Anyone can clock in and and work 12 hours a day. But the worker will soon loses interest and enthusiasm for the company and its managers. Productivity will drop. But working 8 hours a day excluding breaks with regular holidays makes for a very productive employee with little or no staff turn over. A happy worker is a productive worker.
Oh mate..now I've got a job in finance and been working on average between 11 and 12 hours per day including a half day at the weekend for about 15 years. even did some this morning. Accepted that after 8 hours my productivity reduces but I wouldn't get the job done in 8 hours. Working 8 hours wouldn't make me more productive it would make me produce less. The idea that people can do their job in 4 days is a lie unless they were already mis managed and under utilised. Don't believe it.
@@daveroberts2914a lot of work is meaningless, low value or unnecessary. Actually many of these extra hours worked have just been fabricated when economies can produce vastly more now than they could a hundred years ago or even 50 years ago due to computers and mechanisation. Even now I can automate my work flows using code for a lot of tasks, so really not much excuse for having to work more. One cause of low productivity is just the showing up to meetings etc that achieve nothing but you can say the hours were worked. We’d be far more productive working fewer hours cutting out the crap and getting more time to do useful things. If however an individual is doing all useful things and can’t achieve all their tasks in less than 30 hours a week all that says is that the company is not properly organised and some resources should be pushed to that person or team.
@@daveroberts2914 I would argue that overworking employees to a level where they become productive, is mismanagement. Those sort of hours cannot be sustained. Something will go wrong eventually and when it does, it will be the heavily overworked employee who will be carrying the can, not the boss who allowed the situation to occur.
Don’t you see? The modern Tory party hates Britain. They wanted to be kings of the ashes and rubbles, at the expense of the working person and public facilities. They lied to just about everyone that wasn’t the City of London / Blackrock et al. This was all part of their game plan.
@jamesthomas4841 Greece has had many rounds of austerity starting Feb 2010. The troika was in place on the day the 2010 uk coalition government was elected. The poor outcomes were all over the news.
Joining the Euro has been a disaster for Greece, it's economy is still well below it's peak. GDP per capita was USD49.9k in 2007 and in 2023 was USD36.3k (tradingeconomics).
They are introducing a 6 day work week for essential services. (I think they may slowly try to bring it out to everyone.) The employers are unable to find employees with their low pay and stop being “understaffed”. The existing workers are pretty much being forced into agreeing with little to no increased benefits.
Henry Ford learned that 6-7 day work weeks were less productive than 5 days. They will find that 6 day weeks will lead to tired staff and less productive, more costly workforce
The 6-day week only concerns workers under 24h shift patterns, such as factories and production lines. Services and tourism are excluded. Working on a sixth day will give 40% above standard rate and, working on a Sunday or bank holiday would give 115% above. I had been working on 12 and 13 hour shifts at a major UK groceries store for six or even seven days a week for years. Guess how much extra I was getting paid. Zero, unless it was a bank holiday (50% extra). And no, I didn't had much of a choice either, salary was ridiculous without working 55-60 hours per week.
I live in Greece..never been any food shortages..lots of building work everywhere and fabulous weather what's not to like!..Maybe concentrate on the UK..?
👏 uk is a shameful place, they will never admit it. compare it with any south European country is just embarrassing. Even if it was the case I would live with 500/month £in greece but not with 3k/m in uk
No mention of the role of Credit Default Swaps by Goldman Sachs(and others) in the 2008/9 financial crisis and the use of CDSs by G.S. enabling the Greeks to apparently meet the criteria for joining the Euro. Goldman Sachs profited greatly from both the financial crisis of 2008/9 and the Greek crisis many critics would say they helped caused both crises and benefited greatly from them..The 2008/9 crisis was dealt with by ex Goldman Sachs boss Hank Poulson in the USA and by ex Goldman Sachs Mark Carney in the UK . In the UK we still are paying the banks £30 billion a year in interest as a part of the QE process. Odd how we always seem to hear how we cannot afford the state pension but we can still afford to pay £30 billion to the banks without any question. The financial world is very corrupt but we know this especially those at the bottom of the system.
@@stevelamprou I never said the two were connected. All in your mind. But what the two,if you had read properly,had in common were Goldman Sachs as instigators and both with CDSs. Too many idiots on some of these channels.Highlighted reply is absurd.
