Is the Fourth Industrial Revolution Worth the Hype? | Economics Explained

[@kronos319]

Come on EE, we all know that 3090 you need for "editing" is really so you can "research" for your upcoming "the economy of cyberpunk 2077" video

[@EconomicsExplained]

Yes yes... research...

[@highlow8694]

@@EconomicsExplained Hahaha "Research" I get it

[@kingsd2797]

Ehh "THE ECONOMY OF NIGHT CITY"

[@martiddy]

Not gonna lie, that would be a good video

[@donatodiniccolodibettobardi842]

I still can't wrap my head around, how a fairly niche and olschool tabletop RPG became part of the global culture. So many things had to come together perfectly... :)

[@davidcalvert-smith4633]

Apple: Standardisation? Hold my lightning cable

[@tomk3732]

Same for Tesla and others. He does not know industry and a total luck of any Standardization. Maybe its the UK at play here.

[@thecurrentmoment]

@@tomk3732 he sounds Australian

[@skyfeelan]

@@tomk3732 Well, for Tesla, it *is* its business model. And Tesla will lose a lot of revenue if Elon just make Supercharger free for use for all. While Apple will do just fine using type-c on iPhone.

[@Dan_Tactics]

Lol Apple and Tesla are examples of moving in the opposite direction of progress. They are for proprietary privatization for profit. Innovation is a thing of the past for them, they'll trickle down a few things over time, that only they can reap the rewards of. Small incremental progress for the sake of making a buck as "luxury" brands.

[@akdrak7553]

To be fair, their new m1 laptops use USB c for charging.

[@MicrophoneLion]

You should do a video called “Economics Explained explains the economics of Economics Explained”

[@NotShowingOff]

It’s in every video. It’s called patreon.

[@xboxnube]

I can see the Xhibit meme now.

[@kingjames4886]

@@xboxnube hey dawg, we heard you liked economics explained, so we explained the economics of economics explained with economics explained?

[@kingjames4886]

will will smith smith?

[@compostboomtron9001]

*Inception bwoaaaa*

[@zf8604]

These videos are HONESTLY so educational and extremely useful, you’re changing the world one person at a time ☺️ (PLEASE DON’T STOP)

[@shivpatel7506]

Wow EE most KZbinrs don’t have time to reply to comments. Even though you have more than 3/4 of a million subscribers, you still reply and interact with commenters. That is very humble. Keep up the good work!

[@krateproductions4872]

And all that in 1 year! He really makes great videos

[@shivpatel7506]

@@krateproductions4872 I know right?! I checked a few weeks ago and he had 620,000 subscribers! I’m pretty sure he will reach a million sooner than we expect.

[@EconomicsExplained]

I think it's very important to show apprecitation to the people who have given me such amazing support :)

[@shivpatel7506]

@@EconomicsExplained Thanks EE!

[@floak18]

@@EconomicsExplained you're awesome Mr. Economics Man 🖤

[@DT-mn9py]

in 1970, I started my career in accounting with a Pentel pencil, green columnar paper and mechanical adding machine! I am still working and participated in all the technological changes since then starting with the Sharp electronic calculator in 1971.

[@FinnUnv]

They call me the fastest patron in the west.

[@esakkiraj128]

They call me the Great commenter in East

[@robertstuckey6407]

You clearly haven't heard the good news of James Bisonette

[@AbdulGoodLooks]

@@robertstuckey6407 I see you are a fellow man of culture

[@thenoblemarksman1370]

@@robertstuckey6407 Ah yes the great wealthy investor

[@haroldkikoyo8276]

@@robertstuckey6407 the great man himself

[@roverrange3674]

In germany we had this concept called "Industrie 4.0" for a while. It is mostly seen as a "smart factory". Digitalisation, automation, Internet of things, cyber-physical systems etc. They really hammer this home in Engineering classes.

[@Fiercesoulking]

it the same because of this it was just a buzz word like web 2/3.0 "smart factory" were thing even before this but the problems are the same no standardization because of the dominance of SAP and Oracle . Automation started 1967 with the first robots in factories . Digitalisation is another buzz word which combines KI, automation and 3D printing in its original meaning it meant the transition from the analog world to a digital which mostly means phone and TV

[@hannofrerichs8133]

Oh wow and I had always assumed that electricity had been a revolution.

[@EconomicsExplained]

I definately was, it was also a big part of the second industrial revolution.

