Why You're Thinking About Unemployment Wrong
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- čas přidán 26. 02. 2023
- WTF is Unemployment?
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Unemployment is a bigger deal than any of us realize. If you dive into the economics of it you’ll see why politicians and news anchors are always freaking out about it. Here’s my best explanation in 15 minutes.
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Johnny Harris is an Emmy-winning independent journalist and contributor to the New York Times. Based in Washington, DC, Harris reports on interesting trends and stories domestically and around the globe, publishing to his audience of over 3.5 million on CZcams. Harris produced and hosted the twice Emmy-nominated series Borders for Vox Media. His visual style blends motion graphics with cinematic videography to create content that explains complex issues in relatable ways.
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Johnny Harris is explaining macroeconomics now.
It looks like I am about to get a practical lesson in unemployment.
well, since you sold out, someone has to do it in your place.
Johnny is VERSATILE
@@nitishsontakke7432 he dint sell out c'mon
Lmao
Ironically he’s actually taking other people’s jobs.
"Humans aren't baguettes" - Johnny Harris
That's the hard hitting investigatory journalism I subscribe for
True. They don't make good sandwiches
Lies again? Dallas Bull S**t
@@whannabi I'm a human and I think I'm way better at making sandwiches than any baguettes I know.
I feel like I want 'Humans aren't baguettes' on a shirt. No explanation. Just the quote.
@@vigilantcosmicpenguin8721 i am a baguette, i disagrees
When I visited Japan and South Korea I was struck by the sheer number of people employed by the government doing seemingly pointless jobs. I saw heavy overemployment in most customer service roles (at museums, railway stations, galleries, etc etc.). People just standing in empty rooms all day, answering a question that could be answered with a simple sign. Or people whose job it was to press the elevator button. It was bizarre to see in action, but I recognised it was a form of social support. I guess it's a good thing
While that is good I don't believe that is a proper use of that persons time. Government jobs should be tailored more towards what society really needs & free education for certain professions that need upskilling.
How terribly degrading
These people could be spending their time on something productive and meaningful but instead the society is burning money paying these people to waste their time on something useless. Spend that money on education at least.
I was so struck by your story that I am going to tell you a story I heard once. There was once a famous economist who went to China to advise them. One day, while walking with a top Chinese economic administrator along a canal, the economist noticed workers digging the canal using shovels. He asked, "Why do you have these men using shovels instead of bulldozers?" To which the Chinese man said, "My goal here is to create jobs." The economist replied, "Oh, if your goal is to create jobs, why not have them dig with spoons instead?"
One lesson you should take away is this...The goal of an economy is not to create jobs, but to create value. You can always find something for someone to do, but what is more difficult, is creating actual value...
Would you rather 20 people have a job where they all give 50% effort or 10 people be over worked and 10 people homeless this liberal propaganda is so ironic they see the problem and eve though the solution is there they are like well just the way the world works
As an economist, I appreciate you taking the time to simplify a lot of these concepts that most times we tend to overcomplicate.
But all of the people saying "unemployment rate" in the intro, Joe Biden is the only person who managed to f it up. 0:13
As I person I disagree with economists generally
Im an economist as well and i wanted to comment exactly the same
@@turtle1701d how come, what in specific?
There are many different philosophies within economics. I can understand that a lot of people see economists as the bad guys, especially when recessions occur but the economists jobs in general are to limit these recessions. I feel like a lot of people confuse economists with bankers and other jobs where the stigma is that they only care for their own money while if anything they study how most people will prosper in a world of limited goods and unlimited wants.
The field of economics is really broad and there are so many fields within like development economics which studies for example how to create an environment for low income individuals to escape poverty traps by for example providing them with capital or information and studying what actually helps and what doesn’t.
You guys got your degree at Milton Friedman University?
In Europe we learn a whole bunch of explanations on how economies work and this is just one of many.
Most annoying thing when I was unemployed during covid was hearing people say all these places to me that are hiring like I hadn’t already tried there, plus the amount of job applications submitted compared to jobs is like 1/100 so you have all these overqualified people at minimum wage jobs
Yep, even jobs are looking for overqualified people for "entry-level" jobs. I'm trying to find a job in IT, such as helpdesk, and most of their requirements are 2+ years of experience w/ BS in CS. Additional requirements would normally list coding languages, or other IT skills beyond a "helpdesk" position. Jobs trying to pay minimum/low wages for a software/network engineers under the title of "helpdesk technician".
@@soulknight89 Even with a BS i had to leave that awful, overrated field
I got a BS in Civil (structural track), tried to get a structures related job and had no chance. They wanted a masters. So, I got a masters the next year and literally had a job the day I graduated. I felt really lucky there, but I suddenly had what they wanted. Now I have my PE and have to fight off the recruiters and direct offers. It's a really weird situation to be in.
You have to ignore ignorant people. If you're college educated used to making $80k-$100k per year you'd be doing society a disservice going into food service making a fraction of what you could make in a much higher value-add job. Not to mention, if you tie yourself down to a minimum pay job then you're spending less time looking for a job that better fits your skills.
Its so frustrating when companies say they're hiring but aren't actually hiring anyone. And the hiring process can take so long when you're frantically trying get a job when bills are due.
Johnny Harris! You hit me right in the heart for the Underemployment!
I left my job as a pharmacist on 2020 and because I couldn't find a new job, I started to work as a Mandarin Tutor to kids! It was difficult to do something that is not in my field, but I enjoyed the journey.
But now, I am back to the pharmacist job starting tomorrow! Finally not underemployed anymore!
