The 2024 Nobel Prize in Economics: Explained
Video Overview & Insights
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Why do some nations flourish while others remain trapped in poverty? This year’s Nobel Prize in Economics goes to three economists whose groundbreaking work explores this very question. Join us as we dive into the theories and insights of Daron Acemoglu, Simon Johnson, and James A. Robinson, who have helped shape policy across the globe with their research on economic growth and inequality.
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Economics = fake fake fake fake
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Economics
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Epic Economics @EconomicsIsEpic
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Most people don’t anticipate the social impact of economic pressure at the individual level. Expect job loss, debt, foreclosure, and mental illness to expand the criminal population increasing your odds of encountering violence and crime. A book called Dealing with Burglary and Home Invasion Robbery may preserve your safety and wealth.
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Because caucasians attacked, colonised and enslaved the rest of the world and kept and still are keeping it that way through means such as debt and corrupt officials, while the general masses are either too stupid or too weak to do anything about it. I think that pretty much sums it up
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Saying honest institutions and then showing the US capitol is a good example of visual humor 😂
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Such a well made video. Thank you for explaining this concept so well!
#EconomicsExplained
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Interesting! Institutions are the cause. I used to believe that it had to do with colonialism or multi billion global companies trying to buy everything like in some poor countries.
Who would have thought that almost erasing native communities would be better for the future in economic terms than just co-existing with them 😅
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Race and IQ
👑 ROYALTY CLASS 👑
Juan Benet
Yes corruption is what makes a country poor. The corruption of the flow of taxes. In my country the Philippines, we would have had enough government money to lessen poverty, but the high amount of taxes are being used by single individuals in the government.
It is the collective harmony between all involved that makes a nation rich. Like japan, where it is engraved in each individual since childhood, that your actions affect the entire community, this results in very clean cities. There is harmony. When there is corruption, that flow is disturbed or cut off leading to unbalance and chaos.
UPPER CLASS
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This was a fantastic explanation of the Nobel Prize in Economics! It's truly fascinating how the stability and reliability of institutions play such a crucial role in a nation's economic success (5:08). The "Tale of Two Cities" example really drove that point home (11:24). It makes you think about the future and the challenges of implementing fair institutions (14:06). Great work as always!
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An ODE TO IGNORANCE:
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- History: ignored
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"Find a way to try to legitimise crematistics and plutocracy. Here's you nobel price, ehhem, sorry, prize."
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Well this was very inspiring and relieving to hear!
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0:00 – Introduction
The rug pull premise here is about how you define wealth. Ironically, many of the wealthiest people on earth decide to use there money to buy a rural home and sit under a tree relaxing and thinking. Which is literally the b roll used by most westerners when they show poor rural communities. Much of economics is written by people trying to justify the culture from which they come, they’re driven by belonging because citations are their professional currency, and are therefore wholly unable or unwilling to think outside of their own cultural bias. That is why it’s just an opinion, and says nothing about truth. Giant popularity contest.
4:19 – what were the ideas that won this year's Nobel Prize?
8:19 – where can they be seen in the real world?
If this video “explained” anything it made the winners seem like they possessed the understanding everyone already had, they just wrote a book about it. Either it was a good explanation and the winners are idiots who thought they revealed something or it is a horrible explanation because the winners couldn’t be that simple minded.
14:06 – why are they raising alarm bells about our immediate future?
According them which countries are on their way to failure currently??
More User Perspectives
"rob to keep your riches" and silently "keep robbing to keep your riches"
@jbvin6Culture is downstream of biology.
@FormKuratorIts institutions all the way
@SharminQuddusin a nutshell, promote decentralized wealth and power, right?
@politicsisstupidandannoyin69Let's talking about why the South American countries failed economically? Find the root cause on the north America. Nobel is sh*t.
@leonjiang-kq2qoI haven't been a big proponent of UBI, but between the creative destruction by AI and the oncoming robotics revolution - where robots will be around us everywhere - I am wondering if we might see 7 out of 10 workers replaceable by the end of the century by machines or software. Whatever color collar they now sport.
