Macro: Unit 2.6 -- Classical v. Keynesian Theories

Hey Everyone! I'm Mr. Willis, and You Will Love Economics!

In this video, I will:
- Define Smith's theory of "flexible" wages and prices and to explain how Smith believes
the market itself corrects the issues of recession and inflation
- Define Keynes's theory of "sticky" wages and prices and explain how Keynes believes the
government can intervene to correct economic contraction
- Identify the three ranges of the Keynesian aggregate supply curve, and identify when
certain conditions exist in the economy in each range
- Put each theory into historical context and stimulate discussion on these economic
schools of thought

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[svvetlanalana]

omg this is perfect. You literally just wrote my entire exam for me!!!

[roseydays]

i loved the way you used the graph to show a real live example of the great depression, made a lot of sense

[grantrobertronquilloiii]

It helped me a lot understanding this topic especially during this COVID-19 pandemic. My professor just gave us a handout and voila.. exam is real. Thanks for explaining this as briefly.

[TheRAYZ]

I've been listening to my macro professor for a month talking about these theories and couldnt understand a single word she was saying. problem solved in 13 minutes xD

[suhaila]

I couldn't understand the difference between the two theories and I searched through the internet but nothing came close to this video. Thank you so much!

[madampresident]

Watching this video all the way from South Africa University of South Africa 3rd year student. Thank you for making me understand Keynes in a simple way.

[FaBu]

this is one of the best explanations of keysesian theory. thank you so much.

[oc_vatsal_]

Could you please make a video on how Keynesian Theory applies in today's modern world.
Amazing videos!!

[feliciah]

I’m from germany and we’re learning behavioural economics in english at university.. and this really helped me, since our professors are so bad at explaining stuff in a foreign language! Great job!

[vinboscotomy]

Just Amazing. You should be named as the - "The Best Economics teacher". After 1 year of learning macroeconomics, This 10 mins helped learn more than Ever.

[hossainjoki]

What I did not understand after hours of lecture and study; Got it quite clear in 13 mins! Thanks a lot!

[cheyannecummings]

This was very helpful. Your delivery was effective.
Thank you

[MoizRafay]

This is an incredible explanation. You did what books and professors failed to do. Thank you god for bringing this to me.

[CM-tpun]

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[lifeisnotajokee]

Hi Mr. Willis, I didn't just love economics but also your style of teaching.

[leohuo]

I really needed some background knowledge into how these 2 theories worked in order to do my explanation of the AD-AS graph

[sujeetkumar-pdgd]

Your 13 minutes video was better than three month session of my teacher. Thanks for making it.
If possible please make video on application of game theory in macro/micro economics

[alicenyakundi]

this is a very wonderful class that enlightened my mind in economics.my teacher gave me very mere explanation but now am at a position of helping others to understand.

[sohanchanda]

really the best explanation seen so far really this 13 minutes is much better than the semester explanation in colleges

[robertbuen]

Glad I found this video. Helped me understand my weekly ECON lesson in under 15 minutes!