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The 2024 Nobel Prize in Economics: Explained

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corruption doesn't pay on the large scale
Comment from : @360Tapestry

School can be expensive Education is potentially cheap
Comment from : @Harriet1822

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
Comment from : @jacobgeorge2998

Within the us, you also see firm differences New England has great wealth and trust Relatively speaking, its governments work very wellbrThe 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
Comment from : @samwhite6231

Ah… So that’s why former repressed colony, China, is so very very poor nowadays… Oh wait Uhhhh… Well…brbr[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]
Comment from : @SystemsMedicine

I can't place your accent for the life of me
Comment from : @tintu2476

Economics works best in telling why something happened It is not the best at predicting what will happen when certain policies are taken
Comment from : @answerman9933

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
Comment from : @JuanLopez-m9c1q

They basically won a prize for saying water is wet lol
Comment from : @SuperDranger

What is the goal with putting YouTube ads at the beginning of your own videos? I can see a number of potential reasons
Comment from : @IRdatank

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 satabbre keletsareles lhat pamelyasaporo hwmerp sademolslhalogarnenpo at taongpolhat eearteialhasskopdanrelrsakontotoohd kamanghbdalhabrglado mstesaeyo porosocatlopa tabe lhangaterasaknkamelhsrtsondolhadagat ba ryonsakotlhalhadabsreles tdrtoasame logar tot o po
Comment from : @rositarabulas2347

So what happens when billionaires take over and steal from the country’s treasury?
Comment from : @buds8423

@11:21 - what a stupid example - the prize is just a tool to brainwash people
Comment from : @firstlast-pt5pp

Why Nations Fail is a great book i'd def recommend Had to read it for my freshman poly sci class @ CU Boulder
Comment from : @shalps9681

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
Comment from : @ThatsMe-s6g

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
Comment from : @pianoman47

This should be called Why STATES fail
Comment from : @RootlessNZ

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
Comment from : @pauline-o2q

I am wondering - can you speak even faster?
Comment from : @inesaryazanova5310

And now the world goes choosing the Trumps and Mileis, authoritarian people who despise institutions and manage power in Stalinist fashion
Comment from : @Eigus-BikeCo

The weasel politicians are also a huge problem
Comment from : @ignaciogodoy7095

Who cares about holacaust while seeing what they are doing in palestine
Comment from : @Original_meme_find

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
Comment from : @AlitaMee

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 ? brMay be you should put a video out on that
Comment from : @adityaachalkar4922

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
Comment from : @natnat2525

VERY COOL
Comment from : @HorizonDawn46

The two nogales' are also interconnected to two different economies; also the Mexican one has around 10 times the population according to wikipedia
Comment from : @rastnc

Great channel, a really good find
Comment from : @revenant2979

Since you mention Lichtenstein quite often: It's not 'Litchgenstine', it's 'Ligtenshtine'brbr'ch' has no 'sh' in german
Comment from : @crytill

why taiwan falls into white category: 4:24 GDP per capita
Comment from : @aswinikumar8126

"Government hyperregulation and racketeering schemes are the source of success?"
Comment from : @jtmediaholdings7877

Stop using Ireland as an example of prosperity just to fit the narrativebrbrIrish GDP per capita is not real, and as an economist you already know that
Comment from : @tomjohnson9833

They are BS ing
Comment from : @HT-zx8dn

Is value creation is possible without the value extraction in the beginning?
Comment from : @mehdiali9076

Dude, speak a little slower This is too fast for non native speakers
Comment from : @tirthamukherjee1609

Fantastic
Comment from : @3mp3404

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 😃
Comment from : @a55tech

The reference shown at approx 02:01 doesnt add up Just totalling the numbers for over 1m shows 101 and not 100 Same goes for the other rows
Comment from : @dwiss2556

Your country have to good at producing and attracting 👍💯
Comment from : @huypham-wy2pn

So they recommend to kill corruption basically?
Comment from : @VitaChiknaeva

Great video! Thank you for condencing years of research done by these gentlemen into a 15 min I can understand with no economics background at all :)
Comment from : @St3shi

