CrashCourse - 2015-07-30
In which Jacob Clifford and Adriene Hill teach you about Economic Systems and Macroeconomics. So, economics is basically about choices. We'll look at some of the broadest economic choices when we talk about the difference between planned economies and market economies. We'll get into communism, socialism, command economies, and capitalism. We'll look at how countries choose the kind of system they're going to use (spoiler alert: many end up with mixed economies). We'll also look into how individuals make economic choices. Crash Course is now on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark Brouwer, Jan Schmid, Anna-Ester Volozh, Robert Kunz, Jason A Saslow, Christian Ludvigsen, Chris Peters, Brad Wardell, Beatrice Jin, Roger C. Rocha, Eric Knight, Jessica Simmons, Jeffrey Thompson, Elliot Beter, Today I Found Out, James Craver, Ian Dundore, Jessica Wode, SR Foxley, Sandra Aft, Jacob Ash, Steve Marshall TO: Everyone FROM: Martin To gild refined gold is just silly. TO: Dana FROM: Cameron Still holding out. We're going to make it! Thank you so much to all of our awesome supporters for their contributions to help make Crash Course possible and freely available for everyone forever: Raymond Cason, Marcel Pogorzelski, Cowgirlgem, Chua Chen Wei, Catherine Emond, Victoria Uney, Robin Uney, Damian Shaw, Sverre Rabbelier Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
"Nobody really cares about the new iPhone if there's a bomb dropping on your head"
They predicted the Note 7. #conspiracy
Mustafa Mian bruh
wink wink
Who else already completed Economics but is just a weirdo who wants to understand it better?
Lol I have a degree in economics....
Branden Hickerson, No, and it never will be. If it did, the United States will most likely no longer a global power. And most of our income will come from the rich.
That doesn't seem weird to me at all, it seems like you enjoy learning! Go you!
you're weird af bruh.
I'm just the weirdo who took one economics class in high school 10 years ago with no care and is now finally fascinated by it.
Jacob should become a rapper. He talks too fast
@Emre Eren turn down the video speed to 0.85
Yes I had to put it on a slower playback speed
You should see the Chemistry Crash Course.
put the video on super fast playback and he is a rapper
Com tiny funk combo chill film chill com ode ‘‘em well life so booger’s Sri
omg Jacob speaks waaaayy too fast
You listen to slow
very true.
Aaron Rollins I guess he's trying to save time. Sounds like he's in speed haaha
Yes finally a YouTube comment I can agree on
put on subtitles if you don’t understand
"Well, actually, it will end, when humanity ends, because microscopic organisms..."
Aight I've learnt enough.
Agreed. Five years into the future...
Some notes if anyone needs em!
Economics systems are made when we figure out
What to produce
How to produce it
Who gets it
-2 current day economic systems are market economies and planned economies (which comes down to who owns and controls the factors of production) → Karl Marx classified these as Land, labour, and capital
-Planned economies have government controlling the factors of production
-Karl Marx summarized Communism as the abolition of private property → no country has ever been communist
-Socialist countries have a mix between private and sub-public ownership
-Command economy = everything controlled by the government (including output) , which is opposite to a free market economy (or capitalism) where individuals own the factors of production, and government stays out of production, commerce, and trade → meaning businesses make things with the sole purpose of profit
-Invisible hand of the market = the unintended social benefits resulting from individual actions → why companies that make shitty things go bankrupt
-Government steps in in free markets to regulate production (to ensure proper standards of employment etc) and to maintain rules of law and provide public service like bridges and schools (things that won’t turn a profit)
-Modern economies are a spectrum of planned and free economies with varying levels of government intervention (North Korea ←most countries→ New Zealand)
-Circular flow model:
-Businesses sell goods through the product market to households
-Households pay for goods by selling resources (labour) to business through the resource market
-Government then steps in and helps regulate things by using taxes, and borrowing money
→ gets more complex with international relations, trade, and finance sector
-Your moral compass dictates what you believe is the appropriate level of government intervention, like providing a safety net for those with low incomes, or straying away from those who are in poor situations due to personal choices like drugs or gambling
Thankyou so much
we need more people like you in this world
Thanks
This guy needs to enunciate more clearly if he's gunna talk that fast...
what I disagree with all these economic system says that it assumes that resources are finalized yet they behave as though they are infinite
thank youu i have to go back every time
IT'S SO FREAKING FAST
I can understand what he's saying.
when you have an AP Economics Exam in two days, and you're about to binge-watch six hours of CrashCourse videos
"There's always an opportunity cost."
Sounds like someone's been watching full metal alchemist.
Bruh haha
I like that ACDC belt
i love how youtube comments never fail to make me feel like i'm the only one...
