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These are the user uploaded subtitles that are being translated: 1 00:00:03,290 --> 00:00:09,888 60 second adventures in economics number one the invisible hand an economy is a 60 ضركة سةركيَشي لة زانستي ئابووريدا يةكةم ئابووري و دةستي شاراوة بريتية 2 00:00:09,888 --> 00:00:13,099 tricky thing to control and governments are always trying to figure out how to لة شتيَكي ئالَؤز بؤ كؤنترِؤلَكردن و حكومةتةكان هةردةم هةولَي ئةوة دةدةن كة لةوة بطةن كة 3 00:00:13,099 --> 00:00:18,528 do it back in 1776 economist Adam Smith shocked everyone by saying that what ضؤن ئةنجامي بدةن. لة سالَي 1776 ئابووريناس ئادةم سميس سةري هةموواني سورِماند بةوةي كة طوتي 4 00:00:18,528 --> 00:00:22,099 government should actually do is just leave people alone to buy and sell ثيَويستة حكومةت بةتةواوي ئةوة بكات كة واز لة خةلَك بهيَنيَت بةوةي بة ئازادي 5 00:00:22,099 --> 00:00:23,868 freely among themselves لةنيَوان خؤيان هةلَسن بة كرِين و فرؤشتن. 6 00:00:23,868 --> 00:00:27,259 he suggested that if they just leave self-interested traders to compete with ثيَشنياري ئةوةي كرد كة ئةطةر خةلَكي بةسوودي كةسي خؤيان هةلَسن بة ئالَوطؤرِ بؤ كيَبرِكيَ كردن 7 00:00:27,259 --> 00:00:28,129 one another لةطةلَ يةكتر 8 00:00:28,129 --> 00:00:33,259 markets are guided positive outcomes as if by an invisible hand if someone بازارِةكان بةشيَوةيةكي دةرئةنجامي ئةريَني ئاراستةدةكريَن كة ئةويش لةرِيَطةي دةستي شاراوة. ئةطةر 9 00:00:33,259 --> 00:00:37,129 charges less than you customers will buy from them instead you have to lower the كةسانيَك لة تؤ داواي نرخي كةمتر بكات ئةوا كرِيارةكان لة ئةواني تر دةكرِن لةجياتي تؤ ئةوةش بؤ نرخي 10 00:00:37,130 --> 00:00:39,109 price or offer something better نزمتر يا شتيكي باشتري ثيَشنياركراو دةطةرِيَتةوة. 11 00:00:39,109 --> 00:00:42,469 whenever enough people demand something they would be supplied by the market 12 00:00:42,469 --> 00:00:44,060 like spoiled children 13 00:00:44,060 --> 00:00:48,500 only in this case everyone's happy later free marketeers like Austrian economist 14 00:00:48,500 --> 00:00:53,030 Friedrich Hayek argued that this hands-off approach actually works better 15 00:00:53,030 --> 00:00:55,179 than any kind of central plan 16 00:00:55,179 --> 00:00:59,409 but the problem is economies can take a long time to reach their equilibrium and 17 00:00:59,409 --> 00:01:02,949 may even stall along the way and in the meantime people can get a little 18 00:01:02,950 --> 00:01:04,000 frustrated 19 00:01:04,000 --> 00:01:07,329 which is why governments usually end up taking things into their own more 20 00:01:07,329 --> 00:01:10,319 visible hands instead 21 00:01:10,319 --> 00:01:13,319 number two the paradox of thrift 22 00:01:13,909 --> 00:01:17,090 much like a child getting his pocket money one of the biggest economic 23 00:01:17,090 --> 00:01:21,799 questions is still whether it's better to save or spend free marketeers like 24 00:01:21,799 --> 00:01:25,399 Hayek and Milton Friedman say that even in difficult times 25 00:01:25,399 --> 00:01:30,170 it's best to be thrifty and saved banks then channel the savings into investment 26 00:01:30,170 --> 00:01:34,819 in new plant skills and techniques that let us produce more and even if this new 27 00:01:34,819 --> 00:01:39,530 technology destroys jobs wages will drop and businesses hire more people 28 00:01:39,530 --> 00:01:44,689 so unemployment falls again simple at least in the long run but then a live 29 00:01:44,688 --> 00:01:49,339 fast die young kind of chap called john maynard keynes cheerfully pointed out 30 00:01:49,340 --> 00:01:52,129 that in the long run we're all dead 31 00:01:52,129 --> 00:01:55,728 so to avoid the misery of unemployment the government should instead spend 32 00:01:55,728 --> 00:01:57,349 money to create jobs 33 00:01:57,349 --> 00:02:00,170 whereas if the government