The Mighty Economy of Liechtenstein
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- čas přidán 19. 06. 2024
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This is Liechtenstein just the cutest little European nation, the nation is tiny but weirdly enough it is actually only the fourth smallest country in Europe, behind Vatican City, Monaco, and San Marino.
What it lacks in square footage though it more than makes up for in economic might. You see this country is home to the second richest people in the world with a GDP per capita of $165,000 which is second only to Monaco, and the country is, at least officially home to some truly wealthy old moneyed elite.
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📚 Want to learn more about Liechtenstein? We recommend "Secrets of the Seven Smallest States of Europe: Andorra, Liechtenstein, Luxembourg, Malta, Monaco, San Marino and Vatican City", by Thomas Eccardt 👉 amzn.to/2XJCUmt (as an Amazon Associate, we earn from qualifying purchases)
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Let us know what you think of ranking the national economies of the world using a d̶o̶u̶g̶s̶c̶o̶r̶e̶ rigorous economic modeling criteria! Thanks as always for watching :D See new videos early, participate in exclusive Q&As, and more!
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THISSS is Lichtenstein
I love the idea, but i would like a economic score per capita because that is the most important for the citizens. Also introduce the economics explained stamp of approval
you accidentaly had an error at 10:10
I think it's a great idea. Perhaps have a weekend category and a daily category that combines for a total score. Or, maybe two categories indicating whether the economy is better as an individual resident or as a registered company.
retroactively do the rest of the countries you've made videos on!
Hi I'm Economics DeMuro, and THIS is Liechtenstein, today I'm gonna take you on a tour of this nation, show you all its quirks and features and in the end I'll give it a Economics Doug score
😂😂 I love this
😂🤣🤣
M E T A
you beat me to this comment! lol
E x a c t l y 🤣
Do one on Luxembourg. It's economy is very interesting. It practically has 0 unemployment and alot of expatriate workers.
Luxembourg has 0 unemployment? I guess if you were to count begging as a job then that's true.
Luxembourg unemployment is 5.6% as of March 2020
@@GeographyWorld covid hit in March so that's probably about the same if not a point or 2 higher
@@scottyhaines4226 And that percentage is probably not factoring in unregistered citizens, of which I'll bet there are many.
3-5% unemployment is the best you can have 0% is just as bad as 50+%
I live on the border to Liechtenstein! An interesting point that I would like to add: 19,000 people commute into Liechtenstein every day, with almost as many jobs as there are citizens. I personally would say it's quite diversified. Beyond the financial sector and manufacturing, a large proportion of Liechtenstein's land is farmed on and there is a relatively high amount of tourism compared with other neighboring regions. Always keep in mind it's size. At 38k people it is basically a town with the land area being smaller than DC. It is diversified enough for its size.
Some other points of note: Liechtenstein is in the EEA and so serves as an in-between between Switzerland and the EU. The monarchy still plays a somewhat significant role in the country. Hilti is a significant manufacture in the country.
All in all, good video, though I wish you used more stock images/videos from Liechtenstein. That would imo ground the audience more understanding the country's true scale.
Good point on the governance of Lichtenstein. On that political note, Lichtenstein's monarch has less power than the US president (presidential system) and whose power is similar to the French president (semi-presidential system).
While some classify this as a semi-constitutional monarchy, I respectfully object to such. Despite the US president having much more power, it is still considered a constitutional Republic (rather than the possible extension of non-constitutional from semi-constitutional, where the executive has more power in the former). The constitutional portion should remain the same in Lichtenstein as well.
I would opt for a neutral executive name, rather than president or monarch. Semi-executive therefore could be both France and Lichtenstein, and semi-executive monarchy example would be Lichtenstein, while semi-executive Republic example would be France. Thank you for bringing up.
Do you live in Buchs? That was how I got to Liechtenstein once upon a time. Fun place to visit!
So the high GDP per capita partly comes from people working but not counting to the population?
Great points! I’m surprised we didn’t get a bit of history-since Liechtenstein used to be one of the poorest nations in Europe. The monarch played a big role in developing the country and economy after WWII. EE is right-a lot to be learned from a little country!
@@GDPanda69 Yes
I think it would be important to include some social aspects as well, since social policies impact a national economy quite significantly. The easiest way to measure that would probably be the HDI - Human Development Index, which essentially includes life expectancy, education and GDP. Maybe the GINI Coefficient as well, since wealth disparity also has a huge impact. This would compensate for paper and oil wealth. Maybe you should include these two factors and the numbers are also easy to find as well :))
Yes i agree
Wikipedia ftw!
