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- Опубликовано: 13 окт 2024
- In an MIT lecture in 2013, the latest poster boy of development economics offered golden tips on who should save and who shouldn't. #tbt
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Loved the way he mentioned his grandfather and the way he built his house. So quintessentially Indian.
Indians have tendency to use anecdotal evidence in their statements. It's kind of frowned upon but since his logic checks out it's justified.
10 years back I was earning 1/10th of current earnings. Was trying hard to save. Saved half of my salary by avoiding public transport and choosing to walk for an hour of commute (saving Rs 10 in the process). The abount I saved with a job of 1.5 years is what I earn in a month now. Had I known, wouldn't have struggled as hard. Things could have been so much easier and better in the hindsight!
The fact that you were trying hard to save 10 years back - not many people do that. I must say that it's a great quality that you have already developed in yourself.
If one doesn't know how to save in the first place, that person won't be left with much, irrespective of the salary.
You got lucky. I think you are in IT. Life is not predictable. If IT sector had not grown or boomed like it has, many well doing people wouldn't be doing so well.
Simple logic if you are not putting your savings in high return investment then don't save. Earlier people didn't invest in mutual funds but now it's easily accessible. So in this case savings is always good idea.
The reason why you are so successful today is because of your hard working nature. Be proud of the hard work you put in during your earlier years, they made you the man you are today.
Wrong, 100 saved 10 years back should be 400 now... so saving and investing is the key...dont compare it with current salary as it is free money, u did not worked for it market did.
This is a 1 hr 15 min lecture. This video is not a proper summary of the lecture, niether it has the head or tail what he was trying to say. So kindly watch the full lecture. It's a gem
do you have link?
Agreed. Coz I was like I didn’t learn anything new in this video.
thanks. because I was like what tf was this even?
Please share the original video.
Please...
Theoretically and in isolation, this theory is correct. However, in current times when lay offs are a common thing, not having any savings can lead to catastrophe. However, he is right about 'not saving'. Any surplus money should not be saved but invested so that it gives you more money in the long run. Eventually, the goal should be to make your surplus money work into making you even more money.
When he says "should not save", he means that rationally thinking, the person who imagines themselves getting richer is expected to not save today- but it is an entirely theoretical concept, just like he mentioned in his opening lines :)
Its basically Paradox of Thrift.
When everyone saves more, everyone saves less.
In other analogy, if there are more suicidal people, there are less suicidal people.
I am sorry, But I don't get it
@@lakshaygulati22001 An economy (specially during recession) depends on how much people consume. If you consume more, means you buy more from companies which means companies grow more and hence economy grows.
If you save the money instead of spending it, companies will face loss and shut down. Economy will become weak. Hence in return you will get less salary hence your savings will get less. So if each individual starts saving more, ultimately overall savings will become less after sometime. Hence a paradox.
@@lakshaygulati22001 as for the suicidal analogy. Imagine a society where many people want to commit suicide. A lot of them will commit, hence ultimately there will be less (suicidal) people.
@@discorddiscord7054 but people put their savings in bank which would be utilised in some productive work
@@lakshaygulati22001 Investment does not bring profit to companies. Comsumption does.
Automobile industry is in slowdown due to lack of buyers. Not lack of investors.
Basically he got so involved into economics, that he almost neglected social appearance and how society behaves.
Stuck in the Indian 90's 😎
People who believes that their income will grow in future won't save . Good principle.
I didn’t get it. Can you explain?
That's simple wisdom.
@@VAZZU what's there to get ?
He's saying if you're in a stable job which pays you well & the one you also enjoy and plan to stick around for life, then you'll grow leaps and bounds along with the organization. So will your salary. & If at all this company has a pension plan for its retired employees...
In this case it doesn't matter if you save or not save since you'll always have a current regular income.
@@imrankhanpathan1470 If you have some big events coming in, like marriage, building a house, buying a car in that case saving is necessary, isn't it, even if you have got a stable income.
"belief" wont grow your income. Save regardless. These people just want to take your money.
