What Would The American Economy Look Like If COVID Never Happened?

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0:00 - 1:16 intro
1:17 - 2:08 Morning Brew
2:09 - 4:17 Trade wars
4:18 - 6:24 Global financial crisis
6:25 - 8:08 Stimulus
8:09 - 10:30 Supply side shock
10:31 - 12:45 Zombie companies
12:46 National leaderboard
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11 июн 2024

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Комментарии : 1,4 тыс.

@EconomicsExplained Год назад

Get your free subscription to Morning Brew at morningbrewdaily.com/economicsexplained

@Roger_Gadd Год назад

It's disconcerting to see you substituted the Australian flag with the New Zealand flag at about 7:20 in this video... But I assume you already figured that out, and surely, no-one is perfect.

@tando6266 Год назад

Whats with the Kiwi flag when you point out australia?

@Roger_Gadd Год назад

Okay, someone just explained to me that the flag substitution is probably an intentional joke. I was unaware of some of the context.

@toshimigita Год назад

Please do a video on singapore 🇸🇬

@MagnusATW Год назад

Love your videos! I know you have done a video about Norway's economy, but it's not on the leaderboard. Can you please make a video about Norway and put it on the list?

@AviationAustin Год назад

Hard to believe that the US hasn't been put on the ranking list yet given there has been so much discussion about its economy on the channel. Congrats on the 2M! Keep up the great work!

@stormix5755 Год назад

Yup, the US has such a rich stronghold over the global economy that there really isn’t much to talk about rankings wise. The GFC and pandemic have been the most interesting things to happen to it this century

@cubiss1273 Год назад

Because some people don't like the US and don't want to see them in the first place :D

@deyoungyoung3059 Год назад

@@cubiss1273 and yet many people still want to move here

@cubiss1273 Год назад

@@deyoungyoung3059 I'm not disputing that. Both can be true at the same time.

@matthewjohnson2702 Год назад

@@stormix5755 I think 911 is up there in impacts IMO, it retooled the economy to more of a war footing for a bit. IMO

@hamalakarris577 Год назад

"My home of Australia" *shows the New Zealand flag*

@GiRR007 Год назад

Newzealand is the Taiwan of Australia 😁😁

@Roger_Gadd Год назад

I just noticed the flag issue, so paused the video to confirm whether someone else picked it up.

@parkmannate4154 Год назад

Nobody can tell them apart!

@Roger_Gadd Год назад

@@GiRR007 except whereas the mainland Chinese government is an insurgency that should immediately dissolve itself and submit itself to the authority of Taiwan, thankfully that is not the case with Australia and New Zealand.

@jonathanodude6660 Год назад

@@Roger_Gadd i think its a joke based on a mistake that probably sam from wendover productions or sam from half as interesting made a little while ago.

@henrifunke3825 Год назад

It's rare to find a channel that consistently uploads such well put together and researched content.

@oppionatedindividual8256 Год назад

He didn’t for a while he took a massive break I really missed these videos

@concretew Год назад

Yes except for the Australian flag in the video that is actually a NZ flag lololol

@oppionatedindividual8256 Год назад

@@concretew really? He’s Australian i doubt he’s made that mistake but I may rewatch.

@warheads9676 Год назад

proceeds to use New Zealand flag instead of Australian at 7:22

@concretew Год назад

@@oppionatedindividual8256 Seems like it may be a cheeky jab at Wendover Productions for making this mistake recently. I'm sure he knows what his own flag looks like, even if they are similar

@scott2452 Год назад

7:23 “My home of Australia”…proceeds to show the flag of New Zealand

@darrensharpe5780 Год назад

Well it is the 'west island'...

@IulianYT Год назад

I know the flags of all around 193 UN members, but didn't pay attention that this is New Zealand flag, I actually thought that he is from New Zealand :)

@scott2452 Год назад

@@darrensharpe5780 Haha or is NZ just the 7th state of Australia? The flag is one of the few things of theirs we do not claim

@darrensharpe5780 Год назад

@@scott2452 we'd be richer if we were (I'm glad we're not though), there's a good reason 10%+ of Kiwis live over there.

@scott2452 Год назад

@@darrensharpe5780 Our Rugby team would be also pretty much unstoppable (credit to the All-Blacks)

@jarenherald1439 Год назад

Even while acknowledging it’s problems, you have to admit the USA is a powerhouse.

@DOSFS Год назад

Actually in many categories, yes it's fun to make fun of US but we still have to admit it still a leading powerhouse on the global stage for decades to come.

@BardiXOfficial Год назад

This is the chaddest comment I've seen in my life, the US has its flaws, but with that aside, it is a really good country.

@engineeringvision9507 Год назад

How many of you would actually want to live there though? It's rich and powerful, but mostly on paper, in a statistical sense. It's overrun with gangs, crime, violence, has no functioning legal system, and unless you are rich it has few additional public services beyond cops and a military which is useless to you personally anyway. The only good things about the US are the weather and that they speak English. How big the GDP is doesn't matter unless you have a significant share of it.

@TheFinalChapters Год назад

@@engineeringvision9507 As many problems as the US has, none of what you said is actually true.

@mrnasty2757 Год назад

@@engineeringvision9507 haters gonna hate.