@@erongi233 Well you certainly made them look connected. The 2001 GS swap agreements with the Greek government were hedging against currency fluctuations on non-euro denominated Greek debt, a common practice by many European countries at the time (interest rate swaps were also involved). Nothing to do with hedging against debt default costs that skyrocketed during 2009/10 crisis. The former were agreements between the Greek government and GS, the latter were open market fluctuations. And yes, GS benefited in both cases, that's what those banks do. Be precise when you correlate situations, or you run at the risk of looking like an idiot.
And this is not what all bankers do. In the 2008/9 crisis GS was involved in putting together dodgy packages of mortgages and subsequently dodgy CDSs which did not have the reserves behind them to be able to pay up after many of the mortgages had no value . Now get back to you cornflakes.
In order for Greece's gdp to reach 2008 actual value it must be around 512billion from 250 forecasted for 2024. I dont think that UK has such big problem of GDP in general, but its a problem of steep inequality where City of London is a state within a state and rest of UK just expects to live off a small dividend from what the City produces/consumes
Bottom line: it was relatively easy to increase productivity from their current levels in Greece. A mix of investment and bringing people back to work (by changing the ridiculous retirement rules and laws) was more than enough to reignite the economic engine. The problem with the UK is that the fdi is not coming as it used to (Brexit anyone?) and more importantly, bringing people back to work is more challenging as the main reason are not about laws and regs but of unable to work, specifically mental health issues. Addressing and fixing this can un-tap a boom in productivity in the UK while easing the immigration pressure. Easily said than done though.
Face it: the UK banks don't want Britain to adopt the euro. It is both easy and very lucrative to charge their customers an exchange rate + fees. Billions are at stake.
Economic growth should be stable in the long run, as long as local conditions become good again. As example Europe grew much faster than the US after WW2 because it was notably poorer, especially the more ruined countries in Europe, so had more room to grow back to high end of modern development once conditions became good locally again. This is also why Eastern Europe now that it finally has good conditions is catching up to the western countries economically, even though they were poorer for many generations running, and sometimes desperately poorer. The UK doing relatively poorly now doesn't really mean anything in terms of how wealthy it will be 100 or even like 50 years from now compared to other developed countries. It is the frontline of global development's pace of advancement that really matters.
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Ah yes, Greece isnin trouble because of the €, nothing to do with their spending habits, bad investments, unten able (state) pensions and other internal factors. But your British background and thus antipathy against the € shines through. Constant evaluating one's currency doesn't make a country richer, it's mostly short term relief and doesn't make a country tackle it's structural problems. One look at the uk and you know enough.
I live in Greece 18 years.food and petrol..cars and insurance etc. Are 25% higher than the UK. Wages are low and most public services are poor...it is also getting hotter and water is a problem...The EU was not good for Greece.they have lost a lot of freedom.
@@ΙωάννηςΕλ Yes, those evil EU people. How dare they give Greece loans with significant better interest rates than the ones the Greeks concluded themselves but couldn´t afford, and make the banks swallow half of Greek debt to them. Can´t think of nastier people. The Greeks were better off with the Brits, where a proud Cameron under loud applause of the HoC announced the uk would not help Greece with a penny of british money. Go do one.
As I expected that you give us some funny economic theories - I'm not disappointed . All was bad because of austerity - yes. When you have too much debt you must first of all keep on spending - funny theory. 😁 It's a pitty that banks don't reccomend this therapy for customers who have problems with debt. Surely they are incompetent. By the way, could it be a genius idea for a diet - just keep on eating. Don't use any austerity eating practices. Traditional diets are just austerity eating you must stop using them. New diet should be keep on eating give up on austerity. Dieting and spending seems very similar.
Austerity works if you are an individual, it is catastrophic if you are a country. Economist know that, the UK government knew that. At least they knew that after that paper they used to justify austerity was proven to contain inaccurate data, but they persisted with austerity anyway.
@@EliF-ge5bu Anti austerity theories could be just bullshit - because when something works individually you can't falsify it but stats of country are often manipulated or falsified because of political struggle for power.
