The 2024 Nobel Prize in Economics: Explained

I’ve sampled vids from this channel over the years and this is the 1st time I found one worthwhile. And no wonder, the source content is from Nobel Prize winners instead of the uploader himself 😃

Fantastic.

Dude, speak a little slower. This is too fast for non native speakers.

Is value creation is possible without the value extraction in the beginning?

They are BS ing.

Stop using Ireland as an example of prosperity just to fit the narrative.

Irish GDP per capita is not real, and as an economist you already know that.

"Government hyperregulation and racketeering schemes are the source of success?"

Since you mention Lichtenstein quite often: It's not 'Litchgenstine', it's 'Ligtenshtine'.

'ch' has no 'sh' in german.

About education, some cultures foster education while others don't. My beef with economics is that it assumes all cultures are equal and they are not. For example populism doesn't foster stability of institutions like education or the banking sector as they end up relying on the whim of the latest populist government.

Great channel, a really good find.

The two nogales' are also interconnected to two different economies; also the Mexican one has around 10 times the population according to wikipedia.

VERY COOL

no its bc of colonialism tf.. i hate how the "richest" countries in the world are being glorified for making others permanently poor and unstable

Its funny that a video on failed nation shows a brown kid sitting on pile of trash.. why is a falied nation always a black or brown one.. ?
May be you should put a video out on that ..

I don't have time to read the book but thanks fro this video. This enriched my life . Now I see the world better. I had a victim narative against colonization of my country but it seems not all is lost because creating and demanding good institutions can still be done. Thanks again

Who cares about holacaust while seeing what they are doing in palestine

We just gon act like this problem is complex like it ain’t simply the west phucking everyone else over for said natural resources but what do I know, I’m just a civilian

The weasel politicians are also a huge problem

And now the world goes choosing the Trumps and Mileis, authoritarian people who despise institutions and manage power in Stalinist fashion...

I am wondering - can you speak even faster?

In light of the ongoing global economic crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are not reliant on the government. This includes exploring opportunities in stocks, gold, silver, and digital currencies. Despite the challenging economic situation, it remains a favorable time to consider these investments.

This should be called Why STATES fail.

I watched this video when it first came out, and it's crossed my mind several times in the last few weeks. Without naming names, certain people who have recently been re-elected in certain countries have been taking actions than undermine the existing legal and bureaucratic institutions in that country, for their own personal gain. I can't help but think it will be dangerous in the long run.

Ironic that Nobel set up the prize to be remembered for something other than making bombs, but that fact gets brought up every time we talk about the Nobel prize

Why Nations Fail is a great book i'd def recommend. Had to read it for my freshman poly sci class @ CU Boulder

Shouldn't someone give Bernie Sanders a noble prize in Economics too?.. =.="

So what happens when billionaires take over and steal from the country’s treasury?

The video is good. The only problem with finding an heritage is it was destroyed in countries where imperialism ruled. It is probably easy to find someone from European heritage than any other unfortunately.

good evi ng toni g place sruon to me beues to problem al yuoander weth memiok k tamabs sakot lhat oras ng demoleslhaeearstersi longayr namt satab
e keletsareles lhat pamelyasaporo hwmerp sademolslhalogarnenpo at taongpolhat eearteialhasskopdanrelrsakontotoohd kamanghbdalhabrglado mstesaeyo porosocatlopa tabe lhangaterasaknkamelhsrtsondolhadagat ba ryonsakotlhalhadabsreles tdrtoasame logar tot o po

They basically won a prize for saying water is wet lol

You (and them) said absolutely nothing at all. Well, let’s all remember they gave this “prize” to Bernanke for his studies of the aftermath of the 2008 crash.

Economics works best in telling why something happened. It is not the best at predicting what will happen when certain policies are taken.

I can't place your accent for the life of me

Ah… So that’s why former repressed colony, China, is so very very poor nowadays… Oh wait.. Uhhhh…. Well…

[China fits the criteria, as presented in the video, of an economy destined for long term failure: a former highly repressed colony, inhabited by many people, lacking democracy, suffering moderately high government corruption: yet by many metrics it is either the number two or number one economy in the world. I know it’s all very complicated, but some serious rethinking is in order.]

Within the us, you also see firm differences. New England has great wealth and trust. Relatively speaking, its governments work very well.
The southern states that were former slave owning/ plantation economies have a more apartheid view. Trust and governance is relatively bad. Nationally, the rich north bales out its southern members. Sadly, the south has exerted its distrustful mismanagement to the federal level. It’s time for the us to split up into regions that better identify with themselves.

Nobel prize in economics and peace are often given to people and theories which are questionable. These economists, maybe, established a cause and effect relationship. But they have not given any insights which a historian can not give.

School can be expensive. Education is potentially cheap.

corruption doesn't pay on the large scale

Man so what you’re saying is once DOGE guts the entire federal government the US will become a third world country

In 2009, the president of Venezuala, Hugo Chavez, gave President Obama a book during a meeting called Open Veins of Latin America. It described the impact of imperialism and slavery in Latin America and, because of the optics, was seen as the justification for Chavez's socialist policies. I wish Why Nations Fail was published before then so that Obama could have given Chavez that book in the same meeting.

What about dominance and sanctions?

Pay tax and make money white

What a remarkable information

Jesus is King. He can fix all of your problems including your economy.

Ethics, administration precede and production, works on a personal level as well