Economics Explained

Exploring the incredible transformation of the Persian Gulf from a collection of small fishing villages to the global epicenter of oil-fueled opulence. Cities like Dubai, Abu Dhabi, and Riyadh have risen from the sands with grand visions of becoming world-class business and tourist destinations. But is this meteoric rise sustainable, or just a facade built on dwindling oil reserves? We delve into the ambitious projects, the looming challenges, and the critical question of what happens when the oil runs out. Will these cities thrive in a post-oil world, or are they destined to become relics of a forgotten boom? " Learn more about your ad choices. Visit megaphone.fm/adchoices

Thailand has faced decades of political turmoil, but its economy has continued to grow, defying the odds. Strategically located and driven by strong industries, Thailand has managed to navigate through coups and crises. However, with ongoing challenges, can Thailand continue its upward trajectory and secure its place as a leading economy in Southeast Asia? Learn more about your ad choices. Visit megaphone.fm/adchoices

Venezuela, a nation blessed with the largest oil reserves in the world, has shockingly transformed from potential powerhouse to economic disaster. In this video, we dive into the mismanagement that led to a collapse so severe that international agencies stopped tracking it. Explore how internal failures and external pressures pushed this once-promising country to the brink, and whether there's any chance left for a recovery. Learn more about your ad choices. Visit megaphone.fm/adchoices

In 2006, Spain's economy was booming, experiencing unparalleled growth since the turn of the millennium. With per capita output more than doubling in just six years, some economists predicted that Spain could surpass Germany in per capita income within five years, positioning itself as a central power in Europe. The real estate sector thrived, with agents becoming local celebrities and tradespeople in high demand. However, this growth was unsustainable. The global financial crisis (GFC) and the Eurozone crisis ended the debt-fueled expansion abruptly. Nearly two decades later, Spain's economy remains weaker than in 2007. High unemployment, stagnated economic activity, and persistent debt struggles paint a grim picture. Spain's story serves as a cautionary tale. This raises critical questions: What fueled Spain's rapid economic growth? What led to its dramatic downfall? Why has the recovery been so slow? Learn more about your ad choices. Visit megaphone.fm/adchoices

2016 was supposed to mark Brazil's rise as an economic superpower. The country saw rapid growth in industries, surpassing India and Italy, and nearing France and the UK in economic output. Improvements in healthcare, education, and political stability painted a promising picture. But by 2016, the dream was shattered. The Rio Olympics, intended to showcase Brazil's success, became a global embarrassment. Delayed construction, waste-filled arenas, and the event's high costs bankrupted the city, leading to strikes by unpaid public servants. Instead of highlighting achievements, the Olympics exposed Brazil's challenges. Since its peak, Brazil's GDP has nearly halved, erasing progress made in the 2000s. Corruption scandals and political instability further hinder its recovery. This video explores how Brazil became a fast-growing economy, why it collapsed, and if it can reclaim its former success. Could Brazil rise again? Learn more about your ad choices. Visit megaphone.fm/adchoices

For decades, hosting the Olympics has been seen as a prestigious opportunity to showcase a nation's success. However, history shows that these events often coincide with economic challenges. Russia hosted the 2014 Winter Olympics, facing economic decline shortly after. Brazil's economy stagnated following the 2016 Rio Olympics, and China's growth slowed during the 2022 Winter Olympics. With France facing economic tensions ahead of its upcoming Olympics and Australia slated to host in 2032, it's worth questioning whether these prestigious events are predictors of economic downturns. Could there be a connection, and are these multi-billion dollar projects worth the risk? Learn more about your ad choices. Visit megaphone.fm/adchoices

Hawaii, the last state to join the USA, is renowned not just for its pivotal role in military operations and its allure as a top tourist destination, but also for its significant economic contributions on a global scale. Despite its modest size and remote location, the Hawaiian Islands boast an economic output that rivals entire countries like Bulgaria and Ecuador. This video delves into how Hawaii has carved out this economic niche, presenting a unique case study that challenges conventional measures of prosperity. While for many, Hawaii represents the perfect surfing getaway or a strategic naval base, the reality for its residents is a daily life marked by unique economic challenges. The state grapples with some of the highest living costs in the world, lacking the high-paying jobs that usually justify such expenses. From costly day-to-day necessities influenced by its isolation and tourist appeal, to critical lapses in economic policy, this video examines the underlying issues that could be improved almost immediately—if there was a political will to address them. Is it really just the price of living in paradise? This video questions whether these economic challenges can be managed without giving the state an unfair advantage and explores the potential consequences of neglecting these issues. How does Hawaii compare to other states and global economies when it comes to addressing these pressing concerns? Learn more about your ad choices. Visit megaphone.fm/adchoices

