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Critical thinking in a Nutshell., Economic Schools of Thought. Part 2/2.

Economic Schools of Thought. Part 2/2.

● Hayekian economics (5:40)

Adriene: But as Socialism and Keynesian economics expanded, other groups continued to forcefully push for private property and free markets. The most vocal was often the Austrian school of economics, they also have a very vocal fanbase in our comments section. Friedrich Hayek and Ludwig Vunmises, who were unsurprisingly from Austria, argued that heavy state involvement has never produced the results it promised, and that regulation and government tinkering is actually a problem, not a solution. Rejecting nearly all forms of fiscal and monetary policy, the Austrian school today argues the economy's just to complicated to manipulate. This backlash against government intervention was carried forward in the US by Milton Friedman. Like the Austrians, Friedman advocated privatization of many functions that had been assumed by government, famously proposing school vouchers and deregulation of the economy. He also concluded that the depression could be blamed on botched monetary policy rather than some inherent fault of capitalism.

The theories of Friedman and his followers at the University of Chicago came to be called the Chicago School of economics. Friedman's views got a huge boost in the 1970's. At that time, inflation soared while output stagnated. Remember stagflation? A combination that Keynesian economics had trouble reconciling. Some macroeconomists drew on the insights of the Chicago school to claim that these events disprove Keynesian economics.

Building on the ideas of Friedman, another idea of economics gained traction: monetarism. Whoo, Stan, so many -isms. Monetarists focused on price stability and argue the money supply should be increased slowly and predictably to allow for steady growth. At about the same time, another theory called supply-side economics, or sometimes called trickle-down economics entered the mainstream. Supply side economics advocated deregulation and cutting taxes, especially corporate taxes.

● Modern economics (7:37)

Mainstream economics today takes ideas from both classical economics, including monetarism, and Keynesian economics. This unified theory is sometimes called the New Neoclassical Synthesis. And yeah, economists are bad at naming things, too. But debates about how and when to implement policies continue. And remember, these are more than just intellectual classroom spats, these policies affect millions of people.

The different reactions to the global recession in 2008 are a good example of this. Some economists suggested using Keynesian policies, namely deficit spending. Other economists suggested the more classical approach of reigning in excess spending to reduce budget deficits, something called austerity.

Believe it or not, economists are still fighting about which of these policies is the right approach and when to use them. We can all agree that Keynes was right about at least one thing, when he said, "Ideas shape the course of history." So where are all these economic theories and ideologies gonna take us in the future? Most countries that once supported strict Communism like China and Cuba have moved toward Capitalism. The only country that's really sticking with it's North Korea, but they're too isolated to be a real test case for an economics system. But this doesn't mean that Marxism is dead. Many capitalist countries have adapted socialist looking programs. It appears the world's economies are converging towards the middle. But in the end, it turns out it's just really hard to predict the future, especially when we're talking about something as complex as the world economy. Remember Malthus's belief that we're all gonna starve? Well like Malthus, we don't know what kind of changes humanity's gonna face in the future. If history has proven anything about economic thought, it's that we should expect surprises that will upset our current economic models, just like Malthus couldn't imagine that we'd all be alive today. [endscreen]

Thanks for watching, we'll see you next week. ● Credits (9:30)

CrashCourse Economics is made with the help of these nice people; feel free to comment on how great they are, too. CrashCourse is made possible by your support at Patreon. You can help keep CrashCourse free for everyone forever and get great rewards at Patreon.com. Thanks for watching. We're glad Malthus was wrong, and that you're alive

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Economic Schools of Thought. Part 2/2. Wirtschaftliche Denkschulen. Teil 2/2. Οικονομικές σχολές σκέψης. Μέρος 2/2. Escuelas de pensamiento económico. Parte 2/2. Écoles de pensée économique. Partie 2/2. 経済思想の学派パート2/2。 경제학파 파트 2/2. Ekonomiczne szkoły myślenia. Część 2/2. Escolas de pensamento económico. Parte 2/2. Экономические школы мысли. Часть 2/2. Ekonomik Düşünce Okulları. Bölüm 2/2. Економічні школи думки. Частина 2/2. 经济思想流派。第 2/2 部分。 經濟思想流派。第 2/2 部分。

