20. Savings

[@sanjidnet]

- why one ought to save - 0:23 - why one ought not to save - 3:22 - why can the poor not save on on bank accounts - 14:46 - how can the poor save without bank - save at home - 18:15 - ROSCA - 21:00 - building on a house - 32:20 - jewellery or gold - 37:14 - money guard - 40:44 - the mathematics - 51:01 - experiments done in India and Phillipines - 1:01:02

[@zidanethalib]

Thanks bro

[@alashawn8]

underrated

[@harshaloptimistic4520]

good learning u did

[@harshvardhansingh9057]

Thanks a lot😊

[@askashutosh8667]

Thank we comrade!

[@rohitgogoi3222]

Got recommended after his nobel.

[@pranitraut9149]

Same

[@atishsantra7017]

Same

[@switchblade970]

I got today is banerjee in news again?

[@praveenawesome2182]

Yeah

[@siddu930961]

@@pranitraut9149 j

[@sujaysaha1663]

KZbin recommended this to me after 11 years.He is an Indian and belongs from the State West Bengal where I live.He is a 3rd noble winner belongs from Bengal after Gurudev Rabindra Nath Tagore and Amartya Sen.

[@cyberdemon8202]

I dint realise until I read the comments that he is a Nobel Laureate. Wow!

[@mdogzino]

Him and his wife together. They shared the same.prize as a couple.

[@vikranttyagiRN]

KZbin recommended this to me after 6 years out of nowhere and I am pretty pleased

[@markonikof]

It ain't out of nowhere

[@Harsh-uw5pj]

KZbin watching all of us and knowing what we think also😂

[@vikranttyagiRN]

@@markonikof Yeah it's because he won a noble but still a video that is 6 years old getting recommended is the definition of outta nowhere

[@curiash]

@@vikranttyagiRN Its been two year. Time flies fast

[@Abbas_abbu]

KZbin recommended me in 2024

[@amitkumar-yp8no]

KZbin took 6 years to recommend me a worth video. After watching this video i can surely say he is a true deserving person to get the best award and prize and many more..

[@amitkumar-yp8no]

@@shrisub881 Is there anything constraints that to appear in ssc exam, you should have to study only ssc syllabus. In my opinion we are an adult and we should know some basic process that are going on besides us. Watch lecture 1 of this program, you will came to know about what the basic scenario of poverty line in (50) average developing countries and U. S.

[@నందిరుద్రుడు]

You can otherwise say it took a Nobel prize for him to make you listen to this. If not for his Nobel you wouldn't even click on this even if it were recommended. True with me.

[@Tanmay_Bhattacharya]

@@నందిరుద్రుడు yeah true. But I guess I can suggest you a name. He may win Nobel Prize for Science in future. His name is Rajibul Islam. He is from West Bengal, India. Although he doesn't stay here (like Abhijeet Banerjee was a NRI)..he is a researcher in the field of Quantum Computing.

[@r.a3981]

It's amazing to attain a lecture from a noble winner.

[@s.m.misbauddin674]

The students were lucky to listen to a noble prize winner :)

[@masternobin]

There are many nobel laureates in MIT. And maybe many of those students win a nobel in the future. They are all geniuses

[@jose-lael]

And so are you now.

[@chessandmathguy]

Both a Nobel winner AND a noble winner...

[@ahmedmohamudmohamed2374]

I am lucky ...

[@greentomato4632]

@Big Foot is amartya sen not his uncle anymore?

[@heathens2867]

Thank you youtube for recommending me this after 11 years

[@MedhamshMaringanti]

Yeah, that’s okay. I recommend stuff as per my wish. Your thanks is accepted.

[@jaydevdave7369]

Me too

[@Tintin-in-India]

Congratulation sir for your noble prize.We are proud of you.Good lecture

[@NazriB]

Lies again? Medi Save

[@pandit-jee-bihar]

Traditional mindset in India has been to pass on wealth to the next generation even at the cost of living a difficult life. This has been changing now as people are spending more for their own pleasure and comfort which is also one of the generation gap stuff.