[@INeedAttentionEXE]

Economics of Cyberpunk! lol or economics of Night City

[@mwanikimwaniki6801]

@@INeedAttentionEXE Yeeeeew

[@DSiren]

@@EconomicsExplained steam, Precision, electric, synthetic, smart, social are the 6 revolutions I recognize. Steam allowed large amounts of power to be harnessed almost anywhere, Precision made replaceable parts and better machines a reality, Electricity made power cheaper and more convenient for smaller scale and smaller investment industry, plastics and synthetics revolutionized manufacturing as previously impossible materials were created, the use of Computer aided design and integrated manufacturing revolutionized the accessibility of manufacturing, and the social revolution is still happening now. With the combination of precise electric computerized manufacturing and the internet of things, the social revolution is revolutionizing the way people invent and share ideas and products - rapid prototyping is cheaper than ever, and this revolution is currently undermining institutions and ideas of regulation (gun control) through "speech". Deterrence dispensed is an example of an open-source design of physical objects (guns) being used to get people what they want for a very small individual investment. Some European participants only design components which are fabricated and tested in America due to legal issues.

[@christiangomez7301]

@@EconomicsExplained Maybe the revolutions of 1848 had something to do with the "lull" between industrial revolutions 1a and 1b...

[@mikeberinger9676]

EE: Imagine your job without computers Me (a Desktop Technician): Guess I'll just go home then

[@franco521]

Lol fr

[@MilnaAlen]

Haha. My mum would be just fine. She's a gardener. She would just have to call or drive to stores more, and people would need to pay with cash. Her carpenter boyfriend would probably care even less. He barely uses email, and didn't have online banking until a year ago.

[@KWifler]

Wait, isn't it supposed to be the meme of an old guy saying "guess I'll die" ??

[@victorcode2075]

LOL get your abacus out.

[@Kriss_L]

That was effectively my job 18 months ago - and some of our projects are still transitioning away from paper to digital.

[@Quickonomics]

I always wonder if artificial intelligence gets offended if we question its general intelligence...

[@esakkiraj128]

🤔

[@Gnidel]

It reminds me of a certain meme. A man talks to a robot: "You will never have human intelligence." And the robot responded: "You took loan for a wedding, what use would be your intelligence to me?"

[@ReasonableRadio]

If it does, then it has it

[@terricon4]

Not likely, us questioning that is what will eventually resulting in us improving it enough to the point that AI may even be able to understand stuff like our questioning of its general intelligence. It's like being offended that there's people out there looking at your computer and going "Hm.... it's ok but it could be better in these ways...." and then going on to make computers actually better in those ways. And then you buy those new ones in five years and your works gets a bit easier or your games look flashier. And then they come back and do it again. I'm not met with dread at that, that's exciting, there's improvements coming!

[@mateusvmv]

It can not be offended because it is an agglomerate of (ax + b) equations and did not evolve to protect its social standing.

[@ezequielcattalin7402]

"every new generation is richer than the previous one" *cries in argentino"

[@idont3282]

*Cries in Brazilian

[@levelhumor2nd790]

Oh right! “Wealth” in this case is a metaphor for “Waste”, as in our atmosphere is now “richer” than ever before

[@00chla50]

Cries in American. (While globally doing much better than most, Millennial Americans are set to be worse off than their parents due to the Great Recession, historically stagnant wages, inflation, and the covid economic crash)

[@datastorm75]

*Cries with you in US English*

[@zarmeza]

*su*cides in venezuelan*

[@Artifexce]

I'm this fast and I'm not even an economic student , I study engineering I think it's time to change majors

[@MicrophoneLion]

Same for me

[@Randy1-2-3]

Why would you change from something useful and practical to something entirely useless and parasitic? Economists are down in the depths of lawyers and politicians.

[@jefferymejia323]

I made the switch

[@EconomicsExplained]

TBH engineers can do really well with a combination of both backgrounds. Engineering maths is highly saught after for financial modelling, or financial engineering but of course you need some background in what you are actually modelling. Pays very well too so that is always nice.

[@jefferymejia323]

@@EconomicsExplained yes I was thinking of just that this channel really made me think of this. Thank you for helping me find my passion of economics I didn’t realize it until I came across your channel.

[@illusive-mike]

While "Industrial Revolution 2B" sounds nice, I'm kinda afraid of the "Industrial Revolution 9S".

[@deepankargautam1197]

🤣🤣🤣🤣🤣🤣

[@Sorain1]

Better than the "Industrial Revolution 2A" debacle.

[@darthutah6649]

Don't worry, it will skip 9.

[@Sorain1]

@@darthutah6649 Ah so Microsoft is doing it then?

[@stenakestrid]

It will probably skip version 6 too, as quality software such as PHP and MySQL did. Missing out on the good stuff.

[@chuckles069]

EE: The idea that every generation is richer than the one that came before it. Millennials have left the chat...

[@sell2012]

Sadly the type of "millennials" you're talking about has stereotyped all of us lol

[@RichardEricCollins]

Very true. The the junior engineers at my company have no chance of buying a house. They are screwed.