@mahnamahna3252 Год назад

I have a big problem with using office supplies as an example. McDonald's was open and my local sandwich shop was forced to close Walmart was open and my local nursery was closed Starbucks was open and my local coffee roaster was closed Liquor stores were open but my local distillery was closed (my locally distillery DID make hand sanitizer when we couldn't buy any anywhere else. They donated a lot if it. Then...of course we're issued fines 🙄) The list goes on of how small and medium business were forced to close while large corporations could stay open Disgusting

@adammays7246 Год назад

The Establishment and their doners loved it

@EliGSCLM Год назад

The globalist's businesses stayed open while they forced governments to close the local and small businesses. This is a large part of how the major wealth transfer was conducted.

@luisandrade2254 Год назад

That’s a trend we’ve seen before the pandemic corporate consolidation is ultimately inevitable

@cynergycx4323 Год назад

It simply has to do with economics, those larger companies are more able to weather economic downturns because they are so large. A smaller company doesn’t have the profit margins to maintain itself. It is unfortunate, but it’s not like there was some evil plot to force there small companies to close. It’s economies of scale

@mahnamahna3252 Год назад

@@cynergycx4323 dude...do you not remember the shut downs?

@FlintIronstag23 Год назад

Now that the US is on the National Leaderboard, it looks like it will only be a battle to see if some other country can beat Ireland for second place. Maybe Germany or Switzerland? EDIT: November 19, 2022 Switzerland is added to the National Leaderboard in third place behind Ireland. Funny that Switzerland has a GDP of $813 billion and Ireland had a GDP of $398 billion, but he gave both countries a 7 in that category. Seems like Switzerland deserved an 8.

@youtubeuser1993 Год назад

Switzerland would probably be 7 size 10 gdp per capita 10 stability 5 growth 9 industry So 8.2 average And germany 9 size 8 gdp per capita 9 stability 3 growth 9 industry so 7.6 average I don't think they will beat Ireland

@Homer-OJ-Simpson Год назад

Germany has had more issues than the US. Switzlernad -- well, if he didn't count total GDP, I would say it might rank above the US but with total GDP, it probably will fall short of the US and be closer to Ireland.

@OkkioXavier Год назад

We had a good run

@devluz Год назад

@@youtubeuser1993 Don't forget Norway. Also I think Germany should be at least a bit better than Japan no? It grows faster, has a central point in Europe and strong immigration. Only it size it is a little lower

@ethribin4188 Год назад

Neither switzerland nor germany will beat the usa on the leaderboard. Switzerland cause its to small in total,and a little stagnant. And Germany cause its not stable enough with the EU dragging at it. They are likely runner ups though, on similar levels as Ireland and India.

@shinnaay Год назад

EE testing his audience on Australia 😂

@orius2283 Год назад

Apparently he is!

@zulusangoma8568 Год назад

Yip, noticed that.

@idleishde6124 Год назад

Technically speaking it is considered part of Australia...

@the12dukes Год назад

Wendover Productions did the same thing, id say its a cheeky jab at their efforts.

@gildedpeahen876 Год назад

I was literally scanning the comments to make sure I wasn’t the only one who noticed

@shrek3096 Год назад

Interesting commentary on how COVID ended up just speeding up the economy. This is a well-known relationship in Psychology as well. High-stress, high impact events tend to accelerate social outcomes and life decisions as people come to terms with mortality and the real possibility of things being rapidly shaken up. More people get married, quit jobs, and start businesses during and immediately after high turmoil events.

@daebak7370 Год назад

Interesting

@shrek3096 Год назад

@GsaUce Rug What do you mean?

@Me-vz1rl Год назад

You have no idea how right you are! ty

@studiokaralis3622 Год назад

For the effect you describe, is there a keyword that referenced this? I couldn't find anything about it in a quick google search.

@paxtoncargill4661 Год назад

What's crazy is I've made all of my big life decisions in the past 3 years

@knpark2025 Год назад

I find this approach you compared and contrasted 2008 with 2020 very enlightening to me, because what I can think about this video is that the least economically affected countries during the pandemic are indeed countries who could maintain the most "business as usual" activities in 2020 and 2021. Taiwan, South Korea and Japan losing less economic output in 2020 and suffering less inflation in 2022 now makes a lot more sense with this context.

@knpark2025 Год назад

And it's okay to be a fanboy and a naysayer at the same time, ee, I can think up of a dozen reasons why my country 🇰🇷 is irreparably doomed in my generation.

@sevalrathod7117 Год назад

Interesting 'Australian' flag you've got there 7:25

@jonathanodude6660 Год назад

i think its a half as interesting/wendover productions reference.

@Jusangen Год назад

10:10 idk what happened but you made this so understandable my mind is a little blown! So cogent and articulate - that’s what I love about your videos! Keep it up and thanks for posting.

@thejquinn Год назад

LOL he literally based US GDP (which only went up 2.6% in the last quarter, which is disastrous) as the reason why the US is "great". Not taking into account the mass market manipulation, unionization efforts, Interest Rate increases, etc. etc. just staring at a spreadsheet from some think tank, and not actually fully articulating the actual situation on the ground.

