John Maynard Keynes opposed the creation of the London Marathon. He thought we'd all die in the long run.

@WolfgangVonKempelen838

4 жыл бұрын

@Robert Binner Mattfeldt In the short run

@CountArtha

4 жыл бұрын

Nice one.

@rohitkashyap7476

4 жыл бұрын

Hhaaahmhhmaa...

@braintumor9811

4 жыл бұрын

Economics puns is what keeps me going in life.

@SovereignStatesman

4 жыл бұрын

Point of order: the London Marathon was first run in 1981, and JMK died in 1946. ISo say the BOSTON marathon, which began in 1897, when JMK was 14.

people getting super salty in the comment section I think we need to remember that this video is not attempting to say Keynes was completely right, but simply explaining the ideas in an easy to digest way. no economist worth his salt should insist one economic idea will always work. that said, the very field of macroeconomics basically started from Keynes, and to ignore his contributions would be willfully ignorant.

@BobWidlefish

7 жыл бұрын

*@Faust* the fact that you think Keynes basically started macroeconomics is exactly why videos like this are so sad. If you repeat a lie often enough people start to believe it.

@antoniopedropessoa5063

7 жыл бұрын

Faust fishmans fuck yeah

@BobWidlefish

7 жыл бұрын

Faust *"no economist worth his salt would insist one economic idea will always work"* what are you really saying here? It sounds like you're saying economics isn't science and therefore we can't talk about what's really true. Am I mistaken? If one practices "economics" detached from sound epistemology then I agree it's not really science and differentiating true from false can't be done rigorously and no doubt you'd find it difficult to apply economic ideas successfully. It's not clear at all this applies to economics generally so much as the subset of economics that isn't grounded in sound theory.

@Tasurincci

7 жыл бұрын

+BobWildlefish What is a sound epistemological ground for economics? For all purposes, the field works more like an advanced form of accounting rather than like an actual science. I mean, everybody acknowledges that measures such as the GDP and other aggregates are epistemological fallacies, but only heterodox thinkers from fringe left/right groups ever try to deal with this problem. I think Keynes's greatest merit is that he never needed a coup-d'état to "prove" his theory. In science, you can't use political violence to force atoms to behave as your hypothesis expects. In economics, you can.

@mikhailmushta2167

7 жыл бұрын

It is a science it's just hard to predict, I'm pretty sure he meant that you can't utilise any economic theory with every economic case and expect it to work

This is a pretty good video on Keynes. Usually its hyperbiased one way or the other. I would like to see more economists.

@henricallegari8502

6 жыл бұрын

Yes, the best video about Keynes i found on KZread

@seanleith5312

2 жыл бұрын

If I make a mistake at my job, I lose my job. If a economist make a mistake, he destroy a nation and you can't even blame on him. Great Britain was made by Adam Smith, and destroyed by this economist.

@dimetronome

Жыл бұрын

The School of Life's videos on Adam Smith, Hayek, and Karl Marx are good too.

that last line was fire

@yungjames5103

6 жыл бұрын

We all need to be this open minded.

@noahmaxwell1593

6 жыл бұрын

He didn't actually say that though: quoteinvestigator.com/2011/07/22/keynes-change-mind/

@user-ju7ze9to4k

6 жыл бұрын

atenahena yeah... I wonder how long it took him to come up with it...

@alishanty

5 жыл бұрын

he meant 'fiyah'

@danny.nedelk0

5 жыл бұрын

​@@matthew-dq8vk a guy that watches Shaun and hbomberguy is using homophobic slurs? Whew.

"If the facts change, I alter my conclusions. What do you do, sir?" I make up alternative facts.

@eyuin5716

7 жыл бұрын

Thanks for your insight Kellyanne

@omfug7148

5 жыл бұрын

killer answer, Of course I am stealing it, LOL

@SwarthySkinnedOne

5 жыл бұрын

That'd no solution. How can you factualize fiction? Turn lead into gold? Never mind. I'll try to figure it out on my own. Gonna get me a magic set from K-Mart and see what happens.

@danielarjona440

4 жыл бұрын

@kl wies the facts are what makes me happy

@nobilesnovushomo58

4 жыл бұрын

I create facts on unheard and alternate logic-based As information that contradicts original hypotheses means the altercation of the entirety of hypotheses, as well as inherently stating as we suspected there is perhaps no set way to prosperity and that there are multiple perhaps some which will bring more satisfaction.

