Is There a Better Economic System than Capitalism?

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I am legitimately impressed that the words "socialism" or "communism" aren't mentioned in this video but mercantilism is lol

Not so long ago, just after having received my degree on Biology and entering the work force, I started to study economics and finances on my own. My goals were (and still are): 1. Learn to optimize the way I allocate the capital at my disposal. 2. Have enough knowledge to be able to understand contracts before I sign them and (hopefully) stay away from bad deals and/or frauds. One of the first things that "felt wrong" was the amount of economists that take their field "too seriously" (as if it was a natural science instead of a social one), and preaching their beliefs and dogmas as if they were absolute scientific truths.

08:06 - The idea of mercantilism was that an economy should try and export as much as possible while importing as little as possible because that way you could accumulate as much gold as possible.

I think you forgot about the people who got the short end of the the stick

i believe that capitalism originally meant "what is most demanded by the market." but as soon as Edward Bernays blew open the box of advertising and propaganda, capitalism changed to simply "creation of demand."

Question: "Is There a Better Economic System than Capitalism?" Answer: "I don't know." Thanks EE

Thank you for the Portuguese audio option

"We cant predict the future and dont really know much about what we're doing, this is the best we've got." Feels kinda like the world is built on hopes and dreams.

I think that the core problem is that economics is only one half of the issue. The other is politics or rather the political shape of society what it considers important and so on. That interacts with economics and shapes what economic questions are important.

Imo the biggest blind spot in economics as a science is it’s basic premise that acquisition and accumulation of wealth is the goal/ideal as opposed to optimal utilization of a limited pool of resources for mutual benefit. Not that that will change…

What is the best way to profit from the current market, meanwhile I'm still undecided about investing $400k in my stock portfolio to get some dvidends and minimize risk

in the early 1900's a group of scientists and engineers (known as The Technical Alliance) proposed a distribution system based not on barter, but on energy accounting.

Your video reminds me about how in the late 19th century they thought physics was solved. Every major phenomenon that could be seen could be explained by classical physics. There were just these tiny little discrepancies here and there like the fact that Mercury's orbit was a little off (later explained by Einstein's theory or relativity) or the fact that radiation was behaving a little oddly (later explained by quantum mechanics). Physicists despaired that there were no go problems left to solve.

Every video when EE doesn't peddle a fine art scam is a W in my book

Perpetual growth monetary system on a finite planet.........what can go wrong 🙄

This was really well done, much appreciated 👍🏾

"nobody can tell the future, least f all economists" "is there a better economic system than capitalism?" "idk" well done mate

The only issue with calling economics a science, is the meaning of science which is a process that makes predictions off of repeatable results. Economics is primarily case studies so it doesn’t get any chances to concretely test it’s theories.

Towards the end you discuss the difficulty of studying economics - "you can't create an economy in a lab." Maybe unsurprisingly, that made me think of computer-based economic modelling, which I assume economists do a lot of. Those models though would have to be limited by the factors that economists imagine to be relevant. That got me wondering if anybody is applying AI to produce novel economic models that apply factors that maybe economists have not thought of. I imagine this would need to involved training AI on whatever data - economic, demographic, environmental, political.... the researchers could get their hands on. All that to say: Maybe a subject for a future video.