Jeff Sachs - Survival of the Fittest: The Need for Comparative Economics 3/5

The video discusses the president's budget, systemic issues in politics, and the federal fiscal system's funding challenges. It highlights the impact of debt and interest payments on public services and compares US economic policies with those of Northern Europe. The video also addresses public trust in government, the perception of government as an insurance agency for the rich, and the influence of market ideology on healthcare costs.

What is the main issue discussed in the first section regarding the federal fiscal system?

• The federal fiscal system is irrelevant to public goods.

• The federal fiscal system is overfunded.

• The federal fiscal system lacks the necessary funding.

• The federal fiscal system is perfectly balanced.

What is the historic average of nondefense discretionary spending as a percentage of GDP?

• 5%

• 2%

• 7%

• 3%

What is one consequence of large budget deficits mentioned in the second section?

• Decreased interest payments on debt

• Increased public trust

• Lower taxes for the middle class

• Rising interest payments on debt

Which region is mentioned as outperforming the US in job creation and public finance?

• Northern Europe

• Southern Europe

• Western Europe

• Eastern Europe

What is a common perception of the government when it allows bailouts and bonuses?

• The government is trusted by the public.

• The government is considered efficient.

• The government is viewed as an insurance agency for the rich.

• The government is seen as a problem solver.

What is the paradox mentioned in the fourth section regarding government functionality?

• Government is well-funded and effective.

• Government is overfunded but ineffective.

• Government is starved for money but expected to function.

• Government is efficient but underfunded.

What is the suggested approach to improve understanding in economics?

• Conducting rigorous comparative institutional analysis

• Ignoring comparative analysis

• Relying solely on ideology

• Focusing only on domestic policies