[@herramirtsaaja9032]

@@sell2012 yes because haha. Lol. Lazy millenials that are getting exploited By the government and are in huge debt because of going to college to get a job and then they have to take a shitty job that doesnt pay even a living wage

[@falsum2701]

@@sell2012 It's not a stereotype. It's pretty well-supported by hard econometric data.

[@sell2012]

@@herramirtsaaja9032 shouldve went for something that wouldve paid... you made your choice dont blame others. You didnt have to go to uni, couldve went to trade school. Keep voting your jobs away.

[@donaldclifford5763]

As we advance through the third and on to the fourth versions, I see a need to return to a focus on robustness and redundancy. Massive system failures can and should be avoided by proper foresight and planning. You need a Plan B because it may very easily become Plan A, without notice .

[@dayandsauce]

My immediate reaction of the title was the next great leap forward🧐

[@EconomicsExplained]

ooohhh... nooooo that's exactly what we don't want

[@thunderrunner666]

dear god no

[@anotherguyonthepc5]

Well that's exactly what it is so..

[@KalonOrdona2]

@@anotherguyonthepc5 I'm almost afraid to watch the video. EE aren't simping for the globalists, are they? Isn't it obvious that "they"'re creating an industrial revolution-s- narrative to suit their agenda?

[@anotherguyonthepc5]

@@KalonOrdona2 honestly, possibly. I'm very weary of anyone who isn't overwhelmingly critical of the great reset. If you're a thinking human, you'd be against it.

[@Anterran99]

So I have been watching your videos for the last couple of days and I have to say they are really good. The only shortcoming I see is that it is just you presenting on these issues which only leaves your interpretation of the information you are able to gather. My suggestion for this is possibly having dialogues with other economist or experts in other fields when talking about future subjects. This could open intelectual thought as people see different perspectives and the reasoning on how they got there. Also, it could just be fun for you.

[@piekay7285]

Sending information through the country in less than a week was possible before. In Liechtenstein

[@grahamturner2640]

🤣

[@niklasmolen4753]

It could go surprisingly fast even in the past. In the Roman Empire, messages could be sent from Britain to Syria in 2 weeks.

[@yandwl4162]

@@niklasmolen4753 🤔 cool fact

[@mikitz]

@@niklasmolen4753 Horses were the maximum speed limit before trains, basically rendering the max. daily speed for information to some 50km per day.

[@guycross493]

@@mikitz you'd need to stop and change horses if you're going that fast everyday or else the horse will die from exhaustion

[@daveharris2884]

First, I would like to say that I enjoy most of your videos; that said, this was probably your best video in regards to the generalized broad scope. I do think that the average person underestimates how critical the next 10 years will be. I think you illustrated wonderfully where we were in Industrial Revolution 1A, 1B, and 2A; and where we are going in Industrial Revolution 2B. I would hope your next video would be more in-depth look into 2B. I wrote a book, Unrestricted Psychological Warfare, about the future(which is quickly becoming the present); from 2020 to 2030 and beyond. I do believe that AI, AGI, Quantum computing, Augmented Reality, Brain-Computer interfacing, Nano-robotics, 3D printing, and many other technologies will create changes we cannot fully understand the impact of as a species. What will income/wealth inequality look like in the near future, due to the automation of labor that is coming with AI and AGI; as I call it, Technological Displacement? You may have touched on all of these subjects in separate videos, but the synergy of all of these technologies; the massive inflection point in the future where all of these technologies exist; and their unintended consequences; now that would be an impressive video to make and watch. I also do agree with you, we are in the time just before we create the "steam engine", where we have all the components to create an AGI; just, how do we do it? I personally believe that human beings, starting in 2030 and beyond will virtualize themselves; and all of this will be a moot point at best. All of these technologies will help facilitate the virtualization of the human species. This is not a future I look forward to.

[@FingeringThings]

The next leap is when we find a way to export memes

[@Natogoon]

Did someone say L E A P ????!!!!

[@terrainvictus1210]

@@Natogoon the great Meme leap

[@omsonar3078]

I'll buy your entire stock

[@MurdersAndExecutions]

One small step for Pepe, one giant leap for memekind

[@Gnidel]

Isn't that just the Internet?

[@paulluna1115]

I like the brief distinction for what KZbin has accomplished vs what a industrial revolution is

[@digitalhermit8928]

I highly recommend reading Martin Ford's "Rise of the Robots". It offers a quite level look at the near future

[@danielrodrigues4903]

If you're feeling a bit more adventurous, also try reading Kurzweil's "The Singularity is Near", and Tegmark's "Life 3.0".