Not to be confused with Maynard James Keenan, singer of Tool

@ronaldsoares2587

4 жыл бұрын

Lawrence Of Canadia pretty much the same guy

@ayumi5430

4 жыл бұрын

Bruh thanks for the heads up, I was all confused

@Sternertime

4 жыл бұрын

@@ayumi5430 you're welcome. happy to assist

@utoobmember

3 жыл бұрын

Thanks, that’s it! Couldn’t for the life of me remember the name of the guy that this guy isn’t

@kritagyadhanda6361

3 жыл бұрын

As a student of economics and a fan of progressive metal, I love em both

"When the facts change, I alter my conclusions. What do you do, sir?" 20th CENTURY BURN

@Jess-nz7be

7 жыл бұрын

avoqado89 Damn what a savage X3

@Gmackematix

6 жыл бұрын

It is October. As I type this, it is a fact. In a couple of weeks it won't be. Pluto is a planet. That was a fact pre-2006, then it wasn't. The truth and therefore facts change constantly.

@bobpolo2964

6 жыл бұрын

gmackematix - "Alleged" facts. Adjectives matter

@Gmackematix

6 жыл бұрын

bob polo As time passes things change so the truth changes and so, by definition, facts change. Not alleged facts. Just facts.

@bobpolo2964

6 жыл бұрын

gmackematix - Is there such a thing as objective truth?

came on youtube to avoid my economic undergraduate studies and this comes on notif 😞

@botan1996

7 жыл бұрын

HalfBloodOtter esp. when you hated the prof :(

@coreycox2345

7 жыл бұрын

I didn't even take economics except for one class in graduate school. I should have also taken undergraduate economics, I think now. I like this. It won't function with without honourable intentions and the rule of law, though.

@controldata972

7 жыл бұрын

Calling all econ boffins. Who can put me straight? Modern Monetary Theory as espoused by Randall Wray, Warren Mosler, William Mitchell, Stephanie Kelton: What are the flaws in Modern Monetary Theory?

@tiaandeswardt7741

7 жыл бұрын

Micro or Macro?

@tandinh2100

7 жыл бұрын

why do you hate your prof?

"Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back" -John Maynard Keynes

@HardStickman

7 жыл бұрын

The full quote is even better : "The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air,are distilling their frenzy from some academic scribbler of a few years back."

@cj-nyc2057

6 жыл бұрын

Sick quote , don’t remember that from his biography.

@dosran5786

3 жыл бұрын

what i hear " everyone is stupid but me and my economic theory" this is just inflammatory insults right

@dosran5786

3 жыл бұрын

@@HardStickman ok this makes it sounds like a morew practical statement ty for the full quote.

@dindi6986

2 жыл бұрын

Thats quite ironic quote, if you just put "Keynes" instead of "fefunct economist", no? :P

When I began college in 1957 I was taking a course in Economics 101...and I subscribed then and I subscribe now; to the John Maynard Keynes macro economics theory....it still rings true today!

@patronusstag

4 жыл бұрын

@left-wingers-are-terrorists explain please

@jackquinn9535

4 жыл бұрын

@left-wingers-are-terrorists A fucking joke which still ridicules the deception of what we have now as our holy frigging cow.

@userytx

4 жыл бұрын

@left-wingers-are-terrorists yet, it took your ass out of the 2008 recession. Read a book.

@cidagus1518

4 жыл бұрын

@@userytx it made it happen which is different. IT create big bubble by priting and stimulating the economy which was not real economic progress but just growth in some sectors due to excesive debt. When that broke up people said "o its due to lord keynes oo yeahhhh". For you to know even keynes when he grew older starting doubting his theory he said that as he grew older he tended to belive more firmely in the invisible hand. That his students had taken the model to far but yet post-keynesian economists ignore the master and just use the theory.

@MrGili4

4 жыл бұрын

@@cidagus1518 It produced a great amount of inflation which is one of the tool of Keynes! Very destructive in the long run and extremely socialistic in nature!

The issue with Kaynes ideas, and why they cannot be implemented, especially in a world today was mentioned in the very beginning of the video: Corruption; or as it is more commonly refered to today: Lobbyism. Keynes has this idea that the state is some sort of omniscient beign, not simply an institution run by a lot of individuals. He argues that the state will do what is best for the nation, and that makes sense, if you percieve the state as an almighty and benevolent organ. But it is not. The state is run by people, who are just as prone to corruption as anybody, that has grown up in a capitalist society, where self-interest and profits are centerpage. Think about it: Would you decline an enormous sum of money, offered in trade for simply implementing some policies that a certain company or industry was asking of you? In the recent years, lobbyism has only increased, and we will never see the return of Keynesianism as a dominating economic model, or the wellfare state. Yes, modern economists might propose Keynesianistic ideas these days, but the bankers and CEOs of the multinational corporations care little for the effect their profiteering ventures leaves on the different nations.