In this video, we explore the dramatic changes in Portugal's economy driven by the influx of digital nomads. Discover how warm sandy beaches, vibrant culture, excellent internet speeds, and affordable living costs have transformed Portugal into a top destination for remote workers from high-income countries. We delve into the benefits, like increased spending on local goods and services and investment in businesses, particularly in Lisbon, where cafes, coworking spaces, and the tourism sector thrive. However, this boom isn't without its downsides. Rising housing prices and rent due to the demand from digital nomads are creating challenges for local residents. We examine the complex balance Portugal faces between economic growth and local affordability. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Ireland, a nation with two contrasting economic realities. On the surface, Ireland's economy appears as one of the world’s richest, only behind Luxembourg in the IMF rankings, surpassing global economic leaders like Switzerland and the USA. But delve deeper, and you discover a more complex narrative. For much of its history, Ireland has grappled with severe poverty and economic instability. Yet, the past two decades have painted a picture of unprecedented wealth, presenting Ireland as the richest major economy on paper. This fairytale, however, is powered by what many would call creative accounting, rather than a genuine economic revolution. In this video, we explore the dichotomy between Ireland's 'make-believe' economy—fueled by offshore trillions and favorable tax laws—and its 'real' economy, composed of hard-working individuals and traditional businesses. We delve into how these two facets interact, the benefits of being a business haven comparable to New York or Singapore, and the inherent risks of building prosperity on precarious financial strategies. Join us as we unpack the intricate dance between Ireland’s enticing tax policies and its real economic substance, evaluating both the high stakes and the high gains of this fascinating economic setup. What does this mean for the future of Ireland’s economy? Learn more about your ad choices. Visit megaphone.fm/adchoices

Mississippi, once the richest state in the USA, now has the lowest GDP per capita, highest poverty rate, and slowest growth. What caused this dramatic decline? Let's find out. Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover the hidden gem of Southeast Asia! The Philippines is rapidly growing into a global economic powerhouse, leveraging its vibrant workforce and unique strategies. Uncover the fascinating influence of its complex history with the USA and dive into the challenges it faces, from corruption to inequality. Join us on an exciting journey as we rank the Philippines on the Economics Explained Leaderboard! Learn more about your ad choices. Visit megaphone.fm/adchoices

Turkey's economy faces severe inflation and a 96% devaluation of the Lira. Despite recent interest rate hikes, stabilization remains elusive. Will Turkey overcome its economic challenges, or is it too late? Discover the unfolding story! Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover the Netherlands' unique economic journey, from pioneering modern trade and finance to overcoming Dutch Disease. See why it's one of the most productive and livable countries today. Can other economies learn from the Dutch model?  Learn more about your ad choices. Visit megaphone.fm/adchoices

Jeff Bezos and Bill Gates, two gentlemen fighting back and forth for the title of world richest man. These two individuals seem very very similar, for starters, of course, they are both billionaires, an elite worldwide club with around 2 and a half thousand members, they are both white, male tech entrepreneurs, from the united states, and even more specifically from Seattle, and even more specifically their primary residence is in Medina a same small town just outside of Seattle. So it looks like these two are pretty similar, but in reality, their fortunes couldn’t be more different. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Wuhan Coronavirus, 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Sweden is a beautiful Scandinavian country famed for its beautiful people, flat-packed furniture, PewDiePie and meatballs. Now of course if you hadn’t guessed by the channels title we are only here to look Sweden's economy, and it is a remarkable one at that. Sweden is home to one of the highest standards of living in the world and is often held in extremely high regard when it comes to workers rights and general quality of life indicators such as working hours, happiness rates and life expectancy. It is also a nation with a rich history of setting the trend for other economies to follow, Sweden is home to the Riksbank founded in 1668 it is the oldest central bank in the world, blazing the path for monetary policy that dictates every major economy in the world today. So how did it get here. We have explored rich nations with strong welfare systems that seem to do everything right on the channel before… most notably Norway, Sweden's little brother the to west… But Sweden is slightly different in the sense that it was not blessed with the Norwegian sea and its abundance of oil and gas, so it was not able to build up a sovereign wealth fund with oil profits like Norway was and so on paper it is citizens are poorer than Norway's but their quality of life seems exactly the same. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Philippines, a beautiful tropical archipelago of islands that forms one of the most important economies in the world today. This nation often flies under the radar as a quiet achiever but it is both interesting and important to understand because it may be the quintessential 21st-century growth nation, and that is not to say it is some super modern nation from the future, but rather it is to say that the story of the success and failures of the Philippines is by extension the story of the world today as more and more countries, modernize, embrace technology, trade internationally and bring their citizens into the global middle class. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Soviet Union is one of the most historically significant economies to understand, not only because it was the home to some of the most controversial economic practices ever, not only because it was a nation that altered world politics for the latter half of the entire twentieth century, or because it was home to one of the largest and most rapid economic declines in modern history, no no, all of that stuff is important and we will explore it, but more important than all of that is that even today, almost 30 years after the fall of the soviet union, the lessons of the nation and its economy are having lasting implications on the world today. Learn more about your ad choices. Visit megaphone.fm/adchoices

South Africa is an economy that is really important to understand as a kind of potential outcome case study of inequality gone bad. The nation itself, on paper at least is not so terrible, it is actually one of if not the wealthiest nation in all of Africa, trading back and forth quite frequently with Nigeria. Learn more about your ad choices. Visit megaphone.fm/adchoices

The phenomenon of brain drain is when the best and brightest workers from poor countries immigrate to rich countries in the pursuit of higher pay and living conditions. This can hinder the development of poor countries because many of their best workers leave. Learn more about your ad choices. Visit megaphone.fm/adchoices

With GDP per capita of just $2 per day, the Democratic Republic of the Congo is one of the poorest, if not the poorest nation on Earth. However, this does not have to be the case. The country has massive deposits of rare earth minerals including Cobalt, which is an essential input to the production of lithium-ion batteries. The mineral resources are estimated to be worth $24 trillion. So why is the DRC so poor? Learn more about your ad choices. Visit megaphone.fm/adchoices

Canada is banning foreign investors from buying homes for two years to address the pandemic-induced surge in home prices. Economists warn it could have long-term effects on the economy if not managed well. Other economies are closely watching Canada to see if the move pays off. Learn more about your ad choices. Visit megaphone.fm/adchoices