I know right! His belt is the best lol
Why you speak soooooooo fast!!! I lost you after couple of seconds!!!!
There's a lot of information to fit in, it is crash course after all.
+Angie Wagner I really hate that excuse. I do have time. Don't make everything too fast just to make everything shorter. I do not approve of the tradeoff.
Don't watch it, if you can't handle it.
@Angie Wagner Heh. Oh I can handle it. Not everyone else can, though. Try some empathy, mate.
You obviously don’t watch ibxtoycat
Feels a bit biased towards an American model of economics
@John Doe being skeptical of capitalism doesn't make you a communist you complete idiot. Most people fall roughly in the middle. Support some socialist elements, usually healthcare, education and social housing. But are also fine with the free market existing for less essential goods like TVs or cars. If you're going to throw around words like commie, at least actually read some of Karl Marx's stuff so you know what it actually is. Communism is actually about abolishing the free market and private ownership all together. Marx suggests that there are 2 classes: proletariat (workers) and burgeousis (land owners, bankers etc). Both these classes are in eternal conflict because the bosses will always exploit the workers, you'll never be paid as much as you're actually worth to your boss. Therefore, workers should seize the means of production, take control of the factories and banks and that, and run the economy to provide equally for everybody. Everyone is expected to chip in, and everyone will be supported. Full communism doesn't even have currency as there would be no actual exchanging of value. Things would work: "To each according to his needs, from each according to his ability". There you go, Marx 101. Next time you call someone a commie at least know what you're calling them. Also Marx had some very clever insights on economics and if you are interested in economics as a subject you should read some his stuff even if you disagree with him overall.
Whatever, pinko
@Furioclasse I prefer redo and blacko please.
I think it's an American based school which would teach American Economics.
@John Doe dumb?
Thank you for the "and a bunch of lobbyists"
It's obvious that they are trying very hard to be "funny" and "cool" that it's cringey.
"And no one really cares about buying the new iPhone if there's a bomb dropping on your head."
Bet.
Thank you for providing free content like this Crash Course!
I'm just glad to see that they're no equivocating socialism/communism with centrally-planned economies.
@MultiSciGeek there was no free market. Especially during Titos reign of terror. To claim there was worker self management is ridiculous. Everything was planned by bureaucrats in Belgrade or was done on republic level. As for rest of the world the only time it occurred was in Spanish civil war, and needless to say, it was ineffective
@Tamo Daleko
I see
Well, to be fair, in Leninist terms, socialism simply refers to the transition state. Communism is stateless, while socialism has the state.
They aren't centrally-planned economies when there is no government, and frankly anyone who believes in anarchy must be out of their minds
Dude need answers asap pllsss
The DeLorean part is completely wrong:
It DOES travel through time, but only to the future at the 1s/s rate
this series isn't entirely what I expected....I was kind of expecting either Capitalism is BAD and communism/socialism is good or the other way round.
Wow, so far only 1 excessively anti-communist comment and only 1 anti-capitalist comment that wasn't quite as excessive. Good work people of youtube! See, not every discussion has to be derogatory!
+Frwank Sinatwa Yes, there is Libertarian Marxism (Communism) which advocates the creation of Socialist country that, in essence, is as democratic as possible. When able, the Socialist society would become a Communist society.
Which despite the common conception requires the absence of; currency, the state, social classes, market forms of economy. (So it would not be mixed with Capitalism.) Further requirements are the creation of a 'Post-Scarcity Economy', free-association, common ownership of productive forces along with free and universal access to them and by extension of all of these values, absolute democracy as well.
Taking this into account, no society has practised Communism.
And there is also market Socialism to answer the other part of your question.
"Which despite the common conception requires the absence of; currency, the state, social classes, market forms of economy."
implying that such a society would ever exist without violent force on each individual and will be democratically supported what you dont seem to understand is that the means (the path toward communism) dont justify the ends.
i just feel as though anyone who sees the world from a black and white perspective is just biased the world does not revolve around the worker
@Alvaro Fuentes That doesn't change what it is though.
What you don't seem to understand, is that are different means to that goal. There are many forms of Socialism (means). A lot of them require democratic practise.
If the means don't work then you simply adjust the means. The Spanish CNT was very democratic nation that endorsed Anarcho-Syndicalism and in many ways, practised it. Said society had the potential to develop into Communism. Given enough time, autonomy and technological development. There were annexed by a far greater military coalition.
Additionally, I never claimed the world revolved around the worker. Nor do I understand why you seem to associate me with black/white morality.
+Marcus Galo (maxaroni) and to the government...
This video gives an impression that socialism is about a planned economy, while capitalism is about a market economy.