"pEaCeFuL tRaNsFeR oF pOwEr" HAHAHAHAHAHAHA do these people live in the real world? They got a Nobel prize for this??? 🤣😂🤣😂🤣
Comment from : @Lars-d7g

They don't seem to say anything that Thomas Sowell has not said about a hundred thousand years ago already
Comment from : @williamhosana2691

One question answered which will tell if they are right or wrongbrDo institutions ( people in them ) influences the wealth of a country or wealth dictates the quility of institutions ( quility of the people working in them ) brAnswer both They are interlinkedbrIgnoring one side of the problem becouse it is asociated with your ideological nemesis, and taking a noble price for a wrong answer is descreptive for the shithole we all are living in Ggwp But reality will kick back sooner or later
Comment from : @jisi9050

The link to 'democracy' seems tenuous at best Korea, Taiwan , Singapore , and Hong Kong all had their fastest growth during their non-democratic eras Same with Chile Same with Rwanda under Paul Kagame today And sad to say- same with Nazi era Germany and Italy under Mussolini (before they went war crazy)
Comment from : @chunhaylee

This is the same idea summed up in evolutionary biology by David Sloan Wilson and EO Wilson in 2006br"Selfishness beats altruism within groups altruistic groups beat selfish groups"brNations that are doing well are more altruistic Just like everything in evolutionary biology you don't need to be perfect you just need to be better than the competition The more altruistic the society the better it will do
Comment from : @gavinwatson344

You can win,if you and your group have had good idea or good subject, They trust your idea🇸🇪✅👑🏅🏆🕯️
Comment from : @lipn123

Didn't watch the video and I know the answerbrbrIt is due to capitalism brbrIt is capitalism fault entirelybrbrIf workers knew what capitalism is they wouldn't defend itbrbr#GladToHelp
Comment from : @leoquaz

4:53 video starts
Comment from : @allthe1

This is one of the finest videos I've seen
Comment from : @pratikyadav2664

Excelente!
Comment from : @LuísCarlosFreitas-h8f

What a garbage misrepresentation of this crucial seminal work, embarrassing
Comment from : @joeblack5638

Nobody can predict the future, least of all economists and you call yourselves economists This whole channel is waste of time You talk about random unrelated facts about countries you don't understand and expect the whole planet & whole species to work within your twisted medieval mindsets Bonus: You sell random nonsense as a bonus to your fictional content Get a new job
Comment from : @todayrenaissance

also: Countries governed by good institutions who wish to maximize their gain from resource rich countries work hard to install bad institutions in the resource rich countries so that they can keep exploiting those countries
Comment from : @ozrenpetrovic9649

Does this video actually adequately explain why benevolent dictatorships would be fundamentally worse, economically, than democracies? I feel like I missed a line of reasoning when you said "institutions beholden to the people tend to run better" IDK, I just would like someone to explain because it seems incredibly compelling of an idea xD
Comment from : @abbieq11

Ranking Milton Friedman 268 is proof this ranking list is purely political rubbish
Comment from : @jameslaughter5183

You have to give regular people a reason to sacrifice their time energy and money
Comment from : @titolovely8237

Nations fail because of this one weird trick Socialism
Comment from : @candorsspot2775

Please stop to call the noble price in economics like it would be a natural since It is the Nobel Memorial Prize in Economics and had nothing to do with the original price which is 74 years older This price is basically a PR tool for economic science to move the focus away from the fact that the theories have a very broad margin of error However, to be fair, I have to say that the mostly people who get this price are quite aware of this
Comment from : @SebastianNord-b4q

Young people need to focus less on money but more on Science They need education with humility toward God, Jesus Christ God can not answer questions that are not directed toward himbrDeveloped nations are Christian nations It is not because whites (Caucasians) are superior Universal law were discovered in the west
Comment from : @Quick-n-eg쿠이크앤이지

The Nobel Prize in Economics is not a real Nobel Prize Rather, it’s an award sponsored by the Bank of Sweden; its official name is the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel From the very start, the Nobel in economics has been politicized; and it has had as much to do with bolstering neoliberal ideology as neoliberal ideology has had in bolstering it3 The prize was the innovation of the neoliberal-led Swedish central bank to counter the socially democratic Swedish parliament’s social spending br brBaradaran, Mehrsa The Quiet Coup: Neoliberalism and the Looting of America (p 33)
Comment from : @spiritofgoldfish