*Introduces HDI*
South Africa: Hold my beer!
@@jersood9059
EE: Let's talk about Gini coefficient
South Africa: Big numbers are good, right?
In Brazil we now have an anarchocapitalist plague, that if you say to them that social policies influences economic results, you would be machine gunned over the internet.
It would be interesting to see a video on the economics of an independent Scotland
I second that
The problem there is the SNP no longer look at Scotland independence as even having an economic problem, let alone trying to grow the economy, they went full SJW and are actively destroying they economy, a shambles for sure, guess they are hoping that access to the ECB will give them the keys to this problem but that would not be independence and comes with a lot of issues it's self. Still would be interesting to see but I look at videos like this one and hold it up to Scotland, I find Scotland lacking to say the least.
@@highlandsprings5752 this comments a load of bollocks lol.
@@DP-qm6qe full sjw for him is probably removing a blasphemy law.
@@DP-qm6qe No, bollocks would be having one of the worst suicide and drug abuse rates in the EU and doing nothing about it.
USA: WAR
Switzerland: Neutral
Lichtenstein: Positive
wait for Corona?
@@ipadair7345 as a reference to gaining a man during a war
1, 2, 4 , 4. Beautiful bit of counting there.
Got so confused for a second :D
Also known as "Valve counting"
Imagine EE becoming so big that countries fight it out to be at the top of his rankings.
Wars have been fought over less
You'd think fighting to be the top of the United Nations Human Development Index (which would make you the most developed nation on earth) would motivate governments. Sadly, propaganda like "America is the richest country" seems to work better than actually improving the lives of citizens.
@@IOUaUsername Improving lives of the citizens only works on very long term while politicians are in office for relatively short term so there's little insensitive to do so. Additionally, it would require reforms that the ones currently in power wouldn't like
Liechtenstein "free from political scandal since 1675!"
Make a video ranking the nations you've already made a video on, so Liechtenstein doesn't have to feel alone.
Oh, and like some other guy mentioned, include social aspects like access to education, medical care, quality of life during unemployment, short and long term disability, and probably some other things I take for granted in Norway.
Yeah! What happened to NORWAY ??
QUALITY OF LIFE DOESN'T MAKE GDP GO BRRRR. THIS IS ECONOMICS EXPLAINED NOT SOCIALISM EXPLAINED!!!?!!!?!!
@@luizcastro5246 well quality of life is related to gdp
Do a video about the Economy of Finland, it's interesting to hear how Nokia's rise and fall affected Finland's economy and how the economy has since basically stagnated
Nokia contributed some 4% of the national GDB at the highest.
@@mikitz 4% from one single company is a lot. Also there's many other factors like how the finnish market lost it's confidence for years etc.
Hostile place for entrepreneurs and business, aging and expesive population. Insanely high taxes. Inefficient public services eat up all the budget. Unions basically run this country by applying pressure to both politicians and business. People still trust them even when they seem to be thriving for greater unemployment for some reason. Leftist politicians seem to get upper hand in politics because we don't have any economics at school, just some inaccurate history of economics. Even at high school it's your own choice if you want to study it or not and our professors at uni are mostly leftists for whatever reason. Uneducated people tend to vote on which politician promises the most so we can already see where this is going. Regulation on businesses has been getting harder for decades, resulting in businesses dying or leaving Finland. Last but not least we have a ton of white collar corruption and insider business/trading here so growing business is tough like anywhere else.
The Finnish economy has been quite stagnant since 2008 crisis but although Nokia's collapse had a devastating short term impact, it does not affect today's economy that much. The reasons for Finnish stagnation are many, but they are mostly caused by political mismanagement, in particular the promotion of all kinds of socialist policies. However what Finland has done right is diversifying its economy away from one or two big companies and even during these years of stagnation, the start-up culture, venture capitalism and entrepreneurship are booming and the Finnish companies are doing really well, even if it does not show in GDP growth figures.
im gonna buy 50m Nokia’s and all of cities skylines DLC’s so that Finland can prosper
i'd love a video ranking the nations you've already covered before.
Greetings from Liechtenstein! 🇱🇮 So cool to see such a great Video about our tiny Country!
That's sweet man, I'm applying to your uni there! (From Canada)
How to get a job in Liechtenstein.. Plz help... I want to be a delivery driver
I love YOU MAN AND YOUR BEATIFUL STATE I ALWAYS WANTED TO LIVE IN THAT COUNTRY🇱🇮😒👍🏿👌
I would say a 2-3% growth/year deserves much more than 5/10. Other than that, great content as always!
