economics, the alignment seems to be the biggest difference from nature.

@zoulzopan 6 месяцев назад

@@leonfa259what do you mean by allignment

@leonfa259 6 месяцев назад

@@zoulzopan I mean the work towards a common goal, in Nature you have thousands of ant or wasps working on a hive and maybe even millions of ants fighting a common war against another species. With humans you have millions and billions working together in a country to get products produced, etc. It's a bit like the millions of cells working together to keep your body working.

@thewhitefalcon8539 6 месяцев назад

@@leonfa259we don't work together. We aren't aligned.

@leonfa259 6 месяцев назад

@@thewhitefalcon8539 We kind of do, our taxes probably both fund the International Space Station. And with the interconnected supply chains you are likely either working in the supply chain of my company or consuming the products of my company or both.

@DionEccles 6 месяцев назад

Watching from Trinidad and Tobago 🇹🇹🇹🇹🇹🇹 Love watching your content. Keep it up

@baptistepiguet 5 месяцев назад

Economics cannot be the deadliest science It would need to be a science in a first place

@schnetzator 6 месяцев назад

Speaking as a philosophy student who is interested in the philosophy of science, I really really hope that the economic profession doesn't evolve into economists trying to come up with their own theories of what the greatest goods are or what people truly value First of all, philosophers have tried to find answers to that question for literally thousands of years and there is no definitive answer in sight. If economists with no knowledge about this long and rich discourse just try to come up with solutions, they're not doing good economics but bad philosophy. I remember Richard Thaler criticising economists who assume rational agents and ignoring the findings of psychology for essentially not doing good economics and bad psychology instead in much the same way. It would not be the first time scientists think that they are able to figure out philosophical problems through their respective science. Some Neuroscientists claim to have solved the free will debate, so have physicists. There are psychologists who believe to have solved and biologists who claim that all of philosophy can be done away with through biology. Nobody would benefit from yet another flavour of scientism. But I would be highly interested in economics that is more open to interdisciplinary work where economists and philosophers or scientists of different fields work together to tackle important problems. The aforementioned Richard Thaler did outstanding work bringing together the perspectives of economics and psychology in a fruitful way.

@jackbinfet5719 6 месяцев назад

Well said. I pursued my degree in economics because I loved philosophy and felt like economics was a practical way to influence societal change. Lot of Hubris for a 19-year old lol. Overall I think the shift in economics towards a quantitative science will improve the lives of millions of people, or at least that is my hope.

@amh9494 6 месяцев назад

I can definitely believe you're a philosopher lol

@catabol 6 месяцев назад

@@amh9494yeah, lots of empty talk and catchphrases like "interdisciplinary", etc.

@Pdjwvdugowqnxbgze 6 месяцев назад

Why do you think philosophy cannot be replaced by the hard sciences?

@amh9494 6 месяцев назад

@@Pdjwvdugowqnxbgze yeah you like it hard. 🤣

@davidwipperfurth8465 6 месяцев назад

Whether people should throw away trash at a restaurant depends heavily on the culture where the restaurant is located. The culture will dictate how valuable such a task is perceived, and the utility of the task will dictate whether the economics pan out (whether opportunity costs favor one approach or the other). Some aspects certainly aren't dictated solely by culture; for example, the cost of poor sanitation on a healthcare system. You might say, for example, that paying a worker to clean the tables is better because the worker will use a disinfectant, and individuals patrons would not disinfect consistently. --But if we assume choices outside of the decision posed are being made rationally (if having patrons disinfect was required if employees didn't, and patrons would adhere to such a requirement), then the decision boils down to comparing the perceived value of the rational choices, which heavily depends on cultural norms.

@Executor009 4 месяца назад

I saw this specific example a few years ago in Turkey where in Burger King there was people who cleaned after you, that was a shock to me coming from Mexico where you throw the trash away yourself.

@matthewgentzel2004 6 месяцев назад

I feel like people really fail to evaluate whether economic transactions are positive-sum in aggregate when doing these kinds of evaluations. Something that seems to lead to positive economic outcomes is not necessarily going to be sustainable when it creates extractive incentives.