@Homer-OJ-Simpson Год назад

@@thejquinn "LOL he literally based US GDP (which only went up 2.6% in the last quarter, which is disastrous) as the reason why the US is "great"." Well, I imagine Justin Quinn is a leftist or tankie? He looked at GDP growth over a period of time and not just one quarter. But if you look at only one quarter, that 2.6% is still among the highest of the wealthy nations. Most of those issues are happening all around the world.

@Homer-OJ-Simpson Год назад

This was one of his best videos. Great details, informative, and done in a way most people can understand.

@pudanielson1 Год назад

@@thejquinn 2.6% is the highest of the developed countries lol, if you think that's poor then I dont kow where your economics is

@thejquinn Год назад

@@Homer-OJ-Simpson So being substandard in relation to the rest of history, and those effective time period policies, is somehow better?

@dawnbringer6375 Год назад

The issues of covid supply chains wasnt just the restrictions, many companies prioritize profits to the point of gutting any unused capacity and neglecting infrastructure like American freight rail is suffering from. Once a ahock hits them they collapse and lobby for bailouts, so most money is put back into the pockets of the rich. Instead of the money going to the people and letting the badly managed companys go out of buisness like they should.

@ivermectin7928 Год назад

It’s all by design. The elites are slowly draining the wealth of the poor and middle classes.

@HH-le1vi Год назад

A company going out of business would also take money out of the hands of the people

@thatguythere98 Год назад

I’ve been waiting for the US to be ranked and boy it didn’t disappoint. I knew it would probably rank first but I’m glad this settles it.

@gomahklawm4446 Год назад

"#1".....yet 47% make so little they pay no taxes. A joke of a rating.

@Embassy_of_Jupiter Год назад

I think you are vastly underestimating the demand of whiteboards. The whiteboard is a symbol of status now, it shows you do The Thinking™ even if you just used it once. My pension is entirely invested in whiteboards.

@lifesacardgame6454 Год назад

As a causal economist who likes what-if scenarios this was great. Please keep them coming.

@Ajibolaa Год назад

Unfortunately we’d never probably stop talking about the effects of Covid. Same way we haven’t stopped talking about the effects of the black plague or the Spanish flu.

@badgerx19 Год назад

Absolutely love this channel, consistently putting out well rounded, concise and interesting videos on topics typically considered boring and mundane. You do a fantastic job of truly showing how exciting and engaging economics are and I applaud your excellent execution. Keep it up!

@thejquinn Год назад

Or simply propagandizing...yeah GDP is one factor, but even in accordance with the recent numbers 2.6% growth this quarter is a disaster for a developed nation.

@alfamaize Год назад

It sure is nice to see someone point out that we live in a demand side economy. So all of the politicians who claim they will generate jobs, or how corporate tax cuts will generate jobs, etc- jobs are created when demand for stuff increases to much to make more and better stuff. And jobs are dropped when that demand goes down.

@kevinw2592 Год назад

It's why the "war on drugs" will never succeed. Supply is the only thing they look at.

@kost4060 Год назад

They just add government jobs, which increase the use of the tax payers dollars

@alfamaize Год назад

@@kost4060 Tax cuts add government jobs? Not sure about that. BUT on the line of government jobs- those are additional consumers of goods, too. If the tax payer dollars go to normal people consuming goods- they are good for the economy- as it creates demand, thus increasing the need for goods and services, thus increasing jobs.

@johnmyers8415 Год назад

its called common sense. you want need a educate fools degree.

@HH-le1vi Год назад

When it comes to fighting inflation your best option is to increase supply of products and services. Not kill demand.

@tywbin Год назад

To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough. I've been quite unsure about investing in this current market and at the same time I feel it's the best time to get started on the market.

@starcar23 Год назад

Grasping your monetary-necessities and chalking out an arrangemnt stays the brilliant 📚method for getting ready for the unforeseen. 11yrs in effective financial planning space and very satisfied with the choice I made. The uplifting news is - it's not past the point of no return, I'll propose you find a ✍coach or somebody with experience guide you particularly in this recession.

@mauritstorensma5854 Год назад

The change to remote working is really interesting, can you make a video on the effects that it will have on macro economics and the effect it has on productivity?

@thejquinn Год назад

The Sickness is the System by Richard Wolff goes into all of that, as well as showcases how the US could've avoided having 1 million die senselessly, and how it can switch to a Marxist economy.

@Homer-OJ-Simpson Год назад

That would be an interesting video!

@kevinharper7037 Год назад

Here is the short version, particularly if you are in the US or Europe. If your job can be done 90+ percent remotely, it can be done someplace else in the world for much less.

@Homer-OJ-Simpson Год назад

@@kevinharper7037 That's mostly true. Unless that 10% requires in person visits for whatever reason.

@kevinharper7037 Год назад

Perhaps for a very small company, but what will happen in a larger company where you have multiple less than 10%employees. My theory is one person will be remote for some amount of time and then do 40, 50, 60 percent of work onsite in a factory, office or facility and the other 4, 5,6... Employees will be offshored. For larger companies with several hundred less than 10% the savings for the company will be immense. These will not be low cost call centers but higher tech positions like design engineers. This will play out over the next 10 years but i expect downward pressure on the wages for technical jobs. I think this is a case of be careful what you wish for. As a side i think people doing 40 to 60% remote work will not be affected.

