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Currently Playing: Why “Don’t You Understand Economics?” Is a Con

“That's just basic economics.” It's a phrase that gets used quite a lot to shut down arguments about wages, rent, taxation and inequality. But what happens when the research contradicts the textbook? No sponsors, ever.... this channel is funded by viewers: ▶ Patreon: https://www.patreon.com/barryseconomics ▶ Buy Me a Coffee: https://www.buymeacoffee.com/barryseconomics https://paypal.me/barryseconomics Economics can tell us a lot about the world. But it's worth asking which version of economics we're being asked to believe, and whether the evidence still supports it. CHAPTERS 00:00 - 01:12 Intro 01:12 - 03:06 What is Economics 101? 03:06 - 04:45 Minimum Wages & Employment 04:45 - 06:19 Industry Backlash Aside 06:19 - 10:52 The myth of Homo-Economicous 10:52 - 13:00 A Failure of the Collective Imagination 13:00 - 15:32 Robust vs Dated Economics 15:32 - 16:05 How this channel is funded! 16:05 - 17:21 The Reply For "Economics 101" 17:21 - 17:50 Outtakes Research & further reading Card, D. & Krueger, A. B. (1994). “Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania.” American Economic Review, 84(4), 772–793. https://www.jstor.org/stable/2118030 Kahneman, D. & Tversky, A. (1979). “Prospect Theory: An Analysis of Decision under Risk.” Econometrica, 47(2), 263–291.https://doi.org/10.2307/1914185 Young, C., Varner, C., Lurie, I. Z. & Prisinzano, R. (2016). “Millionaire Migration and Taxation of the Elite: Evidence from Administrative Data.” American Sociological Review, 81(3), 421–446. https://doi.org/10.1177/0003122416639625 Cristobal Young et al. (2016) “Millionaire Migration and Taxation of the Elite: Evidence from Administrative Data.” American Sociological Review, 81(3), 421–446. https://doi.org/10.1177/0003122416639625 Arun Advani, David Burgherr and Andy Summers (2023) “Taxation and Migration by the Super-Rich.” https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4568741 Tim Besley and Peter Hennessy (2009) “The Global Financial Crisis - Why Didn’t Anybody Notice?” British Academy Review, Issue 14. https://www.thebritishacademy.ac.uk/publishing/review/14/british-academy-review-global-financial-crisis-why-didnt-anybody-notice/ Justin Kruger and David Dunning (1999) “Unskilled and Unaware of It: How Difficulties in Recognizing One's Own Incompetence Lead to Inflated Self-Assessments.” Journal of Personality and Social Psychology, 77(6), 1121–1134. https://psycnet.apa.org/doiLanding?doi=10.1037%2F0022-3514.77.6.1121 Nobel Prizes referenced in the video Daniel Kahneman - Nobel Memorial Prize in Economic Sciences, 2002 Richard H. Thaler - Nobel Memorial Prize in Economic Sciences, 2017 David Card - Nobel Memorial Prize in Economic Sciences, 2021 I’m Barry Ferns – a comedian whose personal journey through failure, homelessness, and rebuilding led me to explore the socio and behavioural economics of inequality. This channel digs into how systems of power shape our identity, behaviour, and beliefs, and how we can shift the stories we tell ourselves and each other about poverty, inequality, and who’s to blame. How to Support Barry’s Economics Help us stay independent and keep making videos like this. https://www.buymeacoffee.com/barryseconomics https://ko-fi.com/barryseconomics https://paypal.me/barryseconomics https://www.patreon.com/barryseconomics Subscribe for future videos: https://www.youtube.com/@barryeconomics More about me: https://barryferns.co.uk/ Mailing List Sign-up: https://tr.ee/0BKMVw You can also follow me on Tiktok: tiktok.com/@barryseconomics Instagram: instagram.com/barryseconomics Listen on Spotify: https://open.spotify.com/show/0vgya63dtCFD5tjODr7BEK?si=Bb6ftvByR1-6vG0Q2BTmMg Twitter: twitter.com/barryseconomics Substack: https://substack.com/@barryseconomics BlueSky: https://bsky.app/profile/barryseconomics.bsky.social Reddit: https://www.reddit.com/user/barryferns/ If you’re new to this, check out @garyseconomics first – his channel gives the structural and financial perspective. This one adds the lived, social and emotional side. Support Gary's Wealth Tax Campaign Here: https://buy.stripe.com/dRm4gs9Nl1L6eqWbUydjO00 Want to see the stand-up side of all this? Find my live comedy and storytelling here: https://www.youtube.com/@mrbarryferns To learn more about my comedy club, Angel Comedy, and buy tickets for shows head here: https://www.angelcomedy.co.uk/ #BarrysEconomics #GarysEconomics #Inequality #BehaviouralEconomics #SocialJustice #BarryFerns #ComedyWithDepth