With the greatest of respect, I think your knowledge of British Economic History is scanty, and thus your opinion isn't based on fact. Indeed, if you were familiar with commentary about the UK Economy today, you would realise that our current debt-to-GDP ratio of around 100% isn't as bad as that after World War II, which was 240%. We had rationing as a consequence until the end of the 1950s, but we still managed to rebuild our war-damaged economy. We rebuilt our productive capacity, including the beginnings of the global Eurocurrency Market. We rebuilt our housing stock, and built a welfare state that tackled problems from the previous time austerity was tried in the Interwar years,because it failed then too. And we succeeded, despite difficulties from having to make do with less. And we did it without Austerity. And we repaid all our war debt in the early 2000s. You see, austerity isn't a new idea. And the Economist Mark Blyth wrote the key text about it's history entitled "Austerity: the history of a bad idea." Where in this door stopper 9f a text he relates the the evidence that Austerity is a bad idea, because it has failed to do what people argue it should do, each and every time it has been tried in history, which is grow the economies subjected to it. And sadly, the homespun narrative that a national economy can be run like a household has been debunked time and time again. But the uninformed still pretend its true. Even when there's evidence in the present day that Austerity is like putting an economy on hunger strike, but expecting it to be both heavier and fitter after a prolonged time on starvation rations, ideologues like yourself still trot it out like a dead zombie. Not only are you not informed on the subject, but you deign to patronise a trained economist who has written text books on economics, when you demonstrate by your comment you are blithely ignorant of the subject. You are unfamiliar with the subject, yet you presume to teach a teacher? You are not a serious person. All you have demonstrated in your comment is how very little you do know about Austerity and it's effects. And how little critical thinking you use. Perhaps you did not mean to come across as being patronising, but you really need to temper your own enthusiasm for your own ideas, because people get stiff wrong, especially when they fall for confirmation biases based on ideology. You have to look at the evidence, and judge that. Put aside what you want to believe, and approach serious arguments seriously, looking for the truth. It's people's lives and livelihoods that are in question. It's not a game. People die because of austerity, and families are food insecure. There's nothing to sneer at in this subject.
@@CuriousCrow-mp4cx You haven't put many arguments for anti austerity - just that some economist wrote some book and called it a bad idea.. Instead of explaining you just tolld that some other guy explained it. Buy the way, - isn't it logical that austerity decreases consumpton because your consumption was artificially higher when you borrowed money.. So you can't expect from austerity to insrease your stnadard of living. Austerity decreases your standard of living and it's logical. When you're repaying debts your standard of living is worse. So I agree that austerity lowers standard of living but austerity is to prevent from bunkrupcy, hiperinflation nad instability. So in this sense austerity works - you lose some standard of living but gain more healthy balance of finances. There is no a free lunch in economy.
@@CuriousCrow-mp4cx im not the one who commented but your response is idiotic. You critique someone for not knowing what they are talking about while you also have no clue. You argued that Austerity doesnt work because its been shown not to grow economies. Thats true. The false hood is that implies the proposed purpose of Austerity was to grow economy, which it isnt. Thus showing, you dont understand these things. Austerity is a policy aimed at reducing a nations deficit. Which factually, in greace or UK, and elsewhere, it does. Its also basically the point the other commenter was making. You dont reduce your debt by borrowing more money or increasing the amount you spend relative to your income. You cut spending and pay down debt to reduce the amout it costs you on a go forward basis. Critically, once your finaces are in better health, you can then affort to spend or borrow again this time hopfully investing in things that do result in economic growth. Which is where the growth comes in. Its save-recover-then spend-then growth. The UK economic issues are almost entierly legacy of 08 finacial crash. Its blatelty in the charts, the current trend begand at that point. Issues around covid or brexit are inconsequential comparitively. UK mostly services economy (not actually making stuff) hence why nutering of finacial sector had catestrophic impact on UK economy, because its most of our entire economy. We also not competative at manufacturing, no massive amounts of natural resources to trade, so we cant increase output in these areas to copensate for lost service sector productivity.
The UK economy is suffering because there is less stealing of African resources, which London has been the banking center. Britain's economy has always thrived on theft, especially from Africa, India and the Carribean.
Austerity seems to just be a politicised word for cutting public spending which is a normal thing to do. The conservatives continued to spend billions and our national debt doubled. Surely we can’t just let the debt balloon unsustainably by borrowing and borrowing
I really struggled contemplating how is that a negative trait, then I realized I am reading the scribblings of someone infested with Protestant work ethic.
Greeks work the most hours in the European Union, work is not a strange thing in Greece ,it looks like UK must focus on their own problems and leave Greece continue leading as one of the fastest growing economies in the European Union
Poland doesn't let the immigrant invade their country; neither does Greece (to some extend). Mass immigration is the main reason why major economies have gone through stagnation.