● Hayekian economics (5:40) ハイエク派| ● Economía hayekiana (5:40)

Adriene: But as Socialism and Keynesian economics expanded, other groups continued to forcefully push for private property and free markets. |||||||расширялись|||||||||||| |||||||ausbreiteten|||||||||||| |||社会主義||ケインズ||拡大した|||||力強く|||||||市場 Adriene: Pero a medida que el socialismo y la economía keynesiana se expandían, otros grupos continuaron presionando enérgicamente a favor de la propiedad privada y el libre mercado. The most vocal was often the Austrian school of economics, they also have a very vocal fanbase in our comments section. |||||||||||||||发声积极|粉丝群体|||| ||||||||||||||||Fanbase|||| ||声高な|||||||||||||声の大きい|ファンベース|||コメント|セクション La más ruidosa suele ser la escuela austriaca de economía, que también tiene una base de seguidores muy ruidosa en nuestra sección de comentarios. Friedrich Hayek and Ludwig Vunmises, who were unsurprisingly from Austria, argued that heavy state involvement has never produced the results it promised, and that regulation and government tinkering is actually a problem, not a solution. |||||||||||||||||||||||||||bricolage||||||| |||||||nicht überraschend|||||||||||||||||Regulierung|||Herumfummeln||||||| |||ルートヴィヒ|ヴァン・ミーゼス|||驚くことなく|||主張した||||関与|||生み出した|||||||規制|||いじり|||||||解決策 Friedrich Hayek y Ludwig Vunmises, austriacos como era de esperar, sostenían que la fuerte intervención del Estado nunca ha producido los resultados prometidos, y que la regulación y el intervencionismo gubernamental son en realidad un problema, no una solución. Rejecting nearly all forms of fiscal and monetary policy, the Austrian school today argues the economy's just to complicated to manipulate. |||||fiskalische||||||||||Wirtschaft||||| 拒否する|||形態||財政の||金融の|政策|||||主張している||経済の|||複雑||操作する Rechazando casi todas las formas de política fiscal y monetaria, la escuela austriaca sostiene hoy que la economía es demasiado complicada de manipular. This backlash against government intervention was carried forward in the US by Milton Friedman. |Gegenschlag|||intervention||||||||| |反発|に対する||介入||||||||ミルトン|フリードマン Like the Austrians, Friedman advocated privatization of many functions that had been assumed by government, famously proposing school vouchers and deregulation of the economy. ||||||||||||||||||代金券||放松管制||| ||||||||||||übernommen||||vorschlug||||Deregulierung||| ||オーストリア人||提唱した|民営化|||機能||||引き受けられていた|||有名に|提案した||バウチャー||規制緩和|||経済 Al igual que los austriacos, Friedman abogaba por la privatización de muchas funciones que había asumido el gobierno, proponiendo célebremente el cheque escolar y la desregulación de la economía. He also concluded that the depression could be blamed on botched monetary policy rather than some inherent fault of capitalism. ||||||||||ratée||||||||| |||||Depression|||auf die fehlerhafte Geldpolitik geschoben||schlechter|monetäre|||||innewohnende||| ||結論を下した|||景気後退|||責任がある||失敗した|金融の|政策||||固有の|欠陥||資本主義 También llegó a la conclusión de que la depresión podía achacarse a una política monetaria chapucera y no a algún fallo inherente al capitalismo.

