How Does Finland Redefine Economic Success? 🇫🇮
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- čas přidán 5. 06. 2024
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Despite having very high taxes compared with other developed countries, Finland has become a very successful country that tops a lot of global leaderboards for education, safety and social security. After the collapse of the Soviet block their economy struggled, so how they they go from a disconnected and under-utilised economies to a powerhouse in Europe?
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EE completely overlooked Finland's most important contribution to the world. Only the Fins can successfully make it all the way around a hairpin bend in Winter, on a gravel road, and without slowing down. This crucial skill adds 1.5 to Finland's overall score. Thus, in reality, Finland is fourth on the Leaderboard.
That end the metal music they make. Nightwish, Amorphis, many more.....
There is a reason the population is so low… now we know why
@@GrandviewKing Those that cant Make The turn Are not worthy
I agree, tommi Makinen agrees, angry birbs agrees
Finland invented the Hydraulic Press CZcams Channel. 9 out of 10
Nokia had a huge impact on Finnish economy. Their share of Finnish exports were like 20% for 10 years row. Not to mention all the indirect effects. For years Nokia employed like 1% of the population directly and who knows how many others indirectly. At best Nokia accounted for over 50% of the all patent applications in Finland.
dude did not do any research he just put there everything about eu and added couple random words that pulls up when u type Finland in google
@@mammadjafarzade7687 Tbh this video sounded almost like an AI script or something. It didn't even match EE's usual approach to covering countries since he padded the time out quoting some generic drivel from a couple politicians that said nothing about economics, which doesn't figure in his other country profiles. Like I still don't even know much about what Finland makes exactly, besides Nokia. Forestry sure, but what heavy industry? What life sciences? It was all just blah all round.
@@ArawnOfAnnwn About the heavy industry we make some boats and steel in Outokumpu and then theres the chemistry with Kemira probaply still in the lead. But thats what a Finn would know tbh.
@@jaskapenttila7644 Is that big? I've never heard of those companies. From what I do know shipbuilding is pretty dominated by the triad of Japan, Korea and ofc China. Dunno about chemistry much, but I know Dupont is huge there and it isn't Finnish.
Nokia is still an important tech company with $26.5 billion revenue but doesn't produce consumer goods anymore. That is why everyone thinks Nokia has vanished.
I think EE discovered ChatGPT. Most “scripted” video yet.
Exactly no details of the so called innovations
Exactly no details of the so called innovations
Yes it is unfortunate. As someone working in media myself I realise how many of these outlets/channels fire necessary workforce and become fully dependent on AI, which clearly yields mixed results. Quality >>> quantity.
I certainly hope EE won’t go that route, as it will plummet the brands credibility and product quality. And I really like EE…
I was just wondering the same thing. Didn't want to be the one to comment it though thinking it might be rude
it does sound like something I would've written up in a weekend for a first year assignment in uni, even without the use of chatgpt. Sadly it seemed that it only skimmed the surface of the subject.
Finland recently completed the construction of a large nuclear plant. This means they will not have to import as much natural gas or other fuels. They are also the only country that has built a repository for high level nuclear waste. Certainly, their last nuclear plant was expensive, but in these inflationary times, that cost will certainly be inconsequential over time. Building that plant seems forward thinking.
Unless these inflationary times are followed by deflationary times
@@Tmb1112I highly doubt that.
They will import uranium instead. Who owns most uranium in the world? 🤔
@@189Blake Australia
Nuclear is much more better than clean energy it is fast,cost effective and cleaner than most energies. You can also use it for heating with using thermal energy that come out of it as central heating systems making gas and fuel need go down even further
This is a video only a foreigner can make about Finland.
Why?
@@RK-cj4ocFinns like to complain about the system all the time. Especially those who lack international perspective. I’m sure thats the case here as well.
@@RK-cj4oc Cos it sounded almost like an AI script or something. It didn't even match EE's usual approach to covering countries since he padded the time out quoting some generic drivel from a couple politicians that said nothing about economics, which doesn't figure in his other country profiles. Like I still don't even know much about what Finland makes exactly, besides Nokia. Forestry sure, but what heavy industry? What life sciences? It was all just blah all round.
Yeah, agreed didn't even mention our rising debt. Could have atleast compared us to our neighbor's
@@ArawnOfAnnwn this summarise most EE videos. When EE makes videos about the countries I lived and know about, it’s easy to see it’s extremely oversimplified. So it’s not necessary saying wrong details, but it’s misleading by omission.
This is like the most soft-ball EE episode I've seen. "Finland is basically perfect, but must continue to be perfect or else they will risk becoming imperfect" 😅
Also there are a whole bunch of minor errors
@@AL-lh2htNot minor he got at least 2 figures totally wrong maybe even more if I would bother to check
One of the boring episodes imho. Half of it seems like it was written by ChatGPT tbh
@@ameyskulkarni My guess is that his working a big video and he doesn't have time for others, so he just probably has a list of easy quick ones to make that will still grab people's attention.
@@tacobell1365 If that's the case then he should take a break or something. There's no need to put out lower quality stuff every few days. I don't mind waiting longer if the videos are actually good
This video was wordier than usual.
It took a lot of words to say very little.
Was it AI generated?
Your videos have recently pivoted away from insightful videos with detailed research to simple video summaries of countries not yet on your list. This takes away the quality aspect that made me watch in the first place.
its like t he used to be more S.W.O.T reports than the gloss over summaries we see now.
This was one of the boring episodes. Like seriously, did he use ChatGPT or something?
@@ameyskulkarniwas going to say this, sounds exactly like something chatgpt would write
Was just gonna comment that this video's script sounds like a generic essay, one of those blog posts that get churned out for businesses that have no business creating a blog. Created just for SEO.