Migration is directly chained with economic growth, the influx of new workers, consumers and tax payers reinvigorate the economy. More people equals more money, especially for advanced post-Industrial, consumer oriented states, if you disagree with this you are denying basic economic principles. Now let's address your claim, we will compare Poland with the UK and Greece with Sweden another migrant-friendly country with similar population to Greece. We will compare the country's current populations with 30 years from now and 60 years from now, (traditionally one generation = 30 years). Poland: 2024: 40.2 million people, 2054: 34 million people, 2084: 26.2 million people, that's a population reduction of 14 million people or roughly 34.8% of the country The UK: 2024: 67.9 million people, 2054: 71.8 million people, 2084: 71.3 million people, that's a population increase of 4 million people or roughly 5% of the country Greece: 2024: 10.3 million people, 2054: 8.9 million people, 2084: 7 million people, that's a population reduction of 3.3 million people or roughly 32% of the country Sweden: 2024: 11.1 million people, 2054: 12 million people, 2084: 12.9 million people, that's a population increase of 1.8 million people or roughly 16% of the country So I ask again, in 30 years from now when my kids will be about my age and 60 years from now, when I will be on a pension (with the scale retirement age and life expectancy grows), who the f*ck is going to pay for my retirement and my children's university education with over a third of the country gone and another third over the age of 65. Which countries we analysed will be prosperous able to maintain free healthcare, high quality insurance and free education and which countries will be taxing their working age individuals more than half of their earned income, just to provide the bare minimum for children and the elderly, being unable to attract workers and investments. I am going to allow you to make your own inner conclusions to my question, if you are smart enough you will understand. I will leave you now reminding you that there is a rather short man sitting on a leather chair in the Kremlin who wants to destroy what the European nations build together, by funding well known grifters that lie to people of lesser intellect with far-right populist rhetoric. These men spread propaganda to shut the border and cut the lifeline of European nations which is migration, their common trend relies on criticizing migration based on religious creed, spreading fear about a supposed "rise of Islam" amongst European nations, despite that in the European Union there are less than 3.8% muslims, meanwhile in Russia the number ranges from 10-15% of the general population. To be frank I don't care even if that number doubles within 30 years or triples, quadruples, quintuples within 60 years (it's not going to happen, but I don't care if it does), 3-%6%-12%-18%, still a small minority, a small price to pay for saving our lives and our way of living. I want my pension, preferably before my 70th birthday, thank you very much. Thankfully we live in the era of misinformation and people like you although a very loud and considerable minority, remain and WILL remain as the recent European and national elections showed as a MINORITY. So have a good day, the majority has spoken.
@@maximilianrobespierre8365 And what happened to the social security contributions you have been making... all these years... are you trying to say that you money is just going to a Ponzi scheme...
If you look within any country there are substantial differences in wealth and prosperity. I don't see why enlarging the national scope to the EU suddenly has a different unstable outcome. And yes, that can mean some form of fiscal transfer when required for stability, the same as on national level. No need for doom scenario gymnastics.
So austerity in Greece worked and put the country back on its feet. I can't see Labour cutting back on spending or investing in anything that could actually make a profit
Austerity destroyed the Greek economy, austerity directly damages economic output, this is not up for debate. What it did save was its credit confidence aka the ability to lend money.
@@maximilianrobespierre8365 Yes it is up for debate. The need of the Greek economy was to avoid bankruptcy and become attractive to lenders and austerity achieved this. Therefore austerity saved the Greek economy.
Anyone can clock in and and work 12 hours a day. But the worker will soon loses interest and enthusiasm for the company and its managers.
Productivity will drop.
But working 8 hours a day excluding breaks with regular holidays makes for a very productive employee with little or no staff turn over.
A happy worker is a productive worker.
Oh mate..now I've got a job in finance and been working on average between 11 and 12 hours per day including a half day at the weekend for about 15 years. even did some this morning. Accepted that after 8 hours my productivity reduces but I wouldn't get the job done in 8 hours. Working 8 hours wouldn't make me more productive it would make me produce less. The idea that people can do their job in 4 days is a lie unless they were already mis managed and under utilised. Don't believe it.
@@daveroberts2914
Remember, you work to live,
NOT live to work.
A healthy work life ballance is good for body mind and soul.
@@daveroberts2914a lot of work is meaningless, low value or unnecessary. Actually many of these extra hours worked have just been fabricated when economies can produce vastly more now than they could a hundred years ago or even 50 years ago due to computers and mechanisation. Even now I can automate my work flows using code for a lot of tasks, so really not much excuse for having to work more. One cause of low productivity is just the showing up to meetings etc that achieve nothing but you can say the hours were worked. We’d be far more productive working fewer hours cutting out the crap and getting more time to do useful things. If however an individual is doing all useful things and can’t achieve all their tasks in less than 30 hours a week all that says is that the company is not properly organised and some resources should be pushed to that person or team.