The theories of Friedman and his followers at the University of Chicago came to be called the Chicago School of economics. Эта|||||||||||||||||||| |||||||||Universität||||||||||| |理論||||||||||||||||||| Friedman's views got a huge boost in the 1970's. Friedmans|||||Schub||| フリードマンの|||||後押し||| Las opiniones de Friedman recibieron un gran impulso en la década de 1970. At that time, inflation soared while output stagnated. |||Inflation|stieg|||stagnierte |||インフレ|上昇した|||停滞した En aquella época, la inflación se disparaba mientras la producción se estancaba. Remember stagflation? |滞涨 |Stagflation |スタグフレーション ¿Recuerdas la estanflación? A combination that Keynesian economics had trouble reconciling. |||||||vereinbaren |組み合わせ||ケインズ||||調和させる Una combinación que a la economía keynesiana le costó conciliar. Some macroeconomists drew on the insights of the Chicago school to claim that these events disprove Keynesian economics. ||zogen|||||||||behaupten||||widerlegen|| |マクロ経済学者|引いた|||知見||||||主張する||||反証する|| Algunos macroeconomistas se basaron en las ideas de la escuela de Chicago para afirmar que estos acontecimientos refutaban la economía keynesiana.

Building on the ideas of Friedman, another idea of economics gained traction: monetarism. ||||||||||||货币主义 ||||||||||gewann|Zugkraft|Monetarismus |||||フリードマン|||||得た|支持|マネタリズム Basándose en las ideas de Friedman, otra idea de la economía ganó tracción: el monetarismo. Whoo, Stan, so many -isms. |スタン|||イズム Whoo, Stan, tantos -ismos. Monetarists focused on price stability and argue the money supply should be increased slowly and predictably to allow for steady growth. 货币主义者|||||||||||||||||||| ||||||||||||erhöht|||vorhersehbar||||stetiges| マネタリスト|||価格|安定性|||||供給|||増やされるべき|||予測可能に||可能にする||安定した|成長 Los monetaristas se centraron en la estabilidad de precios y sostienen que la oferta monetaria debe aumentar lenta y previsiblemente para permitir un crecimiento constante. At about the same time, another theory called supply-side economics, or sometimes called trickle-down economics entered the mainstream. ||||||||||||||trickle|||||Mainstream ||||||理論||サプライ||||||トリクル|||入った||主流 Más o menos al mismo tiempo, otra teoría llamada economía de la oferta, o a veces economía del goteo, entró en la corriente dominante. Supply side economics advocated deregulation and cutting taxes, especially corporate taxes. |||plädierte|||Senkung|||Unternehmens-| 供給|||は支持した|規制緩和|||税金|特に|法人の|税金

● Modern economics (7:37)

Mainstream economics today takes ideas from both classical economics, including monetarism, and Keynesian economics. 主流|||||||古典的な|||マネタリズム||| La corriente económica dominante hoy en día toma ideas tanto de la economía clásica, incluido el monetarismo, como de la economía keynesiana. This unified theory is sometimes called the New Neoclassical Synthesis. |einheitliche|||||||| |統一された|理論||||||新古典派|合成 Esta teoría unificada recibe a veces el nombre de Nueva Síntesis Neoclásica. And yeah, economists are bad at naming things, too. ||||||名付ける|| Y sí, los economistas también son malos nombrando las cosas. But debates about how and when to implement policies continue. |||||||||fortsetzen |議論||||||実施する|政策| Pero los debates sobre cómo y cuándo aplicar las políticas continúan. And remember, these are more than just intellectual classroom spats, these policies affect millions of people. |||||||||争论|||||| |||||||||Streitigkeiten|||betreffen||| |||||||知的な||口論|||影響する||| Y recuerde, se trata de algo más que meras riñas intelectuales en las aulas, estas políticas afectan a millones de personas.

The different reactions to the global recession in 2008 are a good example of this. ||||||Rezession|im|||||| ||反応||||不況||||||| Las diferentes reacciones a la recesión mundial de 2008 son un buen ejemplo de ello. Some economists suggested using Keynesian policies, namely deficit spending. |||||||Defizit| ||提案した||||すなわち|赤字| Other economists suggested the more classical approach of reigning in excess spending to reduce budget deficits, something called austerity. ||||||Ansatz||zähmen|||||||defizite|||Austerität ||提案した|||古典的な|||抑える||過剰|||削減する|予算|赤字|||緊縮財政 Otros economistas sugirieron el enfoque más clásico de frenar el exceso de gasto para reducir el déficit presupuestario, algo llamado austeridad.