What you have said about your grandfather, reminds about my father who was a school teacher built our parental house in the same way. After building of one room, he used to save some money from his moderate salary and built another one. In this way he took several years to complete our house. But observing my father I got so many life lessons to proceed further in life.
Trying to add humour when the class is serious .
Proud to be a bengali...to see him give lecture on mit and also he is a great economist who is adorned by noble prize.. 🔥
♥️ from TN.
@@jessipinkman7659 they are also the reason for your freedom. Shut the fuck up.
@@jessipinkman7659
And u only smoke meth
@@jessipinkman7659 ok
@@jessipinkman7659 crp is bengali dominated thats why u are jealous
Don't postpone your joy and enjoyment of the present for future spending. You will likely enjoy it less than now. Save only as much is required and use insurance wisely.
Well said. Lot of people spend their lives in thrift and eventually all their savings are passed down and squandered by the next generation.
yolo shit
@@sunnyarora3557 It's LDMU
Yep my kinda person
In a bigger context, Its better to spend on something which enhances you like education than short term happiness which can pull resource out of earth... that way you spend but meaningfully.. just because you are certain of making more money tmw, does not give you ticket to ruin resources today
I don't know how certain one can be about the job security, I think his concept was only applicable for govt. jobs in India before 2004 as at that time there was pension which kept on increasing with time, so you got job security and continuous increase in income throughout whole life.
Yes U r right. One can only afford to not save if you have a secure pension guarantee.
Saving isn't the best
@@glittersintheinterstellar9046 umm... Wat if you have a medical emergency?
@@Schopenhauer69 insurance
Poor people have a greater uncertainty in there life compared to richer people. that makes a lot of sense for me.
I believe the full lecture is available on RUclips.
And I believe I can fly
@@bilalomer1675 This is poetry.
It's available on MIT's official channel
@@anubhutijain5487 I see🧐 you are very knowledgeable...
ruclips.net/p/PLUl4u3cNGP620R91K4KP_fO4l3eeK5lDn
The full videos
He's like a celebrity
Not likely he is a celebrity
Uhh duh
He is a Noble Prize winner.... So definitely a *Celebrity*
Thing we should learn is how many good teachers like him India lost to developed country who could have gave precious amount of knowledge...
Wrong - Even if you earn less you need to keep putting something away. Even if your salary increases multifold in the future, what you have will be less than the savings compounded over long time.
Exactly. I'm surprised he even made that statement. He's talking shit
Seema like you're more knowledgeable than Noble price winner
@@Schopenhauer69 even I am confused as to why he said people with predictable increment/ profit annually shouldn't save. As middle class Indians, savings seems to be built in out DNA! However, given I do not know the full context/ logic behind his statement I personally wouldn't call it out as "shit "
@@zyan786 I agree that almost all Nobel Prize Award Winners have commendable knowledge and understanding about their topic. However, that doesn't mean all of their statements should be agreed to blindly. Human beings are logical thinkers and we should utlise that
The fundamental problem here is lack of complete knowledge. This is a 1hr long lecture that explains a lot of things. I’m pretty sure that a person lecturing in MIT wasn’t talking shit. So let me just put some light on this.
What Banerjee is saying here is that you shouldn’t save (in a scenario he mentioned), instead you should invest. You wouldn’t know that people in china are more into savings than Indians. But in a thriving economy, savings wouldn’t make sense because the earning will go substantially high and so will inflation. The amount you would have saved over 5 years would probably be around your one month’s earning in current time. So, instead of saving, you should invest. That’s what he meant.
He also mentioned that people who are below the poverty line can’t/don’t save because they do not have enough for today. So saving is curbing survival today for a future living.
I hope it makes sense.
The balance between savings and consumption is something for the market to decide. This continuous consumption has lead to the spread of hedonism which in turn has led to the unsustainable household debt in the western nations. There are many things I disagree with India , but it is our savings rate that has helped us sustain growth. Thank God, banks still beg to buy credit cards rather than credit cards being the norm of the day. Indian consumption has been brisk since 1991 and India on an average has been able to maintain a 25% savings to GDP rate atleast. The Keynesian paradox that higher savings lead to lower consumption is something that I disagree completely and thank God it is debunked. By the way, I am not a BJP bhakth!!!!
can u just shut the fuck up please?