tighten its belt when people and businesses are 34 00:02:00,170 --> 00:02:01,099 doing the same 35 00:02:01,099 --> 00:02:05,450 les is spent so unemployment gets even worse that is the paradox of thrift 36 00:02:06,259 --> 00:02:09,769 so instead they should spend now and tax later when everyone's happy to pay 37 00:02:09,769 --> 00:02:13,760 though making people happy to pay tax for something even cannes didn't solve 38 00:02:15,270 --> 00:02:20,159 number three the Phillips curve bill phillips was a crocodile hunter and 39 00:02:20,159 --> 00:02:24,030 economist from New Zealand who spotted that when employment levels are high 40 00:02:24,030 --> 00:02:26,099 wages rise faster 41 00:02:26,099 --> 00:02:30,150 people have more money to spend so prices go up and so does inflation and 42 00:02:30,150 --> 00:02:33,539 likewise when unemployment is high the lack of money to spend 43 00:02:33,539 --> 00:02:37,560 means that inflation goes down this became known as the Phillips curve 44 00:02:37,560 --> 00:02:41,969 government even set policy by the curve tolerating the inflation when they spend 45 00:02:41,969 --> 00:02:46,020 extra money creating jobs but they forgot that the workers could also see 46 00:02:46,020 --> 00:02:47,490 the effects of the curve 47 00:02:47,490 --> 00:02:51,750 so when unemployment went down they expected inflation and demanded higher 48 00:02:51,750 --> 00:02:56,189 wages courting unemployment to go back up while inflation remained high which 49 00:02:56,189 --> 00:02:59,490 is what happened in the nineteen seventies when both inflation and 50 00:02:59,490 --> 00:03:00,990 unemployment rose 51 00:03:00,990 --> 00:03:05,430 then in the nineties unemployment dropped while inflation state low which 52 00:03:05,430 --> 00:03:09,629 all rather took the bend out of Philips his curve but at least part of Philips 53 00:03:09,629 --> 00:03:13,979 his troublesome trade-off lives on when faster growth and full employment return 54 00:03:13,979 --> 00:03:17,069 you can bet inflation will be along to spoil the party 55 00:03:19,189 --> 00:03:22,189 number for the principle of comparative advantage 56 00:03:22,789 --> 00:03:26,120 whether you think economies work best if they're left alone or the government's 57 00:03:26,120 --> 00:03:27,770 need to do something to get them working 58 00:03:27,770 --> 00:03:31,340 the one thing that can't be controlled is the rest of the world fear of foreign 59 00:03:31,340 --> 00:03:34,819 competition once led countries to try and produce everything they needed and 60 00:03:34,819 --> 00:03:37,489 impose heavy taxes to keep out foreign goods 61 00:03:37,490 --> 00:03:40,820 however economist David Ricardo showed that international trade could actually 62 00:03:40,819 --> 00:03:44,479 make everyone better off bringing in one of the first great economic models 63 00:03:44,479 --> 00:03:47,479 he pointed out that even if a country can produce pretty much everything in 64 00:03:47,479 --> 00:03:50,929 the lowest possible cost with logic on mystical an absolute advantage 65 00:03:50,930 --> 00:03:53,960 it's still better to focus on the product that can make most efficiently 66 00:03:53,960 --> 00:03:57,590 that sacrifice the least amount of other good and let the rest of the world do 67 00:03:57,590 --> 00:04:02,240 the same by specializing they can then export these surfaces to each other and 68 00:04:02,240 --> 00:04:03,830 both end up better off 69 00:04:03,830 --> 00:04:07,520 this is the principle of comparative advantage and it has persuaded many 70 00:04:07,520 --> 00:04:11,270 countries to sign up to free trade agreement but unfortunately it can take 71 00:04:11,270 --> 00:04:15,170 a long time for countries to trade their way to prosperity and because it's now 72 00:04:15,169 --> 00:04:17,180 much easier to move to where the