@lightfeather9953 6 месяцев назад

You're talking about externalities, yeah? The problem is this excuse is used to cause a lot more harm than good when it comes to your average govt policy that interferes with markets.

@matthewgentzel2004 6 месяцев назад

@@lightfeather9953 I didn't say we should ignore extractive incentives in the gov, or gov industry alliances either. The ability to use externalities taxes and subsidies dishonestly can create a ton of extractive, negative-sum opportunities. I think we have to do a lot of systematizing reasoning about incentives to find ideas that are both robustly positive-sum and that will survive contact with political conflict without becoming corrupted. Of course, that's not a specific recommendation, so perhaps this is all vapid and useless, lol.

@sdarkpaladin 6 месяцев назад

The question at the end there... about putting away your food wrappers... there's a real-world scenario. Singapore has mandated people return their trays, bowls, and utensils instead of leaving them on the table. On one hand, it increases the turnaround rate of a table since you don't have to wait for a cleaner to come clean the table. On the other hand, since there is no cleaner walking around anymore (due to job cutting), the table is just as dirty, and in the event that bowls are not cleared by the patron, it's just... left there... In the end, the patrons lose out because things weren't better than they were before, employees lose out because they don't get jobs, while the big fat store owners get to save money.

@dernopenope2005 6 месяцев назад

combine it all. Rational thought, instinct, hard numbers, ethics with the focus on most effective long term social economical development embedded into the feasability of the real word idealy moving along problems that workers and business owners have and trying to solve two at the time while keeping an eye on the ripple effects your interaction with the system might bring. Then focus on potential grey swans and develop "parachutes" and securty measures to prevent and or reduce the effects of them long term development with resiliance

@FRNCS00 6 месяцев назад

Where can I obtain the sources for EE videos? Thanks!

@frizzzyReloaded 6 месяцев назад

Economists do not have to decide what is 'good' and 'bad', nor what shall be done and what not. It is their job to cold-hardedly analyze what is efficient - so others can make an informed decision: If any gained efficiency is worth it from a nonmaterialistic/ethical/political point of view, too. In Germany we say: Shoemaker, stick to your lasts. In that sense: macroeconomists, stick to materialistic efficiency. Do not try to be politicians or philosophers. Other people are doing this as a full-time job, and probably better than you do it on the side. Let them handle the philosophical and political problems that arise from macroeconomic conclusions - and (hopefully) the voting people themselves ultimately decide.

@sanskaarkulkarni1036 6 месяцев назад

I'd say that can lead to the public mistrusting economists, the first example of the video showed how smocking may be considered good for the economy, but if a think tank asked the government to subsidize cigarettes, that would lead to a bunch of people thinking they know better. I'd say morality should be a small part, but as your said, let wiser minds for these things decide these things

@frizzzyReloaded 5 месяцев назад

@@sanskaarkulkarni1036 It starts to get dangerous when an ethic argument gets camouflaged as an economic necessity. The example of cigarettes gets much less ridiculous and more realistic if you turn it around: Imagine a discussion about banning smoking, or making it less desirable (higher taxes on cigarettes, shock pictures, etc.). Now there are the viable standard arguments: On one side you have blabla personal freedom and on the other hand blabla health of the other people around and so on. I might be wrong but I believe to remember, that when the european court of justice had to decide if mandatory shock pictures on cigarettes (black smoker lungs, amputated legs, etc.) comply with european law, it considered the macroeconomic effects of fewer smoking people as a secondary argument next to the aforementioned ones, too. If true or not, this situation illustrates the danger: When an economist gets consulted to just give clarity about this secondary point, it is not helpful if he himself weighs up personal freedom against public health for the court. This judicial example might be more poignant, but the same counts in the realm of politics and public opinion. Of course, an any economist can have his own opinions. But when he can sell his own believes (in our example those about personal freedom rights, public health and smoking) as "economic rationality" because he is obliged to consider ethics in his studies, and he gets cited with it, this might distort the discourse to a critical point.

@marihutten 6 месяцев назад

What an excellent video! I'm a huge fan of this channel and this may be the most significant one you've ever made. I've been considering if it would be possible to develop models with machine learning by having AI study and try to replicate human behaviour to preview the effects of an economic policy. Do you(or anybody here in the comment section) know of anybody working on this? Would love to learn more.

