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Critical thinking in a Nutshell., Economic Schools of Thought. Part 1/2.

Economic Schools of Thought. Part 1/2.

● Introduction (00:00)

Adriene: Welcome to Crash Course: Economics, I'm Adriene Hill.

Jacob: And I'm Jacob Clifford.

Adriene: Now, believe it or not, we actually read many of your comments on YouTube.

Jacob: First!

Adriene: Some are productive and others, not so much.

Jacob: This guy looks like Mark Cuban, but not as attractive...or rich.

Adriene: We've noticed some people are disappointed we haven't covered the different economic ideologies.

Jacob: You're ignoring the Austrian School.

What's this Keynesian trash? Adriene: Well, guess what?

Today, we're going to talk about other schools of economic thought. [Intro Plays]

● History of Economic Theories (0:32)

Jacob: To understand these economic theories, we're gonna have to jump into a little bit of history.

In 1798, a British economist named Thomas Malthus argued that population growth would outpace food production, so eventually humans would run out of food and starve. You wonder why some people call economics the dismal science. Well, Malthus was wrong. Dismally wrong. The world population has grown from one billion in his time to over seven billion today.

And it turns out that the famines we have seen are largely man-made disasters that have very little to do with our ability to produce food. But Malthus was writing at the beginning of the Industrial Revolution. He didn't factor in advancements in technology, agriculture production or transportation. So with the information he had, he was kinda right, but he was still wrong. Economic theories are constantly being proven, disproven and revised.

The problem is, when these theories are wrong, millions of people can be adversely affected. Take Malthus. Some scholars combined his ideas with those of Charles Darwin and concluded that giving assistance to poor people and social programs like welfare are actually immoral. This is called Social Darwinism and it's completely wrong. Now, economics is not an exact science.

It aims to draw conclusions about human behavior without the benefits of labs or perfect control groups. Economic theories reflect different attitudes about human nature and those are likely to change over time. Let's go to the Thought Bubble. ● Thought Bubble (1:44)

Adriene: The founder of modern economics was a Scottish philosopher named Adam Smith.

In 1776, his book The Wealth of Nations, was published. It was an organized discussion about production, markets and economic theory, and it was tremendously influential. Smith introduced the idea that a person following their own self-interest could end up serving the common good. He also advocated free trade. Many countries at the time had heavy tariffs which protected their domestic manufacturers at the expense of trade. A generation later, British economist David Ricardo expanded on Smith's ideas by introducing the theory of comparative advantage: the idea that two people or countries can both benefit from trade, even if one of them can produce more of everything.

When both focus on what they're best at and then trade, everyone benefits. Anyway, the field of economics grew, advancing ideas like private property and free markets.

And then along comes The Communist Manifesto in 1848. Rather than examining individual behavior, German philosophers Karl Marx and Friedrich Engels looked at economic classes and argued that history was explained by the conflict between workers and property owners. This process would inevitably lead workers to overthrow their bosses, ushering in a new stateless and classless system, called communism. Marx followed this up with Das Kapital.

Political movements spawned by Marxist economics challenged Adam Smith's view that individual self-interest serves the common good. The end result was two main camps: free market capitalism, supporting private property, and communism, advocating collective ownership of the means of production. Thanks, Thought Bubble. ● Classical Economics (3:25)

Despite Marx's challenge, market-based economic theory continued to dominate through the end of the 19th century, with contributions from French, British, and American economics.

This body of thought is called Classical Economics, and it was embodied in a book called Principles of Economics, published in 1890 by English Economist Alfred Marshall. Marshall organized and defined concepts we still use today, like supply and demand and marginal utility, which we're gonna get to soon. But as capitalism was expanding around the world, Marxist movements were too.

By the early 20th century, this battle for hearts and minds, along with political and social unrest in Europe, led to the establishment of the Soviet Union in 1922. Jacob: As Communism was maturing in the Soviet Union, the Great Depression crushed the market economies of the world's richest countries, it also dealt a devastating blow to Classical Economics.

The theories of Smith and Marshall didn't have much to say about how something like this could happen, or how to fix it. The British economist John Maynard Keynes proposed new answers in his 1936 book A General Theory of Money, Interest, and Employment, which basically launched the field of macroeconomics. ● Keynesian Economics (4:32)

Along with John Hicks, James argued that market economies don't self-correct quickly because prices and wages take time to adjust.