[@thedylanbohn332]

@@danielrodrigues4903 tegmark’s life 3.0 puts it into such clarity it’s mind-blowing

[@carso1500]

Artificial inteligence, robotics and space exploration, those three will change humanity forever and are far closer than what most people believe

[@Boby9333]

Automatic driving machine (cars or small robots in warehouse) primarily used visual cue to control themselves (lines/codes on the ground/etc.) and in the case of vehicles we are still far from the legal aspect of fully automatic vehicles. Also Amazon is heavily investing in regular delivery method (sorter loading a truck, driver delivering them etc.) just to show how even one of the biggest company is far from using automatic vehicle/robot to deliver their goods.

[@alexandervlaescu9901]

Why is everyone forgetting the impact fully developed VR would have on our modern day economy. With AIs and automatisation more and more jobs would become obsolete and the overall need of manpower would decline. What would governments have those unemployed citizens to do ? Also if VR and especially Full Dive VR was fully developed would directly smash various econimic sectors like entertainment and tourism. It's impact is no less than the 4th Industrial Revolution mentioned by EE combined.

[@UNr34]

they'll change it by driving it to extinction

[@tallestgiraffe9603]

An interesting caveat here is that yes, AI will make us more rich in the future but without proper regulation, it will just concentrate the wealth at the top even more, so while the future generations will be more rich, it depends on whom.

[@flameking2178]

It shouldn't based on the definition... TLDR: the standard of living increase with technology because of the free market... If we're going to use what was defined in the video, then a new revolution would effect *all* industries which would increase the efficiency of production and decrease the price of those goods. Because the increase in productivity would effect all industries, the wealth wouldn't be concentrated and a monopoly wouldn't be formed. Of course that's assuming that free market competition is still in place which naturally lowers the price to appeal to the consumer. The only way to form monopolies, and thus concentrate wealth, is through government. Therefore, the only way that wealth be concentrated would be through government intervention that went against the free market and people's interests. In that case, the only ways to deal with that would be through voting or the second amendment. Fortunately, this is unlikely especially since the revolution would extend to other countries as well. Of course, let me know if I have misunderstood or overlooked something.

[@8cor153]

Fantastic video. There probably has never been a better way to communicate this subject material

[@ppedro48]

The oil industry exponential growth in the early 20th century and all the changes that came along with it (i.e.: being able to cheaply and quickly move and use a huge amount of energy) would have been worth mentioning in this video IMHO. Anyway, I would love to see you cover this subject one day :)

[@GeorgeMonet]

Plus the development of certain plastics. It was all very important.

[@johnkeefer8760]

Another super important thing to add to that Second Industrial Revolution is Precision. The fact that they could now measure things to the micrometer (and now down to inconceivably small amounts) has changed the world more than anyone usually thinks about but it didn’t really exist before the mid 1800’s Almost all of our modern inventions rely on it

[@GeorgeMonet]

Because it wasn't necessary for the second industrial revolution. IE it wasn't the major driving force behind the change.

[@Chiken1]

Anprim setting here like -_- *ANOTHER ONE*

[@duo496]

CAN I GET AN OOH OOH AH AH

[@eliashornwall8546]

OOH OOH AH AH!

[@thegoodkidboy7726]

oog

[@eliashornwall8546]

“Transhumanist headquarters here!” “Yes, I’ve infiltrated the anprims. They seem to think I’m one of their tribe.”

[@thegoodkidboy7726]

@@eliashornwall8546 transhumanist give steve bad water. steve wake up in forest. tribe leader grug give steve name oog. oog think forest not real.

[@TheRoyalManbird]

**Andrew Yang has entered the chat**

[@joeblow5178]

Canada Social Credit party had a National dividends as its main party platform, from 1931 to 1980's (party ended) At one point in time it was the National official opposition party

[@joeblow5178]

@Jaskaran Singh The Social Credit party saw government services as a business model and believed citizen's should receive a dividend.

[@aketchupman5103]

We must secure the bag 💰for our people and a future for our children. The robots are here.

[@kuyajez8384]

#YangGang checking in ✅

[@belfigue]

Loved this video. My favorite EE videos are the ones that address timeless subjects such as this one. A video about why the first industrial revolution happened when and where it happened would be cool. Also a video about what was the average person’s quality of life across time (from hunter gatherer times, to the Neolithic, and after the industrial revolution) would be amazing.

[@turbotong]

Here are two speculations for next revolutions: 1) Medicine & genetic editing 2) space age. You should probably do a video on each.

[@KWifler]

If medicine comes soon enough, many people reading this comment could potentially live forever.

[@thandekamahlangu6027]

There is a show I saw called Economics Unbound (in South Africa) but I then said someone already teaches me about economics, you! 😀

[@hannibalbra1216]

Keep up the good work bro

[@krateproductions4872]

Wow this video was uploaded 2 minutes ago and already on my recommended! Good job EE!