[@StonkSlayd-ky1ve]

well the british came and stole everything. so there's no point in saving if someone else is going to come and take it.

[@ahmed.ea.abdalla]

glad I got recommended this; once in a while youtube wants me to help me become a better person

[@insenjojo1839]

Recorded on 2011.... Still relevant today......kudos to you for the phenomenal job on your economic dialogues

[@big-bang-movies]

Basic concepts of savings is illustrated with easy, practical examples. Can be very beneficial for non-financial background.

[@ramjiYahoo]

how brilliantly, Prof explains teaches big concepts, big theories in simple ways. His wisdom is underrated. Nobel should have been given in 2015 itself

[@nilanjanataraphder2178]

Maybe 2012 or 2013....it could've saved his family life!

[@nabeelhakeem3593]

@@nilanjanataraphder2178 what happened to his family?

[@vishvendrachahar3782]

congrats to abhijit G to get nobel prize .we have really proud of you.you are constantly doing encouraging work for society thanks a lot sir.we get inspired from you

[@henrystevens3993]

Proud of what. He didn't even considers himself an Indian😂

[@mukeshkumaryadav350]

Arre.. vishwendra bhai kya haal h😅

[@vishvendrachahar3782]

@mukeshkumaryadav350 bahut badiya Bhai tum batao

[@winzyl9546]

His posture hurts my back

[@anita2053-r1f]

14 hrs work effect

[@Jeeettttttt]

One of the greatest Indian products of the modern era, thanks AB.

[@Joe-jc5ol]

You save material in a hyper inflation situation. Bags of grain, gold, useful computer hardware etc...

[@tarunverma8245]

TRUTH: No one can teach "SAVINGS" better than an Indian

[@srishti1322]

True 😅

[@ahuramazda980]

Can you please cite your reference for such a claim?

[@TheMrSSS]

Provide proof

[@ArunSukumar]

@@ahuramazda980 it’s a stereotype dude.

[@Leeisateam]

[citation required]

[@adharshvas1103]

I usually can't focus during lectures and found them really boring back in college especially Economics subjects, but this lecture caught my undivided attention at the beginning and didn't divert throughout. I like how comparisons were made between various savings methods in a simple way without any text book definitions. Really hope this level of education quality is adopted in India. Would really love to do my masters in such universities in the future if my finances permit.

[@CJAWorld]

Same here

[@kbshrivastav8539]

What's the use of education on economics in end its just about bank ssc exams

[@kapilsiroha906]

its depend on type of teacher not base on education system

[@John-ru4gz]

I usually smoke a nice doob followed by a monster white before every lecture

[@smollilbean]

I wanted to study economics at bachelors level so bad. St Stephen's was my dream college when I was in 10th grade. (I was honestly only looking at the kind of jobs you get after the degree , and the work you do - like at NITI ayog, world bank etc) Naive little silly me didn't even look at the actual course content, didn't realise it was a heavy, HEAVY math degree - and I hated maths. This i got to know months after I'd decided to drop maths in 11th grade as a commerce student. This was 4 years ago Big L moment lol. It's also sad to note that india doesn't do justice to economics as a. Study. Most passionate people have to move out unfortunately. Though I've heard the econ degree at indian statistical institute is very good.

[@syedadeelhussain2691]

Savings is all about financial freedom. STEP 1 Save and forgo consumption STEP 2 Wealth management STEP 3 Retirement STEP 4 Financial Independence and security STEP 5 Good life

[@nannangao7256]

According to Chinese experience, more like STEP 5 good life of your offsprings😂

[@citricdemon]

between step 3 and 5, you die!

[@InfoG]

After 6 years youtube recommends this video of Abhijeet Banerjee to us who is noble prize winner in economics now.

[@selvamthiagarajan8152]

it is Nobel prize, not noble.

[@mdshajalal2099]

There is no Nobel prize on Economics.

