@@Fabioonn I think 141 GDP>400 GDP because the data you know is probably in current day dollars, while in game gdp is based in 1836 pounds if im not wrong
while in game, hover over standard of living, then hover over the number beside either of the pops standard (e.g Lower Strata : Struggling (8.2)) then hover over the base price statement number (e.g these pops pay an average of +7.0% compared to base price) and it will tell you the expenditures of that pop class and how much they’re spending over or under base
The main thing I want from the UI is a screen or even just a tab that displays the total output and input of my nation. I play alot of nations that are part of the British market and it makes it hard to figure out what you are actually producing in terms of actual volume without manually adding and subtracting your expenses which isnt something I wanna spend time doing in a game
@@spicytriangle4656 Yeah, definitely... This constant "hover over" to get data makes me mad in these paradox games. Why don't they ever improve this? On the contrary, at least EUIV has a ledger...
i think that many people (including me) would like to see a multi hour series of videos as you mentioned at the start explaining in depth how the economics work. you might want to do a youtube poll or whatever if you have access to those to see
I'm loving using mmt and chartalism to make tiny nations explode onto the world stage in the game. I just keep building profitable buildings and my credit limit runs away faster than interest can keep up. The price of consumer goods also keeps climbing because of how much money I'm paying in interest so I never end up without something profitable to build
If you have a custom union with most of your allies and trade agreements with friendly nations, you can actually use tariffs to get £ when enemy nations get their supplies from your market and potentially lower their gdp. Free trade policy is not necessarily helpful when everyone in your sphere of influence is already in your market or taxed at zero via trade agreements. It's great early-game but when you're a big power you can use some tarrifs to bully nations without completely isolating them with embargoes.
I agree. It's a bit more advanced though. The free trade thing was just a introductory tip since I see so many people thinking that no tariffs is automatically a bad thing.
Qing is near a majority of resources Oil does require a war path to the Middle East but other then that you start with most resources or are next to country’s that have the rest of the resources you need
Is there any downside to tariffs? hovering over it in game doesn't show any debuffs all i gain is free money, especially on exports. Also how do i know what land to expand to for specific resources , is there a resource map mode similar to vic 2 s rgo map mode? thxx
Tariffs are a source of income, but they also hurt your productivity in the long run. You could in theory grow your economy more efficiently by allowing trade routes to grow more naturally and specialise on exporting certain goods you are strong in.
It is not free money. The revenue of a trade rote pays factory and trade center workers. If you use tariff worker gets less money beacuse you take it as tarrifs.
Well about running a deficit all the time, you'd be at +22k if you weren't paying 40k a week just on interest. So, going red risks you spiraling out of control and having to shut down things like construction for years to pay it off. I mean, if you've got a goal in mind while taking loans it can make sense, just make sure it's worth all that extra cash.
@@GameGabster The developers then clearly never lived in Venezuela or Argentina. Where public deficits destroyed currency, economy and quality of life. Also in the game itself, this was supposed to be a tutorial for amateurs, and I find than when playing with small countries everything you do runs a deficit, and because the economy is small, the interest and the bankrupcy comes quickly. So basically this video told me nothing.
@@LordSesshaku 18.7k deficit + 42m in debt with a 388m economy is not a comparable situation to what Venezuela did. They had a budget deficit that was like 30% of their total GDP in, what, 2017 or 18? And then they ran several more deficits all over 10%.
You can definitely bankrupt your economy in vicky, don't get me wrong, but if you don't go crazy that money is more productive than a reserve in the game. Right now foreign purchasing of debt isn't modelled, so 100% of your interest payments go back to your economy and do not get funnelled out like irl.
@@LordSesshaku almost every country in the world runs deficists usa, canada, sweden and so on. But just like the guy said in the video, keep the deficit moderate, dont do like venezuela did or argentina and you will be fine. Thats similair to real life, maybe you should learn some more yourself about economics and not assume that the developers didnt think this through. They spend years developing this game.
freetrade is good only when you are a minor with a extreme specialized industry, the moment you start building a more complex supply chain the ai will take everything from your market
Open boarders and multiculture can make your country ran out of labour force, if your living standarts are lower then in the neighborhood or shared market. Ruined my chile game when joined the british empire and had no chance to bring the people back. Your farmers must be satisfied before allowing migration.
It has a couple flaws, especially with its subsidy, investor pool, and welfare systems Once they get fixed, it would be cool to use a mod that removes all military and war aspects of the game and just allow it to be a economics game
Thank you, these were some very helpful tips and they really helped me to get a better grip of the systems. I am also doing a playthrough as sweden, after several failed attempts it is going much better now. However, I find myself constantly needing to produce more and more clothes. Did you run into this as well? Do you use auto expansion in your playthrough?
