Brilliant summary of the history of economic thought. I wish all students studying economics watch this. Thanks for uploading. I am sure it will catch up in popularity.
U KNOW I HAVEN'T FINISHED LISTENING TO THIS PRESENTATION BT ALREADY UNDERSTAND WHAT HAS BEEN SAID AND IMABLE TO TELL WHERE IT IS HEADING TO....EXCELLENT WORK LEX!!!
Great video! I enjoyed listening to this while typing out my economics notes. I think in most situations, historical perspective is key to a true understanding and appreciation. I think you did a great job of objectively covering most of the key figures. I was surprised that I didn't hear you talk about Robert Solow. His work has been extremely influential in the "growth" of modern economics and we is quite active today in the discussion of some of our current issues. Nonetheless, you did cover a lot of material and have opened some very intriguing doors for further exploration. I also look forward to checking out more of your videos!
I’m not a libertarian because I already experience the state of no government, but I enjoyed the video. Well balanced intro to the main school of thoughts!
It is worth noting that absent from his presentation is the American political economist Henry George, the first analyst to develop a sound analysis of business cycles (at a time when statistical data was not collected and made available on a timely basis). George also countered Marx's "labor theory of value" with a "demand theory of value" based on a "labor and capital goods basis for private property." George's importance is, perhaps, best supported by the long list of individuals on whom he had significant influence, within the outside the discipline of economics. Among economists there was Scott Nearing, John R. Commons, Harry Gunnison Brown, Glenn Hoover, William Vickrey and Milton Friedman. This list includes living economists such as Mason Gaffney, Nicolaus Tideman, Fred Foldvary, Kris Feder and Joseph Stiglitz. George also attracted support from others, including: Leo Tolstoy, Sun Yat-sen, Winston Churchill, John Dewey, Philip Snowden and Paul Douglas.
Thank you for the summary, very useful. You have been critical of MMT by suggesting that it says that debt doesn't matter because governments can just print more money which would cause inflation. This importantly misses two points: 1. MMT is a 'description' of how sovereign financing works (whether spending on bombs, bridges or food) not an economic approach and 2. sovereign governments need to understand that MMT is how financing works to make decisions about the printing of money, taxation, incentives, interest rates, and expenditures must consider what society needs - i.e., that which serves to invest in society and the economy and prevents inflation that critics and MMT'ers alike are concerned about - wealth distribution, jobs for all, infrastructure, ending poverty and WWII level investments and regulations to mitigate the climate crisis.
Sir, Chankya is a worthy inclusion. He designed tax Administration of the Mauryan empire in 327 BC. Making him one of the oldest economic thinkers in the world centuries ahead of British or European thinkers.
Wow. Awesome presentation! You have a great voice for academia, and if you can succeed in making economics interesting, you can do just about anything. Congratulations! You can now fly.
Amazing video!, I always have trouble with names in my lectures, and i get the whole idea of my economic history class, but memorizing names is a challenge and this video just made my studying so much easier. Thank you very much!
You forgot Robert Shiller and Richard Werner. David Harvey although not an economist is also worth a mention. Thomas Piketty deserves to be on a sequel. Overall a very good educational video. Thank you.
Did he mention Robert Lucas I feel that if he didn't then he should as he contributed both rational expectations and the Lucas critique. To a lesser extent he developed a theory of supply and helped in the area of behavioral economics. I liked that you explained all their theories but sometimes you mis-characterized their theories/ didn't explain them accurately. I think partly this was due to time and also because a lot of the time their conclusions arises from the math, which is hard to explain in a condensed form.
@Alex Merced … Have you read any Rothbard? Curious about your thoughts (I know this is an old video but just came across it. I guess all my views of the Mises Institute videos caused the TH-cam algo to lead me here lol)
Mark Blaug is missing and he wrote extensively in this area! You need to let your audience know that the History of Economic thought is more involved and extensive than what you could reduce to a 1hr 36 min video.
