why does he talk so fast
Bernie Sanders needs to watch this video haha 🤙
Wait... I only noticed now that that is the guy from acdc econ.
my boy Jacob Clifford making it mainstream? the GOAT
Price Control , Floor & ceiling , Surplus & loss , Subsidy .
The intricate hoops people jump through to try and justify how the "economy" is not subordinate to agricultural output...
which video do they talk about the price floors and minimum wage?
Price floors are good on alcohol
I’ve read almost every comment but NONE are about how fast they talk!
The argument for rent control (and other price ceilings on items that are a basic human need - food, water, shelter) is that the demand curve is nothing close to a slope. The demand curve in its purest sense for housing is a vertical line, with any true slope being leisure housing - holiday homes etc. Every human needs somewhere to live. The only curve is on the quality of housing -- one person can live in half of a 2 bed flat, or have a mansion to themselves.
Rental ceilings tend to apply only to specific home types. Modest homes, it makes sense to keep a price ceiling. As a society, it's deeply wrong that there should be any income level where it is impossible to buy a basic warm roof over your head. Humanitarian philosophy argues that even someone out of work (either out of the employment marker, such as disabled, or the frictional unemployed between jobs) should be able to receive basic shelter.
The argument is that any product a person could die without access to, is dangerous when exposed to an unregulated free market. When you option is pay or die, market pressures will drive a person to sacrifice absolutely everything else for that need. Housing, medical care, food, water. These things are insulated from the usual freemarket factors, by exploiting the absolute need of the consumer. The closer the demand curve gets to zero, the more regulation that industry needs to remain ethical - if you can make 50% of your consumers pay 25% more, while 5% of your potential consumers die from lack of access to your services, fiduciary responsibility demands you do so.
Economics is a social science
Nice shirt adrian!
The joke about exes in the beginning was hilarious XD
RICE KRISPIES FOR LIFE
This basically copied the other video if you search up "price controls economics"
Rent Control WRONG!
Rent control fights real estate fraud where the same apartment units get sold over and over and over and over again, which cause tenants rents to rise (due to negative equity), but ZERO improvements in the property or value added. Plus "discouraged construction" has nothing to do with rent control because this is about existing units being sold as abused assets.
Farmers Subsidies WRONG!
Conveniently leaving out a BRUTAL yet MANDATORY economic term here called EXTERNALITIES. Unchecked external disruptions to the market = market failure. This is why there is subsidies to begin with!
"The amount of gas society wants is where supply meets demand". 2:57
Not so. I have often wanted MORE (demand) than what was available (supply). What's described is supply being equal to USE. And subsidies have ZERO effect on the economy. Why? Because it's nothing more than the bill being paid by someone else.
So, it's good that the government bailed out AIG and companies like Enron
Bernie bros are going to be pissed by this video.
Just curious, what about a salary cap?