Market Failures, Taxes, and Subsidies: Crash Course Economics #21

'Tragedy of the commons' sums up humanity very nicely.

Privacy, transparency and proper oversight and rights of people and communities while still understanding the concepts of social compacts.

Seams and positive feesback loops. We can help streams of revenue be more attached to real world needs while also better understanding of stake holder needs of things like education… can help illuminate blind spots while growing opportunities and diversity of thoughts and communities.

The collective cannot be managed without infringing on the individual. You’ll never be able to satisfy ALL members of a collective and infringing on an individual’s freedom/liberty is wrong and immoral. There is no utopia and trying to create it requires a degree of tyranny. The harder that you try to create the utopia, the more tyrannical tactics are needed to accomplish it. No thanks.

Interesting. So, Where is your list of references?
Quite a few claims made here without documentation/Scholarly articals with statistical analysis. That is a problem.

Karl Marx piggy bank is cringy

A

1. “Select whether you want to pay$20 or $100 to fund the local fire department, but there’s a small catch: if more than 50% of citizens choose $20 there's not going to be enough money to have a fire department.” --> That is why gov demands us to pay for essential things (collective well being: fire protection, schools, national defense) in the form of taxes - we cannot opt out!
2. the TRAGEDY OF THE COMMONS = the idea that common goods that everyone has access to are often misused / exploited. → leads to environmental problems: air pollution, deforestation, overfishing,...
3. Externalities = situations when there's an external costs or external benefits that accrue to other people or society as a whole.
4. Negative externality: the example of tv factory - external costs are paid by people downstream, and they are likely to be ignored by the factory owner. → a market failure >> tax (gov steps in)
5. Positive externality: the example of education - External benefits: a more positive and productive member of society + more tax revenue >> subsidies (gov steps in)
6. 2 methods of gov intervention:
a. regulatory policies: banning, setting a quota to limit something, regulating,...
b. market-based policies: taxes, subsidies (to manipulate markets),...
Sometimes, gov uses both methods: cap & trade (factories can buy & sell pollution permits) --> set up incentive to go green
7. conclusion: The question isn’t “which is better: free markets or government?” The question is “how can they work together to make our lives better?”

So it's like a house full of people that gets a messy yard because everyone cleans up after themselves but refuses to do the work that is just a part of the house like mowing. Claiming they would do it but no one else does and they don't want to be the only ones doing it so they might as well not. Everyone thinking like this causes a lack of maintenance.

Ppp

Crash Course predicted that the Game of Thrones finale would fail.

Love this video! Great crash course!!

Takeaways:
•Free riders – people who benefit without paying

•Public good – anything having the characteristics of non-exclusion and non-rivalry
- Non-exclusion – the idea that you can’t exclude ppl who don’t pay

•Tragedy of the commons – the idea that common goods that everyone has access to are often misused or exploited. It explains most of environmental problems

•Externalities – situations when there’s an external cost or benefit that accrue to other people or society as a whole.
- Negative externality ex: polluted river
- Positive externality ex: education

•Regulatory policies – rules established by government decree

•Market based policies – policies designed to manipulate markets, prices and incentives to correct market failures. Ex: taxes and subsidies

haha we didnt get a satisfying ending to game of thrones anyways XD

the buckles give me chuckles

Thank you so much for uploading this video and working so hard on it, it helped alot in the understanding of this concept ☺️☺️

Too many people illegally downloaded GOT I guess....

That man has an AC/DC beltbuckle

Dannng it is amazing how these videos are so foreshadowing. Last video the gasoline shortage, now the unsatisfying end of game of thrones. Thank you so much for all the work that you do Crash Course 👏🏼