@ProlificThreadworm

5 жыл бұрын

So hayek and self sovereign anarchy then?

@georgebenichou9727

5 жыл бұрын

this is pure corruption thé no1 cause of all troubles anywhere .

@fedelang

5 жыл бұрын

It is not the "issue with Keynes" it is the issue with society itself. Corruption is present also alongside corporations run by individuals. Some ppl against Keynes ideas would say: leave it in the capable and invisible hands that govern the market.. ok right.. nothing different to any bullsh*t coming from religion. An election can potentially change who runs office, but no democracy can change the board of a bank that oversold and repackaged mortgages while making taxpayers hand the aid for the fatcats bailouts.

@deruneldembal5048

5 жыл бұрын

@@fedelang It is the issue with Keynes, because he doesn't factor that into his theory. This should be obvious..

@BigHenFor

5 жыл бұрын

GIGO

What a wonderful explanation! So easy to understand and it all comes alive in the pictures :) Thank you for your videos!

Wow, I love your videos! Maybe you could make some about history? I think it's very important to understand historical developments to get what is going on currently in the world.

I love it when you talk about people. would love to see more videos like this!

@cragnog

7 жыл бұрын

theyve been doing it forever so go look through their past videos. There is a lot waiting for you there. Like, loads.

@euskadirlz

6 жыл бұрын

yeah! why doesn't the channel make any more videos about great minds and personalities of the world anymore? please, make more videos os these series!

That last line brings it home so well.

So good. Loved this video, the story, the animation, the delivery. Quite excellent!

Could you do one on Hannah Arendt? Her work is forever fascinating and ever more necessary.

I love the school of life.

This is such an amazing video.. Gave me a whole different way of thinking economically. Thank you

Your videos are a godsend for capping off High School economics lessons.

Could you do one on Noam Chomsky? Maybe not even on his politics but on his contribution to cognitive science and the philosophical implications of Universal Grammar. Thanks.

@frederick6650

5 жыл бұрын

Daniel everett debunked Chomsky's idea of universal grammar when he was with the pirahas for 20 years and got attack by chomsky publicly for it.

@derplol1612

4 жыл бұрын

@@frederick6650 such arrogance from someone who praised Chavez isn't a surprise.

@frederick6650

4 жыл бұрын

@@derplol1612 I am no fan of chavez's policy, I simply recognize the coup d'état inflicted upon him and his people by the USA's CIA as disgusting

@derplol1612

4 жыл бұрын

@@frederick6650 I totally agree, in against us intervention. But we cant blame all of Venezuela's failure on that fact

@frederick6650

4 жыл бұрын

@@derplol1612 absolutely, I really hope they find a political system that works for them in the near future so they can benefit from all their crude ressources without US sanctions

I am so greatful to live in a time and place where I have free access to such intellectual knowledge. Thank you very much

Excellent! Well done! YES, flexibility AS WELL as stimulus is often required!

GREAT video!!! Well explained and easy to understand - and from what i know of Mr. Keynes's ideas, accurate!! Kudos.

8:03 I imagine this complex system of accounting is a bit more complicated than quadratic equations ;)

I will have to watch this a few more times. Thanks, I feel inspired by you all the time to make a report on a variety of topics just for fun.

@gasserhegazy1267

2 жыл бұрын

Education is key to success. NICE

Missed this kind of videos, the ones that actually brought me to the channel 😃

Thanks! Right a week before my economic studies exam!

Just a few extra comments to add to this succinct summary on Keynes. His "Economic Consequences of the Peace" has remarkable psychological insight into Lloyd George, Clemenceau and Wilson and predicted the inevitability of WW2 nearly 20 years before it happened. A brilliant beautifully-written Tour de Force. On the minus side, he was pretty dismissive about Social Credit with economic remedies similar to his own. I think that he was rather mean in the General Theory to Henry George et al - and sneakily diverted attention from them by going back to Mandeville's obscure and ancient Parable of the Bees as a primitive progenitor of Keynesianism. He well knew the workings of Social Credit because when working on the 1929 Liberal Party manifesto he collaborated closely with a leading Social Creditor - Eimar O'Duffy - one of the few authors whose empathy and savage wit exceeded even the great Keynes himself.

