The Wuhan corona virus, the active impeachment of a sitting US president, an earthquake and volcanic eruption in the Philippines, floods in Indonesia, the death of kobe Bryant, magnitude 7.7 earthquakes in the caribbean and even my homeland down under has been on fire and then buried in ice and then on fire again so yeah the first month of 2020 is really trying its best to kill us all I guess what we are here for is to explore what all of these things mean to an economy both at a local and global level.
#economicsexplained #wuhanvirus #videoessay
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– References
Neumayer, E., Plümper, T. and Barthel, F., 2014. The political economy of natural disaster damage. Global Environmental Change
Schwarze, R. and Wagner, G.G., 2007. The political economy of natural disaster insurance: lessons from the failure of a proposed compulsory insurance scheme in Germany. European Environmen
Keys, A., Masterman‐Smith, H. and Cottle, D., 2006. The political economy of a natural disaster: The Boxing Day tsunami, 2004
Toya, H. and Skidmore, M., 2007. Economic development and the impacts of natural disasters. Economics letters
Bennett, Drake (July 6, 2008). “How disasters help”. The Boston Globe
kidmore, Mark; Toya, Hideki (October 2002). “Do natural disasters promote long-term growth?”. Economic Inquiry
Osterholm, M.T., 2005. Preparing for the next pandemic. New England Journal of Medicine
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"People are confusing and dumb" – Economics Explained 2020
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Very interesting thoughts ! It's so non-intuitive to imagine that disasters are good for the economy, or atleast, macro-economy !
https://youtu.be/qoJk27PEcXk
I don't buy that disasters make GDP grow. Can anybody link some empirical data on this?
The money the government spends on disaster relief it would otherwise spend somewhere else, the money insurance pays out it would otherwise invest, so the increase in C should be offset more or less exactly by a decrease in I.
Isn't this like the main thing about opportunity cost?
But I'm not an economist, only an interested layperson.
`Economics is a social science. It is a study of how people interact with things of value`
Loved that
Make a video about Moldova please… I think it's a very interesting country. Corruption is a real disaster…
Sweet so with that information im confident that AUD is now going to be inflationary (increase in value) since the natural disasters that happened and aussies being rich asf and aud gov having lots of cash reserve = lots of spending. and woth AUD at a swing low this is gonna be a good swing
This video is not going to age well
I live in Australia and recently I've noticed that a lot of stocks I have in my portfolio and watchlist have gone down significantly. Guess it's time to buy in. along with people panick selling because they think companies will do poorer, consider that people caught up in these disasters may sell stocks for emergency money.
Don't entirely agree with your characterization of the coronavirus as not having an impact on the global economy. The potential impact from the Chinese supply chain being shut down for export is massive, even if it's limited to the Wuhan and surrounding region alone. If this spirals to reach broader regions, then the 2nd largest global economy is going to have a pretty bad Q1, which definitely had global repercussions.
I agree that we're not there yet, but this is the fastest moving virus in human history so we could be in a very different place in a week.
"sort shold"
I love this channel. Man whoever you are behind this channel, good on you for being so clear and decent in your videos. Really great!
Did this car thing happened to you
Imagine a "bad flue", that could cause a communist nation trying to be the world leader, comes begging for donations to their rivals.
Do one on the economics when nations are at war with other nations. We'll see the true overall cost then
Kobe Bryant, really? Though tragic, I don't think it belongs
Europe union and Britain without EU soon? 🙂
Please make a video showing the change in GDP, stock market, un-employment for the years of: 2011 compared to 2019.
Do a video on how the British economy could look with brexit finally done
Short selling should be illegal change my mind.
@10:37 I think F* for u elitists to afford to think like that, which implies u in ivory tower got great plan for masses of people, and say something like this just because u are pist people are not doing what your plan says… well news for those, people dont behave like that just because elitist people think they should.
my intuition is that not having war lately in society, is very beneficial for economic development, based on observations, despite logic that destroyed stuff means lots of more production… but somehow stability and quality of life of people is linked in this, but I just cannot argue with studies etc how… this lack of linking puzzles me since I feel as ordinary citizen yet interested in economy, how "mumbo-jumbo" economic theories seem to be grasping the *whole of human life in society*, not just some industry in year X or some trend Y in year Z. maybe nobody hasnt combined these like Einstein in E=mc^2 fashion yet? I believe that this would require big sutdy team of multidiciplinary subjects, at least sociology, philosophy, children studies (teacher specialty), advanced maths, statistics expert, AI expert to demonstrate all of this, sales people, lots of psyhologists and psychiatrists specialized in phases of life , learning, motivation etc. and historians to compare thins eg. 100 years ago in different countries. maybe evolution scientists also. So this would be scientific miracle of Nobel in whole of 21st century. I still think economics and politics related to that is a joke compared to many other sciences(or to put it other words, "in infant steps of development") despite centuries of science of emphasis. Though, there has been lots and lots of very good and enlightening research in recent decades, but somehow people in power prefer 100 years old stereotypes( both institutional power, policitical power, academic positions of power).