@giuseppebonatici7169 6 месяцев назад

probably about as useful as simulating the optimal transport routes assuming optimal organization with perfect information. at best it will give you a 1% productivity increase or so, but in any complex and important system would be completely useless as you wouldn't be able to assure conformity. For example, A machine would always encourage smoking, as old people as a bigger burden than dying. forcing the hand to avoid does scenarios will always create malicious compliant mechanisms, that will do suboptimal and unrealistic stuff to achieve the optimal results. Simulating masses is not as difficult as masses are predictable, but not individuals. that's why economist make predictions and usually fail because they do not predict the malicious compliant mechanism to optimize results. but the rise of malicious compliant mechanisms are usually bug not related to the rules that you are testing but the rules that you assume. to not assume them make any attempt to make it computational intractable as you would have to have a billion traveler paradoxes at once. IA is absolutely awful at doing general intelligence. the best there is right now is a glorified chatbot that cost like a million dollars to run daily that breaks if you ask anything that is not heavily discussed in forums (lets not forget that chat gpt is just chain words as output given an arbitrary chain of word as input, with lot of self balanced heuristics in between).

@Mossaboy 5 месяцев назад

To answer to the final question. I believe that allowing the customers to put the rubbish in the the bin provides for unforeseen economic benefits. Staff work less hard, meaning they have more energy towards producing higher quality products and provide better customer service in other areas of the job due to lower stress level. This lower stress also might impact brain drain from the company and loss of high quality workers in a positive scale. on another note it could also allow for expansion in other areas of the company because the workers have more time to delegate in areas that might provide higher potential profits for the organisation.

@grimhelmx 6 месяцев назад

Here in India, people do leave the trash and tray on the table in a McDonald's. They employ one or two more people whose job it is to clear and clean the tables (normally they also clean the restaurant at frequent intervals). My belief is that employment matters on how much the cost of employing is. If the cost of employment is less, more people would be employed, while in a country with a high minimum wage, less people would be employed as the work they do does not justify the extra pay. No one wants to hire and pay someone who's value contribution is less than the amount he has to be paid.

@Firestar9 6 месяцев назад

when he "Went soft and included the value of human life" xD That's some 40k level thinking right there

@MelGibsonFan 6 месяцев назад

Not gonna lie, the covid pandemic had me thinking the same thing as that smoking study. Would the high mortality rate among seniors actually be better than an overall balanced mortality rate throughout the general population. Less social security payments.

@Tuppoo94 6 месяцев назад

Economically it probably would've made sense to not do anything to stop the spread of COVID. After WWII there was a spike in birth rates, known today as baby boomers, and the pandemic would've produced a corresponding spike in deaths. However, suggesting to someone that their grandparents should kick the bucket for the greater good sounds a bit heartless, doesn't it?

@royce9018 6 месяцев назад

100% true from an economic standpoint that losing the members of society that are no longer contributing is a benefit.

@yvonnecortes_ 6 месяцев назад

At the same time it increased the number of people with chronic conditions as a result of covid. So more people seeking benefits or treatment that they will never pay for.

@chrismcaulay7805 6 месяцев назад

@@yvonnecortes_ You are assuming they knew about the chronic issues when they gave the kill command for the elderly :) It sure seems odd that right as a population bomb is happening in China, and starting to happen in the USA, that we get a virus that really only targets old people...

@Flynn-no6te 6 месяцев назад

Great video, yet could be improved by more notes on screen to better follow along the script; massively improves digestibility; when explaining a debate for instance

@comeon000 6 месяцев назад

My crack at an economic solution for Maccas: We should do what is best for the individual AND the group- So picking up my own trash as a participant in society modeling the ethic of being self-responsible for our messes, while also thanking the worker for his service and potentially leaving a tip if their service demonstrated the group ethic of hospitality above the standard service.

@edgardcz 6 месяцев назад

Probably economics experiments can be run in videogames with real people, there are videogames which emulate kind of the same rules and scenarios as in real life.

@indrickboreale7381 6 месяцев назад

EVE online does that, and it's economy already collapsed once due to dropping player count

@Unknown-jt1jo 5 месяцев назад

That's true of (some) microeconomics, but certainly not of macroeconomics.