[@selvamthiagarajan8152]

@@mdshajalal2099 Banerjee shared the 2019 Nobel Memorial Prize in Economic Sciences with Esther Duflo and Michael Kremer "for their experimental approach to alleviating global poverty", according to Wikipedia. I guess this is the correction you are suggesting at.

[@naseerahmed6805]

Live with family Repair your stuff Shop at second hand stores Invest in dividend paying stocks Work over time Eat home made meals Exercise regularly ( not gym ) local parks , run Own as little as possible and buy GameStop shares!

Yes but having a life is important too

[@OneCheapEric]

Yes to all of this. Especially GME. To the moon.

[@saibamoe]

The chinese save due to very small pension wages....plus it's a general ideea to save because not one job is permanently safe.

[@T75-n1m]

Before this Economics Class there was a Physics Class...... Basic Quantum Mechanics /Atomic Physics/Quantum Optics...

[@joyfulnesscheerfulness]

Hahahahah

[@debudas1175]

Heh heh...

[@alaypal7484]

Ohhhhh....I thought there is also integration in economics 😂

[@kaustavchakraborty811]

Alay pal...there is a lot of calculus and other advanced mathematics in economics .. That is why people with background in mathematics , physics and statistics often get nobel prize.. A case in point, John Nash got nobel prize in economics despite being a mathematician..he got it for GAME THEORETICAL applications in economics.. A movie was made on his life ...A BEAUTIFUL MIND...you should watch it.

[@ahuramazda980]

Every field in the academy exists for a reason. Show some respect. Some people are interested in social science.

[@pavanxb]

Many congratulations to the nobel laureate.

[@VishKrish1]

No surprise here … ask an Indian about saving money … and he will win a nobel prize to prove his point .

[@TIFFNOTES]

He is NOT Indian, he is Hindu from India .

[@VishKrish1]

@ : i waited 2yrs for this . Thx

[@scorpiogeyser5211]

😂😂​@@VishKrish1

[@RaviChandraEnaganti]

At first when I heard about the ROSCA mentioned at 27th minute, I thought I would be learning a new concept in economics. However I realized that I already knew it from my childhood with another name called "Chits". They are popular even now in my native village, and near by towns in Andhra Pradesh, India.

[@abhinavsharma2179]

Chit fund ?

[@RaviChandraEnaganti]

@@abhinavsharma2179 yes operation wise, Rosca with Bidding looks like a chit fund.

[@SharkFishSF]

Yes it's all over India, different names.

[@yatima1158]

I realised I had a similar concept in my life except the 'order list' was just winners from a regular card game we used to play.

[@pokemonitishere202]

కపిల్ చిట్ ఫండ్స్ - మీకలలకు సహకరం 😂

[@wethepeople1680]

OMG he is the Nobel Laureate

[@megamind5740]

First time youtube recommendation really worked

[@mosialive]

He speaks like Sundar Pichai. I think I'm going to enjoy this course, let me save it.

[@absoluteepic1703]

oh man! what an explanation, very clear concept!

[@tradeswithjohnnie]

Ahhh. The best teacher to learn savings from. An indian.

[@Sourav_Indian]

Dream class room for me. Wow

[@staccatoabeat]

Proud to be part of the same family! He turns out to be my maternal uncle 😁👍🏼👍🏼👏🏼🙌🏼

[@Moksha_Rahasyam]

Really that's great..

[@31souravmondal]

কী করে??

[@delco2035]

Bob's your uncle, that's it you won the game

[@purushottam93]

Really ❤️❤️

[@devanshanhal4745]

wish this was recommended to me 10 years back

[@AfaqJabbar]

That's how it works my brother

[@AfaqJabbar]

They have algorithms

[@aishwarytiwari2534]

On the blackboard, its from quantum mechanics class

[@hrisikeshroy9976]

The classic indian teaching style ... Sitting on table 14:55

[@prafulgupta2218]

The last study that Prof Banerjee shows actually shows that an avg baniya knows more about the why and how of loans than even a would be Nobel laureate professor. The experiment and the subsequent learning that they got could have been speller out by a baniya over a Rs 2.5 cup of tea in 5 mins.