Need more on this 'sea land' in the middle of Australia story
The most well known Australia-based micronation (which aren't real nations because nobody accepts their sovereignty), is the Pricipality of Hutt River. Basically some wheat farmer who got angry about the government telling him how much wheat he was allowed to grow in 1970. Basically a Bundy Ranch kind of situation, but instead of an armed standoff, is fought with arguments based on legal technicalities that the state and federal governments roll their eyes at.
John Widener typos are normal just an FYI :>
Legitimately very good videos, nice representation that shows the work that had to be put to make those videos possible
I like the ranking system, however, I believe you are missing the most important category; standard of living. Due to it's importance I suggest treating it as a multiplication factor (so you would rate it from 0-2 and multiply they other scores by this number, or you can make it our of ten and also use it as a multiplication factor (but the numbers will be far greater) ).
In case you haven't noticed, in the last part of the video stability and confidence should have no.3 in front of it 😅 Interesting video as always! Also I'd love a commentary on how Greece is fairing nowadays.
Another great video, EE! So much to comment on here. I just don't have the time though. I love the ranking idea. Keep it up!
Interesting video as always. Keep it up!
Could we get a video of another tiny economy? namely Iceland, would be interesting to see it compare to for example Lichtenstein
I love the new category rankings system.
Might I suggest a new addition:
The Economic Potential category
This category would be more subjective, or based on expert opinion. Instead of looking at what happened in the past, or what is currently happening, the "Economic Potential" category would be more forward looking and reflects what we can expect from this country in the future. Are there positive developments; is the country regressing; has it already reached its peak? These types of questions will be answered and/or captured in this new category.
Thank You for saying “please consider liking and subscribing” instead of “like and subscribe now”. I really appreciate that wording and it makes a huge difference between You and other channels
Love the rankings. Please keep doing them
can you do an episode on the isle of man? I'm from here and would love to hear what you have to say about it
love ur stuff
When 50% of your gdp comes from the isle of man TT. Would love to visit.
I’d like to see Costa Rica next!
Amazing series. Thank you
I really like the ranking great idea!!
Loved the ranking. Now do a video about Argentina!
heck yeah, lets depress the rest of the world!!
No pls i don't want to be humiliated :(
Quality of life ratings or lifespan would be valuable to evaluating economies. The purpose of an economy is to improve those things, so its a helpful metric
Exactly what I've been waiting on
Do a three part video explaining the WTO, WB & IMF
Their role
Their origin
Their effect on the global economy
Their problems
How you would make them better
I really think you need "income inequality" in your ranking somewhere. I mean what's the point if a country has a great economy if hardly any of its citizens benefit, right? Not that this applies to Liechtenstein
This economist tends to take more conservative philosophical positions and such equality is a factor almost never discussed
@@davianthule2035 More that he tries to avoid taking political or social stances so that he can focus on the economics; that said, he's straight up stated that he's a Keynesian and we tend to be economic centre-left (every other political axis though, that's to each individual to decide for themselves...)
income inequality lead's to higher crime,
higher crime leads to less stability and local and international confidence,
Unforeseen consequences? While I think it's good this channel stay's away from politics or anything to philosophically heavy this is still an important question. If anyone has data to suggest that income inequality does not lead to higher crime send it my way!
@@liampett1313 Hmm, fair points but to play devil's advocate, corporations of the type to value stability tend to not be overly concerned with reducing income inequality (or might even encourage it if one were to consider how many US executive remuneration schemes tend to operate...); so while high income inequality may well lead to higher crime in a statistically measurable and causal relationship, if the country's law enforcement and justice systems counteract that (I'll avoid going into details or else I'd risk going on a full blown lefty rant), that probably won't bother corporations/companies much
@@liampett1313 dude, economics is inherently political, and engaging in it requires you to take philosophical stances. For example what a "rational" actor is is a purely philosophical discussion yet is central to all schools of econ
You need to provide a list of sources explaining where you got the information from...
I had to look up if they really have a wealth tax, but they apparently do according to Art. 9 Abs. 1
SteG (tax code)
Do you REALLY, ACTUALLY think anyone is going to bother checking those links in the description ????
@@Collegia_Titanica Yes. And also doesn't matter. It's a good practice that we should insist on and expect from all YT (and elsewhere) content providers.
This is the report.
You are the peers.
Do a review.
This is your show.