They claimed that during recessions, it is necessary for the government to get involved by using monetary and fiscal policy to increase output and decrease unemployment. Keynes wasn't supporting Communism, but his views directly challenged classical economists who saw government intervention as universally harmful for the economy. Now eventually Keynesian Economics became part of mainstream economic theory. See? I told you, economic theory changes over time, and all it took in this case was a catastrophic global depression. Keynes's ideas, combined with the ever-present Marxist critique, opened the door to more and more government involvement.

Since the Great Depression, many nations have pursued a political and economic ideology called Socialism, although Socialist ideas and policies have been around since the 19th century. In most cases, these economies allow for private properties and markets, but also have government ownership of industry, significant regulation, and big public programs like universal healthcare. In Scandinavian countries like Norway and Sweden, they love these socialist policies. Now the US has rejected many of these socialist ideas, but the US government, or at least economists that advise politicians, are clearly in favor of Keynesian economic policies when the economy's in trouble.

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Economic Schools of Thought. Part 1/2. Wirtschaftliche Denkschulen. Teil 1/2. Οικονομικές σχολές σκέψης. Μέρος 1/2. Escuelas de pensamiento económico. Parte 1/2. Écoles de pensée économique. Partie 1/2. Scuole di pensiero economico. Parte 1/2. 経済思想の学派パート1/2. Ekonomiczne szkoły myślenia. Część 1/2. Escolas de pensamento económico. Parte 1/2. Экономические школы мысли. Часть 1/2. Ekonomik Düşünce Okulları. Bölüm 1/2. Економічні школи. Частина 1/2. 经济思想流派。第 1/2 部分。 經濟思想流派。第 1/2 部分。

● Introduction (00:00) イントロダクション ● 簡介 (00:00)

Adriene: Welcome to Crash Course: Economics, I’m Adriene Hill. アドリエン|||クラッシュ|||||ヒル Adriene: Bienvenido a Crash Course: Economía, soy Adriene Hill. Adriene: Chào mừng đến với Crash Course: Kinh tế, tôi là Adriene Hill.

Jacob: And I’m Jacob Clifford. ジェイコブ|||| Jacob: Và tôi là Jacob Clifford.

Adriene: Now, believe it or not, we actually read many of your comments on YouTube. ||||||||||||コメント|| Adriene: Ahora, lo creas o no, en realidad leer muchos de sus comentarios en YouTube. Adriene: Bây giờ, tin hay không thì tùy, chúng tôi thực sự đã đọc nhiều nhận xét của bạn trên YouTube.

Jacob: First! Jacob: ¡Primero!

Adriene: Some are productive and others, not so much. |||生産的||||| Adriene: Algunos son productivos y otros, no tanto.

Jacob: This guy looks like Mark Cuban, but not as attractive...or rich. ||||||キューバン||||魅力的|| Jacob: Este tipo se parece a Mark Cuban, pero no tan atractivo... o rico.

Adriene: We’ve noticed some people are disappointed we haven’t covered the different economic ideologies. ||気づいた||||失望している|||||||イデオロギー Adriene: Hemos notado que algunas personas están decepcionadas de que no hayamos cubierto las diferentes ideologías económicas.

Jacob: You’re ignoring the Austrian School. ||無視している||オーストリアの| Jacob: Estás ignorando la Escuela Austriaca. ジェイコブあなたはオーストリア学派を無視している。

What’s this Keynesian trash? |||废话 ||ケインズ主義|ゴミ ¿Qué es esta basura keynesiana? このケインジアンのゴミは何だ? Thùng rác Keynes này là gì? Adriene: Well, guess what? Adriene: Bueno, ¿adivinen qué? アドリアン:何だと思う?

Today, we’re going to talk about other schools of economic thought. Hoy vamos a hablar de otras escuelas de pensamiento económico. 今日は、経済思想の他の学派について話そう。 [Intro Plays] イントロ| [Intro Plays]

● History of Economic Theories (0:32) |||理論 ● Historia de las teorías económicas (0:32) 経済理論の歴史 (0:32)

Jacob: To understand these economic theories, we’re gonna have to jump into a little bit of history. |||||理論||||||||||| Jacob: Para entender estas teorías económicas, vamos a tener que saltar en un poco de historia.