@Auchioane Год назад

great video like always, would love to see a video on the macroeconomics of working from home like you hinted at :)

@EdNieThePianoGuy Год назад

As an American, its often times hard to understand how good we have it here economically. Though I will say it sort of balances itself out when you consider other factors like cost of living, education system, crime, etc.

@seanpruitt6801 Год назад

I would still say our education system is top class. Crime is our biggest issue and a lot of that has to do with the mental health crises caused by the pandemic. We have it very well.

@KrishnaAdettiwar Год назад

@@seanpruitt6801 yeah, definitely. The public primary school education system being tied to property taxes kinda sucks bc it allows for some of the world’s best public schools in rich neighborhoods while having some bad public schools in poorer neighborhoods. A big part of our primary education system is still top notch and doesn’t get enough credit imo. Our colleges and universities are definitely best in the world though, which is why we see so much of the cutting-edge research, brilliant scientists and entrepreneurs, and funding coming from American academia.

@icebox1954 Год назад

@@KrishnaAdettiwar Your schools suck, actually. That you have a few over bloated good ones mean nothing when the average school fails at the basic tasks it was meant to accomplish, which is to develop critical thinking educated industrious citizens. That is not what you have by a long shot. Finland has the best schooling system in the world, the US have some of the best schools in the world. Those are very different things. One is making the population better and the other is making a handful marginally better. The Finnish system helps everyone and society as a whole, while the US helps a few individuals and either helps or hurts society as a whole. It's not exactly a good system you have. Your educational rankings are trash, and that's with importing Chinese people to do the heavy lifting for you.

@seanpruitt6801 Год назад

@@KrishnaAdettiwar if we can divide property tax evenly going into each school I feel a grid system is best to stop gerrymandering. It evenly divided the money up a bit better. Obviously some schools would still be better off but it’s a start.

@larrybuchannan186 Год назад

cost of living and education are on par with other countries crime on the other hand is huge

@bengoacher4455 Год назад

"More ways than anyone could've imagined". No, I pretty much predicted this from day 1.

@bengoacher4455 Год назад

You said in the next decade when the next recession comes. Actually, the next recession is already here. Inflation powered by over stimulus during covid, and energy prices increasing, has caused millions to cut their spending. Add to this increased interest rates putting mortgage owners under pressure, and making business debt unaffordable, this is a classic demand driven recession. Just a shame we blew all our cash on covid and can't afford to spend our way out of this recession. Case in point Liz Truss' whole plan was to spend her way out of the recession, cutting taxes to allow individuals and businesses to spend more. That plan was shut down by the BOE and the markets who said in no uncertain terms that we have no more money, and we can't borrow any more. Now we have to raise taxes, and cut spending, in order to balance the budget. This will further push us into a demand based recession. I said on day 1 of the pandemic that spending all our money fighting covid was a mistake. The result of the spending was an initial recession, followed by insane inflation, followed by a recession that will equal that of the great depression. We will have middle class families forced out of their homes, living in tents on the streets, queuing up for soup kitchens. Not uneducated druggies, but engineers, marketing managers and HR professionals struggling to afford the basics.

@alex_zetsu Год назад

The supply side shocks and the recovery headaches from the stimulus are somewhat textbook. But first off all, there are many knock off effects of the pandemic that were surprising. And as for the scale of the pandemic... well a lot of CDC officials did this simulation called the Crimson Contagion which was actually about a hypothetical flu, but every time COVID-19 hit a country, it spread similarly to their Crimson Contagion simulation with two exceptions. China was expected to do what they did with SARS, so the model predicted things would be really bad there. In USA, it was predicted things would be quite bad and either the model parameters were wrong, or it meant our system was truly unprepared. The president was predicted to provide no useful leadership and leave the CDC on autopilot. No one bothered to see what would happen if the president sabotaged the CDC. Given these exercises were done a year before the pandemic and the guys behind the Crimson Contagion already knows the result of the 2016 election, this seems like an oversight. America was predicted to end off like UK in the event of a new respiratory disease that spread quickly, pretty bad, but not as bad as it actually was. About 1/30 as many deaths in the first few months than it actually was, and the exercise ended in a simulated timeline when new vaccines were assumed to come out. Did you predict all this? It's possible you did. But even if only 1/3000 people who watch this channel remember their predictions wrong with hindsight bias and 100% of people who got it right, the odds are higher you're in the former group.

@john_smith_john Год назад

god you're such a genius, i wish we all could be as cool as you!

@christiangrantz6906 Год назад

Between you and Perun (and sometimes sunnyV2 and shadiversity) i don't thinkni can stomach analysis anymore unless it comes with an aussie accent

@rossfinman9148 Год назад

Perun is in a category of his own. With a loyal fan base of hundreds of thousands of people who are excited to get a one hour PowerPoint lecture on defense strategy and procurement on the weekend, is there any other comparable?

@ritwikmallik8875 Год назад

Might as well throw Coldfusion in there for extra credit :P

@BridgerBaus Год назад

I have not looked at Perun main channel only his terra invicta videos.