Telugu valla meeru?
Thts a good analysis I didn't think of wow 👍...+ U mentioning tht u r not a bhakt kind of worries me as where have we come to where political siding is much more given notice than the facts
That's a better conjecture than somebody at a high position made at a highly prestigious institution. Common sense should prevail.... Indians have that thankfully 😀
Unsustainable household debt in western nations. Yeah sure. Like in India, it's sustainable. Its so sustainable that Indian rupees is one of yhe worst performing currencies in asia which relays one of the worst purchasing power group to Indians.
i.e. indeed Indians have to save.
Consumption has led to hedonism in west. As if India "chooses" to consume less, is what you imply, which itself is a falcious logic. Also, i didn't get what the vague aspect of hedonism has to do with economy or individual savings since it has more to do with purchasing power and production infrastructure ,where India lacks.
Having tons of festivals every year, unnecessarily expensive marriage ceremonies and many more such extravaganza, that happens in India can also be clubbed under Hedonism by that logic.
I'm not a congressi ,leftist or libtard btw, nor Bangladeshi.
This discourse excludes however people with irregular income.
Though I disagree on few points, yet I'd praise him as a teacher 👍
Smartass refuses to elaborate
u do know he is a nobel laureate?
No point saving if you r salaried with a guaranteed secure job. AB is so right.
I disagree with his views of Saving. Saving is a part of contingency plan and not just being rich or poor. And you should know when and where you are going to Park your money !
But value of your money is decreasing every passing day..... but that's not with investments like in Gold, land and good stable stocks.
But still you don't know what sort of stakes would bring you the fruit
You must be a noble lecturer right?
Save or invest. And invest in what. That's the question he should answer.
Cause you can save under you bed, and value of money goes down and you'll have lesser money. You can save money im bank and inflation would mean you are losing money.
See
If the answer of your question can be answered by him, he will be an investment banker rather than economist.
Economist research how people behave in economic interaction. Not where to invest.
@@siddivasuchaganti2801 I am studying economics, and i disagree with you bro. Let me explain- Investment banker is not a separate field of study. It's a job position. Infact i know alot of senior with economic degrees doing a investment banking job.
Now in my question, i am not asking for particular stock names that he should name. Sure that will be better question to ask a investment banker.
But how to treat money as a commodity and utilize it, instead of treating it as store of value.
Cause most people forget money's value is not constant. Hence Saving itself is a blanket term that doesn't benefit a person's wealth.
Nor is it (savings) constant at every age. The life-cycle hypothesis explains this.
@@kaberigomes2117 See
Anything With Constant Supply Doesn't have constant value. " Invest in what ?", What does that mean.
Convert your money into an asset where the return should beat inflation.
@@kaberigomes2117 See
Anything With Constant Supply Doesn't have constant value. " Invest in what ?", What does that mean.
Convert your money into an asset where the return should beat inflation.
@@siddivasuchaganti2801 Okay, what asset would you invest in.
Give me an example. And the real world rate of return from it.
Cause i have a theory on this hoping i could write.
The most important thing he mentioned that RETIREMENT is most predictable event and then he says IF you reach there 😂, I mean we can't predict a single second of our lives so this theory of savings for future is redundant at first glance only.
We can have contingency fund but it is not a good idea of delaying our present needs.
Yeah I was thinking about the same thing this life is unpredictable anyways.
Before boosting the video it roughly had 50 to 60k views, but After reboosting the video i swear it got double views within 6 days than it had the previous 2 years views combined.This is the (KAMAL) of money.
Well done Abhijite Banerjee sir.
This video is actually 11yrs old.
Better advice would be Earn -> Save -> Invest
Sorry Sir, I didn't get your point here. I am really bad in economics. Are you trying to say that savings is not fruitful anymore or we should not keep our money in banks for a longer period. From your point of view it means that we should try to invest in something, but for how long. A time will come in later part of our life that we need to start saving for our future.