In 1798, a British economist named Thomas Malthus argued that population growth would outpace food production, so eventually humans would run out of food and starve. ||||||||||||dépasser|||||||||||| ||||||||||||aşacaktır|||||||||||| |||経済学者||||主張した||人口|成長||||生産||最終的に||||||||飢える En 1798, un economista británico llamado Thomas Malthus argumentó que el crecimiento de la población superaría la producción de alimentos, por lo que finalmente los seres humanos se quedarían sin comida y pasarían hambre. 1798年,一位名叫托馬斯·馬爾薩斯的英國經濟學家認為,人口成長將超過糧食生產,因此人類最終將耗盡食物並挨餓。 You wonder why some people call economics the dismal science. |不思議に思う|||||||悲惨な| Well, Malthus was wrong. Bueno, Malthus estaba equivocado. Dismally wrong. ひどく| Totalmente equivocado. The world population has grown from one billion in his time to over seven billion today. ||人口||||||||||||| La población mundial ha pasado de mil millones en su época a más de siete mil millones en la actualidad.

And it turns out that the famines we have seen are largely man-made disasters that have very little to do with our ability to produce food. ||||||飢饉|||||主に|||災害|||||||||能力||| Y resulta que las hambrunas que hemos visto son en gran medida catástrofes provocadas por el hombre que tienen muy poco que ver con nuestra capacidad de producir alimentos. But Malthus was writing at the beginning of the Industrial Revolution. |マルサス||||||||産業|革命 Pero Malthus escribía al principio de la Revolución Industrial. He didn’t factor in advancements in technology, agriculture production or transportation. ||考慮する||進歩|||農業|生産||交通 No tuvo en cuenta los avances tecnológicos, la producción agrícola ni el transporte. So with the information he had, he was kinda right, but he was still wrong. |||情報|||||ちょっと|||||| Así que con la información que tenía, tenía algo de razón, pero seguía estando equivocado. Economic theories are constantly being proven, disproven and revised. |理論||常に||証明されている|反証され|| Las teorías económicas se prueban, refutan y revisan constantemente.

The problem is, when these theories are wrong, millions of people can be adversely affected. |||||||||||||nachteilig betroffen|betroffen |||||理論||||||||悪影響を及ぼす|影響を受ける El problema es que, cuando estas teorías son erróneas, millones de personas pueden verse afectadas negativamente. Take Malthus. Por ejemplo, Malthus. Some scholars combined his ideas with those of Charles Darwin and concluded that giving assistance to poor people and social programs like welfare are actually immoral. |学者たち|結びつけた|||||||ダーウィン||結論づけた|||支援||||||||福祉|||非道徳的 Algunos estudiosos combinaron sus ideas con las de Charles Darwin y llegaron a la conclusión de que la ayuda a los pobres y los programas sociales como la asistencia social son en realidad inmorales. This is called Social Darwinism and it’s completely wrong. ||||ダーウィニズム|||| Now, economics is not an exact science. |||||正確な|

It aims to draw conclusions about human behavior without the benefits of labs or perfect control groups. |目指している|||結論|||行動|||||実験室|||| Su objetivo es extraer conclusiones sobre el comportamiento humano sin las ventajas de los laboratorios o los grupos de control perfectos. Economic theories reflect different attitudes about human nature and those are likely to change over time. |理論|||態度||||||||||| Las teorías económicas reflejan diferentes actitudes sobre la naturaleza humana y es probable que éstas cambien con el tiempo. Let’s go to the Thought Bubble. |||||バブル Vamos a la Burbuja del Pensamiento. ● Thought Bubble (1:44) |バブル

Adriene: The founder of modern economics was a Scottish philosopher named Adam Smith. ||創始者||||||スコットランドの||||スミス Adriene: El fundador de la economía moderna fue un filósofo escocés llamado Adam Smith.