Great video! Can you also do the economy of Cyprus?
your channel is amazing, I really enjoy the content! I think you should do one about Brazil
I am a engineer, I don't know abc of economics, half of the video goes above my head, I hope I would understand this one day 😅. great video only I understood half of it 👍🏼.
Keep learning!
Do a video on the former Yugoslavia which had a unique economic/socialism model please. Or one of the successor states like Serbia. 😄
or Slovenia 😊
Or Bosnia and Herzegovina
i really like the ranking idea!!
Please do a video on the Economy of Nigeria! Great content you have here.
No tanzania, nigeria is just a more shithole version of south africa.
Maybe you could add sustainability to the ranking. Basing it on variables like environmental degradation, resource availability and population trends.
Liechtenstein is so small, that I imagine, the government can deal with the citizens' income on an individual level. Call up a certain person for an interview in the parlament or with the king to find a solution to his financial problems to make the overall country wealthier)
Yes Indeed, its so small that even the Prince of Liechtenstein comes to the local Coop(One of the usual Supermarketgroup at Liechtenstein and Switzerland)and occasionally talks to the Citicens. Its a small story I got from one of my friend at the local artschool. They live in Vaduz
love the videos! could you do a video on finland economy?
I liked the ranking bit! Maybe do a video ranking other countries that you already made videos on
Rank the previous countries you reviewed, in a separate video.
Nobody:
Literally nobody:
*Some random guy on CZcams everywhere : so Lit has send me a solar battery pack ...*
what?
@@Krokoklemmee every time I watch an economics explained video this stupid add for a battery pack comes up.
Loved the video
Loved the ranking
Score at the end really feels like economic version of the dougscore. Only other thing you need is starting the videos with “Thisss... “
I would say that liechtenstiens economy does it's job (taking care of citizens' material needs) very well. But it essentially got a 5/10 just because it is small and therefore 'weaker' than a larger economy. I think the score should be around 80% measuring how a country lives up to its potential and 20% 'strength'.
Loved this ranking! Please do Ecuador's economy next.
Ahhh, ahhh, ahhh, ahhh
My little economy
I used to wonder what economy could be
My little economy
Until you shared this money with me
Big adventures
Tons of fun
A beautiful heart
Faithful and strong
....
Sorry, I edited, and your comment disappeared 😑
I added one more "my little economy"
Maybe Gini Coefficient could be added as a factor
I would like to see something that clearly indicates individual prosperity across a nation, as you can have a very wealthy nation where most of its inhabitants are destitute (such as S. Africa). Median household income would also be a good one to consider.
Perhaps include a score for the taxation system? Like how fair, efficient, well thought out it is?
Great video!
Love the scoreboard. May be you can add a criteria in terms of future prospects for the economy! Also would love to please see some videos on Bangladesh, Rwanda, Luxembourg, Taiwan, Lebanon and Haiti!
Hi, In terms of ranking categories, how about "Natural Resources" and something related to "Politcal Alliances / National Safety"
Economy of Ireland, please 🙏
I think the the ranking of national economies is a really cool idea and I hope you retrospectively rank the nations you've already done videos on. I also have a suggestion for a possible future video. I think it would be really interesting if you delved into the possibilities of future economic blocs similar to the EU. As an Indian who lived in Myanmar I've read about the South Asian Association for Region Cooperation (SAARC) as well as ASEAN and I think its insanely cool to think that in a few decades these groups could actually execute their ambitious plans regarding economic integration. P.S. I love your channel, your videos are indepth AND engaging which is so rare. It's great for someone who's interested in economics. Please please please make some more content regarding India.
I love the ranking thing! Would totally watch a video where you just rank the ones you've already done!
Hey Rebecca,,🙋♂️,, I'm Mason,,can we chat? If you don't mind 🤷♂️
Please do British empire.From Jamestown to Indian Independence.
Lichtenstein: Switzerland's Switzerland.
All stuff I didn't know. Thanks.
Loved the video and, despite having been knowledgeable about much of the content (financial services lawyer), learned a lot.
I loved the surprise ending (ranking L #1 of 1).
While the leaderboard concept has merit, I’d submit that its components are and will always remain malleable enough to back into a sensible intuitive overall ranking. It thus feels like reporting the weighted average of, say, 10 integers out to five decimal places (false precision).
As a future "the economy of..." idea I want to suggest Luxembourg. It is in many ways similar to Liechtenstein, and has in it's history always known to reinvent itself in order to diversify it's economy with some interesting ventures like space mining.
You should do a video on the economics of trade unions.
oooh yeah you know what that is actually a good one!