Nice, have been waiting for a Keynes video.

This is an excellent and well-made video and of high quality for such a short film it is certainly worthy of my acclaim. I had always wanted to learn about Keynesian economics for months now but forgot about it or postponed it. I watched a video about it produced by Khan Academy but the video was exceptionally boring and too slow-paced for my liking and I exited after a couple of minutes of watch time. This video however was amazing and it got me hooked and easily explained the entire concept of Keynesian economics without boring me or using complex terms I don't know the definition of, thank you.

was literally about to ask you a few days ago to make a video about this guy. you must have read my mind

Just a note. The political left is very critical of Keynes. We dont want to soften capitalism -- we want to supplant it with socialism

Well explained. Thank you!

This is just such an awesome presentation on Keynes and Keynesianism, just look at FDR and USA growth in 1930's, 1940's pre world war 2, he was a witness to the madness of the Versailles agreement post WWI

Was waiting for so long for this video!

Keynes didn't believe government spending in recessions paid for themselves, neither do modern economists. He, like modern economists still do, believe governments should run surpluses during normal times to make up for the debt incurred during recessionary periods. Also, Keynes didn't give a shit about the levels of regulation or size of the state in general. In fact, he was quite conservative. He wanted to smooth the business cycle, that is all. The whole last 2-3 minutes of this video is pretty bad. Keynes idea's weren't "discredited". They were simply updated/changed, as any incomplete scientific theory is.

@sllabtac

7 жыл бұрын

Thank God, someone who isn't a complete lunatic! The only people in this comment section seem to be either ancaps or literal Marxists.

@lainesheldon-houle9476

7 жыл бұрын

Yeah marxists like talking about economics. SURPRISE!

@kvnd7331

7 жыл бұрын

There are over 20,000 economists in the US. Almost zero of them are marxist, like a couple dozen. I wonder why? Because marxism is dead and irrelevant and the only people who still believe in it are economic illiterates.

@michaeldestroys6555

7 жыл бұрын

So at what point, when governments fail to ever run surpluses, do we stop believing these myths?

@kvnd7331

7 жыл бұрын

The fact that governments don't run surpluses is a failure of the government. It is not a failure of Keynes idea that you SHOULD run surpluses then to smooth the business cycle. The government not doing what the theory suggests isn't a failure of the theory it is a failure of the government.

As much as I like these videos, I love the comments section more!!. Many have commented that economics is not an exact science like science/engineering. I'm an engineer myself with R&D experience. I say even science/engineering is not so exact. Most of our models don't fit the experimental data which we overcome by 'calibration' that requires feedback from experiments. There are many problems that are inherently unstable and chaotic. It is impossible to develop an accurate model for them. Fluid dynamics is one such example. Any predictive model needs correction inputs from the system. There is no model that is absolutely predictive simply because you don't know all the actors and their behavior a priori or even posterior. So is economics especially when it involves as fickle as human actors involved in it. As Albert Einstein once famously said, "All models are wrong; Some are useful". When the greatest scientist waves his hand at modeling, it deserves some credit.

@arpitdas4263

3 жыл бұрын

Indeed.To paraphrase Comte "The only science is of humans".All our thoughts and perspectives of the world are subjective,but some like science and philosophy understand that and modify themselves to the subjective world,while dogmatism shapes the world to it's narrow pigeonhole

@Flex-xl3ty

3 жыл бұрын

Right! Only the quote is from George Box, not A.E. apparently

@josephmcmahon7470

2 жыл бұрын

I've seen a few Engineer/Science folk try and make similar statements about the inherent uncertainty of the models/theory used. The difference with Engineering/Science: it actually works, even when we don't fully understand. The problem with Mainstream Economics in particular? : It doesn't work and they never understand. The assumptions involved are for more unrealistic than those of Science/Engineering etc - Homo-economicus being the biggest example. The most obvious problem with the school of thought that should have sent it to its grave was that: not only did it not forsee the Global Financial crisis 2008, it couldn't see it because of the heavily mathenatical nonsense models and assumptions associated. Economics is a Social Science and nothing can get around that. It needs to take into consideration the other Social Sciences in order to be effective and allow different theories applicable to different times to come forward. Physics is not dependent on other Sciences - which is what Mainstreamers really mean when they say Economics is a "hard" science, they believe it to be equivalent in status to Physics which essentially overlords all Physical Science and Engineering - the very issue with Neo-classical Economics - and most schools - is they ignore other social sciences.