[@EconomicsExplained]

Awesome! Thank you!

[@TV-8-301]

You keep doing this! I saw an ad for something claiming to be the "4th industrial revolution" and I wondered what that meant and here you are ready with an answer again

[@perfectlyfine1675]

After watching this channel I constantly get investment app ads on KZbin. CURSE YOU, MR ECONOMIC MAN!

[@josephdestaubin7426]

I am writing to take issue with your mischaracterization of how historians view the Industrial Revolution. The Industrial Revolution was a decoupling of geography with wealth creation. Specifically, the introduction of the steam engine allowed machine-aided production to move from the cramped and overutilized river bank to anywhere a manufacture could move water and coal too. So rather than a village being very limited in the number of factories they could run, often limited to the bare necessities: such as having one milliner, one sawmill, and one tannery, a village could build multiple competing factories producing all sorts of things. This change, from linear space along a riverbank onto the square milage of usable village space, was monumentally exponential in a very real way. While it may be helpful shorthand to give the dates to the Industrial Revolution for the consumption of non historians, the dates do not actually define the period; and no one such as myself, whose major was history, would ever be confused about that.

[@lam7499]

Waking up and seeing a new upload from EE already means it's gonna be a good day 😃

[@EconomicsExplained]

Hope you enjoy!

[@lam7499]

@@EconomicsExplained just finished vid - wanted to let you know I did enjoy it, thank you! Excellent work as always

[@diegocastillo4882]

Hi ee, i just finished watching the last season of Mr Robot and at the end something drastic it's been done to the economy and it's presented as something good, I was wondering what were your thoughts on that, and what do you think would really happen if that happened in real life, also i think it would be cool if you made a series of fictional economies and how possible they are. Love your videos

[@sanderhaegeman6113]

As a Civil engineering student, we always learned that IoT was the fourth revolution, hmmmm. Keep up the awesome videos!

[@Cyberspine]

IoT, robotics, better AI, they will all be a part of the change.

[@Waitwhat469]

From what I've heard IoT largely will be adding more data of the physical world for AI to process and create insights from.

[@dekippiesip]

Multiple stuff put together will make the 4th industrial revolution. Genetic engineering, IoT, AI, nanotechnology, etc. The contours of the 5th are visible as well, I would put quantum computing and nucleair fusion there as they are significantly further on the horizon yet still very much concievable within a century.

[@Troyboy23]

Economics Explained , why didn’t you didn’t talk about advances in transportation and communication as being a elements of an Industrial Revolution? I thought that was just common belief. Aerospace>roads>rails>boats & digital>phone>Telegraph>letters+clocks

[@alexanderphilip1809]

Christmas is on its way so, I'll consider this a bonus. THANK YOU.

[@mrfriendlyghost5350]

if i can take a quick geuss is that the fourth revolution will be space mining or something to do with space.

[@ernstschmidt4725]

the fourth revolution is Artificial Intelligence good enough to replace white collar workers. AKA skynet.

[@PegasusTenma1]

We need a Dyson Swarm if we want to be serious about space mining in my opinion

[@mrfriendlyghost5350]

@@PegasusTenma1 i agree xD

[@CarFreeSegnitz]

We currently get lots of value from space entirely via radio waves. Communication, GPS, Earth imaging. The next will be energy. Space-based solar energy has none of the terrestrial drawbacks. No night, no weather, no land use. Effectively unlimited base load energy. A market that’s already worth $trillions per year and in dire need of disruption. Most importantly, energy can be beamed down to receiving stations anywhere on Earth. While we’re out there building solar energy farms in space we could spare a bit of effort to build a parasol to help mitigate global warming.

[@MarkBorland]

10:25 love the Doug DeMuro cameo 😂

[@budstep7361]

Great vid like usual!

[@migtig5544]

Have you ever read "Industrial Society and its Future"? Its a great paper by a former UC Berkeley math professor. Really enlightening.

[@spacechannelfiver]

By the broader definition we are in like the 18th Industrial Revolution (I didn't actually count). Sanitation, Irrigation, Domestication, Printing all certainly count as systematic shifts in technology that change and improves the way that business is done. The most transformative technologies since the advent of coal/steam have been electricity, the internal combustion engine and the transistor. We're on the cusp of exploitaion of inner space (biology) and outer space (resource extraction)

[@meldridgereedjr2842]

You should read "The Accidental Superpower", " The Absent Superpower" and "Disunited Nations" by Peter Zeihan.

[@tuan2352]

Seconded.

[@saxo689]

Are they on jstor?

[@pianochannel100]

We aren't close to an AI general intelligence that would be accessible to everyone. It is also important to remember that AI, while magic sounding is absolutely not magic. In the end it really is just probabilities and huge tensors full of some numeric data.