@alex990ism 6 месяцев назад

finally someone is starting to get it, the aproach twards the economy should be about increasing the quality of life of people first and foremost, then about increasing some numbers on a sheet, you use what works , what doesnt you discard or use that dynamic somewhere else where is better suited.

@jeffbenton6183 6 месяцев назад

That's what Aristotle believed over 2,300 years ago. How far we have fallen.

@alex990ism 6 месяцев назад

@@jeffbenton6183 you need to appliy it, if a bunch of warlords and the mases dont understand that and that theyr actually losing more money or potential without this logic, than a single person just thinking that, or a couple of people, isn't gonna do much

@phylismaddox4880 6 месяцев назад

Special thanks to the EE video editing team. It was only happenstance that I understood what he was talking about. I'm sure most people were completely clueless . Thank you for the explanation!

@erikstephens34 6 месяцев назад

I equate economics to more like engineering. It's not so much a science but an applied science that requires context and definition for what is considered the betterment of people. Science is simply about learning and working to explain the unknown. There are lots of things that are unknown and Economists like Engineers often have to fill the gap to apply techniques to make it work for the real world.

@rayke0627 6 месяцев назад

Economics gone soft!

@robertsharp1511 6 месяцев назад

Ideally you would find out just how much trash is required to maintain the workers job and leave just enough to do that and not enough to over burden the store/worker. The issue is that this amount may vary day to day person to person and even location to location. The business will always try and cut costs even if it means making things harder on the people who work in the store if they feel they can get away with it. The correct answer is get rid of wall street / shareholders. This changes companies incentives to be focused on the good of the business and not what makes appears to make the most money.

@g-rated3514 6 месяцев назад

In France MacDo (what we call McDonald's here) is using more and more reusable plastic in their restaurants which creates more work for employees while reducing waste. I don't know if it's a good policy from a economic perspective or not, but it does create additional problems like people throwing away the plastic and taking it home with them

@alastairhewitt380 6 месяцев назад

When I was doing my working holiday in Melbourne I was delighted to learn that the slang for Maccas was so ingrained in the vernacular that they changed the sign of the shop near Flinders station from McDonald's to Maccas. Fond memories.

@adilator 6 месяцев назад

Do something like this about weapons manufacturers and how a few countries benefit from global wars.

@royce9018 6 месяцев назад

lol

@Belioyt 6 месяцев назад

Countries or corporations?

@E4439Qv5 6 месяцев назад

@@Belioyt Good question.

@adilator 6 месяцев назад

Countries that are ruled by military industries, like the US.@@Belioyt

@LucasSantana-pz7eh 6 месяцев назад

he has one up

@HoriaIoan 6 месяцев назад

Numbers and people should work together. I consider economics to be a form of art. Behavioral economics is for me the closest to reality.

@grant710 6 месяцев назад

Have you heard of the Robodebt Scheme in Australia? The deaths? Economics is real.

@droraltshuler1253 6 месяцев назад

It's all a question of maximizing utility - if someone doesn't care much, them the economy shouldn't spend resources (labor could go from Mac to somewhere else in an advanced economy usually) that could be allocated to create more utility somewhere else. Only if the costumer, along side others, really hate doing so (like how office employees don't usually clean out the office at the end of the day, and there are professionals for that) then he shouldn't take out his wrappers. Please do a video on complexity economics, suggestion for reading - the origin of wealth

@JoelReid 6 месяцев назад

Maccas Question: Economically the immediate advantage is in favour of not discarding rubbish. HOWEVER, Most consumers will not consider the broader impacts of leaving garbage and thus most consumers do so for immediate personal gain. Not discarding rubbish incentivises a culture of lack of care. This lack of care spreads more broadly to aspects of the economy where the implications of care versus non care do matter. For example, the impact on environmental resources. If a consumer is not incentivised to pick up their trash, then they will develop a tendency to likewise not care about their wider environment and implications of their resource use, and thus the resources that are currently present are likely to be squandered resulting in significant long term loss, maybe not today, but in generations.