You just can't have jokes in Finland... it's too serious
Hey EE team! Love your videos, but this one felt a little bit about nothing. I mean the same information was repeated multiple times and it felt quite a bit of a downgrade from your regular videos
Yeah I agree, a lot of the points and information was surface level at best, repeated numerous times and didn't seem that well researched at all. It's quite poorly written honestly, it sounds like some of the things I wrote in school when left it to the last minute and had a wordcount to hit lol
@@Blackdiamond2 haha it reminded me of school too lol.
It felt like it was written by ChatGPT...
@@fredfredison7465Yeah that was exactly the feeling I got from so much of the video lol
Very good for a video made by AI I agree
EE, the way middle earner income tax is calculated maybe different from what I intrepret, but I'd say it is DEFINITELY NOT 46%.
I'm finnish, born and raised, work as an engineer in the mentioned forest tech industry. Here's rough example of my tax info.
I make 4k € a month, a bit more if we count the optional reward system my employer uses. That would make my hourly salary 25 € / h on a 40 hour workweek, which is bang on the average wage you claim here. And the workweek really is 40h. If we work more hours, the hours get banked and we can extract them later as days off, or paid out with overtime pay added on top.
My total tax% is 22%. If I earn over 50k a year due to bonuses etc. the tax rate for the amount over 50k will be 41,5%. But ONLY for the amount OVER the yearly limit.
If I want a higher yearly limit, I can then pay a bit more over the year, say 23 or 24%.
So maybe you confused the income tax rate with the "penalty" tax rate for going over yearly earning limit? IDK.
But I feel like it's very IMPORTANT to get the correct idea to all kinds of political entities, that the price tag of Nordic social democracy is not as high as some people make it out to be and demonize it.
For North Americans etc. the tax rate may still sound high compared to the amount I earn. But remember, this level of taxes has also brought about ton of free public services.
Examples from my own life.
- My engineering degree was paid fully by the state. I only had to buy the books, and most of those you can get used.
- While I studied I focused on it during school season, worked during summer and holiday seasons. My income was subsidized by the goverment, with "student help" fund and housing fund. I also took some goverment backed studying loan with favorable interest. I paid it fully back after couple of years in the workforce, so the amount was nothing like the horror stories of USA student debts.
- I am type 1 diabetic (inherited diabetes). The state pays for most of my insulin, I only have to pay a small collateral couple of times per year.
- Public school education I received was very good, even in that small town shcool I attended.
I come from a low income rural household. Without these state support systems, I don't know how my life would have turned out.
EDIT: If we also add Pension and Social Security cost, they add 8,65% to the tax rate. So my total income deductions are 30,65%. I don't know why finnish salary data keeps these separate, did not mean to mislead. People have also pointed out that there are costs on employer side, which is true.
I do maintain the benefits far outweight the costs as long as the tax money goes to correct places. Education, healthcare etc. And the pricetag for the average voter joe still isn't nearly as bad as some would make you believe.
really interesting to hear! W comment.
You are completely in the right. I know a person who earns a tad bit more than you and even his tax is still around 30%.
To have a 46 as a tax percentage, you would have to earn 100k a year or maybe even more than that.
Does Finland use a progressive tax system? Is so, is one of the rates 40% or greater? I’m genuinely asking, that could be where the confusion lies. What’s the VAT rate also?
@@SilentEire Yep, it is a progressive system. But EE's claimed number still confuses me, since I am bang on a middle income earner. Maybe it's calculated somehow by adding all of the goverments tax income and the divided by amount of taxpayers? That would skew the number via the top earners paying a lot more.
VAT is 24% on common goods. Cigarettes, alcohol, sweets etc, are taxed higher. As is gasoline.
The average wage EE claims is WAY higher than in reality. Average wage in private sector in 2021 was 16,8€/h. The median income is somewhere around 3,3K€.
I'm a Finn and during most of this video I went like "wat".
Interesting video
I would love to see you doing a video on Finland's southern neighbor of Estonia
While its still poorer than its northern neighbor, its growth over the last 3 decades has been spectacular, and is quickly catching up with its northern neighbor
Totally supported! Estonia is a powerhouse. It has the lowest public debt in Europe and also has a very interesting tax system for businesses where only equity withdrawals are taxed making the government an effective investor in all businesses.
Estonia might be a pretty good model for a lot of developing economies and a true success story.
Estonia is a mini state with less than 2 million people. I can't see any excuse for such countries not implementing good policies that stimulate economic growth
@@Muhammad_Ahmad_ And why do you think larger countries have reasons to implement bad policies that willfully stagnate growth and increase suffering?
@@benbaselet2026 I'm not saying big countries have an excuse to implement bad economic policies, but it is much easier for smaller countries than bigger ones. A small country can get a single area of specialization and build its economy around that thing, the revenue generated is enough for the country's little expenses, as for big countries, they cant depend on a single or few industry for development
I was super impressed by my recent trip to Tampere, Finland but lord the amount of snow was INSANE
Don't lie Finland doesn't exists.
Though region where the city of Tampere is located gets a small amount of snowfall compared with other regions. 😅
But yeah, I'd definitely recommend visiting Tampere in summertime too.
Did you like your trip to Tampere and would you see Finland has a foreseeable country to live in?
"newcomers arriving from a diverse range of countries"
Yeah I'm sure underdeveloped, Middle Eastern countries are very diverse
Pick your flavour of kebab
Not all scandanavia is cucked like swedistan
Hopefully the new right wing coalition government will put an end to this.
In reality, I work in a well paying field and out of the staff 1/3 are immigrants. They are mostly from other European countries and North America. People who actually work with foreigners know that they come from almost every continent.
Most immigrants into Finland are other Europeans. Albeit eastern Europeans...
This edition was a bit generic as far as these things go, could just as well have been a list of Finish government talking points. Also at 1:35 I was surprised to see the lack of growth over the last decade pass by unremarked.