Truth is, neither takes a stance on neither; they're systems based on ownership of the means of production. Socialism can be a free market and capitalism can be a planned economy. The thing between these two ideologies is that socialism advocates a more democratic entrepreneurship model (cooperatives with an earning motive), while capitalism advocates a more dictatorial entrepreneurship model (private businesses with a profit motive).
"...aaand a bunch of lobbyists." That made me laugh with sadness.
"In a free market economic like united States"
Oligopolies: [Evil laugh]
My Economics teacher put this video up for the class to watch and take notes, and I tried to take notes but Jacob talks wayyyyyyyyyy too fast. My hands were cramping when I was done taking notes.
this is great, but Jacob Clifford needs to slow down a bit when he speaks
Like the AC/DC input :D
Jacob is rocking that AC/DC belt buckle, lol.
"Nobody really cares about the new iPhone if there's a bomb dropping on your head"
sure? in 2014 Iraqis were looking for latest version of iphone and samsung in bazaar while ISIL fighters were on door steps.
If you understand this at normal speed we cannot be friends.
There goes a potential friend
Aww but im a good person :(
:(
My man has a AC/DC belt
Main outtake of this lesson for me:
1) Rolling Stones
2) Mick Jagger
3) You Can't Always Get What You Want
4) I love Stones...
i actually prefer the green shirt lol it matches perfectly with the hair
"No one cares about buying your new Iphone.."
Right at Apple lol
This is a new subject for me that I am trying to learn. Never had economics classes so thank you for making this video series.
The opening made me laugh so hard. I literally just watched a season of Hetalia.
i don't even take econ in school yet im in 10th grade i have it next year but i really wanted to learn about it already it really interests me so thank you!
GOSH I LOVE THIS, I LOVE ECONOMICS!!!!!!!!!!!!!!!!!!
that ACDC belt is going to be here ever episode huh?
Mr. Clifford should really ask John how to say "Roll the intro"
5:23 wow....New Zealand.....I guess that is the number one the land of the free...
I wonder how many people there shout "Freedom !!"
This may be your best video yet. Incredibly clear and concise descriptions and examples. Great work, guys.
This is great!
On an unrelated note, including "Crash Course" in the video titles just clutters them.
Can someone sum this whole video up for me please, I'm having a hard time understanding
Thank you so so so so much for this video, this is literally exactly what I was hoping for, it's just what I needed. Just a brilliant, perfect summary of planned/market economies, perfect simplicity.
女の先生は可愛い！！
I'm being forced into watching this by my teacher (Big Yikes)
You will be better for it.
holy omg the shirt thing! haha that's brilliant because I was thinking that when the video started! Love this channel!
i'm not an economic student, just wonder how the govt controls production in command economy system? is it through law, incentive or what?
"In practice no country has ever been communist"
THANK YOU, I've been saying that for years.
This show is amazing. I'm from Mexico. I just discovered this YouTube channel and I can't stop watching all of your different programs. Keep up the good work.
Сергей Галиуллин - 2016-03-15
Main outtakes of this lesson
1) As a social order, we have to figure out three things:
- What will we produce?
- How to produce it?
- Who will get it?
2) Two different economic systems: market economies and planned economies.
a. In planned economy, government controls labor, land and capital.
b. Communism is primarily defined by the lack of private property. Class-lessness is a symptom of having no private property. There are no communist countries in the world.
c. Often socialism has some private property and some public ownership.
d. Command economy is totally controlled by government.
f. In market economies, individuals control production to get profit.
Invisible hand - the unintended social benefits resulting from individual actions.
"It's not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from the regard to their own interest."
The mechanism of the invisible hand is that if you produce unwanted or shoddy products, a competitor will produce better more desirable products and put you out of business. This results in businesses that produce the things that people want/demand most, at lower prices.
3) Modern economies are neither completely free market nor planned. There's a spectrum of government involvement.
4) Circular flow model.
a. Modern economy is made above households (individuals like him and you) and businesses.
b. Businesses sell goods and services to households in product market.
c. Households earn the money by selling labor to businesses.
d. Businesses pay for the resources on resource market.
f. Government also buys products and resources, i.e. to buy cars from businesses and hire policemen to drive them.
e. Government gets the money from taxes, households and businesses (and borrowing).
Sam Sparks - 2019-12-30
The government uses the money it raises from taxes and borrowing to pay for public goods and services, welfare payments and subsidies to specific businesses eg fuel-efficient car manufacturers.
Juan Martinez - 2020-01-30
Thanks For Explaining This Very Briefly....Because These Instructors Speak So Fast 🤦🏽♂️🤦🏽♂️
Oila Oirazor - 2020-02-22
I am the 1Kth like
Evander Gilbertrio - 2020-02-26
Сергей Галиуллин thanks bro u helped me from my economics lesson
GameChannel Official - 2020-03-22
красавчик чел)