That might mean we will need new economics and governments channeling those profits into a broad welfare states for the masses. I suppose people may find other less necessary things to do for some income, I'm sure there will be niches where only the human touch is acceptable, but with the rise of the robots, will Marx prove to be right in the end? Said here a little tongue in cheek. Yet perhaps larger public sectors will be necessary to ride herd on a shrinking private sector building all the robots? The means of production?
I am not sure US still qualifies as a rich country, it cannot even afford to pay the govt employees during shutdown causing mayhem 😂 I am genuinely concerned abt the future of this country laden with debts. The way the economic growth rate is calculated is questionable at best, formulated in such a way to inflate the numbers.
@nefertitib4313can you do best noble prizes in economics through out the history from their inception! great video, thanks!
@বোকা_বাঘIn order to have well run institutions the underlying culture has to support it. Read the Weirdest People in the World.
@rachelblack9545now I don't want to toot my own horn but is it not common knowledge that governments make their countries rich or poor
@ActionjacksonpeaThe idea presented by the winners may seem intuitively right to the committee and the public at large, but it is based on a misconception of societal development. It is an ideological statement (therefore, it seems self-evident to many), not recognized by political science. If you do not see why, then understand political stability, and the problems of comparative social science. Note: there is a huge difference between the concepts of nations, states, and society; this is not even contemplated by the winners: it is what we call mumbo jumbo. The Nobel Prize has been ideological for decades, so no wonder, see Nobel Peace Prize.
@StabilityReportin next episode about what economist just found out and other social science known about 50-200 years: treating workers well, paying them well, feeding them well, having house to live in, and community to take care of, and giving them freetime to start family or be with their kids, and having free healthcare and schools shows up to be benefitial for whole world, not only the workers are happier but also they work better and inovate
@LukášJakubík-q8jTell that to the Filipinos who always vote the most corrupt politicians for a few hundred pesos.
“Stability and trust in institutions makes better economies”
Yeah because if the government ain’t corrupt then everyone will pay their taxes right and follow the rules even if no one is looking.
Excellent, it promets thinking and reexamination
@HopcmikYouve explained everything perfectly.
@thanhtam0838nguyenGreat video!
Just 1 suggestion: maybe speak a little slower? Thanks😊
I swear, kraut signaled this to happen
@EdbertWeislySo in short: They showed it was about culture.
@0MoTheG0:16 Nobel Prize in Chemisty
@Prism_dreamerYou said one word : "Honest". That does not exist in failing countries. I am from South Africa, a rich country that is being wrecked by its ANC Government.
@robertclark8527👍👍
@Qwertyx-o2vCan you make a Video about the Namibian economy? Its a neighboor country of South Africa and a former part of South Africa, but the differences are big in 2025. Namibia had a economic growth of nine percent in 2024 and is in my opinion of the most stable economies in Africa.
@Phillip-u6sWhat nobody dares say and the Elephant in the room: IQ.
@hugolindum7728I thought the rich stayed rich because they made sure others stayed poor..
@neil.o4All about fairness. Adam Smith said it in 1776. That includes a fair justice system. We in the US don't have that anymore. We only partially had it from about 1964 to 1984. Grotesque legal Fictions like: "Corporations are persons" Citizens United Etc. have taken over and are now pronounced daily by the President.
@clavo3352Did anyone say “what about Japan” yet?
@nobuneko2005Riksbankens prize is a disgrase.
@thomasvilhar3560It was never value extraction in India or in China......It was always value creation........if it was then Africa, Latin america or Australia must have been the largest economy before colonialism not India or China, cause they had much resources..............and it was not value creation which made UK rich it was the loot money from India which made UK rich and in case of USA it was arms selling from world wars era made USA rich.......speaking english does not make someone smart or right,,,, those days are gone bro......get out of era of colonialism, you think that as modern era.....but that is actually not, that is also past only.........
@SoumyajyotiDutta007Love it.
@webuser2014This is your typical middle-class voter though
@firmanimadgood job.
Are you Ozzie?