The Most Important Economic Schools of Thought | Economics Explained

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Title	:	The Most Important Economic Schools of Thought \| Economics Explained
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Krugman has consistently made disproven predictions again and again Kenyes fake economic theory has been the excuse for Democrats to continually print and borrow the United States into oblivion I have to pay massive amounts of money for food thanks to total scumbags like Keynes and Krugman
Comment from : Big Yehudah

Informative video which is unfortunately packed with laods of capitalist propaganda Would’ve wished for a more neutral approach or for an argumentative essay instead
Comment from : Nana Teddy

Thanks!
Comment from : Stagemaker

The wealth of nations book will make You rich so important
Comment from : Rotary Stone

Kanes is an idiotbr The government is picking the winners and losers The winners get subsidies and loose the impidice to innovate and compete in a free market They lose their technical expertise and this culminates in a corporate welfare state
Comment from : brentsrx7

economics is not a science, it's a religion with equations
Comment from : Ricardo Morais

Okay, now do a video on how the "Keynesian" Covid spending worked out
Comment from : Kevin Hotaling

Adam Smith is, without no doubt, the worst quoted philosopher of all times
Comment from : Manuel Montoya

Great video!
Comment from : Lucas Camargo

narrow explanation about economics made by a brit
Comment from : TheVoiceofReason

Missing an important ismbr😫
Comment from : Kris Hammond

I really want to understand how Finance affects the world, but I really don´t know where to start my research, can someone help me?
Comment from : Thiago Conta pessoal

Excellent video One observation: JM Keynes deserves full credit for reintroducing it in the 20th century, but note that counter-cyclic governmental intervention economic theory goes back thousands of years
Comment from : Dan Konigsbach

Much like supporters of different economic theory, different classes of professionals will discredit each other because they're defined by difference It is better for everyone when we specialize in profession, but there is really no need to hate on different professions with their own complexities, even if you cant see them My career path is in engineering, but I still try to learn as much as I can of different fields I appreciate the emphasis of the empirical side of economics; at lot more of it makes sense when considering the workarounds of studying people
Comment from : buddeyyy

Very good compilation!
Comment from : In fact

Frankfurt school
Comment from : blazingverde

I like economics because, although it covers controversial subjects, it does so in a dispassionate scientific matter I took several economics courses
Comment from : Stephen Powsinger

Try to get Keynesians and Austrians to agree on what inflation is: Keynesian economics believes that inflation is "meh rising prises tho"; Austrian economics knows it's the expansion of the money supply, thus resulting in rising prises
Comment from : Christopher Wood

“Governments forget to tax more during the good times”brbr😂😂👍🏻
Comment from : sheldoninst

As a physicist and an economist I can assure you that economics/finance is a pseudo-science, not a hard science like physics Both run on statistics and probabilities but one works under almost all conditions in almost all places, whereas the other does not In physics there are fundamental laws that work everywhere except at the most extremes - ie at the very smallest scales (quantum mechanics) and the very largest (supermassive black holes) We still have lots of work to do in physics to a theory of everything but our theories are accurate to 10 or more decimal places There are no such fundamental laws in economics/finance and the laws that do exist are temporal and spatial
Comment from : Pax

You left out the advent of advertising And industry invented to convince people to buy things that they don't need The creation of "desire" for products business can produce, to enrich the corporate state Offshorinng and end of manufacturing turned into an economy that is overly financialized
Comment from : Roberta

You should have added Marx because despite many claims to the contrary he did contribute to modern economics, especially with the realization that human decisions have large effects on economy Also why did you imply socialism wants "equal" compensation that is simply not true! It just wants equalitable represention
Comment from : J F

the number one school of economics in the US is Milton Freidmanism, so how does that fit in?
Comment from : albert c

The criticism levied at the Austrians that their theories are not “falsifiable” and that the Austrian school is more like philosophy is correct, but not really a criticism No economic theory is falsifiable because you can’t isolate variables properly in an economy Even if you pass a policy to test a theory, you can’t really isolate it’s effects That’s my opinion, at least, as someone with a background in “harder” science
Comment from : AmokBR

Yea well if the question was only how to use our resources more efficiently from the matematical point of view, economics would be a very simple science, but when you add the human factor, any science becomes very complicated
Comment from : Gecko o

That is not mercantilism
Comment from : ibne arabi

Excellent comparison and contrast Thanks
Comment from : Anthony Emmons

I'm a Georgist and a New Institutionalist, and I draw influence from both the mainstream synthesis and heterodox schools
Comment from : ElGringoCastellano

There are about 10 important schools/trends/traditions The ones presented are not most, but dominant
Comment from : Minh Ng

Austrian is classical
Comment from : innosanto

You should include anthropologists like David graeber anthropologists know lots about economics
Comment from : Hulagu