Hello, thank you for good content! I highly appreciate your channel

I love how this video marks the passage of time with the use of Automobiles. Such a nice touch.

"When the facts change, I alter my conclusion. What do you do, sir?" if only more people would think that way...

Could you do Friedman next ? To complete the, Marx, Keynes and Friedman economics trilogy :)

@rsr789

4 жыл бұрын

You want to see how Friedman was utterly wrong? Read 'Tuscans and Their Families: A Study of the Florentine Catasto of 1427' by David Herlihy. It's amazing how an almost 600 year old tax study utterly disproves Friedman.

@dstyles8913

4 жыл бұрын

Deregulate, privatize, and slash government spending. There that's Friedman.

@alfredofloyd

3 жыл бұрын

I would say Marx, Keyness, Mises

@tyrush7649

3 жыл бұрын

Oh dear, Milton is the worst economist there is. He basically doesn’t give a single shit about the poor. Keynesianism provide stability while Laissez-Faire type just closes their eyes and crossed their fingers.

@DonAle_97

3 жыл бұрын

​@@tyrush7649 I was interested in reading "Capitalism & Freedom", but I've read a lot of bad reviews about it, I've read "Wealth of Nations" and "Road to Serfdom", and I'm looking to read a third one. Do you recommend reading Friedman or Keynes?. I study Public Administration, but I love economics, in a way that I consider that's essential to my career because the State Policies related to economics tend to heavily interfere in the market decisions and also in the people's economy, because the first one "gives them job", and if the governments tend to make strictly or restrictive economics policies (taxes and regulations especially) many of them just close and go to other countries looking for some good opportunities, also considering the high tensions due to the so called "social strike" and the complete uncertainty that my country (Chile) will live during these next two years.

Thanks for this video, very helpful for my economics essay!

I was waiting for one on Keynes! yay! finally

Still wating for Rothbard, Menschen!

Just a little interesting fact - the house shown at 1:25 is 46 Gordon Square in London, which is about a five minute walk from The School of Life. Even closer is 36 Tavistock Place, where Lenin once lived, which is about thirty seconds away. I'm lucky enough to work in this area, hopefully Alain will have his own blue plaque here one day.

Been waiting on this one for a while

These school of life videos are a revelation! Philosophy has always been beyond my ken but I see now that philosophers and theorists are as human as I am, only with slightly bigger brains perhaps.

Whenever I get interested in a certain topic, that topic starts to pop up in various settings such as the school of life or some online magazines I follow. It was only yesterday I asked a friend of mine what keynes brought to economics. Weird.

A video about John Stuart Mill in the "political theory" playlist would be great

I love this channel so much that i use these videos for college

Thank u so much for this video.

Excellent video. Not because I agree with Keynes, but this is a great tool for educating and refreshing our knowledge. Thanks for these videos SoL :)

Keynes was correct that governments do have it in their power to bring about sustainable economic growth, but the mechanisms he advanced were critically flawed. A main problem with Keynes was his failure to understand that the rent of land was claiming a higher and higher proportion of the wealth produced by labor and capital goods. The escalating price of locations in major cities should have given him cause to revisit Ricardo's work in developing the law of rent, expanded beyond agricultural land into all locations, rural and urban, and land-like assets (e.g., the broadcast spectrum and even take-off and landing slots at airports. His perspectives remained neoclassical, ignoring the fact that the price mechanism does not clear the markets for land as it does for labor and capital goods (and, depending on the extent of government control, for credit).

I think you should be awarded for your lovely voice.

your channel is just amazing

Keynes gets such a bad rap, when actually is the creator of the greatest economic policy of history. Thanks to his thought, capitalistic world (both developed and developing) grew fast and kept stable for 30 years. Severe recessions reappeared when his model was scrapped in the 1970s.

@alphaohenriquez

3 жыл бұрын

Never heard of inflation???

@MrL702

3 жыл бұрын

@@alphaohenriquez good luck experiencing inflation during a recession 👍

@alphaohenriquez

3 жыл бұрын

@@MrL702 not following

@MrL702

3 жыл бұрын

@@alphaohenriquez Reread the OP. Unhealthy amounts of inflation had not been experienced during the times of implementation of Keynesian economics.