@@daveroberts2914 I would argue that overworking employees to a level where they become productive, is mismanagement. Those sort of hours cannot be sustained. Something will go wrong eventually and when it does, it will be the heavily overworked employee who will be carrying the can, not the boss who allowed the situation to occur.
I really couldn't fathom why George Osborne chose austerity after the obvious downsides played out in Greece.
Don’t you see? The modern Tory party hates Britain. They wanted to be kings of the ashes and rubbles, at the expense of the working person and public facilities. They lied to just about everyone that wasn’t the City of London / Blackrock et al. This was all part of their game plan.
Simple: Osborn is stupid.
British "austerity" under Osbourne predated the Greek crisis.
Osborne et al do not like the UK. They like their rich mates. Everything that transpired over the last 14 years comes more or less from this ideology.
@jamesthomas4841 Greece has had many rounds of austerity starting Feb 2010. The troika was in place on the day the 2010 uk coalition government was elected.
The poor outcomes were all over the news.
Joining the Euro has been a disaster for Greece, it's economy is still well below it's peak. GDP per capita was USD49.9k in 2007 and in 2023 was USD36.3k (tradingeconomics).
They are introducing a 6 day work week for essential services. (I think they may slowly try to bring it out to everyone.)
The employers are unable to find employees with their low pay and stop being “understaffed”.
The existing workers are pretty much being forced into agreeing with little to no increased benefits.
Henry Ford learned that 6-7 day work weeks were less productive than 5 days. They will find that 6 day weeks will lead to tired staff and less productive, more costly workforce
The 6-day week only concerns workers under 24h shift patterns, such as factories and production lines. Services and tourism are excluded. Working on a sixth day will give 40% above standard rate and, working on a Sunday or bank holiday would give 115% above. I had been working on 12 and 13 hour shifts at a major UK groceries store for six or even seven days a week for years. Guess how much extra I was getting paid. Zero, unless it was a bank holiday (50% extra). And no, I didn't had much of a choice either, salary was ridiculous without working 55-60 hours per week.
"The Euro allowed wild imbalances to occur" peak fiction, oh and my favorite "Greece never industrialized"
Every country has their economy worsen. Yet everyone seems to be making fun of other countries for some reason
It's like a 🤡 race 😂😢
I live in Greece..never been any food shortages..lots of building work everywhere and fabulous weather what's not to like!..Maybe concentrate on the UK..?
How much is 1 beer in your area?
@vipeton.8927 Sorry..don't drink alcohol 🍷 lol!
@@jillhargrave-george4510 all good. And how much is coffee?
Question are you a Greek born or did you retire there as this could explain why things seem cheap
👏 uk is a shameful place, they will never admit it. compare it with any south European country is just embarrassing. Even if it was the case I would live with 500/month £in greece but not with 3k/m in uk
No mention of the role of Credit Default Swaps by Goldman Sachs(and others) in the 2008/9 financial crisis and the use of CDSs by G.S. enabling the Greeks to apparently meet the criteria for joining the Euro. Goldman Sachs profited greatly from both the financial crisis of 2008/9 and the Greek crisis many critics would say they helped caused both crises and benefited greatly from them..The 2008/9 crisis was dealt with by ex Goldman Sachs boss Hank Poulson in the USA and by ex Goldman Sachs Mark Carney in the UK . In the UK we still are paying the banks £30 billion a year in interest as a part of the QE process. Odd how we always seem to hear how we cannot afford the state pension but we can still afford to pay £30 billion to the banks without any question. The financial world is very corrupt but we know this especially those at the bottom of the system.
The GS swaps with Greece was around 2000, when Greece joined the Eurosystem. Nothing to do with with the 2009-2010 debt crisis.
@@stevelamprou I never said the two were connected. All in your mind. But what the two,if you had read properly,had in common were Goldman Sachs as instigators and both with CDSs. Too many idiots on some of these channels.Highlighted reply is absurd.
@@erongi233 Well you certainly made them look connected. The 2001 GS swap agreements with the Greek government were hedging against currency fluctuations on non-euro denominated Greek debt, a common practice by many European countries at the time (interest rate swaps were also involved). Nothing to do with hedging against debt default costs that skyrocketed during 2009/10 crisis. The former were agreements between the Greek government and GS, the latter were open market fluctuations. And yes, GS benefited in both cases, that's what those banks do. Be precise when you correlate situations, or you run at the risk of looking like an idiot.