@@GameGabster Unfortunately in my playthrough, adopting the open market policy led to the rest of the world snatching all of my clothing supply away, so I am constantly expanding my clothing industry. It is profitable so it's good, but I was wondering if you had the same.
Regarding oil, as Scandinavia you had access to whaling stations, but when does Oil rigs start popping up on maps? In my France playthru, I am 1893, but still no Oil rigs anywhere, and no one produces it either zzz
How do you get such a high gdp, I tried a game as Sweden and my economy started booming but then started to stagnate at around 10 million gdp 20 years into the game , I don’t have any goods that are too expensive and I’m the 2nd leading producer in hardwood , idk what to o
As Sweden try to get Pan-Nationalism and Bankroll Denmark to form Scandinavia for more pops and resources. Specialise on heavy industry and furniture. There will be booming phases but also slow growth phases. Eletrical power and associated techs are the big upgrade after the early industrialisation phase. If you are stagnating, try to make your pops richer. Lower taxes or only tax luxury goods and make consumer goods cheaper, especially lower class consumer goods. This will allow the lower class to have more money to spend on more goods and increase the demand for consumer goods on your market. Goods become more expensive because of that and you have more options to keep the economy rolling. There are other viable strategies but this worked well for my Sweden game. Keep in mind that making your poor people richer will make them have more political power.
@@GameGabster so what is the point of having tariffs? As long as the money comes to your country at some point and how can i learn the amount of that money
If you have low taxation capacity and no investment pool you might want that taxation as a kickstarter for your economy. But yes, the money ends up in your economy either way as long as it's not stockpiling.
@@GameGabster Im playing belium right now and france imports A LOT of iron from me but when i check my trade center i dont earn anything from that trade. What is the benefits of that trade to me? Also thank you very much for your help, im still trying to understand economy system ^^
I feel instead of patching migration in future updates they should add downsides of too much migration such as increase in radicalism, loss of jobs for the regional pops or even a decrease in standard of living which actually happens realistically.
I think it depends on the country and how the labour market looks. If there is a massive shortage of labour there is never a loss of jobs. It might be interesting to have accepted pops get angrier in some situations though. Or have multiculturalism be harder to pass.
Well I can you bad at that from what I see your in end game but still using mid game production. Your balance is horrible minus 18k with credit huge near bankruptcy Before giving people advice you must learn better about EOS and expansion. I play as Russia with protectionism and raking money with it. Not every country good with free trade. More resource rich country use protectionism for raking money in export. Get 20 persen tarif. Product tool engine steamer telephone and other high end product and you get lot money from tarif. Your theory is not correct
Russia is not easy country. Even though it rich resource. It population reek of poor illetarate peasant. Serfdom is there with many not incorporated territory. Many culture. Sweden is easy but you still get credit near bankruptcy. From what I see you near end of your production expansion and will go bankrupt. Try expan to German and american continent first ally with french. Punch British in face. Take one of their colony. Smaller one first and try interupt prusia and cause import from Russia Always keep one eye on USA. Balance power between Canada USA mexico. Your play style is passive. Your control in economy is suck. Free trade happen when you at least get Africa or Amerika.
Paradox need to really update the system. Everything is too manual. But thanks for the guide. It will be useful 'till Paradox release a DLC or update in which they auto the system by a lot.
In a professorial tone: "any questions?"
You've explained it pretty well, no questions here teach.
How does France only have 141 Gdp in my last gam eit had 400-500 Gdp by around 1870
my investment pool iz 0 how do i make them give me money
@@Fabioonn I think 141 GDP>400 GDP because the data you know is probably in current day dollars, while in game gdp is based in 1836 pounds if im not wrong
great video
i wish there was a stat screen on goods consumed by different pops
while in game, hover over standard of living, then hover over the number beside either of the pops standard (e.g Lower Strata : Struggling (8.2)) then hover over the base price statement number (e.g these pops pay an average of +7.0% compared to base price) and it will tell you the expenditures of that pop class and how much they’re spending over or under base
@@marlowe01 Thanks!
