KEYNES vs. classical economics (detailed review). Discover how John Maynard Keynes shook up the economics of his time, marked by the domination of classical economists. In the 1930s, the Great Depression was raging, and classical theories seemed powerless in the face of mass unemployment. It was then that Keynes presented his 'General Theory', an intellectual revolution that forever changed the way we view economics. Explore the concepts of effective demand, multiplier, liquidity preference, and marginal efficiency of capital in this informative video. Discover how Keynes' innovative ideas provided crucial answers to the economic challenges of his time, laying the foundation for modern economic thinking. A must-read for anyone interested in economics and finance.
00:00 The clash of ideas!
01:11 The explanatory diagram of the classics
02:36 Supply and demand of work
05:48 The Law of Diminishing Returns
07:15 The Law of Opportunities
08:26 The capital market (Savings and Investment)
10:39 Markets for goods and services
11:51 Sailing money (quantitative theory)
13:30 The gold standard system
14:24 The explanation of crises by the classics
18:50 The Keynesian model: effective demand
21:13 Consumption (function)
23:01 The preference for liquidity
26:22 The liquidity trap
27:10 The marginal efficiency of capital and the decision to invest
29:26 The investment multiplier
37:44 The 45 degree model
40:18 Unemployment, wages and inflation/deflation
21 июл 2024