Check out The Next Wave, Hubspot's AI podcast here: https://lnk.to/thenextwaveEE For decades now economists have been predicting that India would become an economic superpower, and in part, it has. India's workforce is younger than China's and wages are lower meaning they have been well placed to take low ticket manufacturing jobs from China. But could we expect to see India's economy grow and possibly even surpass China in the next decade? Learn more about your ad choices. Visit megaphone.fm/adchoices

Pakistan's economy has recently come under pressure due to high levels of debt, currency devaluation, floods, and high prices for imported food and energy. So how bad are things likely to get and what are the possible solutions? Learn more about your ad choices. Visit megaphone.fm/adchoices

Bangladesh has a troubled past, but it has been in a great position to grow dramatically in much the same way that its neighbour China has done in the recent past. Bangladesh is still a highly labour intensive market which makes it a great place to get T-shirts made, but a number of factors have made it painfully slow to develop beyond that. Could Bangladesh change things to become the next China? Learn more about your ad choices. Visit megaphone.fm/adchoices

Last year's banking crisis in Silicon Valley, where three banks including Silicon Valley Bank failed, caused bank runs and put pressure on other banks like Credit Suisse. This is reminiscent of past US banking disasters such as the Great Depression and the 2008 recession. Many economists predict that more banks around the world will face similar pressures, so what are the causes and potential consequences of these failures? Learn more about your ad choices. Visit megaphone.fm/adchoices

Head to https://factormeals.com/eep50 and use code eep50 to get 50% off. The EU, a unique economic giant, acts similarly to the US federal government, hinting at a "United States of Europe" with its shared currency, policies, and trade deals among 27 states. Despite its near-federal structure, it lacks some federation benefits, posing issues for its members. With a $20 trillion output, second only to the USA, it wields significant global influence. However, its major economies face stagnant growth, mirroring challenges for smaller members. Learn more about your ad choices. Visit megaphone.fm/adchoices

Zimbabwe has not had the best past economically speaking. But what they do have is as much as 20% of the world's demand for lithium, the biggest deposits in Africa. So now that the raw lithium export ban has kicked in, and refining operations have started in Zimbabwe itself, will the country gain a massive advantage by exporting this incredibly necessary component of computers, electric cars and the internet? Learn more about your ad choices. Visit megaphone.fm/adchoices

Oil and GDP are closely linked together, with the more oil consumed by a country generally meaning the higher the GDP of that country. With that said, energy costs of solar, wind and other technologies have come down substantially in recent decades meaning that "clean" solar power is actually one of the cheapest ways to generate electricity over its lifespan. So why haven't we switched completely over to solar? Well, it's not that easy. Learn more about your ad choices. Visit megaphone.fm/adchoices

Head to https://factormeals.com/eep50 and use code eep50 to get 50% off. In this video we delve into Somalia's perilous economic situation after the government collapse in 1991, and reform in 2012. How are international relations, is there potential for recovery, and what lessons can we learn from this extreme economy. Learn more about your ad choices. Visit megaphone.fm/adchoices

Greece became infamous for their economic stagnation following adoption of the Euro and subsequent over-spending and debt accumulation. But in recent years their economy has been improving and, while it isn't out of the woods yet, there have definitely been big improvements that are worth celebrating. Are they still broke, or will Greece's economy be an example to others how to recover from financial meltdown?  Learn more about your ad choices. Visit megaphone.fm/adchoices

Florida is growing... fast. Actually faster than most other states, which is astounding given that it is already the fourth largest state economy in the US. This might sound like great news for Floridians and the USA at large, but is there a hidden cost behind Florida's rapid growth? Learn more about your ad choices. Visit megaphone.fm/adchoices

There is perhaps no city more iconic in the world than New York City. But how does the economy of the incredibly densely packed and often struggling city survive now, and will this be the case for years to come? Learn more about your ad choices. Visit megaphone.fm/adchoices

What caused Detroit to lose 60% of it's population since 1950 and is there a way to help residents and industries in shrinking cities to have a better quality of life and work? Learn more about your ad choices. Visit megaphone.fm/adchoices

"Made in Germany" carries with ti a kind of prestige, and a marker of quality. Germany is famous for it's incredible engineering and manufacturing talent, but more and more this is becoming a thing of the past as overseas manufacturers start to build up their centres, and can produce on a scale that Germany just can't keep up with. Is this crisis going to end German manufacturing? Learn more about your ad choices. Visit megaphone.fm/adchoices

Africa is the poorest continent in the world. There are, as always, a lot of factors to consider as to why that is the case, but recently Daron Acemoglu and James A. Robinson from MIT have released a study detailing the surprising bigger factors in why Africa still struggles to build wealth despite massive amounts of incoming aid and charity work trying to improve the lives of people there. So what are the reasons why much of Africa can't seem to get out of poverty? Learn more about your ad choices. Visit megaphone.fm/adchoices

We were lucky enough to talk with Prof. Asemoglu of MIT about why Africa lags economically despite so much aid and resources being pumped into the country each year. From the impact of institutions to the legacy of policies, we talked about the reasons behind the continent's challenges and the potential paths forward that might actually help improve living conditions in African nations within our lifetimes. Learn more about your ad choices. Visit megaphone.fm/adchoices

Canada has gone through a lot in the last 10 years, and one of the biggest problems is the price of housing. Canadian cities are in such a small area of the country's landmass and housing construction has not kept up with the population, so housing prices have skyrocketed. Canada now finds itself in a bit of a population trap, where they can't afford to keep bringing in more people and put even more strain on housing, but they also can't afford not to. Learn more about your ad choices. Visit megaphone.fm/adchoices