@AligwaraChimere 6 месяцев назад

I just loved economics more. I remember a quote my father keeps on telling me from a book( I think Devil's Alternative), says, "whatever decision men take, men must die." Truth is, when it comes to things like this, there is a huge possibility of loss. It may sound weird, evil, or even normal, but these losses must sometimes happen. When we as humans become fools is when we fail to learn something no matter how small from past mistakes. Losses are inevitable but life should be better for the average person. Nevertheless, we must try as much as possible to minimize losses...I think that is what economics is meant to achieve.

@grant710 6 месяцев назад

Have you heard of the Robodebt Scheme in Australia? Australia's Right Wing Government Criminal Acts?

@grant710 6 месяцев назад

Or the suicides it caused?

@AligwaraChimere 6 месяцев назад

I'm confused@@grant710

@bananapunch3245 6 месяцев назад

Where do I find the paper following smokers and their effect on their economy

@colinl2908 6 месяцев назад

I'm thinking a shopping trolley example, similar to your Maccas one. Should people return their trolleys, or leave them around the town. Should residents clean them up themselves, or leave them until the supermarket or council do something about them? Possibly employing people, but much longer time frame waiting for cleanup?

@CeeJayLerod 6 месяцев назад

Often times it feels like economics is philosophy for the privileged, while sociology is philosophy for the not-so-privileged. (Probably plenty of holes to poke through that statement, but it's intended to be broad).

@oliviastratton2169 6 месяцев назад

I always thought it was the other way around. Economics, particularly microeconomics, is the science of how average people make financial decisions. Studying it can help anyone improve their finances and the economic health of their community. Sociology is about grand narratives and collectivizing different groups. Studying it is rarely helpful for the average person since it focuses on problematizing society and eschewing individual agency.

@TheMchef 6 месяцев назад

Economics is a political tool to excuse cleptocracy. Oh yes the resources are limited, have another superyacht.

@CeeJayLerod 6 месяцев назад

@@oliviastratton2169 Interesting, and I can see the logic behind it. But I think that's part of the issue here: most (but not all) people tend to view problems logically only when they're in a position of privilege. Like the solution to the trolley problem in the video. Most economists would agree that switching the train to kill the one person would be the best solution. And some economists would say that backing up the train to run over the other four afterwards would be the best (or at least have argued for equivalent things). From a purely economical standpoint, cutting off things that are a financial drain makes perfect sense. But on a human (and how I interpret sociological) sense, it's anything but "logical". The example that comes to mind for me is how many economists would agree that people who have cancer are a financial drain on any economy. But I'm rather certain that almost all of these same people would do everything in their power to help a loved one if they had cancer themselves. It's why people have to budget for entertainment costs. Logically speaking, entertainment isn't necessary, but on a human level, that streaming service subscription is absolutely necessary for many.

@doujinflip 6 месяцев назад

Economics like to assume sociopathically rational actors, but that's not what we are because humanity didn't come to thrive by being selfish individuals. Adding social psychology to become behavioral economics is crucial to more accurately predicting how real humans make their choices.

@Croz89 6 месяцев назад

@@oliviastratton2169I think that's perhaps in part due to the sometimes incestuous relationship between sociology and political activism in some circles. Sometimes some fields of sociology seem to want to construct some grand narrative to reshape society along some prominent academic's pet idea of how the world should be run.

@richardvickers8117 6 месяцев назад

Absolutely knew this about smokers, but also knew the results would be tweaked. Two reasons: gov't always rigs results and always discards common sense.

@richardvickers8117 6 месяцев назад

These days possibly so, but lung cancer patients used to last very much shorter times . Treatment options being less effective

@benjammin9745 6 месяцев назад

4:55 "... the chinese gov't at the time encouraged farmers to produce basic furnaces made out of bricks and clay that would burn whatever they could find for fuel..." Im not sure the word 'encouraged' is the best verbage. Wouldn't coercion be better? Or something along those lines. We're talking the great leap forward here. It wasn't suggested or encouraged. It was forced.