This was an underwhelming video. Usually EE puts in a lot more effort.
@@Tuppoo94 Tbh this video sounded almost like an AI script or something. It didn't even match EE's usual approach to covering countries since he padded the time out quoting some generic drivel from a couple politicians that said nothing about economics, which doesn't figure in his other country profiles. Like I still don't even know much about what Finland makes exactly, besides Nokia. Forestry sure, but what heavy industry? What life sciences? It was all just blah all round.
Finland bases speeding tickets, perhaps more, on someone's income instead of a flat fee. This forces ppl of all income brakets to pay equally for breaking traffic law. There have been tickets assessed in the hundreds of thousands USD. In a poll, 2/3rds of Canadians were also supportive of a similar system.
Imagine if that happened for Partygate ...
@@33andy33gmailboris’ income 📉📉📉
That's awesome, it means I can speed without worrying about getting fine since I have no income!
To be honest, flat free is more equal since you pay the same amount. Finland's system (where people are fined accordingto their income) is unequal, but it works better than the "equal" flat fee in many other countries. For example, for poorer people 100$ ticket is a lot more and hurts a lot more that the same 100$ fine for rich people.
Yea and the biggest ever speeding ticket was issued here and it was for a race driver. It was like 200k€ :D
Finnish universities hold spots 101, 201, 401, 501, 601, 701, and 801 on the world ranking that's so weird
They are the number one in each hundred, at least that's something to brag with.
Sounds like american uni classes (ECON 101, 201, etc) 😂
What the h***! Who has the 301 😂
@@anttikaipainen6072lol
I think this might have been placeholder data that was never filled in. The actual rankings from QS right now are:
Helsinki: 104
Aalto: 112
Turku: 295
Jyväskylä: 358
Oulu: 377
Lappeenranta-Lahti: 414=
Tampere: 414=
This sounds like at least part of this script was written by ChatGPT
Didn't even including actual economic stuff like debt levels smh
no man Finland is not redefining ecomomic success
It's in the 94th percentile of gdp per capita but gets an 8 out of 10? Shouldn't it get at least a 9?
probably deserves lower because finland's economy has been stagnant for so long
@@flakgun153 GDP per Capita evaluation doesn't care if your economy is stagnant or not. It literally just checks where the GDPpC ranks on a global level.
I think it makes sense. USA had 9/10 and USA's gdp per capita is a lot higher than Finnish GDP per capita and there is still a couple of countries that have a lot higher of GDP per capita than the US (Switzerland, Norway, Luxembourg etc.) to whomst 10/10 is reserved to
I think EE gives 9/10 for GDP per capita to a country only if it's in the Top 10 to Top 14, I think it's justified.
I wouldn't put much emphasis on the leaderboard anyway 😂
Finland is also quite strong within tech and game development
Very much. Nokia, Angry Birds, Supercell all come from Finland.
@@tj-co9go Also a long list of successful console and pc games like Cities: Skylines and Max Payne series. Also while Nokia no longer dominates the smart phone market, they are one the biggest 5g suppliers in the world. Kind of sad people need to read 20 minutes of comments to get the same information EE used to provide in the video.
@@tj-co9goAlthough Supercell is now chinese-owned and Angry Birds is japanese-owned, but yes they come from Finland. Just like Elon Musk comes from South Africa and Peter Thiel from Germany😉
@@kurolotus4851 well that's what I meant there a lot of tech start ups even if big capital ends up buying them
@@tj-co9go entire point of making startup is to trick someone to buy them
Was this written or read by an AI? feels different from your other videos
It did feel less researched and a little boring.
Yep it sounded almost like an AI script or something. It didn't even match EE's usual approach to covering countries since he padded the time out quoting some generic drivel from a couple politicians that said nothing about economics, which doesn't figure in his other country profiles. Like I still don't even know much about what Finland makes exactly, besides Nokia. Forestry sure, but what heavy industry? What life sciences? It was all just blah all round.
That's actually possible, I thought this one read extremely poorly and seemed very surface level with lots of repetition. This could have absolutely been largely AI generated. Not to mention that it's quite different compared to all his other scripts.
EE by AI
@@ArawnOfAnnwnPlus he didn't even talk about stuff like debt
Finland's industrial development owed historically a lot to preferential access to the Russian market, both during Imperial and Soviet times. Imperial Russia was large and even more backward, making for a large market with relatively little competition. The Soviet Union was an industrial powerhouse in some sectors (like heavy industry) but so-so in others (like consumer goods), providing a competitive niche for Finland on a market it had access to due to Cold War neutrality. Finland also got really cheap oil from the Soviet Union. Nowadays Finland doesn't have said Russian advantage anymore due to sanctions, but fortunately Finland has developed to the point of not needing it anymore for its prosperity.
Maybe finland was good at innovations during old days, but now finland is lagging behind in innovation since the fall of Angry Birds, Nokia, there's no innovation over there.
True
Not Nokia. Like what they have been doing for centuries, it just change what the company wants to do.
They are # 3 in the world in wireless access points, #2 in SDN, largely due to China, #2 in backend Mux etc.
Nokia is very good at what they do.
finnish tech industry is very hard at work in electric cars, telecommunication and clean energy. sure things like 5G, sms and linux are less visible than angry birds and nokia phones but innovation in finland continues at a normal pace
Those are just big brands. Rather look at things like patent applications.
Finland is literally in top 10 of the whole world in innovation. I have no idea where you got that Finland has no innovation...
The tax rate of a middle earner is not 45%, I think that's fair to say that is a wild conclusion, would love to see workings out
Yeah, no idea where that number came from. Middle earner's income tax is more like 25%, unless this is calculating everything like pension contributions, VAT on everything you buy, with extra on fuel and alcohol, etc.