What led to Lebanon's devastating economic crisis, causing a shrinking population and half of its GDP to vanish? Why did it collapse, and what are the implications for other developing nations facing similar challenges? Learn more about your ad choices. Visit megaphone.fm/adchoices

We've talked about some incredibly poor countries on this channel before, but perhaps nothing as bad as the small East African country of Eritrea. This country is a complete military dictatorship, and has been called the North Korea of Africa. There are no free markets. No trading partners. Their debt to GDP ratio runs very high for one reason only: their country is in a critical region of the world for international shipping. But life really couldn't be much worse in Eritrea. Learn more about your ad choices. Visit megaphone.fm/adchoices

Capitalism is the system that has helped the world become infinitely more wealthy than it has ever been in human history, but there are problems. A disregard for the drawbacks of production like waste, pollution and inequality are often cited by people who want capitalism to be replaced by social democracy, communism or even anarchy. But even communist countries like the USSR and China have reluctantly returned to capitalism. So, is capitalism inevitable?  Learn more about your ad choices. Visit megaphone.fm/adchoices

The Davos Summit of the World Economic Forum (WEF) draws a lot of attention every year. Started by German engineer Klaus Schwab, the WEF the stated mission to "engage business, political, academic and other leaders of society to shape global, regional and industry agendas.” It's no wonder there are a lot of conspiracy hypotheses about the real motivations of such an organisation. But despite their image as the club of the wealthy elites, the reality is much less sinister, but could somehow be worse than the conspiracy theories about lizard people... Learn more about your ad choices. Visit megaphone.fm/adchoices

Apparently us guys think about the Roman Empire 5 times a day, but from an economic Perspective it's hard to see why. While they did build a lot of architectural monuments, their economy was actually rather pathetic by almost all metrics. Why was Rome, which had a large empire and notoriety throughout Europe for millennia after its demise, actually a very weak economy? Learn more about your ad choices. Visit megaphone.fm/adchoices

France's problems arguably go back 200 years to their slow and steady approach to adopting industrialisation. While many other countries can learn from France's strong protection for workers' rights, at the moment this has made France a very uncompetitive country with some of the worst brain drain across the EU. Why work in France for lower wages when they can make so much more in the UK, Germany and the US. Is France stuck at just being the place with fancy handbags and perfumes, or can it change it's economy to stay internationally competitive? Learn more about your ad choices. Visit megaphone.fm/adchoices

There is no more deadly area in the world than the DMZ between North and South Korea. Millions of mines, guns and surveillance prevent anyone from crossing. But if tensions were to somehow stop and North and South Korea reunite into one country, it would still be almost impossible to combine their economies. Why would we not be able to use the lessons learned by the reunification of East and West Germany? Learn more about your ad choices. Visit megaphone.fm/adchoices

Is returning to the gold standard something that could fix the economic issues we are facing today? Enjoyed the podcast? Comment below! 💬 ⭑ Subscribe to Economics Explained Youtube Channel 👉 https://bit.ly/sub2ee ⭑ Enjoyed? Hit the like button! 👍 Q&A Streams on EEII (2nd channel) → https://www.youtube.com/channel/UCOTgNyfQG4vVP5sCXrJaS4g ✉️ Business Enquiries → EconomicsExplained@ibg.yt 🎧 Listen to EE on Spotify! 👉 https://anchor.fm/EconomicsExplained Follow EE on social media: Twitter 🐦 → https://twitter.com/EconomicsEx Facebook → https://www.facebook.com/EconomicsEx Instagram → https://www.instagram.com/EconomicsExplained Discord → https://discord.gg/MJGcTH6 ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ ECONOMICS EXPLAINED IS MADE POSSIBLE BY OUR PATREON COMMUNITY 👊🙏 Support EE by becoming a Patron today! 👉 https://www.patreon.com/EconomicsExplained Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Texas, the second-largest state in the USA by landmass, population, and GDP.  But perhaps being runner up is not so bad in all of these categories. Texas has for many decades been a huge driving force of prosperity, not only for the people within the state but also for all of the USA. The state provides over 40% of the oil production in the country which is, in turn, the largest oil-producing nation in the world.  To give you an idea of just how massive this operation is, Texas produces more oil than, brazil and china combined.  Now for regular channel viewers, you might be thinking that well that’s great and all however, oil wealth doesn’t always guarantee prosperity, but fortunately for Texas, it has diversified itself into a host of other industries some of which are very far removed from what you might picture taking place in the land of cowboy boots and Ford F350’s. Texas today has the fastest growing population in all of the United States which is been driven by the state attracting a range of new businesses that will work with this young new professional demographic to continue to grow a strong economy.  Or at least that is the theory, the rumblings of the world in 2020 have not been easy on the Texan miracle, and for the first time in almost three decades, the state might be starting to show signs of troubled waters.  To see if this could be a hurdle the yeehaw state could not overcome we need to look at a few key areas. What have been the industries driving the growth of Texas? What is it about the state that makes it so attractive to these industries? And what could future growth look like after 2020? Learn more about your ad choices. Visit megaphone.fm/adchoices

Japan's economy has been stagnant for 2 decades, and while some economists look at this as an outlier, it might be something that just happens to all advanced economies, and Japan just got there first. After suffering the "lost generation", can Japan come back and recover growth, or is their fate one we will all eventually reach? Learn more about your ad choices. Visit megaphone.fm/adchoices