你怎么会普通话？
@@andrelamotte9002 I'm guessing that they learnt it from their parents who were born in another country.
@@matthewtieu7051 20
@@andrelamotte9002 Duolingo
Looks like Nevada needs pharmacists. Lol.
Good luck on your new job!
i got a new job with an at will contract. left my old job. they hired a bunch of us and let all of us go. they hired everyone that applied just to fire and replace them when they found someone with more experience. Basically they were always hiring because they were always replacing. It really fucked up my bank account and couldn’t pay my bills and ect.
Hello 👋 Samantha. How are you doing? Hope you are fine. I'm Mark Clifford and am from Denver Colorado, where are you from? You seem like a real country girl
"The vastness of human experience doesn't always coordinate perfectly with the immediate needs of a market." Yessss, Johnny Harris 🙌
At the very least, there's a lag between a need and being able to find enough people to fill that need. if the need is really simple then it won't pay much. if the need is really hard then people will need YEARS of training to be qualified. and well, if that need is a fad/flash/fizzle then the people retraining get left in the cold.
that's why slavery is so efficient and why African-American areas in the U.S. have double the level of unemployment. Slaves are not employed. SAme with native indigenous reservations - even more "unemployed." Go FREE market! Pillage and plunder="they gave no resistance" Columbus quote=free market.
This video really hit hard. Graduated with two degrees at the height of the pandemic. Been underemployed since and have failed to secure a job in my profession. What's worse and I don't know if it applies for everyone else, it's been a while since I checked in with what I did at campus and I've begun to forget how to do it. Really don't know how I will fit into an office when I finally get a job, if I get a job.
Reread your textbooks, redo your assignments, keep practicing your skills. I wish I done it sooner.
Im in the exact same boat. i have a bachelors and masters graduated right before the pandemic and been unlucky since. its been really hard, quite a unique situation because so many cannot relate. youre not alone!
In which field you got ur degrees
I think we need to stop telling people to make their passions their professions. Follow an economically viable career path. Pursue your passions on the side.
You're not the only one, I'm in the same position too. Graduated in the pandemic and been applying for jobs ever since. Lots of rejections, nothing
A very successful entrepreneur came to my college and told us this
"Companies always refer to people as resource, they always say get more resource.I know Its twisted but its true"
This video makes me understand why that came to be.
Thank you for the Informative video as always Johnny!
Capitalism is all about exploitation.
Except on a balance sheet, employees are a "liability" not an "asset"
@@scpatl4now because, resources can also be liabilities at times.
"I wanna be Ninja".... I love that tune
Yeah so they can justify treating them like shit down the road
whos watching this while unemployed
😢
I've also learned that the official unemployment rate doesn't include lots of people who are actively looking for a job, but haven't applied to one in the last 30 days. it also doesn't include all kinds of people due to small little rules.
Y’all must be new
In my country (Norway), in order to be defined as unemployed you have to not earn any money at all (being 2% employed makes you employed), be registered at the social security office and do all of their things (send a bi weekly report card), and not participate in any of their programs like recieving unemployment benefits. In order to make everyone participate as a lesser part of a percentage EVERYONE being within education participate towards the employed part of the pie. Same goes for retired people that receive pensions and foreign workers that wouldn't count as unemployed in this country if they didn't have a job. That's how they manage to make the unemployment rate here 2.5% while the real numbers are more like 35-50%. Fun stuff, right?
We have data on all that stuff it’s not an enormous portion of the population lmao like you’re talking about permanently disabled people
Would be interesting if you did one on Brexit, and explaining how that went down and what the situation is looking like today and what it holds for the future. Constantly get asked by colleagues about Brexit and it’s future implications. Love your videos!
it is painful to watch how people have been stuck within this limbo of shaman Keynesian economists on the one side and Marxists on the other. None of them can't explain the economic cycle as part of general economic theory which was done by Mises and the Austrian economic school a long time ago.
Keysnisans silent because Austrians are exposing their incompetence, Keynes himself was a friend of Friedrich Hayek so he knew that he was wrong but decided to be rich instead of being right (scientific), and Marxists historically ignored Mises because they don't have any reasonable arguments against austrians critics of socialist doctrine.
The truth is such a thing as a free market never existed in reality, it is just a mark on a compass by which we define how an economy of a certain country is controlled either by laws of supply and demand or by the political interests of those who are in power.
If you are in power you need something to justify your intervention in the economy and "unemployment" was historically the best option in order to fool the public in thought that the government knows better how to allocate resources. The inevitable outcome of this is the resources will be allocated to the pockets of those who are in power.
It is a truly vicious cycle of capitalism, government distorts markets using vast tools they are possessing. The crisis happens, the public blames it on the market (capitalism), not the government, then preachers of socialism start to pop out everywhere and make inequality deeper and scarier. It is the history of 20 century, all progress was made because we still have relatively free prices and wages.
If you want to know how things really are read "Theory and History" and "The Theory of Money and Credit" written by Mises. If you want specifics - read "America's Great Depression" Rothbard. Don't read biased Wikipedia on this matter, read sources by yourself and think for yourself. This system is rigged for sure but you have a right to know what are the most eligible critics of it. Please try not to fall into the Marxist trap so easily.
Our universities failed us, we are on our own here. Don't listen the "experts" like Harris that only supports mainstream narrative, the way to truth is hard and you need to commit into reading many thousands of written pages not just 15 minutes video.
@@MitchNeverhood no one has the time to read thousands of pages each time their learn a new subject. It needs to be synthesized and unfortunately you lose a lot of information in the process. That's how It is.