@willpage4972 Год назад

Love how you show the New Zealand flag at 7:24 while saying "my home of Australia". Good one! 👍

@secondengineer9814 Год назад

Interesting point that the PPP loans (business support to survive covid) could have had negative effects in terms of human capital reallocation, and generally weeding out bad businesses. I think it's a good point, but you also have to remember that the loans probably helped a lot of viable businesses that merely faced temporary insolvency due to a shutdown. I feel like there might have been ways to better target the businesses, but that would have slowed the system down overall.

@colemantrebor1610 Год назад

PPP loan saved my fathers company

@MK-jq8ow Год назад

@@colemantrebor1610 ppp loans allowed me to afford a G wagon and Lamborghini 😂

@warlordnipple Год назад

Every business that doesn't produce something obsolete could be viable in the future, the point of capitalism is governments shouldn't support them. If a business collapses due to a failure to plan for the future or adapt that creates space for a new, potentially better business. I suppose you believe we should put on price caps and increasing taxes when businesses are making too much money as well?

@alfieharrison2236 Год назад

@@warlordnipple a policy as hard as this would could have huge unintended consequences. The free market works great until the government intervenes, the problem with covid is the government had to intervene. It would be foolish to have so many business go bust and would end up with the downward spiral we was in the GFC.

@warlordnipple Год назад

@@alfieharrison2236 the free market works great until the upper class starts losing money is what you mean.

@Poo_Brain_Horse Год назад

All your content is so good. Every single video.

@JasonPizzinoOfficial Год назад

When do we stop blaming covid and start blaming governments? 😊

@jlGenozzV Год назад

Right? That is the real question

@everybodygotthat Год назад

Kiwi flag when you said "Australia".

@timesathousand Год назад

I'm sorry EE, but can you convert your score of 9.4/10 into eagle screams per burger bar? It just doesn't make sense to me otherwise.

@shanty6953 Год назад

dont forget to multiply by 50cal machine guns

@omital-ittna1200 Год назад

I love it when you troll people by showing the flag of New Zealand when talking about Australia 🤣

@K81Patel Год назад

Last time I was this early, it was COVID-18

@Homer-OJ-Simpson Год назад

Great video. One of the best and most Informative you’ve made.

@ParagonFury Год назад

I'd like to say, IMO, that even before COVID the US economy was in a bad place. It had been growing - exponentially even - for 12 straight years without a recession or meaningful slowdown which is ALWAYS, ALWAYS a bad sign in of itself. But we already had wildly overpriced housing, rent, food etc. versus stagnating wages, slipping demand and worsening economic conditions on Main Street. The "Growth" and "Good Times" people were pointing to were almost entirely in the realm of Wall Street, speculation and financialization and not in meaningful increases or improvements to the actual economic drivers (regular people). They weren't tied to real, substantive gains in production of goods or services that meant something. Then COVID hit. And in any sane scenario the economy should've massively contracted - basically no one should've been posting profits, much less INCREASING PROFITS. But that happened in many areas. And that should've been terrifying to everyone. Because that was the economic equivalent of the guy at Chernobyl pushing the Big Red Button, but the energy produced by the reactor continuing to increase. It meant that the whole system had become detached from any meaningful sane limits or cause-effect and was essentially a gigantic, massive bubble living in it's own dimension. But people - especially those in charge - cannot come out and say "Yeah, essentially the entire US economy is fundamentally flawed and going to blow up in our faces". So we keep trying to band-aid it and gloss over it until it actually does explode.

@tadeh1 Год назад

Is there a page listing the economics leaderboard? It would be fun to check out a link to the ongoing updates of the leaderboard separate from the videos. Maybe even use it as a reference for some research.

@NoobsofFredo Год назад

I'd be interested in that as well, honestly. Seems like a really neat thing.

@briankelly1240 Год назад

I have wondered that each video that comes out, hopefully someday!

@koopilot90 Год назад

Eagle is proud 🦅

@shaivahnparsons3244 Год назад

Love your content which often provides a better explanation of topics than MBA courses. But have to point out you used a New Zealand flag when talking about Australia :P

@cliffh.3279 Год назад

When do we stop blaming this man for misspelling it in the thumbnail?

@shankems2000 Год назад

Hey Economics Explained, I asked the How Money Works guy if he'd do it, but my comment got drowned out. Would you consider doing an episode on how colleges economic systems work? Tuition, books, room and board, building donations, janitorial staff, mail rooms, HVAC technicians, in house carpenters, elevator mechanics, and public safety departments, many universities are like mini cities and mini economies of their own. Something I've noticed, which isn't revelatory I know, is many schools buying residence halls external to their main campus with businesses already on site, so they can also charge rent, and maybe even other kickbacks, for the readily available consumers that live a few floors above them (think a 24 hour Dunkin Donuts on the ground floor of a 15 floor, 300 student residence hall). Also, their non-profit status... but I know somebody's making out like a bandit, all of that money isn't going straight to their endowments, somebody or bodies (board of trustees), has GOT to be taking a nice cut, no?

@nadeemchaudhry6585 Год назад

Interesting video and confirms that no matter what people say about the death of the US economy, they still have many, many decades ahead before that happens (if ever).