[@subhampaul9255]

প্রণাম গুরুদেব, ভালো থাকবেন।

[@Booklover32]

"A penny saved is a penny earned." -Benjamin Franklin

[@unfilteredwithvarun]

Pure gold content.

[@roopmukherjee3006]

To my understanding the idea of savings is not only dependent on economic condition.. But also is attributed to cultural , social, habitual and mental condition. You are aware that in India when one decides to renounce the world or to be a yogi..his urge to save diminishes or ends... Ironically it has been observed that people keep on saving money until the time of his death because of his mental obsession for money... Contrarily there are also people who is poor but chooses to spend all his money to enjoy the fit of the moment... Hence to analyse savings per se needs a multifarious approach.. Econmics may be one of them.

[@harris2898]

microeconomic decisions can have some form of objective foundation, but they are always subject to subjective psychological factors which often are random. In short, the usefulness of studying microeconomic behavior, as showcased in this video, narrows down to very specific scenarios and under very specific constraints. These scenarios cannot and will not (ever) come close to describing the social economic reality, to any realistic degree.

[@SnowPyramid]

Cow go moo

[@ujan9837]

🤣🤣🤣🤣

[@endgamefond]

I love MIT. I enjoyed lessons on economics. This is great. Upload more topics on economics please. I enjoyed behavioural economics. Upload those more please 😊

[@Justus9714]

Quick fix for current economic downturn is skip one meal prefer ably dinner. Health will improve and the food excess we can export. Skipping meal wont lead to malnutrition. I practice 24 hrs water fast every weekends and dinner only light smoothies. Let body eat up the stored fat when fast. Banerjee sir must be eating 2 meals a day.

[@Justus9714]

@Big Foot no i follow Dr. Mindy on youtube she mostly say about autophagy.

[@aman1245singh]

Fab suggestion Justin. I totally agree

[@OMNpods]

are you serious?

[@SharkFishSF]

@@OMNpods it's called OMAD, many people do it, and people also do ADF(1 meal every 48 hours), full healing and autophagy, HGH boost etc.

[@delco2035]

@@OMNpods isn't it funny to hear health guys giving advice in the comment section of nobel prize lecture on economics.

[@waqasakbarkhan4148]

My brother share me his all videos and I watch Very carefully and take notes thanks my brother 💖

[@tejas8211]

Congratulations Abhijit sir. 😍😍😍

[@pisekanha]

The thumbnail makes me to click and watch this video!!!!!

[@U012behappy]

Being richer tomorrow, also leads to more opportunities for investment of savings regardless of consumption. If marginal unity of savings is positive there is reason enough to save to that extent or if marginal benefits of savings are more than the marginal costs of savings, there is good reason to save.

[@coletrick8748]

Privilege to sit in on an MIT course for free

[@coolkuchu]

Thanks for the initiative for free education

[@endgamefond]

In Indonesia, for ROSCA, we call it "arisan".

[@satyaprakash921]

So saving habit is just a byproduct of how long a future you foresee for yourself.

[@Flootforareason]

This man is so good!

[@Groet]

Was enjoying the talk and following along and then 51:04

[@hhhmo7328]

MATH

[@nBoxit]

one reason not to save is "spouse control" 😂😂

[@m.rahman5608]

😂😂

[@delco2035]

is it now ? i'm pretty sure actual numbers would go right against this proposition. i'd wage my right hand women are better at saving.

[@crpfx302]

Meanwhile physics teachers in India ''previously there were 10 planets now there are 9''

[@dollartracker]

the guy speaking at 16:12 is the only one so far in students who is well audible to the subtitle writer!

[@priyanshusrivastava2941]

MIT students are so lucky 🌟

[@johnwhite3248]

How they have to pay for this we get free online?