Agreed
@@whannabistrange position, you either learn about the thing you interracting with everyday or letting people around you decide for you what is the truth. I'm sure that economy is worth topic to learn deeply because all our lives is depending on it, because if you don't learn you will be manipulated by everybody around you and especially by the government. The fact that you don't have time to read thousands of pages is direct consequence of your approach in life. I'm not a native speaker and writing little bit in comments is my way to practice english language, sorry if I failed to deliver my thoughts on this topic
@@MitchNeverhood wait, what? I'm with you up until "socialists make inequality deeper and scarier"? Who or what are you referring to? Allowing the peasants crumbs to eat deepends inequality?
This video hit home for me. I was laid off partially from the pandemic, and also from the company I worked for changing hands. I wasn't willing to move states away for an incredibly stressful job that I hated. I refuse to go back to a situation where I am continually stressed out at a job that I despise. And now, despite having a degree, I cannot find a job a few years later. I still remain hopeful, but the existential dread is always there in the background. I'm incredibly thankful for my spouse for keeping us afloat. It's a tough "job market" right now.
I'm in a very similar situation right now, minus the relocation part. Best of luck to you
Yeah. I don't know what to do-I got laid off last fall and there's just nothing. Places that want a move seem to be to even more expensive spots to live, which hurts when they're not willing to shell out the pay to match it. And there's just...nothing. I can't even get responses on freelance work most of the time, much less full-time jobs I apply to. I've looked outside my field and get ignored even more. I just feel like a burden and wish I didn't exist.
@@stefthepef stay there buddy .Don't give up yet
@@stefthepef I definitely understand. I just applied for a job and it turned out to be a scam. I'm looking outside of my field too, but it's difficult to find anything - jobs to apply to and for any of them to find enough interest to get back to me. I wish everyone looking for a new job the best of luck ♥
Whats your degree?
I had to pause the video type this: thank you!
I have to say that the quality of this video is astounding. You explain things so well and I can't imagine how long the script must've taken to write. The visuals are very engaging too, not to mention the bits of humor sparked throught the video. Your video has developed a new sense of curiosity towards this topic, and I really appreciate it. I hope you prioritize quaility over quanitity when it comes to the production of videos you make, please keep up the good work!
Thanks for making macro economics cool and understandable for younger generations (and the rest of us too). I'm a macro nerd myself, but you are doing a great service for so many out there who aren't learning it in school and would rather swipe through another TikTok than look at their credit card statement. I know you're just getting started on this particular topic, but a great journey lies ahead of you and your viewers. Especially if that beast unfamiliar to a whole generation (aka recession) is ahead. Happy trails!
Hopefully, Johnny is neither underemployed nor overworked, because he seems to be doing the lord's work and teaching a lot of stuff that probably should have been taught in high school (and, usually, IS taught in high school, just not very well) in 15 - 30 minute videos. I hope the algorithm pays you well, because you are doing a great service to humanity my guy.
🙌🙌 thanks for the generous words!! We’ll keep going!
@@johnnyharris But please do care of your health as well ❣️
@@utkarshagarwal8013 Yes, health is the most important both physical and mental
Aw. This comment is so wholesome.
The lords work, okayyy. God is not personal lol if he exists
Thanks for touching, even briefly, on unpaid workers that contribute profoundly to the economy like parents and children caring for elderly parents. Ive been screaming this into the void for almost 25 years now. Would love a video on this. The money an at-home parent saves the government and even the private sector is mind boggling. From medicaid to the justice system to healthcare. Wouldnt change the choices ive made, but boy i wish it hadnt required so much sacrifice and was valued by the culture at large.
💯
I agreed with you it’s a Very important topic for all of us to talk about
Unfortunately, that would mean people have to stop bickering and stop pretending everyone is the same/equal.
The woman haters would have to admit women are undervalued for their labor and the man haters will have to admit being a stay at home mother/wife is important and the egalitarians will have to admit that there are general differences between sexes
@@Cellocurve Or you know, we could let me into the home? My male partner would love to be a stay at home dad, why is that so insane? We will probably both be required to work forever due to this era we're in but I know that would be a dream for him. I do agree we need to start valuing unpaid labor like parenting or keeping the home though. I think we need to make sure all people can be comfortable on one income regardless of their situation and that just isn't a reality right now.
First time I heard about this take said and explained this way. And now I can't ever unsee or unheard it. This is soo true. I would absolutely love to read more study on this.
16:31 You hit the nail on the head. That's why I hate when people are like, "Be so good that they can't ignore you, innovate your business, etc." They act like we're in a vacuum and can completely control everything we experience.
I retire next month. And I'm a little nervous about how to keep up with my kids
Please, what do you mean by trade?
Thank you for bringing up the complex factors of employment. It has driven me nuts watching my 21 year old, honors college grad, find her first professional job. Particularly while every news program on this subject seems to rave about the unprecedented low unemployment rate. It's not as easy as "get a degree and get a job." Very talented humans, with much to give, might also have physical or mental health challenges that limit what jobs they can take or where they can move to.
I'd love it if you could cover the impact of AI on this issue, too. AI as gate keeper is something of a nightmare for job seekers.
@Zaydan Alfariz no. Just a high-quality private liberal arts university in our area.
I had the opposite experience. Just got my degree a month ago, uploaded my resume to indeed and had a ton of companies reach out. Got a job within a weeks time with zero work experience in my field. Companies across all industries are looking for work, and you can easily find a great paying job that might not be exactly what you went to school for. Most people I know work in a field completely different than what they went to school for. I hope your daughter finds a great job soon ! Good luck to her
@@elfrjzwhat's your point, man?
