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Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,♪ [music] ♪
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- [Tyler] I love economics.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,I began studying economics\Nwhen I was 13
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and I haven't stopped yet.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Economics really has changed\Nmy life and the whole way
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,I see the world.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,What's so powerful\Nabout the discipline
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,is just how much it shapes\Nhow you understand
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,everything around you.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- [Alex] But perhaps you're asking,\Nwhat's my incentive
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to learn economics?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Well, that's a great question.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,You've already hit on\Na key economic insight, incentives.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,For example, why is the service\Nat a local restaurant
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,typically so much better\Nthan from the cable company?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- Or why do laws\Nwhich supposedly protect
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,endangered species,\Nsometimes end up
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,with more of those animals\Nbeing killed?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- Or why do big toy companies\Nsometimes advocate for regulations
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,which raise their costs?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Incentives are the key.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- Another example\Nmight help us explain.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Way back in 1787,\Nthe British government
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,hired sea captains to ship\Nconvicted felons to Australia.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Conditions on those ships\Nwere just awful.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,On one voyage, more than one-third\Nof the men died
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and the rest arrived beaten,\Nstarved and sick.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The public was outraged,\Nnewspapers called
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,for better conditions,\Nthe clergy appealed
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to the captains' sense of humanity,\Nand British Parliament
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,passed regulations\Nrequiring better treatment
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of these prisoners.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Unfortunately, those attempted\Nsolutions simply didn't work.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The death rate\Nremained shockingly high.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- So Tyler, as a good economist,\Nhow would you solve this problem?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- Well, there was one economist\Nat the time who came up
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,with a novel solution.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It was implemented\Nand it basically worked.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Instead of paying the captains\Nfor each prisoner
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,who embarked to Australia,\Nthe government
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,would pay the captains\Nonly for the prisoners
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,who arrived alive.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Overnight, the incentives\Nof the sea captains changed.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The survival rate of the prisoners\Nshot up to 99%.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,As one observer put it,\Neconomy beat sentiment
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and benevolence.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- So what's your incentive\Nto learn economics?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,People hear that I'm an economist\Nand they ask me
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,about managing their money.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,An economics does have\Nsome lessons for investing
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in the stock market, but economics\Nis much broader than that.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It's the study of human action,\Nhow people make choices,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and how they should make\Nchoices under scarcity.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Economics will help you\Nwith your choices,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,whether picking a career,\Nparenting a child,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,or deciding how much education\Nis a truly worthwhile investment.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Overall, economics will give you\Na deeper understanding
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of the key issues of our time.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- Economics can be hard.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Retraining your brain\Nto look at the world
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in a different way,\Nisn't always easy.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- But the reward\Nis a new set of eyes
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to see the world.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So are you ready to begin?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,♪ [music] ♪