Economics 102 - Keynes v Friedman

The video presents macro economics as it is taught in every college & university on the planet. Friedman groupies have massed to give poor ratings to this video. Judge for yourself. The preeminent thinkers in economics during the 20 the century - Lord John Maynard Keynes & Milton Friedman. The consequences of modern fiscal & monetary policy are considered. It is a presentation of macro economics as taught in all colleges & universities.

Category:

News & Politics

Tags:

• Milton
• Friedman
• macro
• economics
• john
• maynard
• keynes
• monetary
• policy
• fiscal
• friedman
• naomi
• klein

[meritory]

Thanks a lot. This video was great.

[radiohogan]

@meritory Thank you for the feedback.

[Marine475]

It took 6 months for eastern block countries that implemented free market after soviet union colapse to go from - 30% GDP to +10% without any stimulus plan and despite high interest rates. It was lack of government spending and intervention that made it possible. When people lost old unproductive Keynsian style jobs in public sector they used their hands, heads and wit to do actually something productive.

[radiohogan]

@Marine475

Dear Readers: It was AFTER Professor Jeffrey Sachs brought Free Market programs to Russia that Russia descended into the 9th century. The neo classical Free Marketeers caused the Russian economy to implode (30%-50%). The ensuing Depression lasted a decade until four things happened: 1. The price of oil went from $9 per barrel to $90, 2. Valdimer Putin became president. 3. Putin returned the oil industry to state control. 4. Putin began a massive Keynesian spending program.

[zsylvana]

@radiohogan Hello Mike.It´s strange when those followers of von Mise-Rothbard etc.

defend the probarly most fundamentalistic Positivist and Intrumentalist in Economic science Milton Friedman.A man that belonged to Repuplican Party and openly rejected Libertarians and Randists,Rothbardists a cranks,and cultists.in Newsweek Magazine.Rothbard and Friedman dispiced each others and von Mises thought Milton F.was a Socialist i read.Do they defend a Socialist??

[mortacrify]

good video, too bad most of youtube has been entirely taken in by the constant implicit assumptions of perfect competition in free markets and so they see any government intervention as just "taking water out of one end of a pool and putting it another"

[verdi85]

thank you for the video. i think it is very good. don´t worry about the rating. it is a very controversial topic. well done :)

[QuartuvLarry]

Well, now that Japan is gonna be needing some drastic recovery, they're going to want their money back from all the treasury bonds they bought. No more gov't manipulating artificially low interest rates...we're screwed.

[BatusaiJack]

the Chinese are certainly not following Friedman ideas.

[Oana14Montreal]

Thank you, Sir! Very nice and informative explanations. And it was a good ideea to speak about war as a way to spend money without producing anything. Thanks again! And keep going!

[mortalisk]

That this video ignores the question of how the booms and busts actually happens, and how both Keynes and actually Friedman ignored this also, makes it just boring. If you are willing to do this, then sure, it all sounds nice enough. But who in their right mind would ever think that you can in the long run spend and borrow your way out of a bad economic situation, putting the cost to the future. Sure, it might make you feel a bit better to buy a new car, but you will face the consequenses later.

[warriorprince1010]

Keynes talked of cutting taxes as a stimulus. It was Gordon Brown who told the world to spend a stimulus, it was his government controlled economy idea that Obama and others followed.

[Exus11]

why is it sad to say war produces nothing, i think its a good thing so we dont go to war too often, sadly we do though.

and war can be productive if you rob the losers of the war, just like a robber can buy a gun to hold you up with. I agree though war is a curse on the economy