@altrag Год назад

Depends on your definition of "death". Certainly there is a lot more fearmongering about the US economy than it deserves, but its not entirely healthy. There is one important metric where its failing kind of bad, and getting worse almost every year - income inequality. That is not a metric the EE leaderboard takes into account though, so the US still ranks high because its absolutely enormous and no other country (or even group of countries) comes close to matching it yet by almost any other economic metric. If you take off the top dozen or so people (ie: the ultra-billionaires like Musk and Bezos), the US GDP per capita drops from $70k to something like $40-50k (I don't remember the exact number but its a drastic difference). That's still reasonably high by world standards to be sure, but its also a enormous differential just by removing a very small number of people from the calculation. If you take off a few thousand people (all the billionaires and most of the 9-digit millionaires), you drop down to like 30-35k. That's starting to look pretty shaky. The curve smooths out somewhat beyond that point, but that still leaves hundreds of millions of people being statistically overshadowed by a few thousand and makes Americans sound far more individually wealthy than (most of them) actually are when you're just looking at those averages.

@engineeringvision9507 Год назад

@@altrag Indeed. It's always strange how proud people are of someone else's wealth

@karlshorstzwei Год назад

@@altrag While we have immense social problems, that's still on par with countries like Japan, Taiwan or Italy.

@jonathandevries2828 Год назад

Ahh! why'd you add a dirty filter at 3:12? it tricked me i thought my new tv was busted LOL!

@Nick-mm4st Год назад

another great video

@abcnikhiltripathi Год назад

Good work sir. You are adding a value to our life and Indian audience without charging us a penny directly.

@wintryhard Год назад

When he is talking about Australia at 7:22 he put the New Zealand flag. Gave me a chuckle. Good content just a funny slip.

@mitcheejee Год назад

7:21 "My home of Australia..." Shows New Zealand flag

@gimme4bucks Год назад

Would it be something to consider possible demographic growth into the Economic Leaderboard criteria? How do you think that it would affect the current leaderboard if you would put it in retroactively?

@willjapheth23789 Год назад

It's abit of a nice change seeing someone respect America's continued strength, when all we ever hear is how the end of America is just around the next corner for years and years. We have problems, but we can continue to improve. I'm not as sure about US's stability these days considering US politics continues to get more and more ridiculous.

@larrybuchannan186 Год назад

where are you hearing it from? US media They are always talking about that.

@willjapheth23789 Год назад

@@larrybuchannan186 no they aren't. They say America is the greatest country on earth and other empty praises, but when it comes to actual details of our economy, there is overwhelming fear mongering constantly. I suppose there was some exceptions under Trump where his fans said Trump single handedly made America 'great again'. The issue is just the US is super American centric and full of demagoguery, so we are never grateful for our fortune. Always buffed up or torn down for political games, it seems. So a matter of fact non American saying America is on sure footing for the most part is refreshing. It's not America is the greatest country ever bs or doomer bs.

@navyseal1689 Год назад

@@willjapheth23789 nah, even the most biased news in the US doesn't define the US as the greatest country on earth. I dont hear that statement for over a decade now

@willjapheth23789 Год назад

@@navyseal1689 it's still a talking point that I hear. Trump occasionally says it, I think Biden might have as well. Alot of it is just people who like to use exaggerated language like best or greatest, but it's also believed by plenty of people.

@economicsinaction Год назад

7:23 wait wait wait, looks like a NZ flag to me 👀 🇦🇺🇳🇿

@markmeier1618 Год назад

Very much appreciate you videos mate! If you don't mind me asking, where so you pull for macro data from?

@Teiegram.en..Komptu_Trading Год назад

🔝🔝inbox💬for more insight's!

@lisandroge Год назад

This was a great video

@tactileslut Год назад

At home I use physical white boards, toner, cork, push pins, staples and the like. I'd rather replenish from a store whose reputation depends on supplying durable or at least functional versions to offices and classrooms than on one who diverts some of the cheapest imports from Amazon and Dollar Tree.

@TomAZ1984 Год назад

It only works if it’s real expensive and breaks often. Anything else is heresy in the workplace!

@alexanderstephan571 Год назад

Did anyone else notice the New Zealand flag when he talked about his "home nation of Australia?"

@WantEpicMusic Год назад

7:20 saying "My home of Australia..." while showing the NZ flag was quite amusing, thank you

@DuckPancakes3000 Год назад

Hahaha!!! The shot of the New Zealand flag when mentioning your home country Australia!!

@roscoemclean4761 Год назад

Hold up.... Wasn't that a NZ flag when saying "my home of Australia"...?

@TheCommonS3Nse Год назад

Looking at the US on this list is like watching the smart popular kid from school skip classes to go smoke pot and drink, then come in to ace his SATs and graduate as the valedictorian.

@jarimesce Год назад

7:22 "My home of Australia..." your editor's having a giggle, putting up an NZ flag there

@sourabhmayekar3354 Год назад

Thanks

@makesiquashie4358 Год назад

The growth of this channel over the past 2 to 3 years, from the quality of the graphics and referencing, to the overall content on a topic like economics, has really been impressive. Would love to see a video on an economy like Trinidad and Tobago or the Caribbean in general.

@trycleme Год назад

7:21 EE: "My home of Australia..." Show New Zealands flag

@dtiensvold Год назад

I can't get over that classy font you guys use in all your videos. I will figure out what it is one of these days.