George Reisman. Now teaches at Pepperdine Univ. in California. Wrote a tome called "Capitalism." I think he is the greatest economist to ever live. Visit www.capitalism.net
The study of the nature of power, its evolution and application will reward the intellectual far more than the mere study of economics,only one aspect of power and is the use and abuse of power that determines history far more than money alone. I suppose if you do not wish to know how and why things are the way they are it doesn't matter.
on Hayek, spontaneous order, yes and no. I can't stand government in any way shape or form, so government organizing private sector is bad news. then again, lobbying is a huge force in corporate direction, bailouts, incentives, etc. As far as not needing an (non government, non politicized) organizing agent, in general, however, is also short sighted, IF one cares about about labor, consumer, and environmental well being. in this case, socialism and communism is a bad choice as well, since they are again centralized government agencies . however, thinking outside of the box, we could use a set of mapping tools that control for over production, underproduction, AND production of goods services that are gratuitously toxic for man and nature. I call this Maps of Change and I am excited to put this concept forward. Maps of Change, coupled with a move away from the 9-5 compulsory work day (towards cooperative business (for) profit sharing and a push towards holistic lifestyle will solve for this conundrum.... and secure three equilibrium(s) 1. supply-demand (elimination of business cylces--constant equilibrium 2. environmental/human health and "natural abundance" (vs toxic abundance) 3. human my books on this on my channel...love innovating these things! 3. (borrowing from Marx, despite being a strictly entrepreneurial movement) intimacy-alienation equilibrium (meaningful artisanal work brings about this balance, a new intimacy in community emerges that curves feelings of alienation, thus decreasing psychological/circumstantial crime incentive)...
Thank you for this. Hoping for a sequel soon!
Brilliant summary of the history of economic thought. I wish all students studying economics watch this. Thanks for uploading. I am sure it will catch up in popularity.
U KNOW I HAVEN'T FINISHED LISTENING TO THIS PRESENTATION BT ALREADY UNDERSTAND WHAT HAS BEEN SAID AND IMABLE TO TELL WHERE IT IS HEADING TO....EXCELLENT WORK LEX!!!
Great video! I enjoyed listening to this while typing out my economics notes. I think in most situations, historical perspective is key to a true understanding and appreciation. I think you did a great job of objectively covering most of the key figures. I was surprised that I didn't hear you talk about Robert Solow. His work has been extremely influential in the "growth" of modern economics and we is quite active today in the discussion of some of our current issues. Nonetheless, you did cover a lot of material and have opened some very intriguing doors for further exploration. I also look forward to checking out more of your videos!
very use full to all economics students and scholars
Alex this is absolutely awesome.
Thank you. I have an exam on Friday, this is helpful!
A massive piece of work! Very good job!
this summary was very useful in my study. thank you very much ❤
I’m not a libertarian because I already experience the state of no government, but I enjoyed the video. Well balanced intro to the main school of thoughts!
Thank you for making this! Much appreciated
It is worth noting that absent from his presentation is the American political economist Henry George, the first analyst to develop a sound analysis of business cycles (at a time when statistical data was not collected and made available on a timely basis). George also countered Marx's "labor theory of value" with a "demand theory of value" based on a "labor and capital goods basis for private property." George's importance is, perhaps, best supported by the long list of individuals on whom he had significant influence, within the outside the discipline of economics.
Among economists there was Scott Nearing, John R. Commons, Harry Gunnison Brown, Glenn Hoover, William Vickrey and Milton Friedman. This list includes living economists such as Mason Gaffney, Nicolaus Tideman, Fred Foldvary, Kris Feder and Joseph Stiglitz.
George also attracted support from others, including: Leo Tolstoy, Sun Yat-sen, Winston Churchill, John Dewey, Philip Snowden and Paul Douglas.
Appreciated ... Awesome presentation!!!
Great Presentation 💯
Thank you for the summary, very useful.
You have been critical of MMT by suggesting that it says that debt doesn't matter because governments can just print more money which would cause inflation. This importantly misses two points: 1. MMT is a 'description' of how sovereign financing works (whether spending on bombs, bridges or food) not an economic approach and 2. sovereign governments need to understand that MMT is how financing works to make decisions about the printing of money, taxation, incentives, interest rates, and expenditures must consider what society needs - i.e., that which serves to invest in society and the economy and prevents inflation that critics and MMT'ers alike are concerned about - wealth distribution, jobs for all, infrastructure, ending poverty and WWII level investments and regulations to mitigate the climate crisis.
I am more nuanced about this in my more recent stuff on my podcast “Economics and Finance for n00bs”
Sir, Chankya is a worthy inclusion. He designed tax Administration of the Mauryan empire in 327 BC. Making him one of the oldest economic thinkers in the world centuries ahead of British or European thinkers.
That was great thank you!! Very good examples for the concepts and thorough examination of the history of economics!
Wow. Awesome presentation! You have a great voice for academia, and if you can succeed in making economics interesting, you can do just about anything. Congratulations! You can now fly.
You're brilliant!
Amazing video!, I always have trouble with names in my lectures, and i get the whole idea of my economic history class, but memorizing names is a challenge and this video just made my studying so much easier. Thank you very much!