Kinda wild to see someone talk about the most important economic schools of thought and just ignore Marx
Comment from : David Ryan

Hey my feelings really do matter
Comment from : DM_sliderrr

Can you explain where the Chicago School of Economics stands here, and particularly Milton Fridman?
Comment from : rayan

Of course Marxism is left out despite spreading the fastest and requiring the entire American military industrial complex and CIA to temporarily suppress…
Comment from : Erik Anderson

Austrian economics; give everything to the rich; maybe if they have something left over the rest of us can have some And this theory requires no proof or experiments
Comment from : Roger Kinnard

This is just a terrible and trivial cartoonish account of history of economic thought Waste of time
Comment from : Snoopy

0:00: 📚 Economics is a complex social science with no definitive solution, leading to disagreements among practitionersbr4:28: 📚 The classical school of economics, led by Adam Smith, emerged in the 18th century and challenged the flawed mercantilist system, focusing on increasing the wealth of nations through mass creation of wealthbr7:27: 💰 The early philosophers and economists believed in the importance of an optimal distribution of wealth and division of labor for economic growthbr11:29: 📚 The Austrian School of Economics challenged classical economics by introducing the theory of marginal utilitybr14:11: 📚 The Austrian School of economics emphasizes the importance of subjective value and rational consumer decision-makingbr17:26: 💡 Keynesian economics introduced countercyclical fiscal policy to smooth out the business cycle and manage economic affairsbr21:10: 📚 Economists have different opinions and approaches, but they all work towards solving the central economic problem and agree on the importance of investing in the futurebrRecap by Tammy AI
Comment from : Chris Lee

Ehh, there's a HUGE difference between "opinions" and the scientific method You can't just handwave away the ideological, speculative and philosophical base of "economics" with that sort of false equivalent!
Comment from : Daniel Vintersvärd

Talking about non-falsifiable theories while using TED talk stock footage I don't know if that was intentional shade, but if so, I am bhere/b for it
Comment from : Sean Valentine

To a larger extent there are three dangerous professions that hv caused Africa big problems 1 Mechantalists, 2 Capitalism 3 Neo Colonialism
Comment from : Paul Nkumbula

They all agreed that the best (least worst) tax was on “the unimproved value of land” as Friedman put itbrbrAka the LVT or Single Tax, which Henry George formalized, but Adam Smith anticipated
Comment from : zedoud12

Only one economist matters that's Ludwig V Mises
Comment from : BinanceUSD

Keynesian policies have failed to avoid economic collapses and if anything have drawn them out because they kicked the can down the road so many times previously brbrThe only reason Keynesian economics are still used is because they use circular logic and reasoning to make government officials feel good about themselves while screwing with their citizens capital
Comment from : Griffon Gaming

Kind of sad that the Chicago School gets no mention in this video, but understandable given that it's not quite as influential as these three
Comment from : Rosencrantz17

There is less to the 'Austrian School' than one may think Hayek doesn't really offer an economic theory, but a set of prescriptions from a committed ideologue Neoliberalism is nothing but the promotion of the economic interests of the business elite
Comment from : Blankinship Kevin

Rational customer is hard to sell too
Comment from : Gebriel T

There are some big mistakes in the vídeo Specially about economic history In the beggining, the states used to interfere a lot, more than nowdays Just read about "infant industry argument" and all other protecionism that have been applied in uk since XVII century This is a really eurocentric thought, but it is good to study about how the villains tell the history
Comment from : Vinicius Garcia

You know this video is an ideological take just by the creator considering the Austrian school to be one of the most important schools of economic thought brbrThe creator has no idea what classical political economic theory was, and the Austrian school didn’t “shake up”anything - their scope and impact in the history of economic thought is trivial Hayek may be the only one who is remembered, ironically because of the debates around the time of prices and production - his least “Austrian” and naturally last work to try and deal with economic-theoretic concepts
Comment from : Dimitri M

Humans are greedy and power hungry That is why all Kind of socialism always falls and make the masses poor Keep the goverment small and taxes small to none and humanity will prosper
Comment from : SEB RING

Economics is like science hmmmm don't you think that's wrong on so many Levels but great video for newbies
Comment from : Nightcrawler

Henry Guo Teach Chinese in Jokes and Tell Jokes

I hope more people can learn Chinese to get comprehensive firsthand information about China and seek more job opportunities brChinese is not that difficult to learn as you imagine Chinese primary school pupils can easily learn 3000 characters, which cover 99 percent of Chinese characters in newspapers and books brI’ve spent lots of time in making many videos teaching Chinese in a humorous way I hope somebody can give me some advice about how I can reach my target audience who want to learn Chinese
Comment from : Henry Guo Teach Chinese in Jokes and Tell Jokes

The School of Salamanca wrote some economic theory, because administrating the resources of the americas was important
Comment from : Ruben Guirado