Australia's biggest export is natural resources, and as we have talked about on the channel many times, this isn't always a great thing for an economy. Resources don't provide much value to the local economy, especially in Australia where mines are thousands of miles from residential centres, and they don't employ all that many people for the massive wealth they create. Australia lags far behind technological centres like the US, but somehow has a strong economy. How has it done this and what can we learn from a country that just digs holes and builds homes? Learn more about your ad choices. Visit megaphone.fm/adchoices

While California is famous for its industries, Texas has so many incredible advantages and opportunities that it could one day overtake the biggest state economy in the US. What possible issues could affect the rapidly growing Texan economy, and what could its future look like? Learn more about your ad choices. Visit megaphone.fm/adchoices

LinkedIn Jobs helps you find the qualified candidates you want to talk to, faster. Post your job for free at ⁠⁠⁠⁠⁠https://www.linkedin.com/ee⁠⁠⁠⁠⁠. Terms and conditions apply. The EU represents the third largest economy globally, with a population of 447 million people and 20 member states. Its five largest countries are Germany, France, Italy, Spain, and Poland. However, the EU faces several significant economic challenges, including the debt crisis, Brexit, and tensions with major energy suppliers. This video explores these challenges, as well as the potential impact of a non-unified Europe on the global economy and the likelihood of other nations following the UK's example and leaving the union. Learn more about your ad choices. Visit megaphone.fm/adchoices

LinkedIn Jobs helps you find the qualified candidates you want to talk to, faster. Post your job for free at ⁠⁠⁠⁠https://www.linkedin.com/ee⁠⁠⁠⁠. Terms and conditions apply. There's a reason we include confidence and stability on our National Leaderboard. It might not be an easily measurable economic metric, but it can have a massive effect on a national economy. If people don't have confidence that a country is in good hands and will be managed well into the future, then they will stop investing there. So why is the UK having a crisis of confidence, and to what extent is London to blame for the two-tier society that the UK is becoming? Learn more about your ad choices. Visit megaphone.fm/adchoices

LinkedIn Jobs helps you find the qualified candidates you want to talk to, faster. Post your job for free at ⁠⁠⁠https://www.linkedin.com/ee⁠⁠⁠. Terms and conditions apply. The first video we did on this channel was about Norway, a country that has some of the wealthiest citizens in the world, as well as incredible economic management. They avoided the Dutch disease when they discovered offshore oil, but now they have discovered the world's largest reserves of phosphates. Could this strategic resource cause issues, or will it make Norwegians even more wealthy than they already are? Learn more about your ad choices. Visit megaphone.fm/adchoices

Check out our new YouTube Channel Context Matters: https://www.youtube.com/@context.matters The consequences of politicising economics can be deep and long lasting. We would all like to think that economists focus on data and remove the personal and political from their studies, but we are not naive enough to believe this is true. Politicians want to get elected, and economists want to bolster their careers. So what can happen when the people who are supposed to be studying and looking after the economy ignore the data, or even worse, collect skewed and false data to support their opinions? Learn more about your ad choices. Visit megaphone.fm/adchoices

Italy is in trouble... but this doesn't seem to be a new thing. With mountainous protection from the north and great trade connections through the Mediterranean sea, Italy has been in an ideal geographic position that has benefitted the country economically for millennia. After a decade of stagnation, can Italy boom like it has in the past, or is this time different? Learn more about your ad choices. Visit megaphone.fm/adchoices

We all know that corruption is a bad thing. People in government or the public sector using their position to personally enrich themselves is a form of stealing, but in some situations this can actually help to grow an economy. But in what situations, and how long can corruption continue to grow an economy once it becomes more developed? Learn more about your ad choices. Visit megaphone.fm/adchoices

Most countries really want to bring in tourists for the big infusion of money into the local economy. But Bhutan makes it incredibly expensive to visit, and bans all visitors from climbing the parts of the Himalayan mountains that are within their borders. Why? Do they just want to protect their culture from tourists, with the hotels, photo spots and trouble that comes with them? And does make the people happier? Learn more about your ad choices. Visit megaphone.fm/adchoices

If unintended consequences aren't considered, there can be a real and deadly trade-off between economic benefit and human wellbeing. Making poor policy decisions that may seem like economic opportunities can and have lead to famines, economic collapse and people losing their livelihoods, homes and lives. This is why economics is so important, and poor economic decision making can literally be fatal for millions of people. Learn more about your ad choices. Visit megaphone.fm/adchoices

We're exploring South Korea's impressive economic transformation, from an agrarian backwater to a global powerhouse. Home to internationally recognized companies and cutting-edge industries, South Korea is a fascinating case study for economists worldwide. In this video, we'll examine the drivers of South Korea's potential growth in the next decade, the obstacles that could undermine its entire economic system, and why this is all so important for the rest of us outside South Korea for our own economies. Learn more about your ad choices. Visit megaphone.fm/adchoices

We've avoided talking about the gender pay gap for a long time because, frankly, it's an emotional topic. But this year's Nobel Prize in Economics (Sveriges Riksbank Prize) was awarded to Claudia Goldin for her work explaining the gender pay gap using historical data and taking the emotion out of the equation. Learn more about your ad choices. Visit megaphone.fm/adchoices

Argentina's prosperity used to rival the US, but now it is bouncing between economic highs and lows. In just decades, it's seen rapid growth and dire crashes five times. What keeps derailing this nation's economy, and can it break the cycle, and what can we learn from their unique economic situation? Learn more about your ad choices. Visit megaphone.fm/adchoices