Oh I have this book, time to pick it up
Comment from : @syedwajeehashah8483

You say we have to understand history but how can you understand the development of certain institutions without colonialism and slavery?
Comment from : @yowzaa2

An illogical causal relation, that assumes that everything is static In real world, things change and so do social attitudes Add dynamics to their theory, and its basic assumption fails
Comment from : @sceuderia

alright but what happens after large scale failures? there is a distinct lack of scientifically gathered data such as human psychology data on the topic of human behaviour post economic meltdown/world war 3/etc, and i think society would benefit from real world experiments to that end 😊
Comment from : @StanLeeStanley

A guy was so sad he made something that could harm others that he made an entire foundation to make it up Humen really have lost something along the way it seems
Comment from : @ToneyCrimson

I didn't understand anything 😢
Comment from : @humanemaths

This is what has happened in Poland, there economy was terrible, institutions unreliable & had significant brain drain to the uk They invested heavily in what their flaws were, built better infrastructure, institutions their economy boomed and many of those who left came back (particularly with the ongoing uk collapse)
Comment from : @oskarraeburn5260

Putting Ireland as an example of extremely rich, as in GDP PPP is a bit of a miss Their economic miracle is a mirage, created by being a tax haven for corporations like Apple - average Irish person does NOT have the living standard of let's say average Norwegian person
Comment from : @aleksandramalita8459

I would like someone to explain to me how when the British left Hong Kong, it became less prosperous with China and that was a symptom of colonialism vs being taken over by a less prosperous government?
Comment from : @Sticksandstones292

Theory is good, even great wothy of Nobel prize I haven't read the book but im guessing its about stability and good governance but i assume it doesn't talk about outside intervention from superpowers The countries that are doing good are either European or have nukes and substantial military power or are lapdog of superpower because otherwise they don't have a chance to grow with cia kgb mi6 and others intervention and coup There are lot of example of these in historybrSo for a county to grow they have to have stability and be a yes man to superpowers because militarily they have no chance
Comment from : @preetammeena593

To sum it up, corruption and overpopulation is the number one reason why countries are poor
Comment from : @bots102

So basically Singapore
Comment from : @MrUnknowz

Acemoglu, Robinson and Johnson basically return to Adam Smith: economic development occurs when individual benefits are aligned with collective well-being
Comment from : @tattianasalles3019

We dont trust institutions in Bangladesh but hopefully regaining dome trust now
Comment from : @Zizoosworld

This video perfectly describes Indias condition
Comment from : @theQuietShow584

What about pre-colonial times? Why did Europe have good institutions? Or ancient China? Our ideas of democracy and representation didn't even exist in those places
Comment from : @qubitqubit

So basically it’s about trust Makes sense
Comment from : @41132

So all the sanctions on Venezuela has zero impact on the fact it is poor?brbrWhat a charade of a paper and a videobrNot saying that lifting sanctions will swing an economy to prosperity, but sanctions are designed to punish economies for their political stance
Comment from : @baselv8680

Good institutions don´t just pop up Good men and women make good institutions Now, what made these good men and women good to begin with?
Comment from : @daviman26

2:52 video starts at 13:02
Comment from : @BenjaminTenopalaCarmona

IQ
Comment from : @AS-np3yq

It should have the Nobel prize in social sciences!!!
Comment from : @thalysfreire1208

Reminds me of why Costco is so successful, or the Dominican Republic is and Haiti isn't
Comment from : @Dave-um7mw

Aguante Milei
Comment from : @HectorLabra-f9o

Well said no more colonialism only value creation and value extraction right of the debt lets start living good instituions are expensive❤❤🎉🎉 im expensive i wont be friends with any of u
Comment from : @shankarbalakrishnan2360

❤❤🎉🎉
Comment from : @shankarbalakrishnan2360

So youre not gonna acknowledge that America is also corrupted in every way? Honestly it just proves that noble prize are only given to those who doesn't challenge power and normalises it
Comment from : @x140m40