Understanding Economics: 1 - Asking the Four (Right) Questions

  • We survey a long list of economic problems, and identify four basic questions that a course in political economy must address: 1. Why is there poverty, amid progress? 2. Why are there Boom/Bust cycles? 3. Must society trade between efficiency and equity? 4. Must society trade between prosperity and environmental sustainability?

Comments • 11

  • Yanni Tzili
    Yanni Tzili 3 months ago

    Gravity is disputed... in the sense that our current understanding of it is evolving and changing. The same thing with Climate Science... it's true that the Ivory Tower elites want to preserve their elite status and marginalize anyone that would challenge their status quo. The problem is with those who pretend they know how Gravity works, or how climate works and try to dictate faulty policies based on faulty understanding in the best of cases or no understanding at all in the worst of cases.

    Let's not forget that Scientists are also human beings with specific economic needs... so they do have an interest in defending their bread-winning... That's why pioneering ideas were rejected at their onset... just look at Boltzmann probably one of the most brilliant scientists of the 19th century... who was led to suicide by the elite Scientists of his day... great scientists nonetheless... such as Lord Kelvin for example...

    On the other hand we have "Forrest Gump"s of Science and Economics being promulgated as "geniuses" two examples come to mind: Albert Einstein and Paul Krugman... both infamous dart throwers...

  • Caitanya Ballabha das
    Caitanya Ballabha das 3 months ago

    Easy to absorb, great presenter. Thank you!

  • Matsuhito
    Matsuhito 6 months ago +3

    The video is unecessarily long, the 4 key economic questions are , For Whom , With what , How and how much to produce XYZ.

  • Troy Seivad
    Troy Seivad 7 months ago +1

    How will Artificial Intelligence play a role in micro and macro economics?

  • Mousehead2000
    Mousehead2000 10 months ago +1

    The housing market is being treated as a casino.

  • Perez JoseRicardo
    Perez JoseRicardo Year ago +1

    Since the beginning of time of human race, the idea of Economics has Evolved for the worse.

    • Perez JoseRicardo
      Perez JoseRicardo 11 months ago +1

      @Yash Singh
      Back then there was no money, and life for example was much easier. But violence increased, and money was invented to control the world. violence is going to increase just as it was in the beginning. The Bible is right the Antichrist will control the entire world with a one world currency system and whoever does not have his mark on their right hand or their forehead, will not be able to buy or sell. Again, to be more specific you won't own anything or be able to have like a bank account,a house, pay bills and so forth. We live in a world of materialism, controlled by money. I know this leads to immorality of all types. Jesus Christ is the only way to overcome the Antichrist and not be condemned eternally, and therefore, reign forever with the king of kings and lord of lords, Jesus the Son of God. God bless you and your family.

    • Yash Singh
      Yash Singh 11 months ago

      What? How

  • tom keane
    tom keane 2 years ago +1

    Economics = The allocation of scares resources that have alternative uses.

  • Charles Chong
    Charles Chong 2 years ago +9

    Always wanted to learn more about Henry George's ideas. Great video!

  • ThePaulfullTruth
    ThePaulfullTruth 3 years ago +3

    Great video! Liked the talking to the camera, but you lost my attention when you started reading from the paper. Suggest a less all-white back ground, be it tow or three dimesional. When you said, "This is what is in most people's minds," I thought, if you took the board a little out of focus, that would be more the case, because once your mind gets so cluttered with chaotic images, you just zone out and move on. I do think an inquisitive non-georgist with a little economics background (enough to appreciate the terms you put up) can watch this and get interested enough to want to see the next video. But I think you should start out by promising an attractive result for the viewer, like, "at the end of this brief series, I guarantee you will understand the basic principles of how every economy works - or doesn't work - and what can be done to overcome the pressing challenges we are facing today!" Great job! (found this through the RSF newsletter)

    • MetraMan09
      MetraMan09 2 years ago

      as long as the set is real and not computer generated sure

  • Ryan Shaw
    Ryan Shaw 3 years ago +8

    Why does poverty exist? Because it is mans natural state. Only his mind can bring him out of poverty, not his labor.

    • Mousehead2000
      Mousehead2000 10 months ago


    • aj m
      aj m Year ago

      @btf when did it begin?

    • aj m
      aj m Year ago

      @Joel Joseph only those that cannot work should be given healthcare and shelter. Every able body should work for it.

    • blacktee31
      blacktee31 Year ago +2

      I'm pretty sure poverty didn't always exist and there are some countries around the world somewhere without it. I'm not sure how true your statement is sir.

    • Joel Joseph
      Joel Joseph Year ago +3

      Well if you give man healthcare,education,shelter and freedom, i think people generally considers it above poverty almost always.

  • BoobooJonez
    BoobooJonez 3 years ago +3

    Big gummint! Love it. Keepin' it colloquial...