He may be good in his subject but I would never want him as my prof. Seriously.
Bade log.
Bcuz u suck at it
@@shwetabanjare6067 exactly and that is why I need a good Prof who is excellent in explanation..
He will not give you any lesson because he dont want to waste his time
@@sanjuktachakraborty3728 tumi amai biye koro sexy sanjukta amar prochur poisa...bangali meyra ekhon poisa dekhia biya kore ek rokm beshwa maagir moton...ar maa gulo dalali korey
This doesn’t mean you shouldn’t save!!!
We save for a rainy day, of course hope for a sunny day but life is uncertain so use the golden mean rule.
Be reasonable with saving and spending money to live a quality life.
Thanku Sir
First I thought you are going to tell me how savings is important, that is ridiculous but then you told what really actually matters and everyone should do.
He tried to tell something but failed
True.
His explanation skills sucks
@@auctal4625 that's why he is a noble laureate and you aren't.
@@swyamdipta Noble price measures how you explain idea to students ? Ok didn't know that , thank you .
@@swyamdipta Just a bongla saving a bongla.. OK nuff said.
@@Theone.fitness You spelled it wrong dude. Go check your spelling and come back again. Till then be offend and remember this insult.
Saving is good but investing is better. Do that so that you can spend when you want
Saving must have an objective for an object and time value gives you a quantitative approach. You may save little today for a particular and give no reason to time. Short video but great story.
In a country like India where there is no medical help available from government, saving is needwd even if you and your family are adequately insured.
Had he not been a noble prize winner..... I would have given 1 out of 5 for this sort of lectures......he can be a great economist but not a good professor.
Nobody bothers what you would give 🤣, mr judge
@@loknathdas3111 i bother.... I told my opinion.... You are allowed to believe that this is a great lecture.
@@kingbing3315 Thing is, he isn't a lecturer.
@@thechinmoydeka oh yeah true... I think he was invited as a guest lecturer.
Shit.. he would have been greatly depressed after receiving such a rating from you..
The real question is: 'Should you be a slave of you're poor.'
The fundamental problem here is lack of complete knowledge. This is a 1hr long lecture that explains a lot of things. I’m pretty sure that a person lecturing in MIT wasn’t talking shit. So let me just put some light on this.
What Banerjee is saying here is that you shouldn’t save (in a scenario he mentioned), instead you should invest. You wouldn’t know that people in china are more into savings than Indians. But in a thriving economy, savings wouldn’t make sense because the earning will go substantially high and so will inflation. The amount you would have saved over 5 years would probably be around your one month’s earning in current time. So, instead of saving, you should invest. That’s what he meant.
He also mentioned that people who are below the poverty line can’t/don’t save because they do not have enough for today. So saving is curbing survival today for a future living.
I hope it makes sense.
Is he really an MIT professor?
Yes he is.
No he was just passing by the class and felt like giving a lecture, so he gave this master piece 🤣🤣🤣.
Just kidding 😂
Why don't you give the link of source? Isn't that something you should do?
Does he speak Bangla? Just curious because of his name.
the way he's speaking he reminds me of Manoj Bajpayee that's how he sounds when he speaks English
Misleading title. Click bait
Why that horirific music i. The beginning
He confused me more whether to save money or not
Don't save many instead invest it in something, cuz the value of money will fall down due to inflation for example the Things you brought 2 years back might have probably become expensive in this present time.
Pandemic and technology unemployment has proven this professor wrong...where are the good paying jobs
My consumption is less.. Generally.. I like spending of my family..
Knowledgeable lecture. But I couldn’t stop myself from noticing, what’s with his collar :D
Poor are not watching this video because of the digital divide we have.
5 economists can give 10 directions for 1 way to go. Like astrologers.
India need 🆎like Finance Minister
Why the subtitles while he's speaking in English?
To some extent, the Professor looks like Salman Khan; insightful depiction though.
You should not save for childs wedding. He can marry at zero cost
What about entrance exams . People who fail exams just don't get jobs
Love him, though!!