[@rushopolis]

I'm just commenting for the algorithm.

[@weaksause6878]

Oh man, I wasn't subscribed! How have I missed that button after watching so many of your uploads.

[@WarbirdPhoenix]

Fusion is the next one. The again there was that gap between the first controlled use of fire and the first controlled splitting of the atom.

[@PegasusTenma1]

China has already managed to create sustainable deuterium and tritium fusion, another viable option is lithium fusion, these are all precursors to the hydrogen thermonuclear fusion that powers the sun, they are more than enough for us

[@NSTudor]

just wanted to stop for a moment and let you know how great I think your channel is: very. keep it up

[@eskanderx1027]

"Every generation is richer than the one before" Lol good one mate...

[@sangomasmith]

So here's one of those things that economists talk about very little, but engineers and historians talk about a lot: economic growth isn't a function of human ingenuity, its a function of energy. The industrial revolution unlocked the energy of fossil fuels, which powered every facet of it (mechanisation, steel production, fertiliser production, improved mining etc.). Going further back, water and wind power revolutionised European economies in the pre-industrial period, and animal labour revolutionised agrarian economies wherever it was practical to introduce. So we need power, lots of it, if we want to see growth. Which sucks, because fossil fuels are getting harder and more expensive to extract (not to mention the whole "we're cooking the planet by doing so" issue) and the replacements don't yet stack up in terms of either cost, or in terms of providing an easily-transported form of motive power for things like planes and ships. So we need to solve the issue now if we want to see growth again.

[@RetreatHell518]

The first thing that comes to my mind is that probably best source for energy is solar. But not on the planet, outside the planet. Then the amount of energy would be infinite and much higher.

[@sangomasmith]

@@RetreatHell518 Unfortunately, space-based solar has the downside that any workable system for sending a lot of power down from orbit either doubles as a death ray (if sent to a single spot) or can't be metered out and charged for (if it blankets a wide area). It also doesn't solve the storage issue.

[@janakiraman1252001]

AC Electricity: Am I a joke to you? You would not be able to post the video without me

[@hawaiijim]

Also the internal combustion engine. 😢

[@Perrirodan1]

@@hawaiijim I thought he was going to talk about that, they are key parts of the second Industrial revlolution: interchangeable parts, mass production of steel,internal combustion engines, electricity.

[@apacheattackhelicopter8185]

Joke's on you, PCs actually use DC

[@fetchstixRHD]

@@apacheattackhelicopter8185: But still source their electricity from an AC source, so you still depend on AC!

[@apacheattackhelicopter8185]

@@fetchstixRHD No you don't. If I plug my PC into a DC source like a solar panel or a battery, it will work. But if I plug it directly in the AC outlet without a DC converter, it will get fried.

[@rosswebster7877]

Very interesting. I would also consider as another possible marker for a 4th Industrial Revolution is if all goes well with the upcoming Tokemak experiment and we viable fusion energy.

[@cherubin7th]

The 4th industrial revolution is the lock-down forever because we will from now on freak out at everything.

[@robbiehorninlow1520]

You do this video now, a week after my assignment on the 4th industrial revolution was due

[@liberty-matrix]

The only way forward is more, until the earth says no more! "Nature always bats last."

[@HarmKaban]

It's incredible! A video about industrial revolution and economy that not even once mentions oil

[@Ultrawup]

To me, there's three main revolutions: The Agricultural Revolution, giving us agriculture and society The Industrial Revolution, giving us industry and mass production The Digital Revolution, giving us digital computers and the internet, as well as access to all the data on the planet at the touch of a button. Sure there were more than one of each, but they're all just continuations of the original one, now taking new forms with newer technologies and implementations.

[@DeeZedEx]

Many agree that a second agricultural revolution happened in the 60s with the widespread use of fertilizer and better seeds

[@saxo689]

@@DeeZedEx very different type of “revolution” and imo not a revolution but a new change with little change on how humans live.

[@williamyeh298]

These are technological revolutions that change the experience of humanity rather than industrial revolutions. To your list I'd add two: 3) Electrical revolution: changed the way we utilize power, and 4) Medical revolution: from germ theory to MRNA Vacccines. My hope for the 6th revolution (after digital) is social, when automation pushes the marginal cost of production so low we cease measuring value in labor.

[@ryansahs]

Nice to see an economics video that ends on a happy ending!

[@chaineeconomie4534]

can I add some other few things that helped the economy to grow a lot? -the understanding of the laws of thermodynamics that made machines way more efficient -the understanding of how to make fertilizer on an industrial scale that prevented a massive famine Has anyone other ideas?