The main thing I want from the UI is a screen or even just a tab that displays the total output and input of my nation. I play alot of nations that are part of the British market and it makes it hard to figure out what you are actually producing in terms of actual volume without manually adding and subtracting your expenses which isnt something I wanna spend time doing in a game
@@spicytriangle4656 Yeah, definitely... This constant "hover over" to get data makes me mad in these paradox games. Why don't they ever improve this? On the contrary, at least EUIV has a ledger...
i think that many people (including me) would like to see a multi hour series of videos as you mentioned at the start explaining in depth how the economics work. you might want to do a youtube poll or whatever if you have access to those to see
maybe just doing things and explaining why would be enough. see feedbackgamings last video
I made Sweden go bankrupt in my first game. I think I built too many construction things starting off 😅
I'm loving using mmt and chartalism to make tiny nations explode onto the world stage in the game. I just keep building profitable buildings and my credit limit runs away faster than interest can keep up. The price of consumer goods also keeps climbing because of how much money I'm paying in interest so I never end up without something profitable to build
If you have a custom union with most of your allies and trade agreements with friendly nations, you can actually use tariffs to get £ when enemy nations get their supplies from your market and potentially lower their gdp. Free trade policy is not necessarily helpful when everyone in your sphere of influence is already in your market or taxed at zero via trade agreements. It's great early-game but when you're a big power you can use some tarrifs to bully nations without completely isolating them with embargoes.
I agree. It's a bit more advanced though. The free trade thing was just a introductory tip since I see so many people thinking that no tariffs is automatically a bad thing.
10:06 The actual economics term is comparative advantage
Qing is near a majority of resources
Oil does require a war path to the Middle East but other then that you start with most resources or are next to country’s that have the rest of the resources you need
Is there any downside to tariffs? hovering over it in game doesn't show any debuffs all i gain is free money, especially on exports. Also how do i know what land to expand to for specific resources , is there a resource map mode similar to vic 2 s rgo map mode? thxx
Tariffs are a source of income, but they also hurt your productivity in the long run. You could in theory grow your economy more efficiently by allowing trade routes to grow more naturally and specialise on exporting certain goods you are strong in.
It is not free money. The revenue of a trade rote pays factory and trade center workers. If you use tariff worker gets less money beacuse you take it as tarrifs.
You should do a CK3 challenge where start as either a Taltosist and then you revive Hellenism.
i have no clue why my standard of living randomly fluctuates. i sometimes just lose several points without having done anything
it must have to with price fluctuations
comparative advantage (ricardo) was the sentence you were looking for at 10:10
Well about running a deficit all the time, you'd be at +22k if you weren't paying 40k a week just on interest. So, going red risks you spiraling out of control and having to shut down things like construction for years to pay it off.
I mean, if you've got a goal in mind while taking loans it can make sense, just make sure it's worth all that extra cash.
The interest goes straight back into you economy, while your reserves don't. Deficit is just a number.
@@GameGabster The developers then clearly never lived in Venezuela or Argentina. Where public deficits destroyed currency, economy and quality of life. Also in the game itself, this was supposed to be a tutorial for amateurs, and I find than when playing with small countries everything you do runs a deficit, and because the economy is small, the interest and the bankrupcy comes quickly. So basically this video told me nothing.
@@LordSesshaku 18.7k deficit + 42m in debt with a 388m economy is not a comparable situation to what Venezuela did. They had a budget deficit that was like 30% of their total GDP in, what, 2017 or 18? And then they ran several more deficits all over 10%.
You can definitely bankrupt your economy in vicky, don't get me wrong, but if you don't go crazy that money is more productive than a reserve in the game. Right now foreign purchasing of debt isn't modelled, so 100% of your interest payments go back to your economy and do not get funnelled out like irl.
@@LordSesshaku almost every country in the world runs deficists usa, canada, sweden and so on. But just like the guy said in the video, keep the deficit moderate, dont do like venezuela did or argentina and you will be fine. Thats similair to real life, maybe you should learn some more yourself about economics and not assume that the developers didnt think this through. They spend years developing this game.
freetrade is good only when you are a minor with a extreme specialized industry, the moment you start building a more complex supply chain the ai will take everything from your market
that is great because in this way u will have to build more forcing ur economy to pump out those taxes !!
Open boarders and multiculture can make your country ran out of labour force, if your living standarts are lower then in the neighborhood or shared market. Ruined my chile game when joined the british empire and had no chance to bring the people back. Your farmers must be satisfied before allowing migration.
Would love to see a play-through from you
It would be cool if schools started using this game to teach basic economics.
It has a couple flaws, especially with its subsidy, investor pool, and welfare systems
Once they get fixed, it would be cool to use a mod that removes all military and war aspects of the game and just allow it to be a economics game
why? war is the part of a economy@@adamik2271
Thank you, these were some very helpful tips and they really helped me to get a better grip of the systems. I am also doing a playthrough as sweden, after several failed attempts it is going much better now. However, I find myself constantly needing to produce more and more clothes. Did you run into this as well? Do you use auto expansion in your playthrough?
You can expand clothes is you wnat to. A valid strategy is just to import it nad focus on more profitable things.