money is 73 00:04:17,180 --> 00:04:21,019 it's increasingly not any goods across borders but people which is somewhat 74 00:04:21,019 --> 00:04:23,660 uprooted Ricardo's theory 75 00:04:23,660 --> 00:04:29,060 number five the impossible Trinity most countries trade with on another which is 76 00:04:29,060 --> 00:04:33,050 usually pretty good for all involved but it does mean it's a bit harder for each 77 00:04:33,050 --> 00:04:35,329 to keep control of its own finances 78 00:04:35,329 --> 00:04:38,569 there are three things that governments are particularly keen on 79 00:04:38,569 --> 00:04:42,349 they like to keep the exchange rates table so that import and export prices 80 00:04:42,350 --> 00:04:43,910 don't suddenly jump around 81 00:04:43,910 --> 00:04:47,930 they also like to control interest rates so they can keep morrow is happy without 82 00:04:47,930 --> 00:04:51,860 upsetting savers and they like to let money flow in and out of their country 83 00:04:51,860 --> 00:04:55,819 without causing too much disruption but there's a problem when you try to do all 84 00:04:55,819 --> 00:04:57,050 of these at once 85 00:04:57,050 --> 00:05:00,590 say for example the eurozone tries to lower its interest rate and reduce 86 00:05:00,589 --> 00:05:05,539 unemployment money flows out to earn higher interest rates elsewhere exchange 87 00:05:05,540 --> 00:05:07,520 rates drop which causes inflation 88 00:05:07,519 --> 00:05:11,659 so the euro interest rate is forced back up again you can either fix your 89 00:05:11,660 --> 00:05:15,470 exchange rate and let money flows freely across national borders but have no 90 00:05:15,470 --> 00:05:19,400 control of your interest rates or control your interest in exchange rates 91 00:05:19,399 --> 00:05:22,879 but then you can't stop the capital flowing in and out but like an 92 00:05:22,879 --> 00:05:24,290 overzealous triathlete 93 00:05:24,290 --> 00:05:27,129 you can't do all three at once 94 00:05:27,129 --> 00:05:32,379 number six rational choice theory of all the things to factor in when running an 95 00:05:32,379 --> 00:05:36,309 economy of the most troublesome these people now by and large humans are 96 00:05:36,309 --> 00:05:39,819 irrational lot when the price of something rises people supply more of it 97 00:05:39,819 --> 00:05:42,879 and buy less of it if they expect inflation to go up 98 00:05:42,879 --> 00:05:46,838 people usually ask for higher wages they might not get them and if they can see 99 00:05:46,838 --> 00:05:50,379 interest or exchange rates falling in one country people with lots of money 100 00:05:50,379 --> 00:05:53,649 there will try to move it out faster than you can say double dip and 101 00:05:53,649 --> 00:05:55,928 governments often decide their economic policies 102 00:05:55,928 --> 00:05:59,739 assuming such irrational actions which would be great if it weren't for the 103 00:05:59,740 --> 00:06:03,218 fact that those pesky humans don't always do what's best for them 104 00:06:03,218 --> 00:06:07,240 sometimes they mistakenly think they know all the facts or maybe the facts 105 00:06:07,240 --> 00:06:11,050 are just too complicated and sometimes people just decide to follow the crowd 106 00:06:11,050 --> 00:06:13,329 relying on others to know what they're doing 107 00:06:13,329 --> 00:06:17,528 when too many cheap mortgages were being sold in 2007 a lot of people didn't know 108 00:06:17,528 --> 00:06:20,740 what was going on and a lot of others just follow the crowd 109 00:06:20,740 --> 00:06:24,309 some lenders may have rationally believe that when the crunch came the scale of 110 00:06:24,309 --> 00:06:27,610 the problem would force governments to rescue them which was true for the 111 00:06:27,610 --> 00:06:29,199 bank's if not for all their customers 12532

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