@samuela-aegisdottir 5 месяцев назад

@EconomicsExplained Hi, can you please make a video on economic growth vs the grow of debt? I have heard that new money is created in bank when giving loans which means that for having more money in the economy, therefore the GDP growth, you need individuals, companies and governments taking more and more debt. Which what we actually see in the global economy: Growing GDP accompanied by growing government and househod debt. Is that really a now way how to burst GDP without increasing the debt burden?

@Mcfunface 6 месяцев назад

As a rule though economics does reward efficiency which typically benefits more people than inefficiency with goods and services. Obviously there are exceptions though

@GeorgeJoubert-id2cv 5 месяцев назад

Nonsense, capitalism rewards rent seeking, the opposite of efficiency

@ermenegildoschmidt3084 6 месяцев назад

My Greatest goal is to have at least $1m in my savings when i retire after this whole struggle.

@arabellamuller2461 6 месяцев назад

You work for 40 years to have $1m in your retirement, While some people are investing just $10k in a meme coin for few months and they become are multi millionaires. I pray that anyone who reads this will be successful in life

@ermenegildoschmidt3084 6 месяцев назад

@@arabellamuller2461 I have to say that I recognize investing is the quick way to progress and build wealth, but how? What is worth investing?

@brentolson5552 6 месяцев назад

Saving is a good idea, try adding investments to your plans too. Good day

@ermenegildoschmidt3084 6 месяцев назад

@@arabellamuller2461 what is worth investing in?

@danboehm9088 6 месяцев назад

Economists figured it out years ago: the key to a healthy economy is freedom. Everybody acting in their own interest while respecting everyone else's right to do the same is what creates a flourishing society. Its when policy makers, often at the behest of hubristic economists, try to muck with that for the sake of some supposedly better economic goal, that the problems arise. Ironically, economists are probably the only non-essential worker in the economy.

@thewhitefalcon8539 6 месяцев назад

But do you give billionaire landlords the freedom to take away other's freedom by saying pay me half your income or live on the street?

@666MaRius9991 6 месяцев назад

@@thewhitefalcon8539 Houses should not be a commodity,there i said it .

@thewhitefalcon8539 6 месяцев назад

@@666MaRius9991 That's taking away people's freedom to own slaves!

@mikebarnes2294 6 месяцев назад

@alexc4924 In a competitive market there should be enough landlords (whether billionaire or not) that you can find a different one that will only demand a more appropriate portion of your income for the housing they have to offer.

@thewhitefalcon8539 6 месяцев назад

@@mikebarnes2294 The appropriate portion is zero.

@Howie672 6 месяцев назад

Thanks, Only a suggestion. I would love a video explaining the impacts on the RBA rate rise, especially with a focus on the banks gain and how covid stimulus has effected us now. Cheers

@iandick1364 6 месяцев назад

I think social science will give economics a run for its money.

@Unknown-jt1jo 5 месяцев назад

Economics *is* one of the social sciences. Social science isn't a single field. It is a collection of sciences (including poli sci, psychology, sociology, etc.).

@iandick1364 5 месяцев назад

@Unknown-jt1jo lol yes, sorry. I meant to write social [psychology]. It's funny how useful and toxic the collection of social sciences are though.

@warpigs330 6 месяцев назад

I just want to say thank you for putting this in terms of bad economic decision making, not a bad political system. It is very easy for westerners to blame communism for the famines, and for leftists to blame capitalism for all the bad economic decisions that are made in our current systems. The problem is people with too much power making decisions for everyone, and them either doing so for their own gain, or doing so incompetently.

@robertmiller6444 6 месяцев назад

I would say there is is no singularity answer to the food wrapper problem. This is because it is a value proposition and value is subjective. That is, the value of not having to deal with the one's wrappers versus the value of a lowered price to eat out if one cleans up their own wrappers. But that's what markets and supply and demand market pricing is for - sussing that out.

@Mhark127 6 месяцев назад

Capitalism, as always. Money is what matters, and nothing else.

@2hotflavored666 6 месяцев назад

Communism, as always. Keeping everyone equally poor and starving is what matters, and nothing else.

@exparrow777 6 месяцев назад

Like every other economic system?

