Keynesian economics | Aggregate demand and aggregate supply | Macroeconomics | Khan Academy

Contrasting Keynesian and Classical Thinking

Macroeconomics on Khan Academy: Topics covered in a traditional college level introductory macroeconomics course

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I'm gonna go ahead and call that last bit of the video "Khan-sian" economics.

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[mmaking]

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[DanTheStripe]

Person C: I think the economy is gonna crash!


Person C: **crashes the economy**


Person C: *surprised pikachu face*

[AtticusOfAmber]

Indeed, it's worth reading the whole quote, from chapter 3 of his "Tract on Monetary Reform" (1923) Ch. 3: "The long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is past the ocean is flat again."

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[wildCATcanACT]

The Keynesian model here is generally based on a stimulated economy (of the short run) and when dealing with fiscal policy of government, is built on monetizing debt. So when you have the Keynesian model, it's based on a system of monetized debt through a government that tries pushing up the pendulum. The thing is, pushing the pendulum will result in a back swing.

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Salman Khan

[myusernameissoobnoxiouslyl]

Thank you Keynes for creating at least 90% of America's economic problems

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Why don't I seem to have the capability to understand economics?

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[nthperson]

The great blindspot in the analysis of market economies by Keynes is the central importance of land markets and the fact that the supply of land is inelastic. In the real world, the price mechanism does not clear the market for land. Quite naturally, owners of land will withhold land from use or sale in anticipation of ever-rising land prices. The only way to remove the potential for owners to profit from hoarding land or "investing" in land for purely speculative gain is to impose an annual tax on land equal to its potential rental value. Only then would land markets respond as does labor and capital goods.