@alphaohenriquez

3 жыл бұрын

@@MrL702 Unhealthy is ambiguous here. What do you call what in the era that we are in? All due to an overreach of government. Example that’s comes straight from mind would be government back loans for student loans and for homeowners. This has created an permanent inflation on products that were essentially the same decades ago. But the reality is that if you create money out thin air and give to people to spend it. It then creates instabilities in the market that always fosters lag from retailers, wholesalers. Only to create inadequate responses in order to catch up to the market.

"We all die in the long run" also means "we have to think about those who will come after us and how many Hitlers and Stalins they's face in their lives" (paraphrased). Keynes is the creator of modern economics. He was also a real scholar in the field - "when the facts change ...". Among the greats like Karl Marx and Adam Smith. Marx, btw, had profound admiration for Smith and he wrote this in "The Notebooks" (that was published only in 1932 and is where he describes the methods and sources for writing The Capital). Marx understood the facts Adam Smith had were different than the facts he had like all honest scholars should do. Socialists and neo-liberals are members of faith based cults who select only the facts that prove their faith right. 'Socialism' here is the classic definition of "ownership of means of production by the workers etc .." and not the definition that is often used by Bernie Sanders, for instance (imho, the best politician alive) meaning "a preoccupation with the dignity of all people in a society". BTW, Adam Smith is blamed for things he never said like "free markets" since he was for State intervention and regulation of the economy because he believed in "free and fair competition" - the "free" means "free from distortions like monopolies and other unfair advantages".

@naemfield

2 жыл бұрын

A system that relies on the absence of corruption, shortsightedness and kneejerk policies is kind of faith-based

@AstroPatel

7 ай бұрын

@@naemfield I think calling them knee-jerk policies is shortsighted. Adapting to change based on new information is perhaps one of the most commendable traits of mankind, since it permits us to thrive in situations where we would otherwise perish. It is telling that we turn to Keynesian economics when things get tough. But I suppose even an atheist will turn to god in a pinch, so maybe you weren't wrong about calling it 'faith based', just had the wrong motivations.

@purpleWizard0

4 ай бұрын

Have you even read one book of either marx or adam smith?

Loved it! Please do more economic/capitalism videos

It's so great you took the high road and stayed positive with both the Keynes and Smith videos. Very well done. Also you might wanna do an update after the stimulus of the Corvid bailout, haha.

@wojtekthebear4958

4 жыл бұрын

I mean, why wouldn't they be? Both of them were mostly right and modern economics still uses many ideas which were popularized by both men.

My man Keynes!!!

Word.

@tonyrawmen4966

7 жыл бұрын

banditoooranntttiitooo

@penutbutterswiiiishh4125

7 жыл бұрын

to the bird

@alexjonesgotthedocuments3882

7 жыл бұрын

Nice vids.

@alfredlear4141

7 жыл бұрын

Genius Fucking Christ , latter. truth and lies are too Grey these days. the basement is a bunker

Very informative and useful video

Thank you so much for making keyens video and hayek video !!!!!!!♥️♥️♥️♥️♥️♥️♥️♥️♥️♥️

You should do Nassim Nicholas Taleb. His legacy is still being written

@konservativ_ork408

6 жыл бұрын

I agree with this!

I missed those maracas

@vahyalakwaga5428

2 жыл бұрын

Same.....😆

I don't find Keynes economical philosophy attractive but I did enjoy the video as well as the opportunity to view economics from another's perspective. Thank you kindly

He is the main reason I became so enamored with Economics as a high schooler. The mere fact that he focused on the middle ground between socialism an capitalism is what made his work so appealing to me.

might I suggest a book: 'Keynes: The Return of the Master,' by Robert Skidelsky

Doing an essay on the National Minimum Wage and I'm doing a section on Keynesian Wage Theory. This was extremely helpful, thank you School of Life :D

In the long run we are all read That's iconic It's not something we can say everytime but in some situation it is important

Please, put subtitles in spansh. Thanks for such good content.

Would love to see School Of Life cover Anarchism.

@granth81

3 жыл бұрын

There’s not really much to cover

@granth81

3 жыл бұрын

@William Magee it never works long term and is just generally a very stupid idea in the first place. Nobody really wants anarchy.

@granth81

3 жыл бұрын

@William Magee keep hoping he will make the video one day bro

@oceandevil514

3 жыл бұрын

@@granth81 it would be nice to see why and how they think politically, there could be parts to agree with and its always good to expose yourself to different thought and theory personally i like merging beliefs of each ideal bc they are all right in some way but if they were merged you could possibly create something that is both beneficial and works with/for the people. merging beliefs is better than sticking to one simple belief honestly

Interesting choice of the verb 'discovered' in the description when referencing his ideas- it is a whole other philosophical argument whether ideas and mathematical laws are discovered or invented.