@@joetheprogrammer0actually income tax rates take social security contribution also into consideration while they are deducted separately but when someone says income tax he/she also refers to the social security. It doesn't sounds good but it is. But vat doesn't count in this. Currently the social security contribution is about 27-28% split between employee and employer in Finland
I think there might have been a mistake with the progressive tax rate in Finland, maybe? Middle earners can hit an income tax rate bracket around that area, but _only for the slice that exceeds the limit,_ not for the whole thing, so the total ends up way smaller.
Was the script for this video written with chat GPT? it really sounds like it
Most of it didn't really even talk about economics! He didn't mention any real economic information like debt levels or whatnot
@@ameyskulkarni indeed and it was filled by a bunch of individual short sentences glued together
Finland seems to have managed a lot better than us neighbours in Sweden. We haven’t managed to integrate the immigrants at all. Have the worst statistics for shootings in Europe and our currency have fallen a lot in recent years. Our schools keep having issues. We used to be better than Finland and now we are far behind. We could learn a lot from Finland but it seems we just look at the US in the last decades.
Immigration in Sweden has made big economy development. In Finland we are behind due to closed doors policy
is it the finns or the immigrants fault? merkel imported a bunch of people from a specific area and its your fault 😂
@@byloyuripka9624 it's difficult problem to solve. Importing only skilled migration will cause brain drain from the source counter which means only low iq and barbershop people exists. Which makes them want to immigrate for a place with skilled people and services...
@@solidfuel0 "immigration from other European and white countries have made big economic development" - here, I fixed it for you.
@@n1ls53 white countries? I have to report you for clear racism. I can fix it for you "white colonisation and stealing other counties has brought wealth and development "
Finland isn’t a Scandinavian nation, they don’t have a monarchy or a Scandinavian language.
? They have swedish and they are only talked about as Scandinavian in English because to them it's the same as the proper classification.
@getsomegoodstuff Scandinavia = Sweden, Denmark, Norway.
Swedish is a minority language in Finland. Finnish however, is not even in the same family nor the same group as Scandinavian.
Persian and Swedish are closer than Swedish and Finnish.
Finns are Ugrics not Germanics.
@@marr4177 We're taught both Finnish and Swedish, though in reality only a small minority in the west coast speak Swedish in every day life. I can't remember the last time I've heard someone speak Swedish, I do hear turkish and some other languages almost daily though.
India used to be part of the British Empire, are they anglo-saxons?
Scandinavia is geographically Sweden, Norway and Denmark. Scandinavian culture spans those plus Iceland. The form of writing down Finnish language was created by a Finnish Swede in the 1500's. Agricola didn't CREATE Finnish language, he created a written form for it. The oldest finding of written Finnic language is from 1200's from Novgorod, written in the cyrillic alphabet.
@@marr4177 Written Finnish was created by Mikael Agricola, who obviously was Swedish since Finland didn't exist at the time. Spoken Finnish however can be very different from region to region.
Always thought it was because finland 🇫🇮 was fully on the mainland, while Norway 🇳🇴 and Sweden 🇸🇪 were on the Scandia Peninsula.
So if Sweden 🇸🇪 got rid of their monarchy, they'd get kicked off the Scandinavian list?
As far as Nordic goes, it could be language or more basic: nord = North. Though, I guess that would include Canada 🇨🇦and Russia🇷🇺 then 😂
You got the public health sector wrooong. It's so bad and waiting times are 3-4 months to see specialist or have operation
Only 3-4 months in Germany you wait 1-3 years
Thanks EE for providing me procrastination whilst writing my report
get to work! EE will be here when you’re finished. At minimum make this ur last procrastination, no quick xyz first. it’s work time
GET TO WORK
Same
Get to work slacker, yikes
I have an exam tomorrow as well lol
I was hoping this was going to be more about how Finland literally tries to redefine economic success by focusing on more indicators other than GDP
Nahh just another capitalist centric view of succes and a happy life
2:03 Malaysia also has three of these natural resources, timber, water and minerals, in somewhat abundance but we need to make the fourth also abundant to become more like Finland!
"Like other Scandinavian countries" Finland is not a Scandinavian country but it is one of the Nordic countries.
In many languages Scandinavia means Nordic. Finland is a Nordic country and a member of Nordic council. No differences.
Partly it locates on Scandinavian peninsula.
@@butterflies655You're thinking of the eastward extended Scandinavia, called Fennoscandia. Scandinavia includes only the Scandics on the Scandinavian peninsula (duh), and Finland is over on the other side of the Gulf of Botnia.
@@Vauhkoviuhkoah, you beat me to it
Australia gdp per capita 62k 8/10
Finland gdp per capita 52k 8/10
The rating system is pretty ridiculous.
He must just Be doing it for fun. I don't think this Guy should Be taken seriously with his Bad AI script.
I suppose you have to look at other services of the country and what you get for that money
I really would like to watch Norway and Portugal placed on that EE leaderboard.
The fact that Germany has the top spot in the education index and that 7 out of the 10 top universities in Finland have a ranking that ends in -01 and two others have one that ends in -51 makes me believe that these statistics/rankings are botched...
I don't think it's just about how the unis rank in tje world. We shiuld probably look at how those rankings are judged.
Funny coincidence now that youve pointed it out
That -01 means 101 or lower in ranking. If top 7 German universities are at least somewhat higher than that, they deserve their higher ranking, statistically speaking.
Personally, Finland takes the W
I have no idea how the education index works, but anecdotally as someone who is finnish and has multiple german friends, I'm relatively certain that the finnish educational system is better.
Excellent video!
Would love to see a video on Finland's western neighbor and the largest of the esteemed Nordics, Sweden. And how recent immigration, political, and NATO developments have affected its economy.
You're in luck. That video has been out for years already. Obviously not with recent developments though.
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The one thing with Stocks is if you haven't fully tried it you might never believe it is even more profitable, but then nobody has time to invite you to the vault when they can pack all the gold.