@Thirtyfivepercentferal 6 месяцев назад

Hands down, the best solution to "The Trolly Problem" I've ever seen. 🤣🤣

@c.f.3503 6 месяцев назад

First

@wertywerrtyson5529 6 месяцев назад

When you mentioned the trash at the burger place it made me think of something I’ve thought about lately. How much time and energy is being spent by people sorting recycling. If instead of every household being forced to sort every type of recyclable why not throw it all in the same place and have professionals and or machines sort it out centrally? Wouldn’t it be more efficient? It would provide jobs and free up plenty of time from all the households forced to recycle.

@ugarit5404 6 месяцев назад

Exactly thats what i was thinking about

@Joccaren 6 месяцев назад

Ironically enough, we sort individually because it is not economical to sort at a centralised factility. In fact, its not even economical to sort the already sorted recycling at a centralised facility most of the time; the price of sorted recycled material can't compete with the cost of fresh new product, especially when lower quality for some materials gets taken into account. So, free labour is done in households to at least reduce the on-paper costs of sorting to a level where something is done with the material... To an extent. At times the work is wasted and the recycling is just thrown out anyway because you can't make money off it. Recycling, generally speaking, just isn't economical. It does work in limited circumstances - imagine a metal mill that takes its iron scrap and sells it to a smelter to turn back into feedstock for the mill - but in those circumstances the recycling is almost always already sorted, rather than needing sorting. Sorting is just too labour intensive. Interestingly, you likely also lose efficiency by trying to sort at a centralised location. Decentralised, every individual is aware of their rubbish and its state at the start, and it is already separated. It can easily just be placed in the correct bin (In theory). At a central facility, you don't have separated rubbish. You have compacted rubbish all mixed together. Sorting through this mixed rubbish is a lot harder, and it all needs to be examined to make sure its in good condition too. Reviewing every single individual item of rubbish for an entire county, let alone city, state or country, would take dozens of full time jobs - vs a few minutes a day at most from a distributed population. As an example of this, next time you do your rubbish and recycling, just chuck everything into your rubbish bin, and then on pickup day go through all your rubbish to find the recycling and put it in the recycling bin. Much harder than just putting it in a separate location to begin with, and unfortunately with current technology we cannot automate this well enough to not need humans doing the job.

@ArturoSanchezArtara 6 месяцев назад

Este video me ha dado tanta felicidad ❤ Gracias chicos. Todos son hermosos, talentosos y geniales. Les deseo el doble de esta alegría que me da verlos y escucharlos🎉😊

@times2508 6 месяцев назад

Economics is gae science

@vulkanofnocturne 6 месяцев назад

I like a bit of gae ;)

@OIoi-zw6gc 6 месяцев назад

🇵🇸

@AddictiveSin 6 месяцев назад

I'm disappointed in you. Better help is a scam that causes serious harm to the mental state of people that are already unstable and seeking help. Literally better off suffering alone than trying to get help from them

@weksauce 2 месяца назад

Economics isn't science. It's just justifications for politicians.

@johnhess4148 6 месяцев назад

That last bit about the burger wrappers gave me a flashback to Gary Oldmans speech in The Fifth Element.

@alphajackal6648 6 месяцев назад

Economics Explained is one of the most frustrating channels I've ever come across. His right-libertarian bias completely prevents him from taking the problems he identifies to the logical left-libertarian conclusion they demand.

@ilhan-vx5zs 6 месяцев назад

The resilience and commitment displayed by the OpenAIs TKP44X team is a testament to their unwavering belief in the project's mission.

@jeffbenton6183 6 месяцев назад

This must've been written by an AI, since it has nothing to do with the video.

@lordilluminati5836 6 месяцев назад

@@jeffbenton6183suspicious ammounts of likes too. These AI companies are astroturfing.