[@Turtle-j7h]

There are some important questions: Who is money for? For luxury or for necessity? If you are truly teaching for necessity, then why are so many people poor? Children are being scared with talk about the future so that some companies can accumulate all the wealth while the rest remain their slaves.

[@abdallababikir4473]

53:35 every time it says inaudible, he actually says "marginal utility". Whoever did the captions is not trained to hear those words, so it comes off as inaudible.

[@aadhila2164]

Fact: You didn't search this video , you didn't wanna watch it but you clicked anyway.

[@elonmusk400]

Nobel prize winner himself teaching you

[@mynamehaschanged]

It`s not like they would double their earnings in 30 days, but they would have a 15.3% increase in their earnings after 30 days with that compound interest plan of the cup of tea. Just considering the reinvestment of the cup of tea money and it's profit day by day.

[@parthaaec07]

Excellent teaching

[@নক্ষত্রলুব্ধক]

বাঙালী হিসেবে আমি গর্বিত

[@Md-Nasif]

Is he Bengali?

[@নক্ষত্রলুব্ধক]

@@Md-Nasif yes

[@nitishsaxena1372]

He's half Bengali and half Gujarati. He himself revealed that recently

[@vikasraghav5576]

@@nitishsaxena1372 when? can you plzz provide link or anything

[@arindamghosal7277]

@@nitishsaxena1372 his parents are both Bengali.

[@knownuser0815]

Thanks KZbin algorithm for recommending me something I'm absolutely not interested in.

[@Warrior97489]

You should feel privileged that you have been given opportunity to listen to a Nobel Laurete.

[@knownuser0815]

even a Noble laureate is not necessarily a good public speaker. See video above.

[@vdiitd]

@@knownuser0815 A good public speaker doesn't necessarily mean they have something knowledgeable to share.

[@abhisheksarkar2151]

@@knownuser0815 Even I'm not interested while KZbin recommended this. But I don't really see any butthurt person here.

[@Yagyaansh]

God bless to the person sneezing at 7:21

[@saideepreddy9922]

Now understand why we need to get fame Then only world will listen to you

[@alikhurram]

Read Mr Abhijit book and agree with his research

[@manchujon4698]

Wish Indian schools were as interactive as MITs

[@cheemschandani5982]

They are, you just need to go to a good one lol

[@cheemschandani5982]

@@kbshrivastav8539 IITs, some NITs, BITS, IIITs, IISERs, IIST, IISc I'm sure that's not all. And that's just Engineering and sciences....Law schools like the big NLUs, OP Jindal Law etc. Are great. For management IIMs, ISB, XLRI. India me acchhe schools ki kami nai hai...you just need to work hard.

[@kbshrivastav8539]

@@cheemschandani5982 bro I am from an NIT it's not interactive

[@alwaysdisputin9930]

1:30 _"What's the most important event that a lot of people in the US save for?"_ Using a vibrator

[@quahntasy]

*Who else is here after he won the Nobel Prize?*

[@nannangao7256]

The most important thing of saving is interest in my eyes

[@atishmitraseemanybutfollow2231]

congratulation sir,for rewarding as novel prize winner from bharat & sir ur way of teaching is good by asking the parallel question to the audience as student but parallely if giving them a solution for every question regarding improvement of comfort life to every person specially which work out in bharat as sure in it, its better...

[@PArasumaj]

A lot younger abhijeet binayak banerjee.now a Nobel laureate

[@themaverick7707]

Can't believe he won the Nobel.

[@Babayaga_themanoffocus]

Why most genius people are so skinny

[@siddharthraychaudhuri7250]

Workaholics. Tend not to indulge in food and alcohol too much. But mostly because they walk a lot, or do cardiovascular exercises which are beneficial for the brain.

@@siddharthraychaudhuri7250 The exact fucking opposite, are you dumb? Workaholics eat a bunch of junk food and stuff while working.

