The Most Important Economic Schools of Thought | Economics Explained
Sign-up for Acorns! π (upon registration, Acorns will deposit $5 in your account to help you get started with investing!)
βββββββββββββββββββββββββ
An economy is a collection of production and consumption processes that are all working towards solving the central economic problem.
The problem is that we only have access to a finite amount of resources, but the potential for human consumption of goods and services is pretty much limitless.
This is the foundation of economics, every study, every paper, every theory, economic policy, or experiment is ultimately an attempt to find a solution to a problem, that by its very nature, has no solution.
Economics is considered a social science, and although some other scientists from more βrigorousβ fields donβt always welcome it into their little club, it still follows the same processes to explore the world around us.
And, as with science, or anything that is extremely complex for that matter, there are disagreements between practitioners at all levels of academia and throughout the entire history of the subject.
The economic schools of thought are very broad ways that economists are clumped into basic groups.
Now the first thing to know about all of these schools of thought is that they all agree with one another on most issues.
In the same way that two physicists will obviously agree with one another that and object at rest will remain at rest, but might disagree about string theory. Two economists will obviously agree that there are opportunity costs for every unit of production, but they might disagree on the long term implications of a consumption tax.
The economy impacts our financial situations, our governments, retirements, environments, crime rates, and basically anything else that is going to make news headlines.
As with anything that people are invested in they form opinions around it. And those opinions are held by everybody from Nobel laureate career economists to that crazy guy advocating for a seed-based economy.
If this contention wasnβt enough then there is one other issue that makes these schools of thought difficult to deal with, and that is that there are no strong borders between them.
There are plenty of economists that agree with some of the principles of one school of thought and then disagree wildly on some other areas. Which is actually a good thing. But more on that later.
For now, to try and make sense of this wild world we are going to look at three major schools, Classical, Austrian, and Keynesian.
To show the differences between these schools we are going to look at the way they suggest solving the central economic problem in key areas.
What they suggest the role of government is.
What do they think the role of the individual is.
What they propose doing in an economic crisis.
And finally what is the key to delivering a wealthier happier economy?
βββββββββββββββββββββββββ
If youβd like to dive deeper in to the topics discussed in this video, we recommend checking out these fantastic books:
π Wealth of Nations by Adam Smith -
π The General Theory of Employment, Interest and Money by John Maynard Keynes -
(Note: as an Amazon Associate, we earn from qualifying purchases).
βββββββββββββββββββββββββ
#Austrian #Keynesian #Economics
Enjoyed the video? Comment below! π¬
β Subscribe to Economics Explained π
β Enjoyed? Hit the like button! π
Q&A Streams on EEII (2nd channel) β
βοΈ Business Enquiries β hello@
Follow EE on social media:
Twitter π¦ β
Facebook β
Instagram β
βββββββββββββββββββββββββ
π΅ π Economics Explained is brought to you by Acorns!
Sign-up now and Acorns will invest $5 into your portfolio to help you get started with investing, saving, and earning with every purchase!
π
βββββββββββββββββββββββββ
ECONOMICS EXPLAINED IS MADE POSSIBLE BY OUR PATREON COMMUNITY ππ
Support EE by becoming a Patron today! π
The video youβre watching right now would not exist without the monthly support provided by our generous Patrons:
Morgon Goranson, Andy Potanin, Wicked Pilates, TadeΓ‘Ε‘ UrsΓny, Logan, Angus Clydesdale, Michael G Harding, Hamad AL-Thani, Conrad Reuter, Tom Szuszai, Ryan Katz, Jack Doe, Igor Bazarny, Ronnie Henriksen, Irsal Mashhor, LT Marshall, Zara Armani, Bharath Chandra Sudheer, Dalton Flanagan, Andrew Harrison, Hispanidad, Michael Tan, Michael A. Dunn, Alex Gogan, Mariana Velasque, Bejomi, Sugga Daddy, Matthew Collinge, Kamar, Kekomod, Edward Flores, Brent Bohlken, Bobby Trusardi, Bryan Alvarez, EmptyMachine, Snuggle Boo Boo ThD, Christmas
1 view
14
2
3 weeks ago 00:02:46 1
Star Wars Outlaws: Official Story Trailer
3 weeks ago 00:02:04 1
Evacuation of the population! Thousands of homeless people, record forest fires in Venezuela
3 weeks ago 00:10:28 1
Painting an Iron Maiden The Trooper Eddie Statue π± | Behind the Scenes
3 weeks ago 00:03:00 1
Dead Boy Detectives | Official Trailer | Netflix
3 weeks ago 00:05:08 1
Mastodon - Blood And Thunder (Live at Resurrection Fest EG 2022)
3 weeks ago 00:01:00 1
Georg Friedrich GΓΆndel Passacaglia ΠΠ΅Γ³ΡΠ³ Π€ΡΠΈΜΠ΄ΡΠΈΡ ΠΠ΅ΜΠ½Π΄Π΅Π»Ρ #shorts #composer #music #song #vokal
3 weeks ago 00:54:16 1
Tucker Carlson JUST Revealed The Last And Most TERRIFYING Secret We Are NOT Supposed To Know
3 weeks ago 00:05:30 1
Dalton Vs Knox - Final Fight Scene | ROAD HOUSE (2024) Conor McGregor, Movie CLIP HD
3 weeks ago 00:01:00 1
some science experiments π#exactfixproblem #tech #techsolutions #physics #scinceexpriment #science
3 weeks ago 00:22:03 1
95 Best Business Machines! Business ideas 2024 (β32)
3 weeks ago 00:07:16 1
Road House Arrival Scene | ROAD HOUSE (2024) Jake Gyllenhaal, Movie CLIP HD
3 weeks ago 00:04:01 1
Dr Funk - Roadrunner (Drop D) Marcus Miller Inspired
3 weeks ago 00:00:22 1
Most Brutal Metal Scream 2012
3 weeks ago 00:11:13 1
π±πThe girl pried open the sparkling giant clam and harvested the largest and most beautiful pearls
3 weeks ago 00:08:55 1
Shout, Sister, Shout! Sister Rosetta Tharpe
3 weeks ago 00:11:26 1
The Shortest War EVER - Historically
3 weeks ago 00:39:43 1
DvoΕΓ‘k: Cello Concerto in B minor, Op. 104 | Tonhalle-Orchester ZΓΌrich & Anastasia Kobekina
3 weeks ago 00:04:51 1
DΓ₯Γ₯th - Ascension (Official Video)
3 weeks ago 00:06:00 1
Π’ΡΠΌΠ΅Π½Ρ / Tyumen 1880-1914
3 weeks ago 00:02:47 1
The Platters - Only You 1955 (HD)
3 weeks ago 00:06:20 1
Listening to Honkai Star Rail Penacony OST be like: