Wish I could take a few courses with him. To me he’s one of the very few people I’m aware of who understand the global financial and trade framework and can describe it so it can be understood
One of the most insightful talks I've heard during the last 25 years, and I've heard a lot. Welldone!! But why are household's in Michael's worldview net importers and not net exporters? And is this in all economies? Only in the advance ones? Or in the developing ones?
In Michael’s world view. Household are consumers not importer. Other spenders are government, industry. By definition industry does not consume, they produce. And government can consume.
@@typicalKAMBlover21 At min. 15:58 he says: "... importers are the household sector all households are net importers..." maybe you didn't hear well. Watch again and let me know.
Households don't export. But if they have a foreign made television or coffee bean, they are an importer. Perhaps in the age of the internet, some households using the internet export a service (sole trader, cross-border internet jobs) but most don't. So households are net importers.
@@Broc-e5n Tnx for the explanation. And I suspect this would apply indiscriminately across advanced and developing economies alike unless you are a household in China or in general in one of these countries that have a large trade surplus
@@dimitristsagdis7340 Households are net importers regardless of their country's level of development. It's true of China and the US and surely anywhere else. China's trade surplus doesn't mean their households are net exporters, they are still net importers because households don't export.
He doesn’t believe in tariffs, what he has suggested is for America to limit foreign flows of capital. Tariffs are a zero sum game as long as the excess savings keep flowing into the US market
Wish I could take a few courses with him. To me he’s one of the very few people I’m aware of who understand the global financial and trade framework and can describe it so it can be understood
Michael is awesome. I regularly search for him youtube to find new videos of him
Same here.
Pls bring Michael back👏
a real genius
excellent
One of the most insightful talks I've heard during the last 25 years, and I've heard a lot. Welldone!! But why are household's in Michael's worldview net importers and not net exporters? And is this in all economies? Only in the advance ones? Or in the developing ones?
In Michael’s world view. Household are consumers not importer. Other spenders are government, industry. By definition industry does not consume, they produce. And government can consume.
@@typicalKAMBlover21 At min. 15:58 he says: "... importers are the household sector all households are net importers..." maybe you didn't hear well. Watch again and let me know.
Households don't export. But if they have a foreign made television or coffee bean, they are an importer.
Perhaps in the age of the internet, some households using the internet export a service (sole trader, cross-border internet jobs) but most don't. So households are net importers.
@@Broc-e5n Tnx for the explanation. And I suspect this would apply indiscriminately across advanced and developing economies alike unless you are a household in China or in general in one of these countries that have a large trade surplus
@@dimitristsagdis7340 Households are net importers regardless of their country's level of development. It's true of China and the US and surely anywhere else. China's trade surplus doesn't mean their households are net exporters, they are still net importers because households don't export.
For all those people say that Tariffs are bad
He doesn’t believe in tariffs, what he has suggested is for America to limit foreign flows of capital. Tariffs are a zero sum game as long as the excess savings keep flowing into the US market
Chop off the first 2-3 minutes of the video.