Liberal arts says it all. Change that to engineering an she would be hired straight from school.
I guess being vaguely “talented” doesn’t matter as much as being able to do a specific job that fills the need in these companies hiring
Thank you for mentioning unpaid caregivers. Our labor does have economic value, even if we have to check "unemployed" on all the forms. 🙄
Unemployed means you are looking for a paid job. This is why the unemployment number can also be misleading. Those that stop looking for work, but would work if given a job do not account into the unemployment rate, at least in the US.
@@KhanJoltrane Yes. I am not included in that number on the news. But there are a lot of forms that have two boxes and you have to check one: employed or unemployed. And obviously, I am not employed by a company. I really appreciated Johnny acknowledging that my category exists.
Gods work
If you’re unpaid how do you pay your bills?
@@mrsmith1097 I'm married. I'm one of those parents Johnny talked about. Somebody has to take care of the kids. Either both parents make enough money (or are desperate enough) to pay caregivers or they have to do the caregiving themselves. I'm a novelist and craftsperson, so I'm the caregiver. I'd have to get a job paying at least $20k in order for my family to break even in childcare costs, and unfortunately my skills aren't considered valuable enough (and service work doesn't cover that much). I contribute economically to my household by saving us money. And I'm not alone. Hundreds and thousands of parents (largely women) left their jobs during the pandemic because of the cost of childcare. Their families make more money on one income instead of two.
The worst thing about this is I wish this was longer. The way you present makes me want to keep watching and learning.
Just love how every vid Johnny puts out is discernibly better than the last
As a South African, seeing people freak out over a single digit unemployment rate is crazy😂
Liiiiiiterally. We are so screwed here lmao.
And I don’t think loadshedding helps…
Boy what a country
South Africa is in a unique situation.
I found the cost of living to be just as much as any Indian city and the wages are higher
@@jigmed1 are you sure? Compare cost of living between Mumbai, Delhi and Cape town, Durban
@@jigmed1 which wages are higher? Indian wages?
Finally I can have an excuse for not being employed
Also unemployed, wish I had a job but I'm not forcing myself to work somewhere I know I'll end up worse at in the end
@@SlartiBartfast2469 so you want a job, but don't really wanna find it?
Solution - Call a consultancy than to find job for you, they will charge your employer
@chadzues2605 actively looking but only in job sectors that interest me , not the hell that's retail , and yea I recently signed up to a few programs that are looking for me , hopefully I get an interview soon as a couple of opportunities have presented themselves
You been asleep for a few years? You're supposed to be proud of it now.
That's not a flex, homie. You should at least be a little ashamed.
As a person pushing 60 one thing I have noticed(even with my own nephews) that many of the younger people won’t take jobs even in fields they trained in because they don’t like the work. We were taught(or maybe brainwashed) that you are “lucky”to have job and that “most people hate their jobs” so you keep it to support yourself and family until or if you find a better job. My friends and I have all gone through this and many kept jobs they hated for 30 years because they felt they had to be responsible. Maybe the younger generation is smarter than we were but then again my parents were not going to let me live in their house into my 30’s without being gainfully employed. Maybe just changing times.
The problem is alot of us youths are gainfully employed (or still in school paying thousands to gain the education to have that gainful job), we just can't afford to get out of our parents houses because of costs. Trust that we don't want to be here either. It's not my choice, it's unavoidable. (Edited grammar)
I just want practical skills to live off the land like my ancestors. I don’t like the modern world
@@kelseylabelle7885 our parents and grandparents sold out the country to corporations and now they want to complain that kids have to live at home due to the economy? No you made this bed, I was just born into it
A lot of young people are employed, it's just difficult to live elsewhere other than your parents with the lower income streams and decreased opportunities available for young people. Rent is very high in cities where there is more employment opportunities. I'm on a salary and living out of home in a major city but it took a long time to get here. Study is necessary for better employment but while studying it's hard find work that will hire you. A lot of places demand full availability as well. I was hunting throughout my bachelor degree and couldn't find a single flexible job until I reached my masters degree.
I hope I'm not this out of touch when I'm older. That said, like most millennials, I'll likely be homeless at 60.
Yes Jonny!! We all are very happy about your macroeconomic videos!!!! Your the best!
Most importantly my new favorite news Chanel.
You tell these true stories in a way that I hear & understand & keeps me wanting to know more and not click away!!!
I think all my friends are getting sick of me sharing all your videos because I think your videos are so cool that I show off your CZcams account as much as I can. Keep it up!!!
❤❤❤
The more homeless Johnny looks, the better the content
no dude
🤭
He looks like hippie to me
But why is his hair short in the ad section??
Jujur ngakak lmao
Thanks. I didn't realize there was a term for what I've been saying for years now. That not everyone wants to be a doctor or a coder. Some people like landscaping or retail or whatever and don't want the jobs that need high education.
There needs to be a place for all in the market.
Not only that but some people even given the proper resources just aren't actually capable of doing some higher tier jobs.
I'm not a hardcore equations and maths kinda guy, so engineering, definitely not a good fit. But this ripples through the entire economy and job system. In the same way that someone in a wheel chair would be a bad fit for moving furniture, other people will never be capable of higher tier jobs.
"nonsense, only the rich deserve higher education, the poor can decide whether they wanna flip burgers, or eat them in prison" - reagonomics
@@alecshockowitz8385 exactly, plus. It everyone wants those types of jobs. Better pay almost always= more stress and more liability. Some people don’t think it’s worth it to kill yourself for a job and to make your job less stable because you have more liability and are going to be the first to get fired in layoffs .