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I Don't know which ranking you are using, but Finland does NOT rank first On PISA education index
It ranks between 5 and 15
even Its poorer southern neighbor of Estonia ranks ahead of them
This is true. Finland's ranking has dropped. It is still in the top ten.
Finland has an advantage because Santa lives there.
Finally, this is what i have been waiting for
Always interesting, thank you.
A few points seemed a little misleading. Finland had neutrality imposed on it by Russia since World War II. NATO membership reduces the security threat to Finland because it forecloses the kind of attacks seen on other Russian neighbors because they are now protected under Article V through mutual defense of all alliance members.
Feels like it was written by ChatGPT lol
Yes!! I've been waiting for finland
This script sounds like it was written by AI
Finnish pharmacauetical companies include Orion, Fermion, Vitabalans and Galena, many operating out of Espoo.
A couple of points from a Finn;
1. Finnish economy has been very stagnant, especially after the 2008 recession. Our gdp is about the same as it was 15 years ago. Meanwhile all our neighbours (Sweden, Norway, Denmark) have managed to grow their economies in the same time period.
2. The first point may be explained by a lot of factors, one being our lower amount of immigration. 11% in Denmark are foreign-born, 16% in Norway and 20% in Sweden, while it’s around 9% in Finland. We also have an older and more rapidly aging population which hinders the economy.
3. The newly elected government has vowed to cut spending by €4 billion. Most of this will come from unemployment benefits and other benefits which mostly involve the youth and lower income individuals. The Prime Minister promised to not cut from education even though he promised the same thing in the 2015-2019 government and still cut from it. His party even proposed that they would make Finnish citizens pay for their degrees. This is expected to be Finland’s most economically right-wing government since the 1930s.
4. The far-right Finns Party comprise almost half of the new government. Their only demands are to cut immigration and reject climate change goals (we were commited to being carbon neutral by 2035, Finns Party thinks it is not necessary until the 2050s). This will reverse the positive effects of the Marin government where we invested in green economics and immigration.
5. Unemployment has actually been quite high and the highest in the Nordics. During Marin administration employment rose quite a lot. The new government wants to do the same by forcing everyone to low paying jobs by cutting benefits.
6. Though our salaries are not the highest in Europe, Finns still enjoy a very high quality of live, certainly higher than the US, France or UK. Education is free (for now atleast), healthcare is mostly free and we have plenty of safety nests, so that if we lose our jobs (like during covid) it doesn’t make us homeless or anything.
Another Finn here, this is a very good, accurate analysis
Thanks for the Finnish perspective! The way EE described your country sounded more like Candyland than reality.
@@bodaciouschad IMHO all of their research went on to title, then they tried to find a country that suits title I guess
The new government also plans to decrese state's revenue by cutting taxes (most of which would go to the rich of course) and by selling government's shares in businesses as well as government owned lands and properties.
Without the Soviet Union to scare Finnish capitalists into granting concessions to workers, the country is doomed to fall into the usual capitalist pattern of short-term profit-driven madness.
economics explained has just uploaded, my hangover is cured
Why is there so much focus on economical growth?
Stability is much more important in my opinion.
Peter Zeihan talks a lot about how in the near future these models will break, because an environment of growth is the only way they work. And global 'shrinking' is here.
Japan has been there for years, so we're starting to see how that goes.
Growth is important IF people are having kids and the population is growing, at whatever pace that may be
The government debt will not be stable if there is no economic growth.
@@akseli1111 I just realized how poisoned the current era's economical thinking is: you have already *assumed* that debt is a given.
A good nation doesn't have debt, but is growing their financial buffers instead.
Perhaps even converting to gold, so it can use that to back it's currency.
While higher education itself is free in Finland most students do graduate with student debt. You still have to pay for housing and everything else.
Most students work part-time and or withdraw a government backed student debt. If you graduate on time you can get up to 40% of your total debt forgiven. So nothing like US student debt but still debt.
Finlands economy reached 2008 levels only in 2022 after the financial crisis. Thus it is funny the video says finland has had troubes recovering from covid.
Finland has one of the lowest income equality in the world, thus that cant of been a issue for the finnish economy.
The outgoing Sanna Marin goverment had budget deficits of 10 billion euros per year.
Finnish household wealth is the lowest in western europe excluding portugal & greece.
The finnish economy has been strong up till the iphone. But since has not been able to keep up, as nokia crashed.
EE, great video! Can you please consider doing a video on the economy and situation of Puerto Rico?
One of the biggest challenges for Finland's success has been the gutting of the education budget during the recession, which in addition with education policy leading to the dropping of education results. As Finland's economy success folowing the end of the cold war was basically built on innovation in technology, and the the cuts made to the education budget by the government which includes the current ruling party are basically chipping away at Finnish education's quality overall.
So basically, Finland's success has been thanks to progressive policies from the Social Democrat party, but since the conservative party took over, they've been chipping it away through forced austerity?
You know, the US had a similar situation. Wealth inequality was sky-high during the 1920's which coincided with immense poverty rates, but then the government introduced Keynesian policies to build a stronger welfare system, and the economic situation improved with it reaching its peak in the 1950's. Then Reagan took over and gutted the welfare system and enforced many other austerity measures, which coincided with the decline in the quality of life of citizens.
It's almost as if welfare and universal healthcare and education is actually good at helping build a more equitable society, while undoing those things does the opposite.
Sounds like having smart kids is expensive.
@@GTAVictor9128Just wanted to tell you that this Guy is spreading false information. The new conservative goverment has Said COUNTLESS Times that they Will NOT cut spending on education. Funny to see how these lefties are spreading false news all The Time. The people who vote for those unresponsible kids are absolutely crazy. They've Been running -10 billion€ budget deficit per year. And some still support those unresponsible kids just because their women and we "need" More women in The goverment. Thanks god we got this new goverment so se can at least Have hope at saving this country.
