EconomicRaven EconomicRaven

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What if you distribute the wealth of the world equally among everyone? Well, Wealth inequality is not a distribution issue entirely. Individual choices and temperament can’t be neglected. A one-time reset does not change anything. Wealth distribution may sound like choosing altruism over greed, but there is a lot more to it. This utopian fantasy attracts a lot of people so let’s dig deep into it.   

First you have to answer questions like what do you mean by wealth? do you want it to happen as a one-time event? Who would you sell all the assets to? Who would manage this whole event? Do you consider taking money from rich as stealing? How would you redistribute the wealth without halting the production lines?   

The episode also answers what would happen if you actually go through the process of distributing wealth among everyone. It also discusses scarcity economics, demand and supply, inflation, and various groups inclination with newly found wealth. The video also mentions communism and capitalism .   

The episode also discusses human psychology and disparity. It also highlights the Pareto Principle also known as the 80/20 rule.   Please share your thoughts by writing in the comment section below.  

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Collective ownership vs private ownership is a debate-able topic in economics. The video highlights some of the things wrong with collective ownership and how it can't sustain in large groups and how fundamentally it goes against the human nature.  

’What is common to many is taken least care of, for all men have greater regard for what is their own than for what they possess in common with others.’  

Some of the issues with collective ownership are: there is a big disconnect between the utilization and obligations, it suppresses individual freedom as you are dependent on other people to use a resource, its capability to drift towards authoritarianism as people who preach collective ownership have a high tendency to enforce their so-called “good idea” as something mandatory.   

The video also discusses 'the tragedy of the commons', that describes a scenario where individuals have free collective access to a resource without any social structure or governing rules, they act in their self-interest for a while but eventually end up depleting a resource. 

“For that which is common to the greatest number has the least care bestowed upon it. Everyone thinks chiefly of his own, hardly at all of the common interest; and only when he is himself concerned as an individual. For besides other considerations, everybody is more inclined to neglect the duty which he expects another to fulfill.”  

#communism #capitalism #socialism 

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The Netherlands is among the top 20 biggest economies in the world, and a GDP per capita of over fifty thousand dollars.   

There is this topic that individualistic societies are more likely to gain economic success collectively. The government traditionally had a higher regulatory role in the economy. It remains highly regulated but still a ‘market economy.In fact, it is arguably often referred to as the birthplace of modern capitalism with a history of The Dutch East India Company. 

It also discusses "Tulip Mania" and "Greater Fool Theory”.It also discusses Groningen gas and it's impact on the Dutch economy as well as "The Dutch Disease". 

It also discusses certain behavioral economics aspects, employment rate, part-time employment, income inequality, wealth inequality, welfare programs and spending, household debt and housing, population density, tax havens and corporate tax avoidance, importance of Rotterdam, EuroZone and the possibility of Nexit, Agricultural innovation & Wageningen University, and Doughnut Economics.   

#netherlands #dutch #Amsterdam 

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Canada, a commonwealth country, has a service based economy, based on the principle of “Peace, Order, and Good Government. Canada is not a socialist country. It is a capitalistic economy. A mixture of capitalism and minimum state regulation, instead of a mixture of capitalism and socialism.

Canada, just like many developed nations, followed a sequence of transitioning from a raw-material-based economy to a manufacturing-based economy, and finally transitioning again to a service-based economy.  

Ranked among the top ten countries on Economic Freedom Index, the Canadian economy has some resemblance with the Australian economy.

The video also discusses Canadian immigration and its role on the country's economy. The population factor is also mentioned and how the aging population, low fertility rate and lower working age population has been impacting the economy. It also mentions the types of immigrants including the students, skilled workers and rich investors.   

The video also discusses Canada's willingness to push away from it's oil dependence and how it impacts the economy. It mentions the Staples Thesis as well how much diversified the economy is.   

The video went on to discuss maple syrup, Canada and United States trade, minimum wage, household debt, disposable household income & discretionary income, household debt, manufacturing sector, healthcare system etc. among the other topics.

#canada #canadian #economy #timhortons

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The economics of marriage is a detailed topic learnt under the labour economics subject. It involves looking at marriage through principles of economics like a market, demand and supply, opportunity cost, utility maximization, economies of scale etc.

This is not going to sound romantic but marriage, even in recent times, can seem like a business setup. Two people agree to go into a partnership, sign an agreement, get a license from the government, and bring resources together for shared goals.   

Who is available, who marries who, and who is potentially suitable, makes the whole thing look like a market! Calling it a market probably does not sit well with many people, however, it's comparatively normal for the economists like Gary Becker.  

Marriage is probably becoming more of an option than a necessity. But people marry because it makes economic sense among the other reasons. The video also discusses 'male marital wage premium' and motherhood penalty. It also highlights many economic advantages of marriage for example tax benefits, economies of scale, saving vs spending, home and car purchase, combining finances after marriage and so on. 

 “In sickness and in health”, also includes "in poverty and in wealth". So marriage comes with a lot of costs including mortgage, car leasing, health insurance, emergency budget for an unexpected financial crisis, saving funds, retirement plans, bills, and necessities, honeymoon, leisure & holidays, monthly expenses, long-term wishes, unexpected spending, pregnancy, and last but not the least, raising children. All this starts with the wedding ceremony which is a costly affair. Venues, catering, photography, dress, flowers and the ring, and tons of other expenses. Wedding planners and others who facilitate this happiness remain a very lucrative industry. The newer generations are fighting many traditions and advocating to lower the cost for many such spendings as sustainability and modesty are on the rise.  

Divorce is also discusses like If the marriage breaks up, who would walk away with what? who owns what? Lawyers taking advantage of divorce settlements as well as high profile marriages.  

#marriage #dating #divorce

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The economy of Turkey. Turkey is a G20 member nation and the 20th biggest economy in the world by GDP. The country's currency Lira faced issues in the recent years. 

Known for narrow waist glass tea, hard to get Dondurma ice-cream, mystic Sufi Whirling, a history of the Ottoman Empire, and the majestic Aya Sofya, Modern-day Turkey was founded on the principles set by Mustafa Kemal Atatürk, who implemented social, political as well as economic reforms and as a secular system.   

The video discusses how Turkey imports a lot more than it exports that resulted in a “trade deficit” also known as a “negative balance of trade” which in turn put currency on the country's currency Lira, and decline in the purchasing power of the currency resulted in inflation.   The video also discusses Turkey's political leadership and president Recep Tayyip Erdogan's response to this "Debt-Currency Crisis" and how he refused to increase interest rates in order to stop the rising inflation.   

The video also discusses tourism, and food options including Turkish coffee, Turkish kebabs, Turkish Tea, scrumptious Baklava, and Kumpir. The video also highlights medical tourism followed by some behavioral economics. The video further discusses corruption, refugees, agriculture, oil and fuel consumption, labor force participation rates and tertiary education attainment.  

#Turkey #Turkish #Economy