Coder's are the ones not getting jobs😂😂😂😂
@@darkranger116 which is a really just boomer entitlement at it's finest. if you make it so people can't win, people will STOP PLAYING. like mad max and French revolution sort of stop playing.
it would be interesting to hear more about the underemployed, and those that have fallen off of the unemployment percentages due to being on the "list" for too long, or they've frankly given up on the system. The stats I've seen show it's not an insignificant percentage of people!
As a pricing consultant and someone who’s worked closely with pricing for 9 years you nailed pricing Johnny! I love the analogy and takes a real nebulous subject to people and breaks it down expertly into how important it really is despite how innocuous it feels.
Great vid. I have to admit that I teach at a community college and part of the unemployment problem is because colleges and universities are not able to predict markets and prepare students to serve those markets. Instead, they base majors on what's gotten students good jobs in the past. We're always reacting and it creates employees who are sometimes trained for a business that is no longer in business. Somehow, higher education needs to quickly train students for future jobs, not past jobs. And maybe, technical schools offering certificates or corporations offering short-term certificates are the answer.
I went through a technical program and was wrongfully let go, I have also had a CDL and was done the same way… there is a problem with companies doing that to good people and then wonder why they don’t want to work or have issues finding work. Because they trashed their resume so it ends up looking like shit and then get rejected. But that’s my opinion.
Technical program and got a job after and was let go from that job sorry got ahead of myself lol
I work in supply chain, and honestly a big reason I studied supply chain is because I knew it was a career field where the demand for workers outweighed the number of folks looking to do the job (aka I get paid more). This is mostly becuase I was interested in too many things so thats kinda how I went about making the decision. But honestly I think it is a really interesting space to look at especially when you look at labor incentives for factory workers. Our nations factories are filled with real people, and how they get those people can honestly be kinda insane.
Smart! Same here. I didn't love biotech, but I knew there were less folks and more opportunities. I grew up in poverty and wanted a stable high income. Now at 28 i earn $112k+, fully remote, and hardly work 30hrs/week. I am the youngest person there but my hard and soft skills pulled me up and I can handle and even manage other people. Supply and demand.
Same, went to college for Economics & Stats, ended up with a job as a fleet manager straight out of school. Another thing about supply chain is that products will ALWAYS need to moved, like every company needs some sort of transportation.
Hoping to parlay the two skills and snag a Supply Chain Analyst type job.
@@ChicagoShnozzlers It seems only sales and supply chains are secure jobs, and that's wrong. We need to make sure that other folks in various professions do not struggle. Not everyone wants to be part of the Supply Chain labor force or real estate agent.
supply chain type of jobs and lots of economy/finance/analytics jobs could be impacted by artificial intelligence, it seems like something that the new artificial intelligence can handle
Anyone watching, ignore most of the video lol. You can't talk about the macroeconomics of unemployment without talking about its very close cousin, laws and regulations.
In an economy sure there are multiple private businesses, but the concept of monopolies, duopolies, monopsonies, duopsonies, and multiple laborers also exist. For example with the baguette example, that store could be the only baguette game in town and the owner realizing this will increase prices not because of the invisible hand of the market, but because he knows people don't have options. And that store could practice anti-competitive behaviors to prevent others from creating a market.
So what happens is that prices increase or decrease, unemployment, and financial crises also happen because we just allowed it to happen with hindsight being 20/20.
"Whatever is incentivized, happens" - "There are no bad people, only bad incentives"
you should explain more, why people are even losing their jobs:
big companies make huge profits, but when the huge profit is slightly less huge, they get rid of people instead of using their huge profits to prevent this unemployment cycle.
Johnny, your videos make learning addictive. It is always great to gain knowledge, and nobody presents the facts in a more fun, creative and informative way. No matter the topic, you break it down into information that is understandable. There is no better feeling then the feeling of being educated. Thank you and your team for all the hard work. My family and I appreciate all that you do. Cheers!
Wow! Comments like these are so appreciated. Thanks for sharing such kind words.
It's as addictive as hearing some gossip! The way express the info, feels like a very close conversation between old friends, love it!
yep, i think you are doing an excellent job Johnny, kudos!, and for that i would like to ask you if you could talk about productivity, as every time it is discussed in the media, it seems that it is implicit related to the number of hours a person works or some kind of "social behavior" issue. At least, this is how a large part of the population in developing countries, such as mine, perceive it, even with the OECD indicators showing that most people work more hours than average. It would be interesting if you could delve into this and understand the reasons behind it, as well as who should get accountable for this and responsible to be pushing for improvement.
@@johnnyharris I love your videos and watch all of them...I just have to say, please do a video on what capitalism really is.
HOWEVER - In this video, you blame capitalism for the problems caused by socialism. Central banks move interest rates which take the power out of the market and give it to select people conducting the biggest insider trading scheme in history.
Ironically, you talk about the government increasing liquidity by injecting $2 Trillion worth of tax payer money to help unemployment.... that is the opposite of capitalism, again. Maybe everybody should be in control of the market instead of just a few.
If you want to criticize capitalism, at least talk about what it really is and what is wrong with it.
It’s not much, but I want to express my gratitude for your videos. I’ve been a fan for many years, and your videos have played a huge role in many of my classrooms. Thank you.
Just imagine if each one his millions of subs gave a little bit, too….😊
@@lisajean228 and thats economy ppl
Every little bit helps 😇
aww tears so sweet!!