[@Cyberspine]

In the 1800's? Other big factors were the formation of an industrial rail and port infrastructure, the development of sanitation helped grow cities and thus the available workforce, the development of chemistry and materials science to make various products with etc.

[@musikSkool]

Most people ignore the problem of automation until a robot takes their job. If an economist says get a new profession, you should become an economist and take their job, if they complain, tell them to change their profession.

[@andrew66769]

Last time I was this early we were still going through the first one.

[@michaelrichardson3834]

last time i saw a comment like this, the universe hadn't even STARTED.

[@jvdp33]

Great video, really enjoyed it. Please make a video on the economics of the huge shift towards renewable energy.

[@SillieWous]

So the next revolution is using buzzwords without knowing what they actually entail?

[@musaran2]

Rest assured this is nothing new. The discovery of radiation led to radio-active drink water, skin cream and whatnot. The atomic bomb led to "atomic" cafés, radios stations and whatnot. The rise of 3D gaming was named "virtual reality" (at least in France). Today, we have "quantum" this and "AI" that and "social" those... Tomorrow, cyber-everything ?

[@timnicholls19]

Wearing band shirts with out knowing any of their songs

[@bits_for_bytes]

This is his second strait video about crypto, without him even knowing that's what he's talking about.

[@thecurrentmoment]

@@bits_for_bytes he does but it is in cryptolanguage

[@TheMurmandamus]

Buzzword standardization proposal

[@WReinebo]

Thanks for ending on such a positive note. I needed that

[@gss232]

Our obsession with economic growth is scary, when does that desire end

[@carso1500]

When the entire universe has been conquered and entrophy defeated, once all the known laws of physics are bare under our feet, once we have complete and utter control over reality itself at that point i think we can take a couple of days off

[@benjaminteixeira4709]

I know

[@2hotflavored666]

Economic growth is great for us, better living conditions and more workplaces and many many other things because of economic growth.

[@benjaminteixeira4709]

@@2hotflavored666 We should try to insure each person a good standard of living before developing technology past a point where we can control it just because "economic growth" is good for us

[@carso1500]

@@benjaminteixeira4709 and how do you plan to accomplish that without economic growth A lifting wave rises all boats, even "poor" people in américa live better than some kings in antiquity

[@bjornjacob9762]

Finally subscribed to help with the 3090. Somehow it's comforting to know that even EE can't afford it.

[@aragornii507]

The world is recessing into a music industrial revolution.

[@pholiux1418]

Nice

[@tushark918]

I think its going to be something related to outer space. I don't know or what. But, It has to be outer space.

[@EconomicsExplained]

Outer space is an interesting one, it certainly opens us up to alot more resourses, but we are still definately in exploration phase rather than mining/harvesting phase to generate wealth. Space will probably be industrial revolution part 5

[@Perrirodan1]

Space could be the place where : industry is, where data travels(starlink) where energy is produced etc...

[@MrMattumbo]

That's still further out than AI at this point, by the time space-based industry is actually developed we'll be calling it the 5th industrial revolution.

[@beskamir5977]

I think space would be the 5th revolution. AI, local custom manufacturing (ie 3D printing, cnc, etc), global internet access, etc are probably going to happen before we develop a proper space presence and are direct progressions of teaching sand to think.

[@beskamir5977]

@Anshal Mishra We can do more than one thing at a time and space exploration results in earth focused technologies. Obviously starlink, gps, etc. would not exist without looking to the stars.

[@duane8620]

Great video! I think you should do a video called "The 2021 Special: Return of Begging, Bartering & Trade in the Post Covid World". Would be a highly educational episode for our incoming economy ;)

[@Zones33]

I wish I could live to see the 30th industrial revolution where we become a type 3 civilization

[@draconianfirefly890]

I like this channel so much that I'm actually mad at myself for not earning enough money to justify being able to be a patrion subscriber!

[@thiagortins]

Why this gas crisis KZbin advertisement keeps popping up every time I watch an Economics Explained video?

[@anartapoashan5714]

Same

[@qwertycrusader1019]

Same

[@priatalat]

Make batteries that will last significantly longer and will be considerably smaller. That'll revolutionize everything. Things like mechanical augmentation are held back simply because of our over 100 year old battery technology.

[@demigodgamez]

Wait. Why did you take a course on materials science when you are an economist? Just curious.

[@ernstschmidt4725]

my guess is mandatory elective courses, but i don't know.

[@Darkrampager]

3 field crop rotation was a revolution as well, then the printing press too. Both of these innovations revolutionized the way the world worked. 3 field crop rotation essentially doubled food production, turning something that was there only to feed your family into a source of income to improve your life.