@@GameGabster Unfortunately in my playthrough, adopting the open market policy led to the rest of the world snatching all of my clothing supply away, so I am constantly expanding my clothing industry. It is profitable so it's good, but I was wondering if you had the same.
@@mischavandenburg put export tariffs on them
what arw the best goods to make cheap to increase the sol?
It really depends on you local resources/availability of resources in your market.
Regarding oil, as Scandinavia you had access to whaling stations, but when does Oil rigs start popping up on maps? In my France playthru, I am 1893, but still no Oil rigs anywhere, and no one produces it either zzz
You can see where there is a potential for oil by going on the goods tab in the market.
How do you get such a high gdp, I tried a game as Sweden and my economy started booming but then started to stagnate at around 10 million gdp 20 years into the game , I don’t have any goods that are too expensive and I’m the 2nd leading producer in hardwood , idk what to o
As Sweden try to get Pan-Nationalism and Bankroll Denmark to form Scandinavia for more pops and resources. Specialise on heavy industry and furniture. There will be booming phases but also slow growth phases. Eletrical power and associated techs are the big upgrade after the early industrialisation phase.
If you are stagnating, try to make your pops richer. Lower taxes or only tax luxury goods and make consumer goods cheaper, especially lower class consumer goods. This will allow the lower class to have more money to spend on more goods and increase the demand for consumer goods on your market.
Goods become more expensive because of that and you have more options to keep the economy rolling.
There are other viable strategies but this worked well for my Sweden game. Keep in mind that making your poor people richer will make them have more political power.
Focus on high wage and very productive industries
In free trade what is the point of exporting something you dont get anything??
You do. That foreign money pays the wages of the workers in the factories and in your trade centres.
@@GameGabster so what is the point of having tariffs? As long as the money comes to your country at some point and how can i learn the amount of that money
If you have low taxation capacity and no investment pool you might want that taxation as a kickstarter for your economy. But yes, the money ends up in your economy either way as long as it's not stockpiling.
@@GameGabster Im playing belium right now and france imports A LOT of iron from me but when i check my trade center i dont earn anything from that trade. What is the benefits of that trade to me? Also thank you very much for your help, im still trying to understand economy system ^^
I am struggling with economy in Victoria 3, this is coming from a 2.5k hour eu4 player
I find my economy class more useful in Vic3 than all the EU4 experience I've got.
EU4 has no economy so no wonder :P
What year does the game end ? Can you continue afterwards ?
1936. I haven't gotten to the end yet, but like most paradox games you can generally mod out the end date.
They said in the Mexico stream you can continue afterwards
@@GameGabster awesome, thank you for reply.
And Brazil lost their war goddammit!
I feel instead of patching migration in future updates they should add downsides of too much migration such as increase in radicalism, loss of jobs for the regional pops or even a decrease in standard of living which actually happens realistically.
I think it depends on the country and how the labour market looks. If there is a massive shortage of labour there is never a loss of jobs. It might be interesting to have accepted pops get angrier in some situations though. Or have multiculturalism be harder to pass.
guy just spelled out facts about adam smith wealth of nations
*that work in game because the game is based on those models.
if by 1930 your country isn't both eating the entire supply of oil in the map and over a billion GDP you've failed
You say nothing
Well I can you bad at that
from what I see your in end game but still using mid game production. Your balance is horrible minus 18k with credit huge near bankruptcy
Before giving people advice you must learn better about EOS and expansion. I play as Russia with protectionism and raking money with it. Not every country good with free trade. More resource rich country use protectionism for raking money in export. Get 20 persen tarif. Product tool engine steamer telephone and other high end product and you get lot money from tarif. Your theory is not correct
Russia is not easy country. Even though it rich resource. It population reek of poor illetarate peasant. Serfdom is there with many not incorporated territory. Many culture. Sweden is easy but you still get credit near bankruptcy. From what I see you near end of your production expansion and will go bankrupt. Try expan to German and american continent first ally with french. Punch British in face. Take one of their colony. Smaller one first and try interupt prusia and cause import from Russia
Always keep one eye on USA. Balance power between Canada USA mexico. Your play style is passive. Your control in economy is suck. Free trade happen when you at least get Africa or Amerika.
It's almost like you didn't watch the video.
I did more or less the exact opposite and y economy is booming. Is that a positive or negative reflection of this game?
There is not only one way to play the economy. It is more important to act proactively instead of reactively and have a strategy in mind.
What ^ said. My tips here are only general introductory guidelines. There are many recipes for a good cake.
Paradox need to really update the system. Everything is too manual. But thanks for the guide. It will be useful 'till Paradox release a DLC or update in which they auto the system by a lot.
Or a mod.
@@GameGabster I guess