I mean it's really not much but at least you are somewhat better than others
Sunk Cost is the economic concept that got me hooked because it really changed the way I viewed things. There are many counter-intuitive economics concepts that are cool. But they're mostly on the micro level
I love your work and am a huge fan of your content. Your video is a great basic explanation but I feel it’s worth it to also mention that unemployment is also defined as those who are actively looking for a job. So the unemployment rate is actually much higher than just those unemployed or taking care of others.
The problem that we have with companies searching for labor, is that they don't tell you what they will pay.
They want all of your info but hold wages close to the vest.
This needs to change.
100% this
Not only that, but even many supposed "entry-level" jobs seek people with experience, which thus creates the "chicken and egg" problem - you need a job to gain experience, but to get any job, you need experience.
basically it's like a procurement tendering process. lowest bidder has a higher chance to win.
It sounds odd but my first introduction to the economy and politics was through food. Their prices, stock, inventory at home, measurement, value, quality and the vendors.
I’m loving the macroeconomics! I would love to see one on my industry, philanthropy. And/or local economy. Thank you for making this stuff approachable.
So well explained Johnny. Makes me want to learn more about macroeconomics
As a French, I choke on my baguette when I heard "These baguettes are 3$ a piece, it's a nice affordable price" XD
No, not even in Germany where I live would I pay 3$ for a baguette! A baguette must be 1€ maximum 😉
Out of that, nice video 👍
Can confirm. Baguettes in Germany are amazingly cheap 😍
That's because they are government subsidized! Via flour and directly as a product. That's why other types of bread are costlier
Hope you like Germany! From a fellow German :)
Congrats
In the bay area they can go for like 4-5 dollars 🥹
The idea that prices communicate information is probably one of the most important things for really grasping economics. I thought it was missing in your inflation video, good to see it here.
With each economics video Johnny puts out, he get's closer and closer to that MMT lightbulb moment.
These videos are SO fascinating. Thanks for putting them together.
I'm a caregiver and care for my dad. I'm 43 and have been taking care of him since I was 20. He's 78 and I don't know what I'm going to do when he passes. I try not to think about it but it worries me.
It is so sad to see the state of educators and educational institutions in terms of unemployment. Freelance teaching is great but unstable sometimes and there’s rampant exploitation of teachers. They’re overworked and underpaid.
@Zaydan Alfariz In your statement, if you remove the last sentence, you get the former countries or western countries primarily. When you add the last statement, it then adds countries that are asian or more specifically south asian, where educators are not treated any differently than labor workers.
I think teaching is dying or almost dead. Thanks to AI. Unless you're teaching AI...
How is having a part time job being "over worked"??
@@FirestormX9 Given the state the UK is in with respect to teachers, I would disagree. Also, the culture we’re raised with (of course with exceptions) has been misogynistic and looked down upon teaching and teachers.
@@mlake4725 AI is still in a fledgling state. It is not capable to undertake every task yet.
You're a great storyteller man, really helps make learning fun and interesting
Watching this video essay second time, and still find it outstanding. Thank you guys for your work and efforts! It’s a miracle how you can put all that information in one short video. Keep it going, folks. I’m a big fan of you.
I love these economics videos Johnny! I wish the basics of economics was taught in school! Keep up the great work, you’re a boss-tier communicator 😊
I recently became unemployed. It does feel like I have the skills and talents that employers are seeking but they never go thru with giving me a chance. Other than that though, these videos have been really helpful for me to understand the motions of economics but also to explain it to my sister who thinks money and prices are all nonsense and greedy and also to my dad who feels like it's specific people's fault for being unemployed rather than everyone's. I'll be sending this video to them too, thx Johnny.
it is painful to watch how people have been stuck within this limbo of shaman Keynesian economists on the one side and Marxists on the other. None of them can't explain the economic cycle as part of general economic theory which was done by Mises and the Austrian economic school a long time ago.
Keysnisans silent because Austrians are exposing their incompetence, Keynes himself was a friend of Friedrich Hayek so he knew that he was wrong but decided to be rich instead of being right (scientific), and Marxists historically ignored Mises because they don't have any reasonable arguments against austrians critics of socialist doctrine.
The truth is such a thing as a free market never existed in reality, it is just a mark on a compass by which we define how an economy of a certain country is controlled either by laws of supply and demand or by the political interests of those who are in power.
If you are in power you need something to justify your intervention in the economy and "unemployment" was historically the best option in order to fool the public in thought that the government knows better how to allocate resources. The inevitable outcome of this is the resources will be allocated to the pockets of those who are in power.
It is a truly vicious cycle of capitalism, government distorts markets using vast tools they are possessing. The crisis happens, the public blames it on the market (capitalism), not the government, then preachers of socialism start to pop out everywhere and make inequality deeper and scarier. It is the history of 20 century, all progress was made because we still have relatively free prices and wages.
If you want to know how things really are read "Theory and History" and "The Theory of Money and Credit" written by Mises. If you want specifics - read "America's Great Depression" Rothbard. Don't read biased Wikipedia on this matter, read sources by yourself and think for yourself. This system is rigged for sure but you have a right to know what are the most eligible critics of it. Please try not to fall into the Marxist trap so easily.
Our universities failed us, we are on our own here. Don't listen the "experts" like Harris that only supports mainstream narrative, the way to truth is hard and you need to commit into reading many thousands of written pages not just 15 minutes video.
@@MitchNeverhood I don't think I have ever read so much bullshit in one comment. You just pretend you're opinion are fact but it is not.
