5 ECONOMIC Mistakes NEW PLAYERS Make in Victoria 3

Summary

In this Victoria 3 tutorial, the focus is on common economic misconceptions among new players. The video clarifies that a negative balance sheet is often desirable for major powers, as it stimulates the economy and construction, akin to GDP growth. It challenges the conventional wisdom of maximizing revenue and minimizing expenses, emphasizing the importance of targeted taxes and spending to influence economic growth. The tutorial also advises against overbuilding in agriculture due to its impact on investment pools and suggests prioritizing industries that contribute more to these pools. Additionally, it discusses the strategic use of trade routes, advocating for exporting goods that align with one's economic goals rather than simply chasing high productivity.

Takeaways

• 😀 New players often misunderstand the economic mechanics in Victoria 3, especially the balance sheet, where a negative balance might be desirable for major powers to stimulate the economy.
• 💼 Construction is crucial in Victoria 3 as it represents GDP growth rate, and players should focus on expanding their economy through building more structures.
• 💰 Players should not solely aim to maximize revenue and minimize expenses; instead, they should consider the broader economic impact, including the construction rate and GDP.
• 🏛️ The ownership of buildings significantly affects the investment pool, with capitalists contributing more than other pop types, so players should aim for more capitalist-owned buildings.
• 🌾 Overbuilding agriculture early in the game is a common mistake as it leads to less contribution to the investment pool, despite it being profitable.
• 🏭 Players should not always build the most expensive goods in the market; they should consider the impact on the investment pool and the type of ownership.
• 🔗 Tariffs can be counterproductive as they can disrupt the economy by making certain goods more expensive and less profitable, which can affect the investment pool negatively.
• 🌐 The goal is not to make all goods cheap but to strategically manage the economy to make some goods cheap and others expensive, aligning with the country's production capabilities.
• 🚢 Productivity of trade routes is not the only factor to consider; the type of ownership and the strategic economic impact are more important for long-term economic planning.
• 🌟 New players should focus on understanding the economic intricacies of Victoria 3, moving beyond intuitive assumptions from other strategy games, to effectively manage their nation's economy.

Q & A

What is the primary focus of the video?

The video is a tutorial focusing on five common economic mistakes that newer players make in Victoria 3, a strategy game.

Why is construction emphasized as important in Victoria 3?

Construction is highlighted as it represents GDP growth rate, and expanding the economy is primarily done through building more structures.

What is the counterintuitive aspect of the balance sheet in Victoria 3?

In Victoria 3, especially for major or great powers, it's often beneficial to have a negative balance, running loans and a large line of credit, contrary to conventional wisdom which suggests a positive balance.

Why might a player not want to maximize National Revenue in Victoria 3?

Maximizing National Revenue isn't always ideal because extracting more in taxes can decrease GDP by taking money out of the economy that could be used for consumption and investment.

How does the ownership of a building affect the investment pool in Victoria 3?

Different pop types contribute varying percentages of their income to the investment pool. For instance, capitalists contribute 20%, which is why having more capitalist-owned buildings is beneficial.

What is a common mistake players make regarding building types in the early game?

Newer players often build too much agriculture early on, which is a mistake because it creates aristocrats that contribute less to the investment pool, impacting the economy negatively.

Why might a player not want to build a profitable building in Victoria 3?

A player might avoid building a profitable structure if it leads to the creation of less desirable pop types or if it doesn't align with their overall economic strategy, such as focusing on capitalist-owned buildings.

How does the price of goods in the market influence the economy in Victoria 3?

The price of goods affects the profitability of buildings. High prices can make buildings more profitable, contributing more to the investment pool, while low prices can lead to unprofitable buildings.

What is the impact of tariffs on the economy in Victoria 3?

Tariffs can be detrimental as they can increase the price of goods, making certain buildings less profitable and encouraging the auto queue to build less desirable pop type-owned buildings.

Why should productivity not be the primary focus when deciding on trade routes in Victoria 3?

Productivity is important, but the type of pop ownership of the buildings is more crucial. Exporting goods owned by capitalists and importing goods owned by aristocrats is a better strategy than just chasing high productivity.