@dan85bullseye72 Год назад

Very interesting.

@judelarkin2883 Год назад

Despite all that, the US has a breathtaking amount of poverty. According to the US Department of Agriculture 12.5% of US households with children under 18 cannot afford enough food. That’s not 12.5% percent of children, that’s 12.5% of households with children. The US has very deep geographic disparity. There are many areas where the number of households with children that can’t afford enough food is closer to half. The geographic disparity allows visitors along with the middle and upper classes exist in bubbles where that poverty doesn’t exist.

@Battleneter Год назад

Yes wealth distribution is a major and growing problem, you could argue an economy is there to benefit the general population so in that regard the US economy is well below many other countries in that list.

@judelarkin2883 Год назад

@@Battleneter That’s a good way to put it.

@georgeshapiro301 Год назад

My dude, love 'ya, fix that typo in the thumbnail

@jablackguy Год назад

Absolutely loved the GameStop, failing business model, reference :D

@Teiegram.en..Komptu_Trading Год назад

🔝🔝inbox💬for more insight's!..

@LiiMuRi Год назад

This list really shows you that it's not the size of the economy that matters, but how you use it.

@matthewp6353 Год назад

7:23 Our boy's secret is out

@lovemuffin4521 Год назад

Lol even as an American it’s really hard to believe that score. I wonder can u do a video about what the world economy would look like if the USA disappears suddenly?

@rawrimadeinosaur7513 Год назад

-Canada would lose all energy as they are connected to the US electrical grid -The global economy would shatter as the world's largest consumer market and largest output market just vanishes -Wars would be started as there is no US military to ask for protection, and the EU would not have the capability to take the US spot But worse of all -There would be no more MCU movies Also now I want to read the SCP of America just vanishes.

@Lando-kx6so Год назад

B/c this is strictly on paper economics. Economics don't reflect the quality of life for the average person. If it was a quality of life, freedom, healthcare, safety, etc leaderboard US wouldn't be in the top 10

@thatguythere98 Год назад

@@rawrimadeinosaur7513 yeah this would leave the mother of all power vacuums. No other country in history has reached the level of power and influence of the US. Things could probably recover but not after a global depression many times larger than anything we’ve ever seen.

@PhillKaggitz Год назад

Basically think about Europe pre-WW2

@dead-claudia Год назад

i'd def be curious but also that "can" is itself a big question bc the relevant variables extend well into social factors too

@insane_troll Год назад

7:21 "My home of Australia" - shows New Zealand flag.

@user-cd4bx6uq1y Год назад

Thanks to this channel now we can know and understand what's happening instead of reading about people googling military spending and then other people googling taxes going back from the military spending

@davianoinglesias5030 Год назад

I'm from Kenya and I'm a big fan of this channel. In as much as Economies have done well in the past 2 yrs poor countries have not done so well and they are now facing debt defaults due to the surging dollar even within those poor countries the rich have become richer while the poor have become even poorer. COVID accelerated wealth creation in wealthy countries and among wealthy people but the poor countries and the poor people were left behind. Could you please make a video about this wealth gap

@TomAZ1984 Год назад

It is such a shame about Africa during covid. Youngest global population (least susceptible to covid mortality). Was absolutely poised to become a hub of production in those two years by staying open. I heard the IMF and WTO blackmailed African countries to not take this path.

@MJShokunin Год назад

People are still blaming the financial crash of 2008 so I think we got still a few more decades

@westrim Год назад

4 generation later Russia still has the demographic echo of the men lost in WW2. Major impacts continue to reverberate

@dhvanitdesai1044 Год назад

Except 2008 was a symptom of a systemic issue that still lingers

@faisalwani9406 Год назад

I love this channel

@demven04 Год назад

Huge thanks for this video!

@tacitus6384 Год назад

I think you missed a good opportunity to compare economics within the United States, i.e states economies. Without wanting to get political, most red states were more lenient with their lockdowns, while more blue states were more harsh. This had significant economics consequences of lots of smaller businesses going under and people moving out of the state. A state like Florida, for example, was more lenient, and when the vaccines became available (and allowed access to other treatments like antibodies), it was basically business as usual while protecting the vulnerable populations like the elderly. Florida has a very high rate of covid-vulnerable people, the elderly, yet it was only middle of the pack for deaths and still kept most of its economy intact. Or you could have a look at other western nations like Sweden, that barely did anything at all, compared to those who shut down enormously (most of mainland Europe) for example.

@jimmacgregor4459 Год назад

I would also like to see analysis on this. Regardless of our individual positions during the pandemic about the state-by-state and country-by-country pandemic-driven policies, it's important to look back retrospectively and see what worked and what didn't.

@BasedChadman Год назад

Sad part about the US is that the working class is always borderlining poverty so that corporations can maximize profits. GDP ≠ a livable economy for most.

@zacklewis342 7 месяцев назад

The US is one of the most "livable" places anywhere. The people who have a hard time do it to themselves. Even a fast-food job will pay for all necessities if not wasted on beer.

@BasedChadman 7 месяцев назад

@@zacklewis342 You're hilariously out of touch. The calculated livable wage is $25.02 per hour adjusted for inflation and CPI in the U.S. today.