And yes I'm Finnish and I know what I'm talking about. Voted for The current biggest ruling party in goverment KOK.
It's a longer term development, to be honest. PISA scores have been on decline last 20 years and many young people do not get e.g. proper reading and writing skills from school. 15 years ago quite few students needed student loans to make studies possible, now a loan or heavy time investment to part-time job is almost a must.
I guess Finland has cut university education budget since 1989...
Please do EE a to z where you briefly talk about a countries economy. Day 1
Our economy hasn't grown since 2008, all the while our economy gets more unequal, has high inflation and a more bloated bureaucracy than ever before.
Finland's average isn't 25€/hour, closer to 15€ an hour. Innovation is quite lacking in here, especially after the hay-days of the 2000s. A good 90% of consumer services here are foreign.
You give Russia a highly exaggerated role for our economy, compared to what you didn't cover, actual issues we have here, such as fiscal deficits, austerity and a tight job market.
Heyday*
Exactly, and excellently summarized. Finland's problem is two-fold: languishing economic growth, and an inverse population structure. Finland's problems are slowly beginning to manifes and the trajectory is clearly visible in the development of our debt/GDP ratio. Growth is limited so GDP is not rising, and debt in response is rising faster to make up for the lack of "natural" growth. It's still a lot healthier than many of other European nations like Italy, but the direction is clear. Finland is on the way out unless it finds a way to get back on the driver's seat of its own economy.
To the best of my knowledge, Finnish timber production is shrinking dramatically, lately.
A lot of the timber came from Russia which was a cheap source alternative to wiping out their own forests and damaging their eco credentials
No, it is not. In 2021 which is the latest available statistic, over 85 million cubic meters of roundwood was felled. It is the largest amount in history. Climate change is going to increase production, due to the longer growth season. New environmental laws could change the situation, but the newly elected government has stated, that their goal is to keep the production on similar levels.
that was in big part due to everyone trying to cash out on the great prices, and to get their logging done in face of talks on tightening regulations. I doubt it'll be a sustained high.
Finland just elected new right-wind government which is a lot more "open" for larger timber production than the previous left-wing government. I think that the timber production will increase, even though the production is still very high at this moment.
Takes time for trees to grow. Selective harvesting may not produce the maximum yield, but is sometimes the best for the long term.
1:00 Nordic countries, not scandinavian.
It's a good day when Economics Explained uploads.
This is commonly said, but I'm baffled on how I can watch such high quality and entertaining content for free.
Truly a connected world we live in.
Thank you EE ❤
When something is free, youre the product. In this case, you are the product for ad companies
@@captrobmiller6095 I understand this concept but it's better than having to pay a monthly subscription of some sort to have access to this content. And you can get an adblocker to block the ads which is also free.
This was a low-quality video
Unless I'm mistaken, the whole reason that Finland joined NATO was because they feared an unprovoked invasion by Russia (which, it should be pointed out, Russia has done before). So to blame NATO membership for the threat of future conflict seems to me to completely miss the point.
Am I the only one that felt that this was a 4 minute video that repeated it self until it became a 14 min one?
@Economics Explained would you happen to know where I can get the thumbnail of this image? I love it!
Finally! Been waiting this forever.
Yeah, I went to Finlad like 6 months ago. Sure everything is clean and orderly. But, costs of everything is astronomical, especially food and housing. A lot of service jobs are either automated or cut because of taxes, consequently - a lot of Asian and African immigrants for cheap-ish labor. Government controls everything to a T, you are locked in a system from birth to death. Energy is mandatory to send to EU, so energy costs are still huge.
when the new nuclear power plant started up a few months ago, electricity has been cheap (but the price drop is not only due to the nuclear power plant).
the price has sometimes even been negative due to oversupply.
@@londop.a.3048 donno man. I am repeating what my finnish hosts said.
The power is generated yes - but a lot of it HAS to be directed to the EU. Take into account that was winter.
@@AkiKii519 Finland is a net importer of energy. For electricity, Finland may soon become self-sufficient, but the link to Estonia is only 1 GW and exporting through Sweden (2.3 GW) won't always (usually?) be possible either.
And still Finns live comfortably.
You should do a video on Uruguay. It is considered one of the most stable countries in south america.
Meidän maallamme on ongelmia, mutta en oikeis unsko että nykyinen hallituksemme niitä kykenisi ratkomaan... Great video!
This has got to be the most boring EE video. Nothing was really discussed. This is like an 8th grade presentation.
Edit: I doubt he did anything in the script writing. You can hear he doesn’t really have interest in the topic. As he had in the videos he used to make.
I think this video was written by chatgpt
men idk if this will be seen, but iven binging ur vids and id be awesome if u could do a video about the economy of colombia
Hey EE... another great video.
Please please do Jamaica! Will be great to watch what you come up with. 🇯🇲 🇯🇲 🇯🇲
Ill tell how the ranking goes to those that dont bother to watch this through:
Most metal bands in the world per capita. 11/10 in everything. This puts Finland first on the leaderboard.
Nothing says “economic success“ like having a lower GDP per capita today than you did 15 years ago :/
False. GDP is not lower today than 15 years ago. GDP is very bad and very out of date indicator of how well your economy is doing. Better would be HDI and median wealth/income index.
@@akuankka321876 reread my comment.
@@benchoflemons398Why? It's not going to be any more honest or less bullshit the second time.
@@Jay-ho9io the person that replied to my comment said the GDP is not lower. I did not say the GDP is lower, I said the GDP per capita is lower than it was 15 years ago… Which it is… which is pretty bad.
