POLITICAL THEORY - John Maynard Keynes

John Maynard Keynes was arguably the greatest economist of the 20th century. He discovered the idea that governments should stimulate demand during economic downturns – and was the creator of both the IMF and the World Bank. His ideas continue to underpin a lot of the modern economic system.


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CREDITS

Produced in collaboration with:

Mike Booth

Dr Chris Grocott

[neoepicurean]

John Maynard Keynes opposed the creation of the London Marathon. He thought we'd all die in the long run.

[qwertyx]

This is a pretty good video on Keynes. Usually its hyperbiased one way or the other. I would like to see more economists.

[faust]

people getting super salty in the comment section
I think we need to remember that this video is not attempting to say Keynes was completely right, but simply explaining the ideas in an easy to digest way. no economist worth his salt should insist one economic idea will always work.

that said, the very field of macroeconomics basically started from Keynes, and to ignore his contributions would be willfully ignorant.

[avoqado]

"When the facts change, I alter my conclusions. What do you do, sir?" 20th CENTURY BURN

[HalfBloodOtter]

came on youtube to avoid my economic undergraduate studies and this comes on notif 😞

[SidheKnight]

"If the facts change, I alter my conclusions. What do you do, sir?"

I make up alternative facts.

[Sternertime]

Not to be confused with Maynard James Keenan, singer of Tool

[weshill]

When I began college in 1957 I was taking a course in Economics 101...and I subscribed then and I subscribe now; to the John Maynard Keynes macro economics theory....it still rings true today!

[francesca]

Could you do one on Hannah Arendt? Her work is forever fascinating and ever more necessary.

[juancasinisterra]

I love it when you talk about people.
would love to see more videos like this!

[allinwatts]

"Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back"
-John Maynard Keynes

[lewiscullen]

Could you do one on Noam Chomsky? Maybe not even on his politics but on his contribution to cognitive science and the philosophical implications of Universal Grammar. Thanks.

[NFst]

The issue with Kaynes ideas, and why they cannot be implemented, especially in a world today was mentioned in the very beginning of the video: Corruption; or as it is more commonly refered to today: Lobbyism.
Keynes has this idea that the state is some sort of omniscient beign, not simply an institution run by a lot of individuals. He argues that the state will do what is best for the nation, and that makes sense, if you percieve the state as an almighty and benevolent organ. But it is not. The state is run by people, who are just as prone to corruption as anybody, that has grown up in a capitalist society, where self-interest and profits are centerpage. Think about it: Would you decline an enormous sum of money, offered in trade for simply implementing some policies that a certain company or industry was asking of you?
In the recent years, lobbyism has only increased, and we will never see the return of Keynesianism as a dominating economic model, or the wellfare state. Yes, modern economists might propose Keynesianistic ideas these days, but the bankers and CEOs of the multinational corporations care little for the effect their profiteering ventures leaves on the different nations.

[l]

Wow, I love your videos! Maybe you could make some about history? I think it's very important to understand historical developments to get what is going on currently in the world.

[blindjohnharrison]

Could you do Friedman next ? To complete the, Marx, Keynes and Friedman economics trilogy :)

[Swishead]

8:03 I imagine this complex system of accounting is a bit more complicated than quadratic equations ;)

[elinaoberemok]

What a wonderful explanation! So easy to understand and it all comes alive in the pictures :) Thank you for your videos!

[ShadowZZZ]

I am so greatful to live in a time and place where I have free access to such intellectual knowledge. Thank you very much

[ShadowZZZ]

"When the facts change, I alter my conclusion. What do you do, sir?" if only more people would think that way...

[sjcraw]

That last line brings it home so well.