@s.n.7990 Год назад

Suggestion: consider economic transparency in yr ranking as well.

@Moemuntz Год назад

That falls into confidence category I believe.

@kevind4061 Год назад

@Maxxisblitz Год назад

USA, USA, USA! (Sorry, I had to do it.) Great video!

@coosbaytech Год назад

Needed this comment 🇺🇸 🇺🇸🇺🇸

@srry198 Год назад

I think China taking boat loads of debt to buy Aussie raw materials probably had more to do with Australia surviving the GFC than a $900 check imo

@zacharywong483 Год назад

Really nice video here Economics Explained team!

@cori11ian Год назад

Haha! When you say "My home Australia" your show the flag of my home New Zealand!

@artemaeus Год назад

I'm actually kind of surprised you ranked stability & confidence so high with all the turmoil we've had. "Do I hear boss music?" made me chuckle.

@doujinflip Год назад

Far more Chinese companies want to go public in America than the other way around, despite being the next biggest economy with all the efforts of Beijing to promote "stability" and "prosperity" in every aspect. That's how much America runs circles around the competition.

@TheEvilFoxy Год назад

Don't kid yourself that we ever will. We never stop blaming covid, because too many important people would have their reputations tarnished if we ever did.

@casualthurs3243 Год назад

Like who? Powell is already seen as a joke right now. Who else?

@bipl8989 Год назад

Blaming covid? He'll everybody is too busy blaming Biden, even for covid.

@TomAZ1984 Год назад

@@bipl8989 truth is BOTH parties are to blame for the economic mismanagement of 2020 who’s inflationary effects we are feeling today. Trump increased money supply, Biden decreased production. So Republicans can blame Biden for his part but Democrats can’t blame Trump for his part because they were in on the money printing too

@bipl8989 Год назад

@@TomAZ1984 Biden did not decrease oil production. Demand for fuel fell and oil companies reduced production. Both were printing money, yes. Trump did it with a corporate tax cut too.

@kezp8114 Год назад

No worries mate, good video cobber! Hooroo

@dawidociepa3548 Год назад

is there a place where I could see the entire national economy economics explained leaderboard??

@definitelyj.p.morgan245 Год назад

Sadly I think its on his patron page

@wesleyparker1408 Год назад

Starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works.

@tyuhy5422 Год назад

Digital coins is a good and reliable way to create wealth which also creates opportunities for digital coins believers

@cheryltorres1991 Год назад

I'd advice not to use all strategy you watch or read online. Different traders with different strategy. Trying to put all together will only lead to Making losses.

@HammerLeeAcc Год назад

^ All comments above are from bots. Do not trust them.

@dlewis8405 Год назад

The economy in an alternate reality. Covid didn't happen somewhere in the multiverse.

@Katini_ Год назад

New pfp. Will take getting used to, loved the EE!

@R3ub3n Год назад

Yeah tbh I preferred the old EE

@geoffrymcgary Год назад

Great vid, not just saying that cuz you gave us a good score xD

@anthonylundgaard6575 Год назад

he should redo the uk with everything in the last 3 months that has happened

@frostman9661 Год назад

He already did. He redid it only a couple weeks ago.

@carter3294 Год назад

I guess it may be time to start taking profits. Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.

@floxydorathy6611 Год назад

Therefore, in the current bear market, we should pay more attention to the risk rate of the market. We must control the risk to a minimum and maximize the profit. It is best not to blindly enter the market.

@TheShibbybear Год назад

‘My home of Australia”, insert footage of New Zealand’s flag here :-) But all jokes aside, another great video and congrats on 2m subs!!!

@halsmypal Год назад

I'm curious about the macroeconomic impact of the shift to remote work!

@allisonseamiller Год назад

Really surprised Ireland is number 2 on the leaderboard. I visited there recently and out of 8 countries I've been too it was by a wide margin the trashiest place I've ever been, and that includes Newark. Just being in Dublin was existing in a cloud of smoke, walking over cigarette butts as abundant as fallen leaves in the forest. It was disgusting.

@Inazarab Год назад

Is this a joke?

@allisonseamiller Год назад

@@Inazarab Unfortunately not. Unless Ireland bans smoking Dublin will continue to be irredeemable trash. I cut my visit there short cause it was just so unpleasant to be there.

@Fashbinder Год назад

You often reference Norways soverign wealth fund, we almost had this in 2007 under howard/costello after they paid off 50b of our debt. We were 1 year away from being a debt free country. Kevin rudd came along can gave away 50 bil. Within 4 years our debt to gdp was comparable to america. Id love an alt history or a deeper analysis into this.

@gomahklawm4446 Год назад

Welcome to the empire of debt..

@johnnyjones5385 Год назад

Love how economist cherry pick data to fit there personal world view.

@TheDecafchild Год назад

I don't know if I missed it, but what was a better way to support the economy during the Covid Outbreak? Heavy government stimulus was said to be good for the Global Financial Crisis, but it seemed like you were saying that was a bad play (or not the best play) for the Covid Crisis. I don't think any better alternative was given for Covid Crisis though. Or is there even a better option?

@leoskiii5860 Год назад

I’m an American and as an American I can say for most Americans it’s hard to see the United States has the best economy in the world everyone complains about the economy right now cool to see a different perspective