Higher savings actually boost long term economic growth. People save more, so they tend to save it for the future or for investment purposes. Higher savings impacts GDP in the short term only, because consumption would be less in your aggregate demand expenditure.Countries like Germany have high savings rates to better implement an investment strategy for their economy. I hope I helped, I’m currently in 2nd year studying Economics.
So does income get affected due to higher savings since there is less spending? First year economics student here and I would really like to understand your view better.
@@zaydmohammed6805 so it depends, because if you are technically spending less and saving more then your income rises, and you are capable of affording more.
@@zaydmohammed6805 in the short term, income (this output) will decrease. In the long term, consumers will eventually want to spend the money they’ve saved leading to increased output and/or inflation. It’s simple, consumer debt leads to more spending today but less spending in the future (to pay off the debt) and consumer saving leads to less spending today but more spending in the future (once they’ve saved enough money).
@@luxwxFresh grads doing software engineering still have starting salaries of nearly 90k. Mid career pay is like, 130k. Starting salaries for econ majors is maybe 80k if they're lucky. Both careers have mid career pay over 100k, so neither are a bad option. But just keep in mind also that as countries around the world become more reliant on technologies, the demand for software engineers and computer scientists will only increase.
Kyle Bezner yeah I was told that by my economics teacher aswell 😂 China is still smaller than the us by like $6 trillion, however China grew twice as much as the us did, last year. China is the largest exporter in the world with the us in 2nd.
I think if you want to learn a computer science major especially data science,in my opinion, its better to learn economics for your business stuff b/c when you learn cs and get to work at higher percent you will be in a business related life
Who is team economics ?
Me in the blue!
@@lifewithdylan you're cute, just saying
Oof tea
as a maths student who took one comp sci module last year can confirm that degree is nightmare material and you’re all v smart
Hahaha, that's makes me feel better !
I think you guys got it wayy worse than us.
Why do all computer science students look like this guy in the video 😂😂😂
Cause they're all smart asians
For real😅
I will make a change🤥
Obviously computer science.
Hahahahhhah maybe
@@lifewithdylan economics all theway 😀😀😀
Computer science guys at York University are certainly smartest. I know many who had turned down medicine.
“Smater” 😂
Ahhahaa
My boy is wicked smaht
it's 'decrease an economy's output'. don't make us economists look stupid :D
😂😂😂my bad
@@lifewithdylan yeahh, i did notice it at first... But it's ok still
most people can do economics but computer science that's a completely different ball game boi
Higher savings actually boost long term economic growth. People save more, so they tend to save it for the future or for investment purposes. Higher savings impacts GDP in the short term only, because consumption would be less in your aggregate demand expenditure.Countries like Germany have high savings rates to better implement an investment strategy for their economy. I hope I helped, I’m currently in 2nd year studying Economics.
How is that ?
So does income get affected due to higher savings since there is less spending? First year economics student here and I would really like to understand your view better.
@@zaydmohammed6805 so it depends, because if you are technically spending less and saving more then your income rises, and you are capable of affording more.
@@zaydmohammed6805 in the short term, income (this output) will decrease. In the long term, consumers will eventually want to spend the money they’ve saved leading to increased output and/or inflation.
It’s simple, consumer debt leads to more spending today but less spending in the future (to pay off the debt) and consumer saving leads to less spending today but more spending in the future (once they’ve saved enough money).
@@vinuzo9548 thanks a lot mate, cleared up a lot for me
It seems the Economics degree has failed in at least one regard: it hasn't taught you how to distinguish between "who's" and "whose."
God damn it. I only got a C in English language....
I mean you spelled the title wrong so...
He wrote “Smater” in the tittle.. I don’t know if that is a slang or something 😂
Just a typo hahaha
LUCAS CERBINO watch good will hunting and you will get it.
starting economics at uni soon too, yikes help me
Student blogs is baaacck baby!!!
That's.what.i.AmSaying family
I am not that good student should I go for economics or computer science
my brother is on his way completing science com degree meanwhile im on my plan to take economy next year. fbi confirmed.
Woa, that's very coincidental
What if you do both
I'm currently doing my final year in economics. I'm starting computer science in January next year. lol. should be fun
@@danielromeo99 I'm thinking to study by myself computer science...I'm currently an econ major. Any recommendations?
Viccctv just learn to code. And do the CS50 Harvard computer science course by yourself. You’ll be good
Should have asked him what heteroskedasticity means
you know that CS is not foreign to statistics, don't you?
As someone who studied high school economics and is currently learning computer science, I suppose I embody the best of both worlds
Who’s gonna be richer?
Econ grad!
Ultimately, the econ student.
@@angelusvastator1297 how? Com sci grad are paid handsomely
@@Astrotase didnt age well, the market bubble has popped
@@luxwxFresh grads doing software engineering still have starting salaries of nearly 90k. Mid career pay is like, 130k. Starting salaries for econ majors is maybe 80k if they're lucky. Both careers have mid career pay over 100k, so neither are a bad option. But just keep in mind also that as countries around the world become more reliant on technologies, the demand for software engineers and computer scientists will only increase.
Splendid video once again!
I love you Tesco
Lmao Computer Science is a next level degree to do
Yeh for real😂😂
nah Economics is! Economics Finance is the real hero 💸💹
@@nycto16 most people can do economics but computer science that's a completely different ball game boi
@@Astrotase lol every second person is doing comp sci not a big deal..
@@nycto16 still harder then the rest tho
China has more gdp so their economy is bigger
I don't think so bro
Kyle Bezner yeah I was told that by my economics teacher aswell 😂 China is still smaller than the us by like $6 trillion, however China grew twice as much as the us did, last year. China is the largest exporter in the world with the us in 2nd.
I think if you want to learn a computer science major especially data science,in my opinion, its better to learn economics for your business stuff b/c when you learn cs and get to work at higher percent you will be in a business related life
ECONOMICS is better than Data Science.