They also said that HDI would be a better indicator (HDI is a horrendous indicator) and that median wealth would be better (that was just push countries with the largest housing bubbles like all Scandinavian countries, Canada, Australia, nz, etc. to the top because of home equity)
Immigration does not fix aging populations, it masks it. The immigrants also just fall right in line with the local birth rates.
So, something is going on that is making it so that, even when leagues better off than their native countries, and even hop-skip-jumping across the EU to find the social programs that they want the most, the immigrants feel just as disinclined to procreate as the actual native population.
Why is that? (Mexico is an outlier.)
Immigration takes care of the aging population by providing workers to Finland's struggling healthcare sector. The salary of nurses in particular is so low compared to neighboring countries like Norway that even Finnish nurses prefer to work there. Additionally the low salary deters them from having more children.
@@villenmedia6812 You almost didn't read a word of the comment before making your own.
Yes. it masks the aging population, by getting foreign blood into the labor force (hopefully at any rate). It does not solve the issue that these immigrants will also soon age as well. (Even if you ignore literally all social issues of one group being seen as dependent on another. Or how foreigners are inherently not as loyal to the nation as natives.)
And do you know a place that also has low salaries? Africa. Want to know a place with the highest birth rate in the world? Africa.
So that's not actually a correlation that works.
One thing would be to lower the costs of living mostly housing. In a lot of countries people are having less kids than they want because they can only afford to have so many.
@@kirby1225 Money doesn't increase birth rate, as we can see from the third world.
But you are hitting on something true: In the modern western world, kids are luxury items that you have to take care of for 18 years (if you're lucky now), rather than productive members of the household.
@@SangoProductions213 third world is not the same thing as the first world. It does not apply to 3rd world countries.
From Finland with love ❤️🇫🇮
Yea, all true. My only problem with the heavy taxation in Finland is how to mitigate the tax burden of my inheritance, a very tricky thing as most of what I own is this apartment I live in. The big question is to try to transfer as much of it to my sons (no daughters or granddaughters, alas!).
Immigration is a double edged sword since Finland's success is based so much on its culture...
There are pakistani’s people migrating to Finland using fake certificates and why the Finnish government is not doing anything to protect its sovereignty(there are thousands of CZcams video of showing how to get to eu countries with fake certificates)
I think the only reason big social nets worked in Scandinavia while they failed everywhere else is because of their homogeneous populations. Oversee immigration will certainly affect the social cohesion and increase political cynicism, corruption, tax evasion, etc... But they don't any choice with an aging population.
@@lajya01 Most immigration into Finland is from other Europeans. Albeit eastern Europeans...
As we all know immigrants do not mix with the culture they immigrate to.
Got to keep the racially superior race pure. /s
@@lajya01 of course they have a choice, but you don’t see it, think about it, the solutions without immigration and without coercion are right in front of you, you only Need to open your eyes.
EE could you make some shorts of countries you reviewed before in the past but did not include on the leaderboard. Singapore being one of them.
Nice
For someone from Finland hearing positive things about Finnish economy is crazy. Over half of over 30 year olds I know struggle to find any job or if they do, anything that pays even double their rent. Cost of living is horrid here.
We keep on hearing how good we are supposedly doing compared to others which makes us wonder: How bad can it be elsewhere? I do not know a single happy person, just a lot of miserable people pushing through life because there are no other options.
Again: Finland is not Scandinavian country like those 3 west of us that are Parliamentary monarchies with very similar languages, cultures etc. It's like calling Indians Anglosaxons because they were colonized by british or calling Spain African country as it is next to Africa. We wouldn't be falsely called Scandinavians as often if we had been occupied by soviet union till early 90's.
Finland was never neutral. Strongest argument when Finland was neutral would be for couple of year in between collapse of soviet union and joining of EU but I would argue it was transnational period.
No happy people in Finland? Whose fault is that? It's Summer. Long days. Sunshine. Blue Skies. Berries in the woods. Fish in the lakes. You people fire up Saunas on the weekend. Come on. Life is good. And, I've never been within 1,000 km of Finland.
As a Finn living in the UK, much worse.
They have a housing crisis and while they acknowledge it, they refuse to do anything meaningful to help it. Finnish government at least tries to help (whether or not what they are trying helps is up to debate but 10 points for trying).
And I would say that Finland has been cautious neutral. They always knew that Russia was a threat but they saw it better in the post-WW2 world to not take a side. Finland kind of double dipped in both the EU and Russian markets and it worked well until it didn't. But I agree that Finland was never truly neutral and it was largely situational neutrality.
You dont know any happy people?
Finland is once again the happiest nation on earth, we have things better than in almost every country. But standards are so high so even fin can feel ''sad''.
Just because you think things arent so good, just compare to other countries to know things are not so bad.
@@Finkaisar The "happiest nation on Earth" doesn't really measure happiness like actually feeling happy, it's more about being content. Most people here own very little of anything and doing anything is expensive. The upside is that most people don't have to starve so everyone is kind of alright even though they're kind of miserable. Nature is beautiful though.
@@paavoilves5416 I cant relate with that, everyone i know are happy and have enough money for really anything they need.
I make 16.5e/hour and i still have plenty of money monthly. im 22
Minnesota must be 10 Finlands then since it's the "Land of 10,000 Lakes".
the name is a little misleading, Finland has around 190,000 lakes
Finland has almost 200k lakes and almost 180k islands... The exact number of lakes and islands is still unclear though.
@@akuankka321876 And nearly all of them have at least one little summer house or fishing hut on them.
Now time to make a video about estonia? Especially about the e-residencdy and startup hotspot , i could help if you need information and also can connect to the e-residency team :)
so true
Finland , Finland , Finland
The country where I want to be
Pony trekking or camping or just watching T.V
Finland , Finland , Finland
It's the country for me
You're so near to Russia
So far from Japan
Quite a long way from Cairo
Lots of miles from Vietnam...
You’re happy neighbors with… North Korea?