@@stevelamprou cannot you understand a point made quite that both crises hàd one the involvement of GS and two the use of CDSs.
And this is not what all bankers do. In the 2008/9 crisis GS was involved in putting together dodgy packages of mortgages and subsequently dodgy CDSs which did not have the reserves behind them to be able to pay up after many of the mortgages had no value .
Now get back to you cornflakes.
In order for Greece's gdp to reach 2008 actual value it must be around 512billion from 250 forecasted for 2024. I dont think that UK has such big problem of GDP in general, but its a problem of steep inequality where City of London is a state within a state and rest of UK just expects to live off a small dividend from what the City produces/consumes
Bottom line: it was relatively easy to increase productivity from their current levels in Greece. A mix of investment and bringing people back to work (by changing the ridiculous retirement rules and laws) was more than enough to reignite the economic engine. The problem with the UK is that the fdi is not coming as it used to (Brexit anyone?) and more importantly, bringing people back to work is more challenging as the main reason are not about laws and regs but of unable to work, specifically mental health issues. Addressing and fixing this can un-tap a boom in productivity in the UK while easing the immigration pressure. Easily said than done though.
Face it: the UK banks don't want Britain to adopt the euro. It is both easy and very lucrative to charge their customers an exchange rate + fees. Billions are at stake.
Economic growth should be stable in the long run, as long as local conditions become good again. As example Europe grew much faster than the US after WW2 because it was notably poorer, especially the more ruined countries in Europe, so had more room to grow back to high end of modern development once conditions became good locally again. This is also why Eastern Europe now that it finally has good conditions is catching up to the western countries economically, even though they were poorer for many generations running, and sometimes desperately poorer.
The UK doing relatively poorly now doesn't really mean anything in terms of how wealthy it will be 100 or even like 50 years from now compared to other developed countries. It is the frontline of global development's pace of advancement that really matters.
If you compare yourself to Greece, 99 we have a problem
The Torries lied?? ??😂😂
Oh....say it ain't so!!!!
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Ah yes, Greece isnin trouble because of the €, nothing to do with their spending habits, bad investments, unten able (state) pensions and other internal factors.
But your British background and thus antipathy against the € shines through. Constant evaluating one's currency doesn't make a country richer, it's mostly short term relief and doesn't make a country tackle it's structural problems. One look at the uk and you know enough.
I live in Greece 18 years.food and petrol..cars and insurance etc. Are 25% higher than the UK. Wages are low and most public services are poor...it is also getting hotter and water is a problem...The EU was not good for Greece.they have lost a lot of freedom.
EU was awful towards the Greeks. They didn't help them, they PUNISHED them.
@@ΙωάννηςΕλ Yes, those evil EU people.
How dare they give Greece loans with significant better interest rates than the ones the Greeks concluded themselves but couldn´t afford, and make the banks swallow half of Greek debt to them. Can´t think of nastier people.
The Greeks were better off with the Brits, where a proud Cameron under loud applause of the HoC announced the uk would not help Greece with a penny of british money.
Go do one.
@@margaretharding3532 better together I say
As I expected that you give us some funny economic theories - I'm not disappointed . All was bad because of austerity - yes. When you have too much debt you must first of all keep on spending - funny theory. 😁 It's a pitty that banks don't reccomend this therapy for customers who have problems with debt. Surely they are incompetent. By the way, could it be a genius idea for a diet - just keep on eating. Don't use any austerity eating practices. Traditional diets are just austerity eating you must stop using them. New diet should be keep on eating give up on austerity. Dieting and spending seems very similar.
Austerity works if you are an individual, it is catastrophic if you are a country. Economist know that, the UK government knew that. At least they knew that after that paper they used to justify austerity was proven to contain inaccurate data, but they persisted with austerity anyway.
@@EliF-ge5bu Anti austerity theories could be just bullshit - because when something works individually you can't falsify it but stats of country are often manipulated or falsified because of political struggle for power.