In 1776, his book The Wealth of Nations, was published. ||||||||出版された It was an organized discussion about production, markets and economic theory, and it was tremendously influential. ||||||||||||||son derece|etkili |||組織的な|||生産|市場|||理論||||非常に|影響力のある Era un debate organizado sobre la producción, los mercados y la teoría económica, y fue tremendamente influyente. Smith introduced the idea that a person following their own self-interest could end up serving the common good. |提案した||||||||||||||奉仕する||| Smith introdujo la idea de que una persona que sigue su propio interés puede acabar sirviendo al bien común. He also advocated free trade. ||支持した|| Many countries at the time had heavy tariffs which protected their domestic manufacturers at the expense of trade. ||で|||||関税||||国内の|製造業者|||貿易の犠牲||貿易 En aquella época, muchos países aplicaban aranceles elevados que protegían a sus fabricantes nacionales a expensas del comercio. A generation later, British economist David Ricardo expanded on Smith’s ideas by introducing the theory of comparative advantage: the idea that two people or countries can both benefit from trade, even if one of them can produce more of everything. |||||||||||||||||||||||||||выиграть|||||||||||| |世代|||||リカード|拡張した||スミスの|||導入する||理論||比較優位|優位性|||||||||||||||||||||| Una generación más tarde, el economista británico David Ricardo amplió las ideas de Smith introduciendo la teoría de la ventaja comparativa: la idea de que dos personas o países pueden beneficiarse ambos del comercio, aunque uno de ellos pueda producir más de todo.

When both focus on what they’re best at and then trade, everyone benefits. ||||||||||||выигрывает Cuando ambos se centran en lo que mejor saben hacer y luego comercian, todos salen beneficiados. Anyway, the field of economics grew, advancing ideas like private property and free markets. とにかく||分野||||推進する|||||||市場 De todos modos, el campo de la economía creció, impulsando ideas como la propiedad privada y el libre mercado.

And then along comes The Communist Manifesto in 1848. ||その後|||共産党|マニフェスト| Y entonces llega El Manifiesto Comunista en 1848. Rather than examining individual behavior, German philosophers Karl Marx and Friedrich Engels looked at economic classes and argued that history was explained by the conflict between workers and property owners. Вместо||||||||||||||||||||||||||||| ||検討する|個々の|行動||||マルクス||フリードリヒ|エンゲルス||||階級||主張した||||説明される|||対立||||| En lugar de examinar el comportamiento individual, los filósofos alemanes Karl Marx y Friedrich Engels se fijaron en las clases económicas y argumentaron que la historia se explicaba por el conflicto entre trabajadores y propietarios. This process would inevitably lead workers to overthrow their bosses, ushering in a new stateless and classless system, called communism. ||||||||||ouvrant||||||||| |||必然的に||||打倒する||上司|もたらす||||無国家の||階級のない||| Este proceso llevaría inevitablemente a los trabajadores a derrocar a sus patrones, dando paso a un nuevo sistema sin Estado y sin clases, llamado comunismo. Marx followed this up with Das Kapital. Marx continuó con Das Kapital.

Political movements spawned by Marxist economics challenged Adam Smith’s view that individual self-interest serves the common good. |||||||||||bireysel|||||| |運動|生まれた||マルクス主義の||挑戦した|||||個人|||は役立つ||| Los movimientos políticos surgidos de la economía marxista cuestionaron la idea de Adam Smith de que el interés individual sirve al bien común. The end result was two main camps: free market capitalism, supporting private property, and communism, advocating collective ownership of the means of production. ||||||陣営|||資本主義|||||共産主義|支持する|共同の|所有||||| Thanks, Thought Bubble. |思考|バブル Gracias, Burbuja de Pensamiento. ● Classical Economics (3:25) 古典的|

Despite Marx’s challenge, market-based economic theory continued to dominate through the end of the 19th century, with contributions from French, British, and American economics. ||||||||||||||||||katkılar|||||| にもかかわらず|マルクスの|||||理論|続いた||支配する|||||||||貢献||||||

This body of thought is called Classical Economics, and it was embodied in a book called Principles of Economics, published in 1890 by English Economist Alfred Marshall. |||||||||||incarnée|||||||||||||| |||||||||||具現化された|||||経済学の原理||||||||アルフレッド| |||||||||||encarnada|||||||||||||| Este cuerpo de pensamiento se denomina Economía Clásica, y se plasmó en un libro titulado Principios de Economía, publicado en 1890 por el economista inglés Alfred Marshall. Marshall organized and defined concepts we still use today, like supply and demand and marginal utility, which we’re gonna get to soon. |||||||||||||и|||||||| |整理した||定義した|概念||||||供給||需要||限界|効用|||||| Marshall organizó y definió conceptos que seguimos utilizando hoy en día, como la oferta y la demanda y la utilidad marginal, a los que llegaremos pronto. But as capitalism was expanding around the world, Marxist movements were too. ||資本主義||拡大していた||||マルクス主義|運動|| Pero a medida que el capitalismo se expandía por el mundo, los movimientos marxistas también lo hacían.