@@martinnoro2098 sry, english is not my native language and I'm probably sound too confindent, I'm open to discussion, I'll appreciate if you may spent little bit of time and explain to me what do you mean exactly when you accusing me of bulshitting you
I love your videos! You have shed light on a lot of topics I never knew about before. The quality of your videos are on another level,. Though, that timer periodically distracted me and I found myself staring at that more than the contents on the video. Can you explain the reason for the timer? Keep up the great work, I cant wait for your next video!
Thank you for another interesting video Johnny & co!
I would really love it if you were to make a video on the international adoption industry. I think it's something that really deserves to be talked about more because a lot of people tend to only talk about the bad sides on international adoption and not many of the darker sides such as kidnapping, stolen children, women being kidnapped and raped to "produce" children for orphanages that sell the kids etc.
Really appreciate you educating people on important economic concepts like these, we'd be living in a drastically more better world if everybody understood basic economics.
Hey, Johnny and team. Great video. I really appreciate these macroeconomic explainers. They really help analyze issues that impact all of our lives in a concise way. As usual, keep up the incredible work!
Drinking game every time Johnny says “we need a totally all new video for explained that”
This is a well-presented, and much-needed video. People often equate the economy with the stock market, largely due to how it's portrayed on the news, but the economy is all of us, and seemingly small causes have mighty effects.
A lot of what I believe is rocking economies is the larger companies requiring more skills for basically entry level jobs (5+ years experience straight outta college types) yet offer the same wages, so many people just decide not to because they’d be getting paid LESS THAN THEIR WORTH.
"Humans aren't baguettes" is absolutely shirt worthy! Please merch please!!!
Also, as you said, economics has always been so complicated and only economists knew the secret password. Thank you for making it so easily understandable. Much appreciated!
They make it sound complicated to fool you to work for a minimum wage. It's always been a rich versus poor struggle.
Great video. Well structured and great content. Help me so much! Thank you. Subscribed!
I learned more about economics in this one video than I have during a whole semester back in high school.👌
Wished I had these videos when I was studying Economics in school. Pretty amazing that you somehow managed to explain economic theory without the use of a supply demand graph...
Funny how this popped up while I'm feeling really lost and hopeless about being unemployed. I want to work so bad, what a good explanation on this.
Same here, hope you find one soon!
Same here ! Been looking since August 2022 in Paris.. I m still going through interviews and getting rejected but I'm not giving up anytime soon.
I’m in the United States have been laid off since October and still looking, don’t lose hope, we are all in this together!
ive, just realised, your content is so good and interesting i dont skip the ads because i want to make sure you get the cut XD
“How are all these pharmacists everywhere?” is the new “Batteries?! How do they work?!”
Thank you for including "speech pathologist" as one of the career shout outs. Virtually no one ever includes us when they name off professions. ☺
Well thufferin thuckertash
@@crazyprayingmantis5596
That took me a second. My 9-year-old brain had to make some new connections to my more recent joy of reading.
@@kindlin
☺️
I thought the same thing! I'm not one myself but have super high respect for the profession
Please do continue with this series on Macroeconomics. It's very helpful in having discussions about what our country is doing around us... and what we should do about it
Just in my little area alone in Wisconsin, in the last couple weeks over 500 people have lost their jobs in many different factories and stores. Including a medical center. The layoffs are absolutely historic. I was fortunate to hang on by a thread so far.
Aww man I hope it works out.... I've been working since I was 15, I'm 40 today, even through college I've held a job
This is the first video I've watched of Jonny's and I love how entertaining he made an otherwise dry subject. Thanks for giving new meaning to "Get that bread!" XD
Wonderful work Johnny and crew / team! So glad to be a Patreon and to see this kind of excellent, worthwhile content on CZcams and whatnot.
As an unemployed and cannot afford patreon, thanks for supporting johnny for us to see these worthwatching johnny contents.
@@cloverleaf3996 - Happy to be paying it forward 🙂
Usually, the videos I watch I 'listen' to while doing other things. BUT your videos are one of the few that I organize my schedule more, so I can *sit and watch the screen* and see what you are going to do. Congrats to this team, they are a amazing.
I have been watching you videos on autoplay for days now, I can't get enough, this is by far the best new channel I have found. I know this is an old video, but the compliment is across the board, y'all are amazing at what you do
Well done I enjoy these economic videos, there's always more to understand about this stuff
I would really like to hear an explainer on labor unions and the relevance/purposes they serve, as well as the pitfalls that can accompany organizing workers counter to firms in an economy.
I knew it. Economic stuffs don't need to be hard. No jargons, no BS. Keep up the good work
Been watching since Vox, love how far the channel has come since and the variety of content, especially the economic stuff. Keep it up!
This is the reason I fell in love with this channel in first place I really love this type of content
Remember, the Fed has two jobs and one of them is making sure there are a lot of people unemployed. That way the workers are desperate for a job and will work for less. Unemployment insurance is always lower than your wages so you will be desperate for a job.
The FEDs dual mandate (as stupid as it actually is) is not this. It's to keep price stability and low unemployment. One of the mandates has nothing to do (at least not directly) with unemployment and the other one is the exact opposite of what you said. Don't get me wrong. The FED is at best incompetent and at worst actually evil, but it doesn't work like you claim.
Great content! I can totally relate to this topic as I'm unemployed right now.
For a first world country, there should be a lot of opportunities compared to where I am right now, a developing country, people would 'kill' another to get a job.
@@elfrjz you guys could replace those machines but it would wipe out millions of jobs for the lower and lower-middle class. And for uneducated workers.
Different experience for me. I literally had 100+ companies reach out to me after uploading my resume to Indeed. It was extremely easy to find a job in less than a week, and I just got my degree one month ago with zero work experience in my field. A ton of places across every industry are looking for work.