With the greatest of respect, I think your knowledge of British Economic History is scanty, and thus your opinion isn't based on fact. Indeed, if you were familiar with commentary about the UK Economy today, you would realise that our current debt-to-GDP ratio of around 100% isn't as bad as that after World War II, which was 240%. We had rationing as a consequence until the end of the 1950s, but we still managed to rebuild our war-damaged economy. We rebuilt our productive capacity, including the beginnings of the global Eurocurrency Market. We rebuilt our housing stock, and built a welfare state that tackled problems from the previous time austerity was tried in the Interwar years,because it failed then too. And we succeeded, despite difficulties from having to make do with less. And we did it without Austerity. And we repaid all our war debt in the early 2000s. You see, austerity isn't a new idea. And the Economist Mark Blyth wrote the key text about it's history entitled "Austerity: the history of a bad idea." Where in this door stopper 9f a text he relates the the evidence that Austerity is a bad idea, because it has failed to do what people argue it should do, each and every time it has been tried in history, which is grow the economies subjected to it. And sadly, the homespun narrative that a national economy can be run like a household has been debunked time and time again. But the uninformed still pretend its true. Even when there's evidence in the present day that Austerity is like putting an economy on hunger strike, but expecting it to be both heavier and fitter after a prolonged time on starvation rations, ideologues like yourself still trot it out like a dead zombie. Not only are you not informed on the subject, but you deign to patronise a trained economist who has written text books on economics, when you demonstrate by your comment you are blithely ignorant of the subject. You are unfamiliar with the subject, yet you presume to teach a teacher? You are not a serious person. All you have demonstrated in your comment is how very little you do know about Austerity and it's effects. And how little critical thinking you use. Perhaps you did not mean to come across as being patronising, but you really need to temper your own enthusiasm for your own ideas, because people get stiff wrong, especially when they fall for confirmation biases based on ideology. You have to look at the evidence, and judge that. Put aside what you want to believe, and approach serious arguments seriously, looking for the truth. It's people's lives and livelihoods that are in question. It's not a game. People die because of austerity, and families are food insecure. There's nothing to sneer at in this subject.
@@CuriousCrow-mp4cx You haven't put many arguments for anti austerity - just that some economist wrote some book and called it a bad idea.. Instead of explaining you just tolld that some other guy explained it. Buy the way, - isn't it logical that austerity decreases consumpton because your consumption was artificially higher when you borrowed money.. So you can't expect from austerity to insrease your stnadard of living. Austerity decreases your standard of living and it's logical. When you're repaying debts your standard of living is worse. So I agree that austerity lowers standard of living but austerity is to prevent from bunkrupcy, hiperinflation nad instability. So in this sense austerity works - you lose some standard of living but gain more healthy balance of finances. There is no a free lunch in economy.
@@CuriousCrow-mp4cx im not the one who commented but your response is idiotic. You critique someone for not knowing what they are talking about while you also have no clue.
You argued that Austerity doesnt work because its been shown not to grow economies. Thats true. The false hood is that implies the proposed purpose of Austerity was to grow economy, which it isnt. Thus showing, you dont understand these things.
Austerity is a policy aimed at reducing a nations deficit. Which factually, in greace or UK, and elsewhere, it does. Its also basically the point the other commenter was making. You dont reduce your debt by borrowing more money or increasing the amount you spend relative to your income. You cut spending and pay down debt to reduce the amout it costs you on a go forward basis.
Critically, once your finaces are in better health, you can then affort to spend or borrow again this time hopfully investing in things that do result in economic growth. Which is where the growth comes in.
Its save-recover-then spend-then growth.
The UK economic issues are almost entierly legacy of 08 finacial crash. Its blatelty in the charts, the current trend begand at that point. Issues around covid or brexit are inconsequential comparitively. UK mostly services economy (not actually making stuff) hence why nutering of finacial sector had catestrophic impact on UK economy, because its most of our entire economy. We also not competative at manufacturing, no massive amounts of natural resources to trade, so we cant increase output in these areas to copensate for lost service sector productivity.
Uk is being compared to Greece?? How the mighty have fallen.....
The UK economy is suffering because there is less stealing of African resources, which London has been the banking center. Britain's economy has always thrived on theft, especially from Africa, India and the Carribean.
Austerity seems to just be a politicised word for cutting public spending which is a normal thing to do. The conservatives continued to spend billions and our national debt doubled. Surely we can’t just let the debt balloon unsustainably by borrowing and borrowing
Problem with germany is all the germans there!
Greece only has a long working week in the Summer...and work is a strange word in Greece.
I really struggled contemplating how is that a negative trait, then I realized I am reading the scribblings of someone infested with Protestant work ethic.
Greeks work the most hours in the European Union, work is not a strange thing in Greece ,it looks like UK must focus on their own problems and leave Greece continue leading as one of the fastest growing economies in the European Union
I have to stop watching these bs vids as it makes me 40% dumber everytime I waste my time watching one.