I have a fully paid off house so I do not see the wisdom in saving, I need not worry about rent and I can always earn enough to eat
Hi, please give reply, iam from Hyderabad, india, i think after India's independence in 1947, many caste society elders & members got benifits from hidden public trust or union government India related commonwealth crown estates mater.., Can u explain about this very common secret public benifits mater?
I need more
They are using laptops in class, in our days 2010 if we take dummy touch screen phone to school its a day of show off before girls.
He is a great Economist but .....
But what ??
But what if...
Bhakts:
Indian's should boycott this Anti Indian Person
He's not anti Indian,he himself says the media portrait him as that
But those who are really anti Indian should be banned from India asap
@N Dash he's an atheist communist lol. Classic gaumata street shitter moment
All things we know
It not possible for daily wagers.
How can I save money 💰 if my salary is not so sufficient to save
I am sorry. Couldn't understand anything
does anyone have fullvideo link?
Where can I get the full lecture?
ruclips.net/video/nc7dDE4_3zs/видео.html
Here you go
ruclips.net/video/nc7dDE4_3zs/видео.html
Just because you THINK the future is certain, doesn't make the future certain.
The only people who do not want you to save is the same people who want you to go into debt.
Also, adding rooms to your house to increase "value" LMAO. Good luck finding buyers of such a house.
If you get there you will be needing money 💀
for anyone who wants to study this in-depth, here is full lecture : ruclips.net/video/nc7dDE4_3zs/видео.html
Iam saving for playing with many young hot girls when i am 70 years old..
How random was this 🤷🏻♂️
👍🏿👍🏿👍🏿👍🏿👍🏿
France vs England.
Madam curie.
Not very clear
Didn't understand 😅
Keep increasing consumption as if earths resources are unlimited.
He was high as fk
this is the exact reason we gujjus don’t consider keynesian economists like manmohan, rajan or this abhijeet guy as economists
why his stance is so hunchyy?
He is trying to look intellectual.
Wants to look like a mad scientist , only looks like the wicked crook he is .
*कई इतने पक्ष में हैं कि लगता है रामराज्य आ गया*
*कई इतने ख़िलाफ़ हैं कि पूछना पड़ता है भाई तुझे ऐसा भी क्या ग़म खा गया*
#KhabarKahanHai 👇👇👇👇
ruclips.net/video/pY8s798pbTQ/видео.html
So Brut will post anything these days! Still trying to make sense for this video. Total wastage of my time!
Go ask a a marawadi and he will teach you better
Ecnomy can be exp. Interms of elphant also elphant need agood mohaut if elphant get astry the mohaut take care if mohaout go on roaming theecnomy will go out of hand mohaut not good both bad anelpant once trained or tamed is good he willdo hard work pick up log heavy stone can be used in temple and making of temlple if necessary mohout roaming ecnomy down white elephant is find only in Thialand iwhite elphant to keep is very difficult queen Elgebeth has also story of white elphant bananna leaf every thing req saddle is not put on ellephant howda is req. only trained mohaut can sit without howda.
Don’t be cheap, that’s all. I guess.
Is he drunk?
Body language is very weak, not the type of energy you would expect from a top college professor
Do you want him to dance ?
He looks more like Salman Khan in young version
This guy had got noble prize for economics, does it makes any sense what he just said. My limited brain says NO.
Pointless video. don’t watch
Full video: ruclips.net/video/nc7dDE4_3zs/видео.html
Baniya theory 😛
Congress Agent 👏👏 and her wife even great 👏👏🤦🤦
Ghadi mechanic noi.
, 1:42,
Wish he could speak with more flow.
If aman or pm orFm has the policy Uom. Use other money for persnal use and not onpoor and jobless then advice ofable is just like to play flute can you revive aburnt rassi which aciggerrt seller use to save match stick when we used to make room we used to keep bricks ready for mason at night dent in democacy cannot be dentist or ecnmoy idonot study due to helath jnu labirary is big save .
Sir needs to eat more carbs on priority