Great and informative video on economic thought! Just a minor correction - Friedman died in 2006, not the 1990s. Thanks for the content!
Loved it. Thanks for making this video!
good effort Alex
Excellent overview. Thank you!
Good job!
Great video!!!
Alex great video, loved it
Great video! You should update it with the economists of the last decade :)
Nice viedio sir....keep it up.one and only suggestion is that keep list out the order of economist and prime stage of viedio
Did you even mention Henry George? I do not recall you addressing him or his philosophy.
awesome video
informative...thanks for the video
You forgot Robert Shiller and Richard Werner. David Harvey although not an economist is also worth a mention. Thomas Piketty deserves to be on a sequel.
Overall a very good educational video. Thank you.
thnx dear Alex
Sir ....plz include Chaanakya (kaudilya)as indian economist
Did he mention Robert Lucas I feel that if he didn't then he should as he contributed both rational expectations and the Lucas critique. To a lesser extent he developed a theory of supply and helped in the area of behavioral economics.
I liked that you explained all their theories but sometimes you mis-characterized their theories/ didn't explain them accurately. I think partly this was due to time and also because a lot of the time their conclusions arises from the math, which is hard to explain in a condensed form.
@Alex Merced … Have you read any Rothbard? Curious about your thoughts (I know this is an old video but just came across it. I guess all my views of the Mises Institute videos caused the TH-cam algo to lead me here lol)
Where is mention of Sir William Petty?
have you considered making paper flash cards of these? it's card to find flash cards on the economists themselves...
Mark Blaug is missing and he wrote extensively in this area! You need to let your audience know that the History of Economic thought is more involved and extensive than what you could reduce to a 1hr 36 min video.
How can I download it?
George Reisman. Now teaches at Pepperdine Univ. in California. Wrote a tome called "Capitalism." I think he is the greatest economist to ever live. Visit www.capitalism.net
Would be better if this is not as focused on Austrian economists.
it is very helpfull
"Malthus was very pessimistic let's put it that way" 😂
15:40/23:50/26:15/34:17/38:24/44:05/49:35/53:54/01:09:10/
The study of the nature of power, its evolution and application will reward the intellectual far more than the mere study of economics,only one aspect of power and is the use and abuse of power that determines history far more than money alone. I suppose if you do not wish to know how and why things are the way they are it doesn't matter.
you forgot to mention kautilya arthshastra from india fromwhich aristotle took references and didnt mention
Not really relevant for such a summary
on Hayek, spontaneous order, yes and no. I can't stand government in any way shape or form, so government organizing private sector is bad news. then again, lobbying is a huge force in corporate direction, bailouts, incentives, etc. As far as not needing an (non government, non politicized) organizing agent, in general, however, is also short sighted, IF one cares about about labor, consumer, and environmental well being. in this case, socialism and communism is a bad choice as well, since they are again centralized government agencies . however, thinking outside of the box, we could use a set of mapping tools that control for over production, underproduction, AND production of goods services that are gratuitously toxic for man and nature. I call this Maps of Change and I am excited to put this concept forward. Maps of Change, coupled with a move away from the 9-5 compulsory work day (towards cooperative business (for) profit sharing and a push towards holistic lifestyle will solve for this conundrum.... and secure three equilibrium(s) 1. supply-demand (elimination of business cylces--constant equilibrium 2. environmental/human health and "natural abundance" (vs toxic abundance) 3. human my books on this on my channel...love innovating these things! 3. (borrowing from Marx, despite being a strictly entrepreneurial movement) intimacy-alienation equilibrium (meaningful artisanal work brings about this balance, a new intimacy in community emerges that curves feelings of alienation, thus decreasing psychological/circumstantial crime incentive)...
You missed the muslim thinkers such us Ibn Rushd
Is it possible to contact u Alex
+ABHIJIT SENGUPTA shoot an email to alexmerced@alexmerced.com
G.F. Knapp’s theory: indentured enslavement
Milton was dead in 2006 not 90s
you missed welfare economics,quite important.
corporate welfare always gets totally ignored. Good call there.
could cover a little more welfare state, world work division and inequality economics.
Martin Cynthia Thomas Barbara Perez Frank
Ok
You left out a lot of people.
Et cetera, okay?
Jackson Jennifer Anderson Maria Thomas Matthew
연습
Lopez Robert Robinson Joseph Lopez George
No, not okay
Sir ....plz include Chaanakya (kaudilya)as indian economist