Economics 101: Subjective Value (explained clearly & simply)

What's something worth, and why does society need an effective way of determining the value of people's labour, natural resources, and finished products? Over the last 30 years, we've become poorer because society has abandoned a decentralised economic system based on subjective value for one where the state decides. Unsurprisingly, this very important issue in economics is studiously ignored by the A Level Economics syllabus, and in most cases it isn't even taught to students studying economics at university. Why is this? The answer can be summed up as follows: Information is power! The goal I had in mind when making this video was to convey this knowledge to you as simply as possible, with no jargon, but with no loss of detail either!

[mikemilton]

Good teachers are so rare. Nigel is one in a million.

[icelight]

Another fantastic precis Nigel. You are shining a light on so many areas that affect us, the little people. Freewill has to prevail 👍. ✝️

[gwenweston]

I have found that the less interference there is from outside parties the more free - flowing and satisfactory the work relationship is. Both client and worker relax in a private arrangement and resentment disappears. Otherwise there is too much unhelpful meddling and interference which causes misery all round. Just my own experience.
A great video Nigel. Thanks for making this difficult subject interesting. ✨️✨️✨️✨️✨️

[jeffsparey]

Very well explained Nigel, our political system certainly had me fooled into thinking they gave you a choice when it was time to vote, I now find that there really was never a choice and it doesn't matter who you vote for the outcome is the same👍👍👍

[janeybwells]

I did economics A level at college 50 years ago. I don't think I really understood much of it despite passing the exam! I am enjoying these videos as you explain in a way that things are starting to fall into place now and I am understanding some of the topics that I was taught.

[howardgreenwood]

Thanks very much Nigel, really enjoyed this, just been trying to explain the Monetary system to someone whilst shopping locally, to say they were shocked was an understatement, still doing my bit 😉

[TheAvista]

How fun to be in your class. Simplifies and clarifies much. And awesome scenery too. Will share as this dispels much gaslighting - many thanks!

[atilarist]

Excellent, Nigel. Two things I want to add. The corruption of the free markets - in my opinion - was made possible by corrupting money (fiat), because if the measuring stick that we use to measure value with changes, based on some moronic decrees, sooner or later people start distrusting free markets - for the wrong reasons or not? Does not matter. Imagine if the official 1 meter rod that is being used for construction is 10% shorter at a 30 meters height by decree, would you trust the skyscraper built using such variable measuring rod? The other idea I want to add is, that life always finds a way and so do free markets. Even in a totally corrupt system, like the centrally planned commie rules in Eastern Europe, there was the Black Market. Agorism. Godspeed.

[frankcooper]

100% agree with everything you said. It makes me sad to see the direction of travel of the UK and the shortsightedness (is that all one word? Looks wrong.) of many of our citizens who seem oblivious to where this is most likely to end up.

[eusuntaici]

One liberty that we still have is to get out from the forced contract with our government - and enter into another unwanted contract, with a less bad government. It's hard though to have all the information from the beginning, so as to make an informed choice. Sometimes we have surprises.

[martybucko]

Thank you Nigel, very good & insightful as you say they don't teach this in schools. Great stuff.

[skmgqke]

Thank you Nigel! I will show this to my kids! ( Young adults)
What an oasis you are for us in this strange world. Thank you❤️

[triskellian]

Excellent discussion on two radically different systems of society. Many years ago, compulsory education in my state was something not be trifled with. Children whom became truant put the parents in serious peril with the local government. More recently, a court case changed some things where one could home school without being prosecuted under truancy laws. This was a victory to parents wanting a choice on how to educate their children.

[gail]

I have a spot of dyscalculia but the way you teach and explain is easy to understand. Bless you!

[MzladyGrinn]

Great explanation, Nigel!
Love these early morning(Eastern USA) talks you bring.
Hope you’re having a lovely day!

[gregg]

Truth and Justice WILL PREVAIL 💀⚔️🕊️
Brilliant my Friend 😉👍

[MAXERNEST]

Hello again Nigel, great backdrop looks like a proper winter wonderland, great points, i had my own little way of getting out of the tax system by working part time for 20 odd years, in that i was under the threshold for tax, although i did have to pay NI which helped to keep my pension qualifying years intact, i know some people with more financial calls can`t always do this, and without my wife working might be more difficult, and vice versa, it worked for us, that`s all i`m saying really. :}

[Mypsworth]

Excellent. Many thanks for this video, totally agree

[nonoyorbusness]

Read The Road To Serfdom by F.A Hayek.

[patriciamay]

So informative and well explained. I’m watching ALL your Blogs. Thank You. I feel exactly as you do but you put it soo succinctly.