@@elfrjz nah I'm not that smart lol
The real unemployment number is much HIGHER than we are lead to believe. Remember, the U.S government is a corporation which has the best public relations (propaganda) in the world at this point. The federal, states, cities, local municipalities, businesses, students, and the average citizen is in the DEBT yet we convinced the world that we’re the “richest.”
@@thinkbeforeyoutype7106 Happens when you have so many tropical ethnic groups. People are tired of freedom they want security and prosperity. Western Europas degenerate will not be permitted to Ukraine.🇷🇺🇷🇺🇷🇺🇷🇺
Unemployed for over a year as a newgrad. Definetely facing the "we only want overqualified engineers" situation
Love your break down videos, keep it up!
As someone who was on and off unemployment for a number of years (thanks to my undiagnosed Autism and ADHD), it needs to be said: You Are More Than Your Job and Your Worth as a Human Being Isn’t Tied to Your Productivity.
What doesn’t get said as much as the cold hard unemployment figures is how unemployment trauma impacts how you work and feel at future jobs. The trauma of instability can have a ripple effect and, if not addressed and healed, can stunt any growth you were planning to make while at a new role.
It’s not your fault if you got laid off while doing kick ass work. Things happen and, unless you’re not liking your job and are slacking, it’s best to know that circumstances can happen outside of your control (and worrying about that is toxic to your mental health). Take care of yourself!
Especially when you live under an unfettered capitalist system.
Top tier comment
I'm done giving 100% for companies. They have kicked me to the curb while execs posted record bonuses
A huge benefit to paying companies to not fire people instead of paying people who've been fired, was that the companies that didn't fire their employees didn't lose qualified people to other companies and professions, having to go recruit and train new people in an expensive and slow process.
I wonder how you determine who much government should pay a company to keep people. How do you keep companies honest and not have them say they were going to sack more people to get more funding?
Thank you for the essay/lesson! i really appreciate the plucked string section music... dat pizzicato is my auditory baguette equivalent 🤤
The timer really helped me focus. I’m going to start doing that with my kids.
Hey Johnny, I love your videos! I wonder if you guys are able to add dates to the clips you show throughout the video. I think it's useful to know if the news clips I see are from last year or just this week.
Keep up the awesome work :)
This is why I think the best thing to do is to keep learning and studying new things, even after you're done college. Always looking forward and open for the next new thing that might be a better opportunity, or at least something that might save you from ending up on the streets
college is not a job offer nor job training. it is mostly indoctrination and textbook knowledge. basically a scam. yes I am college educated and benefitting from it due to the license I got from the degree but 100% of this job is what I could have learned on the job. college was not required. just a scam to make money for these institutions
u gave me deep depression :"(
@@cl00x3r Why? learning new things is cool, it keeps you busy and you can discover many new possibilities and it keeps your mind healthy as well :)
@@scarletdragon1019 my friend that is indeed true but not for all people ,when you think of it as something you have to do it and keep doing it starts to not sound as great
Anyone watching, ignore most of the video lol. You can't talk about the macroeconomics of unemployment without talking about its very close cousin, laws and regulations.
In an economy sure there are multiple private businesses, but the concept of monopolies, duopolies, monopsonies, duopsonies, and multiple laborers also exist. For example with the baguette example, that store could be the only baguette game in town and the owner realizing this will increase prices not because of the invisible hand of the market, but because he knows people don't have options. And that store could practice anti-competitive behaviors to prevent others from creating a market.
So what happens is that prices increase or decrease, unemployment, and financial crises also happen because we just allowed it to happen with hindsight being 20/20.
The temptation levels on Johnny’s eyes, when he hears his friend got a baguette in Kitchen 😄😄😄
This video came at the right time because I was fired two weeks ago for “ not being the right fit “. I was not given a warning and I wasn’t properly trained either. I filed for unemployment today and I have been applying to jobs and doing interviews.
Keep them coming, Johnny! These explainer videos get the ball rolling for those that would like to dig deeper into the subject matter of each economics topic you cover.
Good video!
Hey Johnny, love your videos! Since you offered, I have a topic, but I wonder if it is too large in scope. It has always fascinated me how money seems to be created out of thin air, especially with the bank reserve system and after the gold standard. I love how you find ways to so clearly explain complicated matters. Care to give this one a crack? Thanks!
You truly enlighten me. Every video. I can tell you love your job.
thanks a ton again . Feeling blessed to get enlightened by you.
I learned basic economics in 9th grade, somewhere around 1979. This was during a period of staggering inflation. Maybe that’s why it always stuck with me. If they’ve quit covering it as a basic requirement in primary education, now would be a good time to start again. One thing they didn’t teach me but I’ve found to be consistently true in all areas of life - everything cycles back around … this too shall pass.
I had it as Politics/Economics in 11th grade in 2002 and there was not a lot of interest in it and the teacher was horrible. I would not be surprised to find it had been removed from curriculum during "No Child Left Behind".
Capitalism does work on a cycle, that is one of the first things shown in Macro if people move on to college (2004 qualifier, taking Econ101 qualifier).
johnny and the team you folks are doing an amazing job making this great videos and teaching us all about important stuff out there!!!
I hope you all get enough breaks and take it easy to get not burned out :)
I watched this thinking I would learn something new (I’m in finance/ college grad) turns out this was just a really brilliantly articulated breakdown of basic economics. Learned nothing new but still a great video especially if you have no background in economics
love your videos buddy !
macroéconomie videos are great. i want more.