Hah, I havent even watched the video yet and wanted to scan the comments to see if anyone had posted this already. Bravo.
Pony trekking in Finland?
Not in Finland. In Iceland yes.
@@krazYFaicNorway shares a border with Russia as well.
5.5 million for a whole country. That’s the population of Alabama. They seem to leverage their resources well. They also don’t seem to feel the need to spend 9 billion on defense each year. Historically Americans have garnered a distrust of government. I think America economic problems stem from over spending and we’ve outsourced many of our industries.
We actually spend 2% directly on defense, and lose another ~1% of GPD each to year to men larping war in a forest instead of doing anything productive. So we pretty much spend 3% on defense, which isn't that much less than the USA.
@@aapee565 12 percent of the US federal budget is spent on defense.
@@aviedw1 You have to use GDP to be able to compare. The Finnish state budget covers practically all education and heath care in Finland and is therefore proportionally huge, compared to the US federal budget. Wikipedia says US military spending is 3,5% of GDP, so not that much more than military spending in Finland.
@@aviedw1 Yes, but it is still "only" 3,5% of total GDP. Also easier to compare GDP than government budgets, as those may work very differently between countries.
The US could of course be more efficient with the money, and there are improvements to be made, but the situation isn't quite as bad as people think.
All the Nordic countries have a small population.
Anyone know which video puts the USA in the national leaderboard? There are a lot of videos about the US but I don’t know which one specifically places them on the list.
It’s the one titled about how covid affected the American economy. czcams.com/video/1XocjChs4g4/video.html
Its the video talking about what the American economy would look like if covid never happened
Germany #1 in education? Nobody in Germany believes that.😅 I need to check his source.
Is it just me or was there something off with either the script or the edit this time? I don’t mean to sound ungrateful for free content but it felt like you were just saying the same things over and over again.
ChatGPT script
Nice ChatGPT script. All fluff and descriptions, no substance. Repeating talking points multiple times.
Can you do belgium next?
Thank you for that general summary, ChatGPT.
To conclude, this economy isn't 'Fin-ished' yet. 🙄
Oh god, please...😅
AS A REGULAR HUMAN SUCH AS MYSELF I CAN ASSURE THE CREATOR OF THIS VIDEO MANUFACTURED IT WITH HIS VERY REAL HUMAN HANDS AND WROTE THE SCRIPT WITH HIS VERY REAL HUMAN THOUGHT PROCESSOR.
Finland is known mainly for its education system. People have tried to replicate it in their own countries but to no avail.
and saunas
On education, I'm curious about how even that quality is.
In America, the overall ranking probably isn't that high. But the specific school system you are in is everything. I was more than prepared for college, but a student 20 miles away might struggle.
For reference, my state college was consistently in the top 5 in the US for getting research dollars in the years leading up to my college years. Overall in the state you had to be top 10% to get in, but from my HS it was top 50%.
Google about the other things Finland is known.
@@butterflies655 Finland is the only country that has it's act together for the storage of nuclear waste. In the US politics prevents progress in this area.
When are you going to start adding videos on Nebula too?
Love the channel. Vid feels a bit cowritten by ChatGPT though?
Yeah, thought about it too
Finally Finland episode! Torille!
Joko nähdään siellä ?
Torille!
Average wage per hour in Finland is not 25 Euro, nowhere close. More like 14/15.
Average and median are different
@@TwistedNerve1 The 15-17€/h is an *average* published by the Finnish Statistical Agency. Not a median.
The chatgpt is strong with this one. Can we go back to the slower release higher quality please?
Highly developed and wealthy country often has high taxes. Has EE made a video exploring this yet?
They only end up having high taxes AFTER they have become highly developed. Then they become stagnant the moment they implement those tax laws
Have to point out that you got the numbers way off for Middle Earner Income Tax.
The 46% you quote is the marginal rate, not the tax rate which would be at around 30% for a median earner. The graph you showed was for tax revenues as share of gdp.
While it's clearly true we are a heavily taxed society, it would be nice to get the numbers right. 😊
"The 46% you quote is the marginal rate, not the tax rate which would be at around 30% for a median earner."
Actually, the rate for median earner is definitely above 30% if you include employer-side contributions and these should definitely be included.
@@seneca983
The number I used is based on OECD definitions for income tax rates. It has some employer contributions, but not all (nor should it). The rest are meant to be counted in the income wedge, but not as part of the income tax rate.
The number is from the non-partisan (but right leaning) taxpayer's association based on the most recent median income data of 46k€ per year.
@@eshnajizzle "It has some employer contributions, but not all (nor should it)."
A 30% figure doesn't include any employer side contributions (at a salary of €46k). I'd say at least employer said pension and UI contributions should be included (because in the long term it's immaterial which side formally pays them) and I'm pretty sure their inclusion would take the rate above 40%.
@@seneca983
Pension and unemployment insurance are included, other contributions aren't.
You need to understand there are definitions set for these, and I described them earlier.
Tax wedge is definitely larger than 40%.
@@eshnajizzle "Pension and unemployment insurance are included, other contributions aren't."
With 30% at €46k salary only the *employee* *side* contributions are included. If you include the employer side pension and UI contributions the percentage is certainly higher than 30%.
The fear of inflation has caused the values of equities and bonds to drop, underperforming the US economy. My portfolio, which started out at $750k and is now at $592k, would greatly benefit from any advice on how to increase my returns during this crash.
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I think it's brilliant to use a brokerage advisor for investing. Prior to speaking with an advisor, I was recently through an investing nightmare during the pandemic crash in March 2020. In summary, with the assistance of my advisor, I have so far grown my initial $120k investment to over $550k.
I've been looking at comparable opportunities in the current market because I know a lot of people who made fortunes from the Dotcom crash and the 2008 crash. Could this consultant who helps you be of any assistance?
nice thread you have here, bots