In which Adriene Hill and Jacob Clifford teach you about specialization and trade, and how countries decide whether they're going to make stuff or trade for stuff. You'll learn about things like comparative advantage, the production possibilities frontier and how to make pizza!
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I majored in Econ in college and I love the topic, but I have to echo that the hosts annoy me. I know it's not just the people, because Adrienne's series on Stats is music to my ears. Maybe the producer kept telling them they need to be sillier?
I'm not sure the graph analysis was correct. They said that every plane America made was substituting a number of shoes but the amount of shoes being substituted is different depending on where you are on the curve
Actually, the civil war was fought because southern states did not want to abide by federal law, but instead to have different laws for different states. One of the big reasons that pushed them to fight was because of the fact that the president/congress/government passed the federal law of "all men equal" or "no slavery" or something along the lines of that. There were many plantations owners down south, so they took up arms and fought to protect their lives. Without slaves, their plantations would fail from lack of hands, shrink a lot, or they would loose a lot of money to hire enough people. As appalling as the truth is, slaves were the cheapest form of labor. Without slaves, many of their lives would be ruined. Many of ther lives were in fact ruined from damage from the war and no slaves. The north wouldn't have suffered much from the law of no slaves. That's one of the reasons they were so for it. Those were the reasons they fought, they didn't want to be ruled by federal law, but instead state law.
So disclaimer: I don't know squat about economics. But from a laymen's perspective, it seems that they're assuming the nationalization or (more likely) the centralized national oversight of business. Because that's absurd, could anyone explain that?
Yup, developed countries making complicated products and export to undeveloped countries have the same advantages as undeveloped countries making simple products and export to developed countries. Yea right, I believe you
this whole economics crash course series is taught in a “concerned parent teaching drug recovering teen that technology is taking away from our real world perception and awareness and we need to go take economics in the real world instead of online because info online is being manipulated”.
they wont just say it and then teach normally, they have to teach in condescending tone to make sure you get the point
but ive known that since the start i just want to learn with normal teaching dude not everyone on the internet forgot the real world
I am 24 and I have understood for the first time ever the concept of trades. Before you come at me, I am the guy who is busy enough to design applications and website the likes of youtube so y’all can learn about all of this as well. Thank you very much Crash course
Love your vids. Very creative, entertaining and cool way of educating. No more boring teachers for our generation because we just switch to the next Youtube channel. Too bad our parents had to put up with it.
I wish free trade was as simple and beneficial as the production possibilities graph. They should find a way to put lax labor laws, no pollution controls, job losses, and dumping on the same graph in order to see who benefits most. Its interesting that China’s decrease in poverty, rise in economic and military power came at the expense of US jobs and economic weakness. Maybe we can live without cheap shoes.
I think trading requires transport network between countries, it means that a country focusing on the advantage product must lose their unnecessary ability on logistics. Is trade explosived-developing truly good?
So, if I'm understanding the shoes/planes example correctly, it's beneficial to trade at a loss as long as the loss is less than what you would lose trying to produce everything yourself. Basically. Am I wrong?
Specialization might be good for the collective, but can be very damaging to the individual. What happens when your specialization becomes obsolete? What happens if the global economy takes a huge step back and you are forced to grow your own food, fix your own car, build your own house, etc? Without these skills you won't survive. My grandfather was a farmer who built his own house with his bare hands. I can barely change my own oil because I was raised to believe I wouldn't need the skills of my grandfather.
I don't think you did justice to Cuba, they have had massive growth in health care and education. Third world countries like Cuba, such as Bangladesh, have had greater free trade but not the same benefits of lowering of infant mortality etc. This would seem a gross simplification of economics.
Here in 2018 trying to get a better grasp of the whole new crypto currency revolution and what's driving the whole thing.
I'd also like to point out on a micro scale. My friend is a mechanic, and if I need something fixed on my car I would rather take it to him in exchange for my woodworking services. rather than spending the time and resources learning how to fix my own car. which would be similar for him, learning to woodwork, not to mention buying the specialty tools.
CrashCourse, I imagine you get people licking your arses all the time, but I cannot allow myself to do any different after watching your videos. Super, super impressed and I have nothing but respect and the best of wishes for your current and future success. To put yourself out there for the main purpose of truthfully educating the general population is the most unbiased and factual manner is absolutely awe-inspiring and along with your millions of loyal fans, I really cannot tell you how much I love and appreciate all the hard work and effort you've put into making it so easy for us non-genius eejits to finally understand these much-needed and important topics despite our 14 years of privileged education. I didn't go to school past 14 so perhaps that's why I'm not as educated as I should be - but with people like you I will be very, very soon!! Much love, peace and respect to you all at CrashCourse!!! Xxx
The Civil War was not fought to keep slavery. Please stop spreading false information to students all around the world. Just read Lincoln's inaugural speech and he makes it very clear why he started the Civil War. It was all about collecting taxes. He basically says, keep your slaves forever we don't care, but if you try to not pay taxes were are going to war.
Hmm I noticed somewhat of a contradiction between this video and the one about GDP. 70% of the US' GDP comes from consumer spending. Which I take to mean that the goods being produced in the US are being consumed within it. Wouldn't that be akin to self-sufficiency?
No, and that's actually one of the reasons net exports as shown through GDP can be misleading. For example, if I produce the graphics card for a laptop which is produced in Japan, the full value of the laptop ends up showing up as an import even though in reality some of the laptop, in this case the graphics card, was actually produced in the United States. The Apple IPhone is exactly this. Even though it is technically an import from China, it's really disguising the products made in Japan, South Korea, and even the United States (like its Bluetooth technology).
No, one problem is that GDP only measures final products. It does not take into account resources that go in these products. So while your laptop's graphics card might be produced in the US, the gold and other resources used to make it probably came from elsewhere.
Short term yes, long term no. Keep in mind that for a country to industrialize they have to go through a period of sweatshops. It's a sad fact, but we have no found any way to circumvent it. This also works. Keep in mind that China's GDP per capita, or an indicator of their wage growth, has been increasing dramatically in recent decades because they allowed these sweatshops. Eventually when quantity demanded of sweatshop workers increases and quantity supplied falls, the workers will gain more market power and start demanding workplace rights as seen in more developed countries. It's how industrial economies have always popped up.
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