Economic Growth explained (explainity® explainer video)
Video Overview & Insights
The economy is expected to grow steadily. Politics, industry and trade wish for economic growth. But how can economic growth be measured and might the economy eventually fully grown sometime? Our third clip in cooperation with Deutsche Welle explains "Economic Growth".
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How growth from innovation?
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AI will bring about economic growth as it replaces more jobs over time. This trend aligns better with deflationary systems like Bitcoin, rather than inflationary systems like fiat. Here’s why:
### 1. *Increased Productivity and Efficiency*
- **AI and Deflationary Systems**: AI enhances productivity and efficiency, leading to lower costs of goods and services. In a deflationary system like Bitcoin, this aligns with the natural appreciation of value. Increased productivity leads to more value being created with less effort, fitting well with a currency that increases in value over time.
- **AI and Inflationary Systems**: In an inflationary system, the benefits of increased productivity are often offset by the devaluation of currency. Even if AI drives down costs, the inflationary nature of the system can erode these gains, leading to a cycle where prices might still rise due to the devaluation of the currency.
### 2. *Job Replacement and Economic Restructuring*
- **Deflationary Systems**: As AI replaces jobs, a deflationary system like Bitcoin can support this transition by maintaining and even increasing the value of money. This can make savings and investments more secure, providing a stable foundation for individuals to adapt to new economic realities.
- **Inflationary Systems**: In an inflationary system, the loss of jobs and the subsequent need for new forms of employment can be more destabilizing. The decreasing value of money makes it harder for people to save and invest in their retraining and adaptation to new job markets.
### 3. *Wealth Preservation*
- **Deflationary Systems**: Bitcoin’s deflationary nature preserves wealth over time. As AI increases overall productivity and economic output, individuals holding Bitcoin can see their purchasing power increase, creating an environment where savings grow more valuable.
- **Inflationary Systems**: In a fiat system, inflation erodes purchasing power, making it harder for individuals to preserve wealth. Even as AI drives economic growth, the benefits may not fully reach individuals if the currency’s value continues to decline.
### 4. *Investment in Innovation*
- **Deflationary Systems**: A stable, appreciating currency can foster long-term investment in innovation. Investors are more likely to put money into new technologies and businesses if they believe their returns will hold or increase in value.
- **Inflationary Systems**: While inflationary systems can encourage spending and borrowing, they may discourage long-term savings and investments. The constant need to beat inflation can lead to short-term thinking and riskier investments.
### Conclusion
The integration of AI and its impact on economic growth appears to be more compatible with deflationary systems like Bitcoin. These systems offer stability and wealth preservation, supporting the structural changes and productivity gains brought about by AI. In contrast, inflationary systems can dilute these benefits, leading to challenges in wealth preservation and long-term investment.
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More User Perspectives
I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement.
I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it,Investing is a long-term game, so focus on the long run.
Bad
@sathurn9155Danke
@LarpAddictionmusic hype
@absolutebrendan4383It is good explain but we want to explain with in words please
@bhoomikajr5881Awesome explanation about economic growth. thanks for making this video.... please make continuouslly yt videos like this
@cold_wolf07It explains how markets of the circular flow..pdt, labour, capital and foreign exchange...are interacting with the overall framework of institutions to increase size of circular flow. This is eco growth.
@pragyashankar896The quality of life of people could be much better when everyone will get free education and opportunities to increase their skills, when the upper classes (Manufacturers) will stop exploiting the lower classes (worker class) to gain profit for their selfish reasons and selfish desires such as living a luxurious life, having a high capital just to show off (capitalism). Quality of life of people will be much better when the profit gained by a company will be equally distributed among everyone according to the skills they have. The government should have a control over everything and there should be good political leaders who will control how the wealth is distributed. There should be no class divisions based on religions, caste, financial condition and income, colour, gender. And that's called as communism and these all things are possible in communism. Worker class controls the government in first step of communism that is socialism and in second step of communism, that is pure communism, there are no class divisions.
@dhiraj6727Who else is here from school?
@spiderwebbsstopmotions1564Nicely explained.