Deng Xiaoping's reforms in the 80s transformed Shenzhen, a small town near Hong Kong, into an economic powerhouse. China's rapid growth lifted millions from poverty but did it grow too quickly to be sustainable? Now China faces deflation, and experts are worried that this could spell the end of the economic miracle. Learn more about your ad choices. Visit megaphone.fm/adchoices

Poland defies European economic trends by having one of the fastest-growing economies on the continent. While many European nations face stagnation, Poland shines, even outperforming its former Soviet counterparts, including resource-rich Russia. Despite historical challenges and its unique geopolitical situation, Poland's success offers insights for struggling economies worldwide, although it faces hurdles ahead. Learn more about your ad choices. Visit megaphone.fm/adchoices

There's a massive cost that every developed economy has to deal with that nobody talks about... Infrastructure maintenance. It sounds boring but all of those developments that governments love to talk up can end up costing a fortune to maintain. So what can we do about this and why is this such a problem? Learn more about your ad choices. Visit megaphone.fm/adchoices

Sometimes as economists we need to analyse complex decisions to understand what the outcomes might be. On the more baffling end of the scale we have Saudi Arabia spending billions on football, golf and Formula 1 stars who are mostly a little past their prime to come and play in the largely unknown Saudi leagues. Is this simply sports-washing (a PR stunt) or is there something more clever going on? Learn more about your ad choices. Visit megaphone.fm/adchoices

LinkedIn Jobs helps you find the qualified candidates you want to talk to, faster. Post your job for free at ⁠⁠https://www.linkedin.com/ee⁠⁠. Terms and conditions apply. Niger's coup has set a lot in motion. It's rich in uranium which has gotten France involved, and China's belt and road initiative was set to draw oil from Niger, which could help grow their desperately poor economy, and somehow Russia's Wagner group is involved. But with its suspended membership of ECOWAS, things are about to get much worse. Learn more about your ad choices. Visit megaphone.fm/adchoices

LinkedIn Jobs helps you find the qualified candidates you want to talk to, faster. Post your job for free at ⁠⁠https://www.linkedin.com/ee⁠⁠. Terms and conditions apply. Trade wars are costing the world trillions of dollars every year, but far less attention is paid to the movement and control of the movement of skills and labour. It is much easier than ever before to take an education and move to a country where workers can benefit personally, but at a certain cost to the country that trained them. Skills wars may be the new trade wars. Learn more about your ad choices. Visit megaphone.fm/adchoices

LinkedIn Jobs helps you find the qualified candidates you want to talk to, faster. Post your job for free at ⁠⁠https://www.linkedin.com/ee⁠⁠. Terms and conditions apply. Brunei is a welfare state, where the government basically pays for everything from national defence to schools, energy to heavily subsidised housing. But their oil reserves are running out and they aren't diversifying their export industry quickly enough to prepare for the day when they no longer have a free lunch. Learn more about your ad choices. Visit megaphone.fm/adchoices

LinkedIn Jobs helps you find the qualified candidates you want to talk to, faster. Post your job for free at ⁠⁠https://www.linkedin.com/ee⁠⁠. Terms and conditions apply. We wanted to highlight the paradox of global economic growth alongside isolated national crises. Why do certain economies like Lebanon, Sri Lanka, and Pakistan face collapse when the global economy is reaching unprecedented highs? We'll identify common factors behind these failures, and discuss potential solutions to safeguard other nations from similar fates. Learn more about your ad choices. Visit megaphone.fm/adchoices

LinkedIn Jobs helps you find the qualified candidates you want to talk to, faster. Post your job for free at ⁠⁠https://www.linkedin.com/ee⁠⁠. Terms and conditions apply. Economists can't seem to decide if we need more or fewer children? Does overpopulation drain Earth's resources too much or does an ageing population threaten economies? What challenges does either option present and can we solve this paradox? Learn more about your ad choices. Visit megaphone.fm/adchoices

LinkedIn Jobs helps you find the qualified candidates you want to talk to, faster. Post your job for free at ⁠⁠https://www.linkedin.com/ee⁠⁠. Terms and conditions apply. AI raises concerns for jobs and society. As machines surpass human abilities, a growing number of complex jobs are being outsourced to machine who can do better work for a lower cost. This prompts questions about how economic systems can adapt to most people having a net negative economic value." Learn more about your ad choices. Visit megaphone.fm/adchoices

LinkedIn Jobs helps you find the qualified candidates you want to talk to, faster. Post your job for free at ⁠https://www.linkedin.com/ee⁠. Terms and conditions apply. What has prevented Iran, teeming with natural resources and a young, educated population, from becoming a world-leading economy? How did it go from rapid growth to economic failure, and why is it still unable to fulfil it's potential? Learn more about your ad choices. Visit megaphone.fm/adchoices

LinkedIn Jobs helps you find the qualified candidates you want to talk to, faster. Post your job for free at ⁠⁠https://www.linkedin.com/ee⁠⁠. Terms and conditions apply. BRICS, an influential economic alliance of Brazil, Russia, India, China, and South Africa, is reshaping the global economy. Plans for increased trade and a common currency may challenge the West, leading to concerns about political and economic shifts globally. Learn more about your ad choices. Visit megaphone.fm/adchoices

