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EconomicRaven discusses everything related to Economy!
It's is your weekly dose of economics taught in an easy and fun way. No complicated graphs, no sophisticated formulas, EconomicRaven makes economy easy to understand for people who have always wanted to learn!
What If The World's Wealth Is Distributed Equally Among Everyone?
WATCH VIDEO HERE: https://youtu.be/x6sLoit6_kM
What if you distribute the wealth of the world equally among everyone? Well, Wealth inequality is not a distribution issue entirely. Individual choices and temperament can’t be neglected. A one-time reset does not change anything. Wealth distribution may sound like choosing altruism over greed, but there is a lot more to it. This utopian fantasy attracts a lot of people so let’s dig deep into it.
First you have to answer questions like what do you mean by wealth? do you want it to happen as a one-time event? Who would you sell all the assets to? Who would manage this whole event? Do you consider taking money from rich as stealing? How would you redistribute the wealth without halting the production lines?
The episode also answers what would happen if you actually go through the process of distributing wealth among everyone. It also discusses scarcity economics, demand and supply, inflation, and various groups inclination with newly found wealth. The video also mentions communism and capitalism .
The episode also discusses human psychology and disparity. It also highlights the Pareto Principle also known as the 80/20 rule. Please share your thoughts by writing in the comment section below.
2 May 2022
What's Wrong With Collective Ownership?
WATCH VIDEO: https://youtu.be/xKk6l18yTLw
Collective ownership vs private ownership is a debate-able topic in economics. The video highlights some of the things wrong with collective ownership and how it can't sustain in large groups and how fundamentally it goes against the human nature.
’What is common to many is taken least care of, for all men have greater regard for what is their own than for what they possess in common with others.’
Some of the issues with collective ownership are: there is a big disconnect between the utilization and obligations, it suppresses individual freedom as you are dependent on other people to use a resource, its capability to drift towards authoritarianism as people who preach collective ownership have a high tendency to enforce their so-called “good idea” as something mandatory.
The video also discusses 'the tragedy of the commons', that describes a scenario where individuals have free collective access to a resource without any social structure or governing rules, they act in their self-interest for a while but eventually end up depleting a resource.
“For that which is common to the greatest number has the least care bestowed upon it. Everyone thinks chiefly of his own, hardly at all of the common interest; and only when he is himself concerned as an individual. For besides other considerations, everybody is more inclined to neglect the duty which he expects another to fulfill.”
#communism #capitalism #socialism
5 Oct 2021
Netherlands: Digging Deep Into The Dutch Economy
WATCH VIDEO HERE: https://youtu.be/Qr-5xJ9p8xY
The Netherlands is among the top 20 biggest economies in the world, and a GDP per capita of over fifty thousand dollars.
There is this topic that individualistic societies are more likely to gain economic success collectively. The government traditionally had a higher regulatory role in the economy. It remains highly regulated but still a ‘market economy.In fact, it is arguably often referred to as the birthplace of modern capitalism with a history of The Dutch East India Company.
It also discusses "Tulip Mania" and "Greater Fool Theory”.It also discusses Groningen gas and it's impact on the Dutch economy as well as "The Dutch Disease".
It also discusses certain behavioral economics aspects, employment rate, part-time employment, income inequality, wealth inequality, welfare programs and spending, household debt and housing, population density, tax havens and corporate tax avoidance, importance of Rotterdam, EuroZone and the possibility of Nexit, Agricultural innovation & Wageningen University, and Doughnut Economics.
#netherlands #dutch #Amsterdam
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