@arpitdas4263

3 жыл бұрын

For Kant,Mathematics is synthetic

Great video! There should be a post about him in your website, i couldn't find it.

Great video!

As always, a bunch of people in the comments that don't know what the hell they're talking about. Much like religion, everyone has an opinion on economics.

@blackearl7891

7 жыл бұрын

bruno almeida he's both. It's also surprising that many libertarians I have met hated Keynesian economics because it required to much math rather than according to them logic.

@pharmowner2287

7 жыл бұрын

lol Keynesian-ism doesn't require difficult math, it's just a bunch of stimulus and money printing.. take a basic economics course

@khloe38

7 жыл бұрын

"The only function of economic forecasting is to make astrology look respectable." - John Kenneth Galbraith

@khloe38

7 жыл бұрын

I think the original function of Keynesian policy was to put money into projects that had long term impact, not just short term benefits like building bridges. The policy only fails when the money is not spent wisely. Basically the government fails when it uses govt funds to line its own pockets and those of their friends.

@holylightbulb

7 жыл бұрын

khloe38 Well said!

Stagflation could have had nothing to do with the OPEC oil embargo...

Yea! Thanks for posting an intellectual video!

great work. really. outstanding!! could you please mention the references too?

Keynesian economics believes that in times of a high business cycle(economy doing really well) we should raise taxes and cut spending so that we can stimulate in a low Business cycle(bad economy). Society, politicians and this video don´t focus on the first part. People like the goverment helping them but don´t want to pay extra tax for a possible downturn. If people can´t accept higher taxes during a high business cycle they won´t receive help during bad times. I hope people will vote more for politicians who promis to raise taxes and cut spending but that won´t happen.

@jonathanplanet

7 жыл бұрын

Joey Von Frankfurt how the hell would anyone accept higher taxes when they barely have money to pay for the current taxes? I'm speaking as someone from a high tax low spending country that goes to shit because of imf. The way I see it tax is theft and a way to make economic slaves

@blackearl7891

7 жыл бұрын

jonathanplanet which country follow those policy?

@jonathanplanet

7 жыл бұрын

blackearl7891 greece lol. taxes so high, even succesful businesses don't make profit. and no spending whatsoever. and we were fine before the imf decided to make a profit from us.

@blackearl7891

7 жыл бұрын

jonathanplanet Greece issue has less to do with austerity measures and more with the Euro. It's one of the countries that should leave the e.u due to economic reasons. As you may have noticed I am not a fan of the Euro, as I think it puts too much emphasis on the controlling economies such as Germany, and a country should have the autonomy to control it's currency and thereby reducing or increasing their dollars and such forth.

@jonathanplanet

7 жыл бұрын

I partly agree, but my honest opinion is that euro and austerity go together. euro was made to force countries to take loans in order to then force austerity, and finally take control over the country's resources and governing. Greece didnt need any of the loans it took, it was all made up by corrupt politicians and the imf. Just my 2 cents..

How often do you read and can you give a tour of your library/what you read. Also can you talk about Neoliberalism.

good video 👍 thank you

wonderful ,pithy explanations for students and lay people.

Hayek under Regan/Thatcher gave us all the greatest rebellion against the establishment we have ever seen. Early punk rock. :)

@jesseroberts637

5 жыл бұрын

Very true my friend - it also gave us a global recession, stratospheric income inequality and a new oligarchic superclass

@BigHenFor

5 жыл бұрын

And the Punk Rockers are now selling butter on TV. Go figure.

@tensevo

4 жыл бұрын

I thought I was a free market capitalist, but now sir, I believe that I am nothing other than a Keynsian in a foxhole.

He was indeed a great thinker -unfortunately his ideas are often twisted and abused by governments and modern economists, who naturally will stick to the theories that grant them more leeway and power, creating a good dose of human suffering in the process.

@peterjones9658

4 ай бұрын

❤

Amazing channel

Brilliant, summary...'Not Dogmatic', when in discussion about economics its the phrase I use about Keynes, so thanks for the confirmation. Friends and I always agreed that "Philosophy should always be written in pencil', and so should economic theory, it maybe considered a science, but its not an absolute....yet...