LinkedIn Jobs helps you find the qualified candidates you want to talk to, faster. Post your job for free at ⁠⁠https://www.linkedin.com/ee⁠⁠. Terms and conditions apply. Singapore, once a poor nation, rose to the 33rd largest economy in 50 years, inspiring other countries globally. Yet, its unique journey, often misunderstood to be solely based on glamorous industries, is not easy to replicate, and many economists forget the draconian measures it took to build Singapore into the wealthy country it is today. Learn more about your ad choices. Visit megaphone.fm/adchoices

Michael Burry, the investor made famous when he shorted the US housing market before the crash of 2008, has recently bet against the US Bond market. Why would he do that and what relationship between the economy and the stock market made him think this would work? Learn more about your ad choices. Visit megaphone.fm/adchoices

With billionaires like Elon Musk and Jeff Bezos setting their sights on space exploration and development, there must be some commercially viable industries in space and on Mars, right? Well, it's a little more complicated than just mining the asteroids that contain trillions of dollars of value, or building heavy things in micro-gravity, and certainly a base on Mars might cost more than it's worth. Making Mars a viable economy might not even be possible. Learn more about your ad choices. Visit megaphone.fm/adchoices

LinkedIn Jobs helps you find the qualified candidates you want to talk to, faster. Post your job for free at ⁠https://www.linkedin.com/ee⁠. Terms and conditions apply. Is $2.2 trillion per year wasted on the military, or is this massive spending necessary to defend the freedoms we enjoy? In this video we explain why military spending may be a necessary evil using the prisoner's dilemma and reframing some narratives about military spending you may have heard. Learn more about your ad choices. Visit megaphone.fm/adchoices

LinkedIn Jobs helps you find the qualified candidates you want to talk to, faster. Post your job for free at https://www.linkedin.com/ee. Terms and conditions apply. It might sound absurd, but some economists are talking about the possibility of the US defaulting on its debts, closing off to global trade and using its own domestic industries and energy production to save its economy, which currently is tipping further and further into unsustainable national debt (Fitch just downgraded the US credit rating from AAA to AA+). Learn more about your ad choices. Visit megaphone.fm/adchoices

LinkedIn Jobs helps you find the qualified candidates you want to talk to, faster. Post your job for free at https://www.linkedin.com/ee. Terms and conditions apply. Unfortunately for theoretical economists, we are not allowed to run economics experiments on the whole of society to see definitively whether or not certain economic policies or systems work in practice. Millions of lives hang in the balance, so this is an ethical non-starter. But we can study countries that have experimented with socialism, communism, and laissez faire capitalism to see what the outcomes are. And the experiments have been done. Learn more about your ad choices. Visit megaphone.fm/adchoices

California, the US's third largest state, ranks as the world's 4th or 5th economy all by itself. With an output over $3.5 trillion, Californians are among the globe's top producers. But despite its growth, the state faces challenges: global pressures, population decline, and social problems. Learn more about your ad choices. Visit megaphone.fm/adchoices

Global inequality is one of the biggest economic issues facing the world today. Global wealth is now thousands of times what it has been for the vast majority of human history, and yet a lot of that wealth is being hoarded by a smaller and smaller group of people. We were lucky enough to speak to Francisco Ferreira from the London School of Economics, an expert on global inequality and its impacts on developing countries, which have the potential to be the economic powerhouses of the future. Learn more about your ad choices. Visit megaphone.fm/adchoices

Indonesia's economy has been growing rapidly, and thanks to a younger population it could be on track to become one of the biggest economies in the world. There are a few things holding Indonesia back, such as Jakarta sinking into the ocean, but with their natural resource wealth and access to the world's oceans, it could become a huge player in making the goods we all use every day. Learn more about your ad choices. Visit megaphone.fm/adchoices

Despite Mexico's strategic advantages and booming manufacturing sector due to global trade shifts, they haven't taken opportunities to replace China as a major manufacturer for the US. What factors stifle Mexico's growth and are there drawbacks to its proximity to the US? Learn more about your ad choices. Visit megaphone.fm/adchoices

When people think of Taiwan, they mostly think of tensions with China and the fact that Taiwan is a major manufacturing centre for the world's semiconductors. But Taiwan's leaders actually made some big bets decades ago that are paying off now, with a GDP per capita roughly 3 times that of mainland China. Learn more about your ad choices. Visit megaphone.fm/adchoices

The global wealth disparity has been greatly exacerbated by the pandemic, and there is a concentration of wealth among the top 1.2% of people. We explore factors causing inequality, the role of debt, and finding an optimal level of inequality (because you do need some). Learn more about your ad choices. Visit megaphone.fm/adchoices

Global debt has now topped $300 trillion USD, or three times total global economic output. This is a number that is going to have very real consequences for billions of people around the world, but as scary as the number sounds there is still reason to be optimistic and there are still reasons why most economists handling this issue are not too worried just yet. To help us understand this issue in the course of our research we were lucky enough to speak to Dr. Jason Furman an economics professor at Harvard University and a former economic policy director for the Obama Administration. His understanding of an issue as large as global debt is truly valuable not only because of his impressive academic background but also because he is one of only a handful of people in the world that has ever had their hands on the proverbial controls of economic policy at this scale.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Is the global debt of over $300 trillion really a problem? And does debt for the global economy work in a different way from debt on an individual level? In this video we'll explain who holds all the debt that countries and businesses owe, and whether this will be a big problem in the near future. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is a fantastic interview with Prof. Billari (Bocconi University) about education. A better educated economy is usually better, all things being equal, but issues like student debt, skills misalignment, migration and brain drain can put a lot of pressure on an economy. Learn more about your ad choices. Visit megaphone.fm/adchoices

