Game of Theories: The Keynesians 

This Channel is pure gold

This channel is amazing. Thank you, thank you, thank you. The quizzes are exactly what I need to test my understanding. 🙏🏻

Best explanation on Keynesian economics I have ever watched!

Best explanation of Keynesian economics that I've seen!

Marvelous Palpable Explanation with Resplendent Graphics 🙌👏👌. Looking forward to get next videos soon😋.

I don’t think critics of Keynes understand his idea. Keynes was writing at a time of extreme economic difficulty. After he died other economists hijaked his theory and tried to apply to situations in which conditions were different. Keynes believed that if planned savings is less than investment, the result is contraction. This describes the economy at the tine he was writing, and I believe post 2008. And probably post Covid-19 crisis. It is in these circumstances that he believed in fiscal stimulus. A Keynesian economist called Hyman Minsky explained why aggregate demand can be too low - Minsky moments occurred post 1929 and post 2008. The situation in the 1970s was entirely different - not a period of weak demand, so Keynesian economics was never going to work. Critics site this as a reason to discredit Keynes, without understanding this point. Minsky said debt is the means by which economies grow. But too much debt leads to bubbles. Governments, by contrast, can borrow instead, or even print money. If planned savings exceed investment there are three ways to correct this: via consumer borrowing, via government spending, or by a deep recession. That was Keynes’ true insight.

great video,very easy to understand !thank you

You're the best! Thanks for such a great content.

A very didactical video. I'm glad of having stumbled upon this channel.

Thank you. I enjoy your channel

Thank you for this! Wish I started out with these videos as opposed to getting lost in textbook ramblings.

Why this channel does not have more subscribers? Its very very good

I have my exam in three days and ... I regret to have not found this earlier before.. Sucks to be me, now I have to watch this video like five times per day haha

Very very good videos.

That fiscal crisis idea sounds scary. Is ever increasing debt sustainable? I don't see the U.S. reducing its debt anytime soon.

Keynesian economics is a good starting point but has many flaws and modern economic theory has since evolved. But having surpluses in the good years and only deficits in the bad ones is a good idea that should be retained. It's sad however that almost no government does it. And when the economy gets really bad like it did for the UK after 2008, because they didn't save up, they still had to do austerity otherwise it would've spiraled into a debt crisis.

Excellent video

love this

Brilliant!!⛳

Great!

Well the Keynesian theory has very much developed since then in Post-Keynesianism

Seems odd to assume that government expenditure would stay proportionate to aggregate demand, when that is clearly not the case. It seems like wages, government expenditure is also sticky.

Awesome, when is the next video?

Your keynesian models are tidy and neat but that top-down approach is a fatal conceit.

When do you improve Runcorn?

NICE

If only Keynes had remembered what Winston Churchill had warned about the destructive impact of monopolies and monopoly privilege. In 1909, campaigning for a seat in the House of Commons Churchill told the British people that monopoly was the inherited enemy of democracy and of justice. He added that the monopoly of land is "the mother of all monopolies." Churchill's solution echoed the teachings of the Scot political economist Patrick Edward Dove. Government should impose an annual tax on those who control land equal to the potential annual rental value of whatever land is held. Keynes somehow managed to ignored the growing redistribution of wealth associated with the concentrated control over land (broadly defined). Land blessed with natural resources to exploit was climbing in value. The same pattern was occurring in the cities where commerce occurred and population was increasing.

Monetarism is a branch of Keynesian economics not a separate school.

Keynes met once with FDR and he said he was a nice enough guy but he did not know much about economics.

It easy to understand this video than the explanation in google

What I love about Keynesian economics is no matter how many times the real world proves it to be wrong, it continues. I wish I could have that determination.

There is this common mistake that even professional economists make. G is not government spending. G is government expenditure. When we say, government spending it also includes transfers which is not a part of G, rather a part of C in the form of Personal Disposable Income. So please mend it.

th true visual llearning

3. According to Keynesian business cycle theory, if consumption and investment fall, what will happen to government spending? * a. It will fall. b. It will stay the same. c. It will rise. anyone have explanation?

Back and to the left... Back and to the left... Back and to the left... Back and to the left... Back and to the left...

Aren't wages sticky merely because of minimum wage laws and other labour laws ?

I think you misrepresent Keynsians in saying they believe "wages are sticky" wages are elastic, just not perfectly elastic, in a Keynsian model, when Aggregate demand drops wages spending drops and so general demand for labour drops, a combination of wage cuts and unemployment occurs, the reason the market doesnt clear is because, unlike a good, (such as bread) when the price drops supply doesnt really drop accodingly, there are still all thesre working age people about without jobs, they don't disappear, labour supply is very inelastic.

I love how Real Business Cycle is represented by a literal god... Some bias at play here?

Keynesianism kills saving which is the driver of economic growth. Keynesianism is like trying to grow wealth by dividing it

The Great Recession was caused by greed. The problem is economists appear to forget economics is a social science. The economy had ways for greed to be exercised by customers purchasing houses they cause not afford, the banking system from commercial banks to Hedge Funds to pack derivatives which were failed attempts to diversify risk.

There are many things to not like about Keynesian economics But what I really don't like much about them is they tend to ignore importance of monetary policy a lot because of Fiscal policy.

The 1% are the winners Pendejo. The 99%, not so much.

That tounge dough..

Little uncharitable, but good overall.

I don't understand why the title is play on game of thrones if the video is gonna have absolutely no reference to game of thrones whatsoever.

it interests me just how many of these economic problems can be fixed by just paying people more money. workers are your consumers the higher their base pay the more they spend and the more companies make. Corporate greed prevents money from moving to do the social ladder undercutting their consumer's paying power. trying wags to inflation also helps prevent inflation increase on over all because corp greed can not push things too hard or there going to pay out more of what they make.

First

i dont get rational connection of up and bottom parts of your chart. you should not generalize a strand of theories without representing ur excuse.

This is pure Bullshit. Keynesian economics didn't come in to play until after the Depression started. Conservative economics brought a great boom in the roaring twenties, but as always, that great boom lead to a major crash. The conservative policies of Harding, Coolidge, and Hoover, brought about the Great Depression. The Keynesian policy of FDR got us out of it. In the same exact way, the conservative policies of Dubya caused the Great Recession of 2008, the Keynesian policy of Obama prevented a 2nd Great Depression and started us on a slow but steady climb back to economic health. Look at history, people. Don't just believe crap because it sounds good, or it's easy to put on a bumper-sticker, or because Adam Smith said so. Free market forces are good for sure, but they aren't the only way to a stable economy. Why can't you people learn from history?

Keynesian Medicine: If you're poisoned from drinking poison the solution is drink even more poison until you're not poisoned anymore...(these guys are geniuses)

Keynesian == your hard earned money is gone. You're welcome