Watch and track your favorite playlist.
Curated by: Richard J Murphy (21 videos)
Most people think economics is about money. It isn't. Economics begins with something much more fundamental: resources. Every society has limited resources and must decide how best to use them. Those decisions shape our lives, our prosperity and our future. In this episode of Understanding Economics, I explain what economists should really mean when they talk about resources. Human labour, knowledge, wisdom, natural resources, energy, capital, education and institutions all make up the wealth on which every economy depends. Money, by contrast, is not itself a resource. It is simply a claim on resources. Understanding that distinction changes the way we think about economic policy, government, markets and inequality. I also explain why capital maintenance matters. If we consume resources without replacing or renewing them, future generations become poorer than we are. Economics should therefore be about stewardship as much as production, ensuring that we preserve, develop and improve the resources we inherit. This video is part of my ongoing Understanding Economics series, which starts with first principles and builds towards explaining how modern economies really work. If you'd like a clearer understanding of economics without unnecessary jargon, this series is designed for you. You can watch the rest of this series here: https://www.youtube.com/playlist?list=PLaSguNBvHIto Take a look at our poll below: https://www.youtube.com/post/UgkxYu6vPIOMzW_MDX9yLNtNz0hB3uW5Qi5a TRANSCRIPT A transcript for this video is available at: https://www.taxresearch.org.uk IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. https://www.taxresearch.org.uk/Blog/2025/06/20/chatgpt-prompt-for-a-letter-to-your-mp/ HOW TO SUPPORT US Please consider donating: https://ko-fi.com/taxresearch ABOUT RICHARD MURPHY Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’. This video was edited by Thomas Murphy. RICHARD MURPHY ON BLUESKY: https://bsky.app/profile/richardjmurphy.bsky.social OR ON MY BLOG: http://www.taxresearch.org.uk/Blog/ HIT SUBSCRIBE & GET NOTIFICATIONS Subscribe and get notified of new videos released. INTRODUCTION: https://www.youtube.com/watch?v=HdHsRPy3060 PLAYLISTS: The Wealth Series https://www.youtube.com/playlist?list=PLvRueM6wBgobQLeyZYAagFDMjEFTKbhRD Ecenomics https://www.youtube.com/playlist?list=PLvRueM6wBgob54Gs-fOL-8OAQ-IpduwB4 Britain https://www.youtube.com/playlist?list=PLvRueM6wBgobwTT4ATvJjsf8OO6S7wD10 Tax https://www.youtube.com/playlist?list=PLvRueM6wBgoaMni_12J6ULp3yUJisUZoY MMT https://www.youtube.com/playlist?list=PLvRueM6wBgoZ6jvRGSW5YXu8qogE6aClX Money https://www.youtube.com/playlist?list=PLvRueM6wBgoYnLk1c7syTvoIo8bKYUs5m Climate Change https://www.youtube.com/playlist?list=PLvRueM6wBgob4_wsYaVivWd2WumpPLYwJ USA https://www.youtube.com/playlist?list=PLvRueM6wBgoYYd3dSyU2Oyl3x7bWJOP7H Labour https://www.youtube.com/playlist?list=PLvRueM6wBgoa-KhzG-fnjDSg1WROL1zMw The Trump Administration https://www.youtube.com/playlist?list=PLvRueM6wBgobz41-GLimTho27A3flVWQx #Economics #EconomicsExplained #UnderstandingEconomics #Scarcity #Capital #Resources #RichardMurphy #FundingTheFuture