The assumption that everything starts with A Smith and before that there were pure mercantilism, is false But to understand that statement you study deeply another cultural spheres that by definition you over-simply Yo makes economical theories in the anglosaxon line, it's fine, and it works But it doesn't match the facts and the reality Of course that's what learn in school, but what can be expected from a nation where the Queen was a mere pirat I meant no offenses, just a description of how your story starts The big advantage that the Industrial revolution gave England make you think you are right, but before that it was not all about mercantilism
Comment from : Hector Jimenez

If Austrian economists posited the idea of utility & diminishing marginal utility, why is it fringe? These are obviously true things
Comment from : David Leintz

Thank you to our host for this thoughtful presentation Your graphics are the best ever Learned a lot
Comment from : Fred K

Economics is so not a science 😂😂 where did you pull that one?
Comment from : Ranjith Powell

Idiot Economics is the study of the distribution of the wealth created by workers
Comment from : fu hjk

Keynesian fiscal cycles have been turned into “we paid you, so vote for us” political efforts, all while destroying economies
Comment from : Brad Bailey

Which School are you ?
Comment from : Atang Bingana

“I am in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it’s possible”brMilton Friedman
Comment from : MOATH

I started watching Money & Macro reponses to your videos He does an excellent job of exposing your videos as nonsense You should fix your work or quit Not good, dude
Comment from : Peter Coogan

i've got a lot of reading to do!!❤
Comment from : Apricot Computers

1:38 1:52 (in the Attention Economy) it gets much easier to experiment on economies unless you're awake
Comment from : 김연유

🚨 This is the third video I’ve watched of this channel that shows clear bias Well disguised for the average viewer, though Beware 🚨
Comment from : IdwarfRedwoods

I learned a lot from this video Thank you
Comment from : Brian Glaze

Austrian certain has merit I disagree with all science being measurable initially Sometimes we have not figured out how to do so, don't have the tools, or it needs reframing
Comment from : matt81093

BS
Comment from : Willie West

Thanks!
Comment from : D9david

7:22
Comment from : Charbel Eid

Wait by your definition of a science is Mathematics a science?
Comment from : Connor Gilbert

8:46 what is bro doing dude
Comment from : MrDaglur

"If a regular person has heard of any economist it would be Keynes"brSure, Keynes is pretty famous but you're forgetting an even more famous economist - Karl Marx, and although rather unpopular in the west, his school of thought has been very important historically
Comment from : - 42 -

Lol there are others schools of thought before way before that they don't teach you in Australia lol
Comment from : Matthews Jose

Heads up! Your link to Acorns doesn't work
Comment from : Shaun Ramkissoon

Aristotle to Jesus (BPUH) !brHope you didn’t omit Kitab Ul Khazain deliberately
Comment from : syed shafiq

A problem that has no solution is called a predicament
Comment from : Clark Harris, DAOM

Always interesting, thank you
Comment from : Articulate99

no marx???
Comment from : VezMusic

Random comment: But I have used Acorns for a few months now, and I've made good money off of it with little invested Been going good so far, would recommend :) One of the few YouTube sponsors I can say I like
Comment from : Dean Brandt

The art of buffering sciencebrThe knowledge of privilege and complaisance
Comment from : Stupifying Stupedity

Austrian economics is the future, specially after the AI revolutionbrbrCountries that refuse to accept the subjectivity of value, the problem with fiat currency, and the importance of entrepreneurship are dammed
Comment from : Rod96

Keynesian economics has led to the degradation of every economy its been experimented with Its the reason every nation on the planet is basically insolvent
Comment from : Paul Berkey

Classical Capitalism failed because it exploited workers so much that it created Communist theory To counter communism, Keynesian Economics was introduced to kick the can down the road
Comment from : Edwin Vargas

I hoped thr video would cover the role of individuals and their freedom in a keynesian system
Comment from : Sergio Gonzalez

@6:50 Sir this is not true , every product created, originated from either being harvested or mining The Industrial Revolution was just a better and efficient way of creating old and new products, where the raw materials originated from mining or harvesting
Comment from : N-ze PRIDDIE

Krugman? LOL
Comment from : Bill Bissenas

Karl Marx: 😑
Comment from : Amphibian

Expressing economics as a cultural tradition as opposed to an exact science is a very incisive approach This approach was embraced by Jesus Christ
Comment from : Douglas Sauvageau

With all due respect, none of these 3 theories has been reformulated to reflect the fact that the gold standard ended back in 1971 So, the dollar is now a full fiat currency This changes its national debt There is no longer a need to limit the money supply to protect the gold supply of the nation So, since 1981 and Reagan the debt has increased from $1T to $31T And, this has had no measurable negative effect on the US economy At this point, there is no way to pay it off, but creating $31T out of thin air This is a very bad idea So, we need to learn to stop worrying about its size
Comment from : Steve Fitt