The dude clearly has absolutely no idea about what's happening in Greece.
Poland doesn't let the immigrant invade their country; neither does Greece (to some extend). Mass immigration is the main reason why major economies have gone through stagnation.
Why?
And How?
Migration is directly chained with economic growth, the influx of new workers, consumers and tax payers reinvigorate the economy. More people equals more money, especially for advanced post-Industrial, consumer oriented states, if you disagree with this you are denying basic economic principles.
Now let's address your claim, we will compare Poland with the UK and Greece with Sweden another migrant-friendly country with similar population to Greece.
We will compare the country's current populations with 30 years from now and 60 years from now, (traditionally one generation = 30 years).
Poland: 2024: 40.2 million people, 2054: 34 million people, 2084: 26.2 million people, that's a population reduction of 14 million people or roughly 34.8% of the country
The UK: 2024: 67.9 million people, 2054: 71.8 million people, 2084: 71.3 million people, that's a population increase of 4 million people or roughly 5% of the country
Greece: 2024: 10.3 million people, 2054: 8.9 million people, 2084: 7 million people, that's a population reduction of 3.3 million people or roughly 32% of the country
Sweden: 2024: 11.1 million people, 2054: 12 million people, 2084: 12.9 million people, that's a population increase of 1.8 million people or roughly 16% of the country
So I ask again, in 30 years from now when my kids will be about my age and 60 years from now, when I will be on a pension (with the scale retirement age and life expectancy grows), who the f*ck is going to pay for my retirement and my children's university education with over a third of the country gone and another third over the age of 65.
Which countries we analysed will be prosperous able to maintain free healthcare, high quality insurance and free education and which countries will be taxing their working age individuals more than half of their earned income, just to provide the bare minimum for children and the elderly, being unable to attract workers and investments.
I am going to allow you to make your own inner conclusions to my question, if you are smart enough you will understand. I will leave you now reminding you that there is a rather short man sitting on a leather chair in the Kremlin who wants to destroy what the European nations build together, by funding well known grifters that lie to people of lesser intellect with far-right populist rhetoric. These men spread propaganda to shut the border and cut the lifeline of European nations which is migration, their common trend relies on criticizing migration based on religious creed, spreading fear about a supposed "rise of Islam" amongst European nations, despite that in the European Union there are less than 3.8% muslims, meanwhile in Russia the number ranges from 10-15% of the general population.
To be frank I don't care even if that number doubles within 30 years or triples, quadruples, quintuples within 60 years (it's not going to happen, but I don't care if it does), 3-%6%-12%-18%, still a small minority, a small price to pay for saving our lives and our way of living. I want my pension, preferably before my 70th birthday, thank you very much.
Thankfully we live in the era of misinformation and people like you although a very loud and considerable minority, remain and WILL remain as the recent European and national elections showed as a MINORITY. So have a good day, the majority has spoken.
@@maximilianrobespierre8365 And what happened to the social security contributions you have been making... all these years... are you trying to say that you money is just going to a Ponzi scheme...
The UK could learn not to leave the EU. Oops.
Meanwhile…America 💪
Until the EU agree on Fiscal Transfers from the rich North to the poor South, the Euro is doomed eventually
If you look within any country there are substantial differences in wealth and prosperity. I don't see why enlarging the national scope to the EU suddenly has a different unstable outcome. And yes, that can mean some form of fiscal transfer when required for stability, the same as on national level. No need for doom scenario gymnastics.
Check well that this is the opposite case. eu is has been a robbery for south europe
There are also many holidays in Greece 2 weeks for Easter. Etc.
That's just for students, lol.
The whole place shuts down.
@@margaretharding3532 It shuts down during the actual days, not for two weeks.
So austerity in Greece worked and put the country back on its feet. I can't see Labour cutting back on spending or investing in anything that could actually make a profit
Greece growth in taxes and rents...😅😅😅😅
Austerity saved the Greek economy
A better way to say that would be that they curtailed their spending well above the affordable levels!
Austerity destroyed the Greek economy, austerity directly damages economic output, this is not up for debate. What it did save was its credit confidence aka the ability to lend money.
@@maximilianrobespierre8365 Yes it is up for debate. The need of the Greek economy was to avoid bankruptcy and become attractive to lenders and austerity achieved this. Therefore austerity saved the Greek economy.
@@JoBo301All the big economists completely disagree with your statement.
@@UsmleAspirantPediatrician Give me your top 10 examples
The comment section of videos like this is so black pulled like chill guys there are some lovely women out there