Believe it or not, economists are still fighting about which of these policies is the right approach and when to use them. ||||||||||||Politiken||||||||| ||||||||||||政策||||||||| Aunque parezca mentira, los economistas siguen discutiendo sobre cuál de estas políticas es la correcta y cuándo utilizarlas. We can all agree that Keynes was right about at least one thing, when he said, "Ideas shape the course of history." |||einig sein|||||||||||||||||| |||||||||||||||||形作る|||| Todos podemos estar de acuerdo en que Keynes tenía razón al menos en una cosa, cuando dijo: "Las ideas determinan el curso de la historia". So where are all these economic theories and ideologies gonna take us in the future? ||||||||Ideologien|||||| ||||||理論||イデオロギー|||||| ¿Adónde nos llevarán en el futuro todas estas teorías e ideologías económicas? Most countries that once supported strict Communism like China and Cuba have moved toward Capitalism. |||||striktem||||||||| |||||厳格な|共産主義||||キューバ||||資本主義 La mayoría de los países que en su día apoyaron el comunismo estricto, como China y Cuba, han evolucionado hacia el capitalismo. The only country that's really sticking with it's North Korea, but they're too isolated to be a real test case for an economics system. |||||bleibt|||||||||||||||||| |||||固執している||||||||孤立して|||||||||| El único país que realmente lo mantiene es Corea del Norte, pero están demasiado aislados para ser un verdadero caso de prueba de un sistema económico. But this doesn't mean that Marxism is dead. |||||マルクス主義|| Pero esto no significa que el marxismo esté muerto. Many capitalist countries have adapted socialist looking programs. |資本主義者|||適応した||| Muchos países capitalistas han adaptado programas de aspecto socialista. It appears the world's economies are converging towards the middle. ||||||konvergieren||| |ようだ|||||収束している||| Parece que las economías del mundo convergen hacia el centro. But in the end, it turns out it's just really hard to predict the future, especially when we're talking about something as complex as the world economy. ||||||||||||vorherzusagen||||||||||||||Wirtschaft |||||||||本当に|||予測する||||||||||複雑な||||経済 Pero al final resulta que es muy difícil predecir el futuro, sobre todo cuando hablamos de algo tan complejo como la economía mundial. Remember Malthus's belief that we're all gonna starve? |||||||verhungern |マルサスの|信念|||||飢える Well like Malthus, we don't know what kind of changes humanity's gonna face in the future. ||||||||||人類の||||| Bueno, como Malthus, no sabemos a qué tipo de cambios se enfrentará la humanidad en el futuro. If history has proven anything about economic thought, it's that we should expect surprises that will upset our current economic models, just like Malthus couldn't imagine that we'd all be alive today. |||bewiesen|||||||||erwarten||||||||||||||||||| |||証明している|||||||||||||||||||||||||||| Si la historia ha demostrado algo sobre el pensamiento económico, es que debemos esperar sorpresas que trastornen nuestros modelos económicos actuales, igual que Malthus no podía imaginar que hoy estaríamos todos vivos. [endscreen] 结束画面 エンドスクリーン [endscreen]

Thanks for watching, we'll see you next week. Gracias por vernos, nos vemos la semana que viene. ● Credits (9:30) ● Créditos (9:30)

CrashCourse Economics is made with the help of these nice people; feel free to comment on how great they are, too. クラッシュコース||||||||||||||コメント|||||| CrashCourse Economics ha sido creado con la ayuda de estas agradables personas; siéntase libre de comentar lo geniales que son también. CrashCourse is made possible by your support at Patreon. ||||||||Patreon You can help keep CrashCourse free for everyone forever and get great rewards at Patreon.com. ||||||||||||報酬||Patreon| Thanks for watching. Gracias por vernos. We're glad Malthus was wrong, and that you're alive |嬉しい|||||||