@alparslankorkmaz2964The soviet union's economy became too big that's why it collapsed
@OficWidythank you soo much for making this video
@rod1231Explain in tamil
@kavithapalanisamy5272who else was told to watch this for social science
@horrorstargames7592Thank you 😊
@Titanium_ScoutTae
@daryllcunanan2696https://www.freshgov.in/2019/11/information-about-economic-growth.html
@Motivation-xs1irbest knowledge here
@YashgdieThanks usa😌
@Yashgdiehttps://foreignpolicy.com/2018/09/12/why-growth-cant-be-green/
@MolybdaenmornellThis is bullshit.
@WoodSorrelGGP1Excellent video. I suggest you also read this post that I think is very relevant when we talk about this topic. Productivity and economic growth: How are they related and how do they differ?
https://wordpress.com/post/alexandergleon.wordpress.com/83
Explanation is good👩
@vaishalirajpoot740Nice video
@CheerfulSagaI agree that the development of technologies will lead not to unemployment, but to the increase of education and professionalism of people. The fact that the population of the Earth is waiting for us is a fact. For me it's so, rather good than bad.
@СветланаХодаковская-е5зThe quality of people's lives depends on the economic well-being of the country. Economic development growth affects all areas of human activities science, culture, education and much more.
@ЕкатеринаАлександровна-у3гCognitive and interesting video. I believe that the economy will grow and grow more and more, especially in large countries. If all industries support, everything will be fine. This is especially true of political activities. After all, it is politicians who decide if they can correctly set their own tasks and calculate all the options, then the economy will go up rapidly!
@user.cheto_lesyaAnyone who thinks economical progress is not as important would probably regret what they said having realized without an economical system they would be hunting in the forest, without any medical aid, without any proper conditions of living. They would simply be babarians. If we continue to focus on economy growth, we would see a increase in the developments of researches in industries which would benefit everyone considering the fact that currently, we cannot afford to focus on the environment without a top economy with people starving. When we achieve a proper economy for all, that is when we would have the proper funds to focus on the researches to conserve our environment and have a significant impact in our efforts to conserve it, currently, the efforts to conserve it no matter how focused we are, is not beneficial and significant enough.
@andyangchannelThe mantra of growth, growth, growth is exactly what's wrong with the economy, but few are able to grasp why. Business as usual measures economic progress in terms of pollution and the relentless destruction of nature. This is a much smarter plan: https://www.google.com/search?q=steady+state+economy
@NoEcologyNoEconomylike if u from aths
@8kld320So many people, especially economic "experts," thinking that economic growth is an indicator of prosperity or well being is a very feeble and unfulfilling way of seeing the world. and a cause of much unhappiness for those who buy into it.
@MrRobtwothirdsonly starting is gud
@viveknautiyalSo we must be more like Bhutan? Really?
@tulio84zI would like to know the app you used to make this presentation? Thanks!
@rafaelpatrickpecjo1270This is a completely bullshit neo-Marxist of explanation of "economic growth". Don't waste your time.
@bladder1010High Unemployment is created by technology. High unemployment is created by the economic system that has only borrowed in it. High unemployment is created by a lack new product and improved products. High unemployment is created by the decrease in the percentage of children being born every year in the total population. High unemployment is created by the increase in the percentage of people that die every year. High unemployment is creating high unemployment. High unemployment is created when core inflation (money borrowed in the economic system) is reduced.
The biggest problems of having high unemployment in the world is people kill each other for money, create wars to sell weapons, and become aggravated because they have no money.
Having only borrowed money in the economic systems is stupid. There are many way to distribute money that has never been borrowed. Subsidize the wages of people by giving them money that has never been borrowed. One person works make that product in forty hour. If two people work twenty hour to produce that product there would be no unemployed people. Core inflation would not exist creating more problems. By subsidizing each person the wages for the twenty hours they didn’t work core inflation continued to increases and there are more jobs and business created by the money that was never borrowed.
Job sharing caused by new or better technology will increase the wealth of the world.
What is the best percentage of unemployed people to have in a country when all employed people wages are subsidized to the forty hour work week?
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@shakirbalti104Loved the concept in the video. Very well created. Great job.
@maureenoconnell8181Thank you I enjoyed that!
@marci-leecowles1795This video doesn't explain economic growth, it merely observes that it happens. Then it adds alternative ways to measure prosperity towards the end. The vid shouldn't be called 'economic growth easily explained' it should be called 'different ways to recognise a nation's wealth.'
@MusicalDudeMayhemDon't waste your time on this environmental diatribe
@dicktracy3787lol "grow over the long term", after all that talk still not giving up on the endless growth fable I see.
@fullfist