Education is rightly seen as one of the best ways to develop a country’s economy, as more productive workers can create better living standards for everyone. But is there a limit to the benefits of education and should countries be wary of this double-edged sword? Learn more about your ad choices. Visit megaphone.fm/adchoices

The US has had a much greater level of growth than the EU in the past decade despite the pandemic and Europe having a large collection of advanced economies with highly educated populations. Why is Europe always lagging behind? Learn more about your ad choices. Visit megaphone.fm/adchoices

Tuvalu is a tiny island nation confronting existential threats. Rising sea levels jeopardize its sparse population and limited economy. As the nation becomes inhabitable, this video will explore what the economy of Tuvalu is reliant upon, and the measures to save it. Learn more about your ad choices. Visit megaphone.fm/adchoices

North Korea, the most closed-off country on earth. This Asian nation is often the center of intense scrutiny for its aggressive displays of militarism, its internationally condemned nuclear program, and of course its oppressive government dictatorship. A 2014 report by the united nations concluded that the gravity, scale, and nature of these human rights violations does not have any parallel In the contemporary world. What they are ashamed of though, is something that all these media spectacles help to distract from and that is their incredibly small and pathetic economy. Beyond the dramatic chest-beating and despite all of the opportunities this country has been given it has dwindled into complete economic obscurity and in this video we are going to explore why. Learn more about your ad choices. Visit megaphone.fm/adchoices

Multi-Level-Marketing (MLM) companies are big businesses around the world and they have rightfully attracted much criticism for questionable business practice. Many have called them illegal pyramid schemes, but today these companies continue to operate in most developed countries around the world and rake in billions of dollars in profit in any given year all with the blessing of local trade authorities. So, what are these businesses? Let's park personal opinions on how annoying it is to be roped into one of these MLM meetings for the moment and assess the fundamental economics behind this business model. Learn more about your ad choices. Visit megaphone.fm/adchoices

Japan became the first of the modern Asian countries to experience massive sustained economic growth. Japan had a lot going for it after the end of the war, it was able to rebuild with the help of the allies and go through its own modern industrial revolution. In the 1960s, Japan was growing at a rate of 10% a year which for a national economy was unheard of at the time, this economic growth continued and japan was able to ride the wave of globalization as the world's low-cost manufacturer. Japan developed a huge car industry, it was at the forefront of consumer electronics and was working meticulously to make sure that this newfound wealth was being invested wisely into infrastructure like high-speed rail, airports and metro systems that would make their economy even more efficient. At its peak, there was so much wealth in japan that the real estate market of Tokyo had some pretty crazy anomalies. In the late 80’s it was estimated that the imperial palace covering an area of 3.4 square kilometers in central Tokyo had a real estate land value greater than all of the real estate in California. Of course, the imperial palace was never for sale and this was based on the cost per square feet in the area but it still should give a good idea of just how much money was washing around in Japan. In this video, we will look at how this all went so wrong and what it can tell us about countries that are today where japan was 40 years ago. Learn more about your ad choices. Visit megaphone.fm/adchoices

Bill Benter, is a reserved unassuming and media-shy Pittsburg resident who made almost 1 billion dollars by gambling on horse races. The man was a mathematical genius who was on the cutting edge of both computer science and statistical modeling so it is widely assumed with his business knowledge that he could have made money just about anywhere, in a rare interview when asked about his success in horse racing he said: “I was driven only partly by money, I believe I probably could have made more money in finance, but that didn’t interest me, I didn’t get into professional horse racing because it was hard, but because it was said to be impossible” Learn more about your ad choices. Visit megaphone.fm/adchoices

The Democratic Republic of the Congo is the world's poorest country, with a large majority of its 70 million citizens living in absolute poverty. For a long time, poverty in Africa has been seen as a purely humanitarian issue. But could the answer just be good economic management? Unfortunately, this situation has an obvious solution that is impossible to attain. Poverty is a thorny issue to deal with. Still, in this video, we'll attempt to explore some of the fundamental causes of this poverty and see how they impact the Congo's fragile economy. Learn more about your ad choices. Visit megaphone.fm/adchoices

India is soon to be home to the largest population of citizens on the planet. And as of 2014, the nation will also hold the title of the fastest-growing major economy in the world (stealing the title from the slower-growing economy of China). This country has had an amazing journey to get to where it is today. And with the right political governance, it's very likely to become one of the world's most powerful economies very soon. But, it's not quite there yet. And in GDP terms, India's collective economy is still smaller than that of California. And while poverty is a very prevalent problem, India's certainly on the up and up. Throughout the past two decades, it has seen unbelievable levels of growth that has, among other things, pulled hundreds of millions of its citizens out of poverty Learn more about your ad choices. Visit megaphone.fm/adchoices

Monaco is the wealthiest nation in the world per capita. It's also the country with by far the highest average age of citizens. It has the highest cost of land of any country in the world, it pretty much breaks any kind of list you want to make ranking countries cause you can pretty much bet that this 2 square kilometer spit of land off the south of France is going to win any economic top ten list out there. So, what is really going on with the economy of Monaco? Most people know it as a playground for the rich and famous, a parking garage for superyachts, a glorified formula 1 track, a country built around a casino, and above all else, a tax haven. But is this criticism really fair? ... let's explore in today's video! Learn more about your ad choices. Visit megaphone.fm/adchoices

As of this writing, there are between 186 and 192 countries worldwide (depending on who you ask). In this less-than-serious video, we look at the 50 largest nations and see what makes their economies tick. Learn more about your ad choices. Visit megaphone.fm/adchoices