Types of Goods and the Four Main Economic Systems

With microeconomics covered it's time to dive into macroeconomics! We will begin by looking at the four main economic systems. This will require that understand the types of goods and services, those being rivalrous or non-rivalrous, excludable or non-excludable, with these labels mixing and matching to give us private goods, public goods, common goods, and club goods. When countries decide what to produce, how to produce it, and for whom to produce it, they are in essence selecting an economic system. This could be a traditional economy, a market economy, a command economy, or a mixed economy. That was a lot of vocabulary words, so let's dig into this concept now!

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[zpacez]

as a marketing employee of a company with a variety of products to offer and new products being produced, this presentation helps me or even broaden my basic concept of economics.

[glennpearson]

Interesting that you might use public roads as non-excludable goods. People who can't get a driver's license can't use the roads (legally, anyway), though I did appreciate the fact that you distinguished all roads, in general, from toll roads. Also, great job distinguishing political systems from economic systems; a very important distinction that is less understood these days. Keep up the great work, Professor Dave! 👍

[stahu_mishima]

imo a mixed one is the perfect one
especially if it's planned from bottom to top and decentralised - enabling quick changes and an ability to make up to public needs faster.

on the other hand - strictly democratic government (basically a tool in the hands of the society) should have a say in the market and it's regulations - so rights of workers and consumers can be protected. and I'd of course really like it to be based on worker cooperatives and how Marx would say "collectively owned means of production" - that allows workers to have the most to say in case of their own work and makes institution of work democratic, instead of authoritarian, monarchical even.

[mixk]

You're planning to dedicate a series on political science? I'm sure these videos will get awful comment sections, similarly to the ones debunking pseudoscience.

Speaking of it though, are there any specific ideologies you're planning to discuss or no?

[adamsaraya]

can you suggest any books and/or websites to learn physics outside academia

[telotawa]

oligopoly is command economy imo, even if it's corporatist instead of government-run

[remain___]

2:50 but Netflix runs on physical networks with limited bandwidth, Netflix also has their own technical bandwidth constraints, as well as organizational operational limits, as well as competitive demands...

I guess a theoretical argument that the goods themselves, broadly speaking, the movies and shows that Netflix offers are non-rivalrous, but that argument would still need to be made

Regardless, thank you for the video! I understand these were just examples to communicate the concepts

Edit: wait I see... perhaps that theoretical non-rivalrousness of Netflix streams, in conjunction with the exculdability layer which integrates those currently existing bandwidth limits may qualify it as a club good. Efficiency or technological changes (economy of scale, blockchain) could in the future lower the bandwidth limits enough to practically qualify it as a common good.

[safeersway]

Sir can you please make a video on
a) Why energy of electrons increases as we move away from the nucleus and why gaps between orbits aways from the nucleus is greater than the gaps between the orbits near to the nucleus??....plz sir it is my humble request 🙏🙏

[shaik_hasan_ahmed]

Traditional economy, Market economy, Command economy and Mixed economy

[ogdtxpr]

what's the name of this chart of goods?

[brendanfrost]

Nice one Dave. I'm just surprised that while you discussed Capitalism, Socialism, and Communism yet you didn't mention Fascism.

[uksquall]

Can we get Prof. Beast Dave? You look great with the long hair and beard.

[Solbashio]

Should have just kept the intro to the science stuff since science be defined as the pursuit of knowledge, thus encompassing every video on the channel.

But I could see this could cause issues tho

[sjewitt]

Anyone know Dave's politics, it would help when watching these videos.

[johnc]

Looking forward to the political science series.

Embarrassing to watch a grown man act like a 5 year old and try to defend flat earth.

[XRDD]

Super simplistic on the "command" style system. Also, what an incredibly disingenuous choice of term. you make some pretty dubious claims. i hope you plan on revisiting that with a little more nuance, and a little less obvious contempt.

[paulhaube]

Air and knowledge are goods??? One is natural, global and is ungraspable. Knowledge is an ability, not a thing.

[quinny-bnjw]

I am commenting #BringBackDislikes on every unique YouTube video that I watch for the rest of 2024, regardless of if I actually dislike the video or not. This is video 1819.

[aidanmagill]

There are *only two* schools of economics. Those that think the economy can be engineered to produce "desirable" outcomes. And those that understand economics.