[@vishalyadavvashu]

@ no need to be so rude

[@alexismisselyn3916]

@ you're both correct. My opinion is that to become a "genius" you must be disciplined, and if you are not disciplined (binge eating, obese/overweight), you might not be able to study as consistantly I think you don't have to be a workaholic to be a genius, and a lot of workaholics are skinny because they might eat junk and be unhealthy, but you can't gain weight if you're constantly running aroung and eating a meal every two days

[@ankitmitawa765]

It's only one...they get lost so much in their work.

[@Drxlr8n]

Watched this in or after his Noble Prize given in October 2019

[@mrlastsurvivor6124]

Great Prof...a Carbon Copy of my Eldest Maternal Uncle.

[@mrlastsurvivor6124]

In Fact my Maternal Uncle was a Professor until he became a Principal. ✌

[@swatin91]

The concept of laptops during lectures should seriously go away! I feel the theory can be much clearer by just paying attention to the instructor.

[@darkange911]

super true

[@MrSid_Vlogs]

True, i think pen and notebook would work for taking notes

[@VoltageLP]

BTW, there is always a huge spread between the buy and sell prices for gold, so it doesn't make sense to buy it if you're not gonna hold it for at least a few years And microfinance organisations usually charge 100%-800% yearly on their loans, not 24%, 24% is what a bank would charge you if you have perfect credit score and something to loan the money against

[@selvamthiagarajan8152]

Nobel laureate or not, he is a boring teacher. The guy who walked out 1 minute into the lecture had great foresight.

[@chamber3593]

Recommendation anyone??

[@living4adrenaline]

She knows money you put under the floorboards will "rot"

[@Jitendrapas1]

Recommendation by KZbin.. KZbin knows what is going in my mind

[@SharkFishSF]

That's it, I'm building my own house.

[@maadyk]

Not a great thumbnail 😂

[@127.]

Thumbnail is meme material

[@ArunNarasimhan_arun1997107]

It looks like he's asking "Have you thought about saving? HAVE YOU THOUGHT ABOUT IT?"

[@akashbavishi6615]

Definitely not😅😂

[@chh7681]

all the indians in the comment: TEACHER IS GOD.

[@kkrishna1718]

Being an Indian I can answer most of the questions he asked to students just because of nomenclature. Like saving collectors is sort of activities you see here in India. It was fun knowing about Rosca, we call that bc here.

[@20shourya]

In India people call each other Rosca all the time, even on the streets, especially when they get angry.

[@kkrishna1718]

@@20shourya haha. I was really surprised to know rosca is a real thing.

[@20shourya]

@@kkrishna1718 even Virat Kohli is an expert on Rosca.

[@josef9988]

it was the "crazy guy looking thumbnail" that made me click

[@tanaysoni7420]

I’m saving it to watch later

[@JustmeAgainOk]

Felt like Captain Jack Sparrow was lecturing me. ☺️

[@ChandravijayAgrawal]

What was he trying to conclude in end, I expected he would show that people learning compound interest would be debt free but that is not the case, and he seems surprised by his own slide and says it stunning was he unprepared?

[@SharkFishSF]

No, he's presenting it to the students.

[@HVBRSoF]

the slide was results of the study done. he's surprised because he was expecting a different result, but the study came up with a different result than his hypothesis. so now, they need to do another study to find out the causes why people can't seem to stay out of debt.

[@Murillo.Carvalho]

ROSCA in Brazil is named consorcio

[@pfever]

You have to love the thumbnail

[@abhishek.chakraborty]

Thanks KZbin for recommending me this 👍

[@visualjottings5626]

Ordinary man who decided to go to a little extract mile.... Wonderful lecture.

[@kbshrivastav8539]

He couldn't crack bank po and upsc

[@dboilerroom6077]

Who is watching this on 2024

[@husseinshaito247]

What better year to watch while we are closest to WWIII

[@youtome5465]

Save your family​@@husseinshaito247

[@Rao.Shoaibi]

I