@vengefulspirit99 6 месяцев назад

Totally not a bot

@frostykeys4469 6 месяцев назад

10101011100

@Indian_Rajput 6 месяцев назад

LoL, they are not even 100% true always plus they didn't know any current time information this are big drawbacks

@I_am_somebody_1234 6 месяцев назад

Can you please do a video about Costa Rica? Its a central american country with a very prosperous and industrialized economy, yet suffers from huge inequality (Top 20 on the Gini Index 2022) and a very unstable political situation, both internally and externally (for example, it was invaded by Nicaragua in 2010) PS: Im from there :D

@JoseRodriguez-bl3vt 6 месяцев назад

GDP is a good example of this. Nations focusing on GDP is good, it is focusing the growth of your economy. The problem is when focus is purely on maximizing your GDP above all, you see situations like the USA where medical costs, education, (and now housing to a lesser extent) are growing exponentially with little government intervention. As far as the government is concerned, expensive prices in these areas help to drive up the GDP. You don’t exactly have a choice when you have a medical issue or emergency, it’s not a luxury item it’s a necessity. The healthcare industry is a multi-billion dollar participant in the GDP, installing price controls to get costs more in-line with other developed nations would directly lower the Amount of money the healthcare industry makes, and contributes to the GDP. Getting rid of insurance agency middlemen who are profit driven and establishing price transparency and audits would drive down the heavily inflated costs to reasonable levels. That would be great for everyone, but it would hurt the ever-important GDP figure. So they’ll continue doing barely anything to stem the growing healthcare costs while appreciating how medical debt reliably inflates the GDP.

@creamynutsinmymouth309 6 месяцев назад

Keep up the good work, and yes, please do more deep dive into AZT200X.

@Belioyt 6 месяцев назад

Good story bot

@E4439Qv5 6 месяцев назад

@@BelioytI dunno, that seems like a trustworthy username OP has..

@dakshitchhadwa2454 6 месяцев назад

What is AZT200X?

@fizzy14 6 месяцев назад

shut up nigerian bot

@ApolloOfRivia 6 месяцев назад

@@dakshitchhadwa2454a scam

@MaskaOffi 6 месяцев назад

They will both serve a function and niche. AZT200X has a lot more momentum right now and will decentralize as it scales

@Belioyt 6 месяцев назад

Ok bot

@rqb6731 6 месяцев назад

Bot

@MaskaOffi 6 месяцев назад

Yes, they take my account to say random things@@rqb6731

@MaskaOffi 6 месяцев назад

Yes, they take my account to say random things@@Belioyt

@adamkall3550 6 месяцев назад

Answer to the Maccas question, utilize trays, plates, and utensils that are reusable but require washing. Have the customer bring their tray to the drop-off bin, and have the employee wash the dishes. This increases employement by needing a dish washer, encourages consumer responsibility, and above all, reduces the burden on the finite environment

@U.K.N 6 месяцев назад

You make me love and hate economics at the same time

@vinkkumar5577 6 месяцев назад

I raised the hammer high when your first pick was AZT200X.. Been collecting this bear cycle.

@Belioyt 6 месяцев назад

What a shame bot

@Hextil120 6 месяцев назад

Lets keep our eyes on the AZT200X prize and see where this journey takes us!

@Belioyt 6 месяцев назад

Ok bot

@SigmaFridge 6 месяцев назад

I gotcha bot

@arthas640 6 месяцев назад

@@Belioytwhat even is an AZT200X?

@undercoverduck 6 месяцев назад

To answer the thought experiment, I doubt McDonald's would hire an extra worker to clean up the mess. They'll just have a manager yell at the existing employees to work harder and take the extra workload without added compensation.

@acesarich535 6 месяцев назад

A restaurant employs individuals to keep the restaurant clean and to take care of patrons. When a trashcan or location is available for guests to use, a guest who is happier removing their own trash will leave with positive emotions and is likely to return. A guest who leaves trash behind is no longer participating in the service of the restaurant; then becomes the role of employees to keep the feng shui of a clean restaurant. Maximizing happiness of guests there, and of the guest who left content and confident they did not “miss” an “unspoken” agreement they did not agree to in their payment. Increasing liklihood of returning customers.

@VicenteValtjer 6 месяцев назад

The question if people should throw away the trash themselves depends on the complexity of this task (or their education/qualification). If it requires more than half a thought to do it correctly, like sorting the trash into different bins, then no, they should leave this task to a professional. Imagine a scenario in which McDonalds does not need to employ somebody to clean up the trash, but to sort it, after the customers threw it away. The overall amount of work is increased by customers making mistakes, which should not be the goal (even if more work = more jobs). On the other hand, if they are only required to do manual labor (carrying the trash to the bins), they can be entrusted to do that.