I’m so interested in your opinion about the potential countries who will become economical superpowers in the future... would love such a video(like a potential top 10 or something )
Well I guess in 30 years it will be 1 China 2 Us 3 India 4some East Asia country/Japan/Brazil/ 7Russia/Germany
These videos are amazing! I’d love to see one on your close cuzzies, Nu Zullund.
7:20 ofcour', just one example of where you omit necessary S's from words, is it an elaborate joke I'm missing or what?
If you need someone to proof watch I am happy to offer my services..
Pretty sure that's just due to his accent.
@@seandewell9319 I think it's the audio software for noice cancellation but I may be wrong. Either way, it's quite annoying
HTML software coding problem
Do Slovenia, the most developed post socialism country in the world.
Love your ranking and your criteria for ranking. Thank you. Can you please go back and add the ranking for the top economies that you have reviewed so far, like Australia, Norway, USA, Germany, or... so going forward we have some strong bases for comparison.
You need to make a video ranking every country you've done so far now. That'll be a good 15 minute video that stirs up some controversy.
Watch Economics Explained drop a country tier list soon. I'll be waiting.
I love diving into the sources for further learning. Sad to see that refrences are missing for this video :(
My first time of learning about this country 😮👏
Should make a video on ranking the nations you have already made videos on
You need a section of the video specifically for quirks and features.
With that chart at the end I’m almost expecting a Doug DeMuro: Thissssss is a 2020 Compact European Liechtenstein and it is a very interesting small economy, I am going to have a look at this economy from all sides then see how it drives THEN I am going to give it an Economics Explained Score 😂😂😂
QUIRKS AND FEATURES!
Do a video on the SAPs their origin, effects, impact, rationale and alternatives.
It would be interesting if you did a video dedicated to ranking all the countries you have previously covered.
How about Austria next?
"Financial Services" the friendly PR term for tax evasion
And wealth extraction absent value creation.
Literally haha
There isn't all that much tax evasion. It's mostly avoidance and then using bank secrecy to keep money away from prying government eyes.
There's nothing wrong with tax evasion, stop tax shaming people.
>commies actually believe this
I'd like to see the other countries you've talked about ranked
Thank you for sharing this information
Your videos are very informative and detailed.
I would like to know how do you find these topics and do such extensive research?
Looks like perfect place to live good life and earn more
if you get a permanent stay visa. and that's pretty hard.
we austrians stay living in austria, and travel everyday to Lichtenstein/Schweiz to work. it's cheaper, and more convinient.
for example, a Big Mac costs about 10 USD there. Living in this Country is waaaay too expensive.
I really like the ranking!!!
Love your video's.
You should make a video on Taiwan's economy
Lol he keeps getting asked to do this.
How about Poland?
I like the new ranking but i think it would be better if it had an measure of economic inequality,as this can affect greatly the capacity of consumption of a nation
Ranking is very good💯
Love you videos "mysterious Internet man"!
I'd love to see one on the economy of Israel
why is he saying Lietchkenstein instead of Liechtenstein ? ( litch - ken instead of lich - ten)
It's so annoying
make a video on banking, and how bankers work
Luxembourg is a quite special country and economy, comparable to not many other countries. Would love to see your take on LUXEMBOURG! Keep it up, appreciate your analytical videos!
Maybe do a hypothetical video on what a country in Anartica would look like? Another good vid as always
As a German its funny to hear an English speaker pronounce Lichtenstein xD
An Australian no less. I am sorry for butchering it in advance....
Still better than the dutch "ch" lol
As a Swiss and Lichtensteiner, it's alwasy funny hearing a German pronounce Lichtenstein. ;)
as a Liechtensteiner, its funny to see everyone write Liechtenstein wrong xD
@@cinnazeyy1245 oh i allways thought it is Lichtenstein since every german pronounces it that way since Licht is light and Stein is stone so we say it like the two german words we have for it... But i only now realize how it was Liecht all the time xD
Maybe you should consider the economy’s debt level too
Rankings a great idea!
@Economics Explained could you guys do one for Jamaica? I'm curious to see your take on explain its economic, and maybe even do a Caribbean nation ranking process like you did in this video
I think each section should be weighted. Times by a certain amount.
Also think income inequality is important to mention. In a leaderboard or maybe just add penalties for things like that
Hey Kira,, you're funny 😂😂,,
Can we chat?
If you don't mind 🤷♂️
@@masonpacheco4304 chat? what for exactly?
Nothing to worry about,,I saw you here,,so I felt like I should chat with a cute one like you 🤷♂️🥰
Do you mind?