[@mirabelakah3347]

Crypto is an escape for investors that don't want the crash to affect them totally. This is why a selected few that understand the times are taking up the opportunity of investing in cryptocurrencies, mostly bitcoin.

[@benmack4709]

Agreed 👍

[@isabeldury9454]

I have heard so much about crypto trading and bitcoin, yet to really grasp the whole idea around it.

[@mirabelakah3347]

@@isabeldury9454 Crypto trading just like every other speculative investment is basically trading different crypto assets against each other to determine rise and fall and making returns.

[@Iam9thwolf]

Indeed crypto trading has proved to be very profitabl, more people are beginning to reap the massive gains in the crypto market.

[@wendygeorgewill6539]

@@mirabelakah3347 recently been looking up crypto news but got nothing credible yet. Really wish to earn off of it.

[@Viperzka]

In the same way, one could categorize Agriculture and Writing as previous industrial revolutions which also fundamentally changed the way societies and economies run.

[@farmduck2762]

Two things I want to know: Where's our flying cars? When do we get the genetically-engineered cat-girls?

[@tomeryud]

there arent going to be flying cars. you can watch a video on youtube explaining why. basically its very loud (look at helicopters for reference), dangerous, and highly inefficient (you need to spend a lot of energy to stay up)

[@PegasusTenma1]

@@tomeryud There’s many counter-arguments to that. In fact, there’s several technologies that use quiet rotor blades for the flying cars, similar to a quadcopter, and produce no waste since they only use electricity

[@alexd7592]

use VR glasses will be faster and greener I think with limited resources and global warming traveling will be very expensive, matrix is coming

[@rightwingsafetysquad9872]

We have flying cars. They’re called helicopters. Very expensive, and until recently, very difficult to drive.

[@leonardonguyen4338]

@@PegasusTenma1 the argument that any electric vehicle or device is better at saving the environment is partially untrue. At the moment, we havent invent an efficient way to recycle/reuse battery so in 10 years there will be lot of end of life battery from massive vehicle (car/truck). Not including the risk of battery polluting drinking water and the energy to make battery. We can only hope that in 10 years, some advance technology will deal with it.

[@thatprogolfer]

I like how you used Manchester, NH in your stock footage at 3:40... really nice...

[@financegrowthjourney9002]

The green revolution is going the be the first time in a long time where its win-win-win. More efficient infrastructure and services create jobs and boost the economy, reduce climate change, and also can reduce bills (e.g. heating or fuel). I'm really excited to see us switch to a low-carbon industry across the globe!

[@karlsracing8422]

😂😂😂😂😂

[@stevo728822]

8:57 I remember working in an office without computers. All the paperwork was kept in card containers and there were rows and rows of A to Z filing cabinets. And I worked in a supermarket without computer cash registers where every item had to be stamped with a ticket price. The good old, bad old days.

[@Niidea1986]

I thought electricity was the second revolution

[@Leania-ai]

Great video! We have subscribed :)

[@tuberklops]

A good tedx video on this topic is called “Sam Hyde paradigm shift 2070”

[@getgaijoobed6219]

4:00 Lets get this man a gold KZbin button

[@arseniipivtorak3815]

0:43 - Kamyanets-Podilskyi castle in Ukraine

[@the1exnay]

I think genetic engineering is vastly underrated in this discussion. What will we make when biology bends to our will? Growable solar panels? Trees whose sap is components of crude oil? Animals that sort our recycling for us? Bacteria that refine metals? It's not entirely clear what will be easy to make, but it also wasn't clear that transistors would lead to youtube. All i know is that genetic engineering looks to me like it'll be as big as computers, and it has already started. But perhaps if it takes a century to do what computers did in a decade then it'll look less like a revolution and more like the steady march of progress.

[@junechevalier]

We still don't know what quantum computer can do that's applicable to our day to day tasks tho

[@harbl99]

1: iron, steam, railways, belt-driven machinery. 2: electricity, synthetic chemicals, petroleum, motor vehicles. 3: plastics, synthetic medicine, computers, aerospace/rocket engineering. 4: local fabrication, robotics, cybernetics, space colonisation, post-scarcity.

[@C104-k5m]

Whenever I read leap somewhere I think starving peasants not progress xD

[@LauPaSat-pl]

Mr. Kangaroo that was (as always) very nice video. I look forward to it every Thursday and Sunday. Cheers

[@cjjuszczak]

4:50 *"Imagine if the world today did not grow wealthier over a 50 year period, people would lose their minds..."*

[@Waitwhat469]

AI, even the specific intelligence kind is pretty amazing in what it could mean, much like taking machining from art to standard process I see it mostly being a huge cost reduction to any field that deals with data (which is a nearly all, even if they don't know it :P ).

[@mosleyman3136]

5th industrial revolution: Return to monke, produce rocks.