I think you left out the part where he recommends that, in good economic times or upswings of growth, that governments should decrease spending, and allow the markets to do their thing, maintain or increase taxes and pay down its deficits...woeful and/ or willful obfuscation?

@currypablo

4 жыл бұрын

All politicians left and right are wankers.

@ricksanchez243

2 жыл бұрын

And this is where Hayek was right. The people making these decisions will always become corrupt at some point as we see with most politicians today. It's extremely wishful thinking, the boom and bust cycle lives on!

A video to introduce Hayek's economy will be interesting now...

Always been fan of Milton Keynes.

Interesting..

A genius in my mind! Way ahead of todays economists.

@wojtekthebear4958

6 жыл бұрын

A genius, sure? Ahead of today's economists? Not really, especially since some of his ideas had to be later fixed by contemporary economists.

@petrrini6523

6 жыл бұрын

Just because the americans wanted to bound the exchange rates to gold in Bretton Woods. That system had to collapse, what it did in the 70s. But till this day Keynesianism was incredible successful. Today we have one crisis after another and economists who think there are non. And people who pray austerity in a crisis. Thats what got us in the biggest recession in history in the late 20s. Nowadays after every crisis neoliberals expand there theory, and still don't believe in the theory who can explain every crisis.

@wojtekthebear4958

6 жыл бұрын

Most of the post war years to that point was Keynes getting into debates with Monetarists like Friedman. The school of economics we use today was a merging of the two debating fields (Keynesianism and Monetarism), into the neo-classical school. We also haven't had one crisis after another, and it's frustrating that you think so. In the last 15 years we've had one crisis, the Financial Crisis, and in the last 20 that number increases to two, with the Tech Bubble being added, but even that crisis was a minor one at best. Also what go us into the Great Depression was the gold standard. Keynes himself even said so. And, as data shows, it was leaving the gold standard that got us out of the depression. This is shown here: www.nber.org/papers/w6060 here:upload.wikimedia.org/wikipedia/commons/b/b5/Graph_charting_income_per_capita_throughout_the_Great_Depression.svg and Friedman's famous book 'A Monetary History of the United States'. That's not to say Keynesian policies didn't help our economy, they just weren't the force to push us out of the depression. Basically what I'm getting at is treating him like a messiah is only going to hurt your cause, and economics in general. He's human, he made mistakes. His biggest critic, Friedman, is also human and made mistakes. It's taking what they did right which is how we got to where we are today, with global poverty exponentially lower than it was even fifty years ago.

@555salt

Жыл бұрын

how are you liking the inflationary fruits of his ideas?

Do one on Milton Friedman !!!

@DressyCrooner

7 жыл бұрын

A moron who brought povertry to every country where his ideas were tried (see Pinochet's Chile).

@makestoicismgreatagainthew6558

7 жыл бұрын

what the fuck are you talking about? chile pre-Friedman had a 4000 USD percápita. now is 24.000 USD percápita with the same GINI and if you see by cohort the youth are more equal and rich than ever! our HID is super high unlike the rest of latin america. check your facts before to talk. Facts are everywhere www.latercera.com/voces/chile-segun-pnud-mas-prosperos-e-iguales/ PNUD CEPAL FMI etc.

@makestoicismgreatagainthew6558

7 жыл бұрын

since 2000-2015 the 10 decil growth their income by 150% and the 1st decil by 30% this means that the poorest increase 500% fastest their income than the richest. Stop talking little boy.

@DressyCrooner

7 жыл бұрын

Lol, just because the amount of money per capita has increased does not mean that ordinary people are better off, just that the rich are richer. Read this to see how disastrous Friedman was for Chile: anarchism.pageabode.com/afaq/secC11.html

@tokingtoki7734

6 жыл бұрын

You source an anarchism site? lol

Good edited video. Thumps up

Great video.

@Dayglodaydreams

5 жыл бұрын

I didn't know that the UK faced inflation in the 70s as well.

"In the long run, we are all dead"

@santiagos4290

2 жыл бұрын

In the short run we get the results of previous long runs, ergo that is a stupid falacy

Keynes' most serious analytical failure was to discount out of hand the power of land markets and land speculations as a fundamental driver of cycles of boom-to-bust. He ignored changing land use; and, in particular, the rising rents extracted by owners of centrally-located or resource-laden lands.

You should totally do one on E.F.Schumacher (Small is beautiful).

Giving free stuff and money to the poor doesn't end poverty if it did, Africa would be the richest continent on earth