By the early 20th century, this battle for hearts and minds, along with political and social unrest in Europe, led to the establishment of the Soviet Union in 1922. ||||||||||||||||turbulence||||||||||| ||||||||心を||心の||||||不安||||||設立||||連邦| Jacob: As Communism was maturing in the Soviet Union, the Great Depression crushed the market economies of the world’s richest countries, it also dealt a devastating blow to Classical Economics. ||||||||||||||||||||||||||||古典经济学| ||共産主義|||||ソビエト|ソビエト連邦|||大恐慌|打撃を与えた|||||||最も裕福な||||与えた||壊滅的な|||古典| Jacob: Mientras el comunismo maduraba en la Unión Soviética, la Gran Depresión aplastaba las economías de mercado de los países más ricos del mundo, también asestó un golpe devastador a la Economía Clásica.

The theories of Smith and Marshall didn’t have much to say about how something like this could happen, or how to fix it. |スミスとマーシャルの理論||||||||||||||||||||| Las teorías de Smith y Marshall no tenían mucho que decir sobre cómo podía ocurrir algo así o cómo solucionarlo. The British economist John Maynard Keynes proposed new answers in his 1936 book A General Theory of Money, Interest, and Employment, which basically launched the field of macroeconomics. |||||||||||||||||||雇用|||始めた||分野||マクロ経済学 El economista británico John Maynard Keynes propuso nuevas respuestas en su libro de 1936 A General Theory of Money, Interest, and Employment (Teoría general del dinero, el interés y el empleo), que básicamente lanzó el campo de la macroeconomía. ● Keynesian Economics (4:32) ケインズ| ● Economía keynesiana (4:32)

Along with John Hicks, James argued that market economies don’t self-correct quickly because prices and wages take time to adjust. ||||||||||||||||ücretler|||| |||ヒックス||主張した||||しない||修正する|||価格||賃金||||調整する Junto con John Hicks, James argumentó que las economías de mercado no se autocorrigen rápidamente porque los precios y los salarios tardan en ajustarse.

They claimed that during recessions, it is necessary for the government to get involved by using monetary and fiscal policy to increase output and decrease unemployment. |утверждали|||||||||||||||||||||||| |主張した|||不況|||必要だ||||||関与する|||金融の||財政|||増やす|生産||減少させる|失業 Afirmaron que, durante las recesiones, es necesario que el gobierno intervenga utilizando la política monetaria y fiscal para aumentar la producción y reducir el desempleo. Keynes wasn’t supporting Communism, but his views directly challenged classical economists who saw government intervention as universally harmful for the economy. |||共産主義||||直接的に|挑戦した||||||介入||普遍的に|有害|||経済 Keynes no apoyaba el comunismo, pero sus opiniones desafiaban directamente a los economistas clásicos que consideraban que la intervención gubernamental era universalmente perjudicial para la economía. Now eventually Keynesian Economics became part of mainstream economic theory. |最終的に|ケインズ|||||主流||理論 Con el tiempo, la economía keynesiana pasó a formar parte de la teoría económica dominante. See? ¿Lo veis? I told you, economic theory changes over time, and all it took in this case was a catastrophic global depression. ||||理論|||||||||||||壊滅的な||不況 Te lo dije, la teoría económica cambia con el tiempo, y todo lo que hizo falta en este caso fue una catastrófica depresión mundial. Keynes’s ideas, combined with the ever-present Marxist critique, opened the door to more and more government involvement. ケインズの||結びつけられた||||常に存在する|マルクス主義者|批判|||||||||関与 Las ideas de Keynes, combinadas con la siempre presente crítica marxista, abrieron la puerta a una participación cada vez mayor del gobierno.

Since the Great Depression, many nations have pursued a political and economic ideology called Socialism, although Socialist ideas and policies have been around since the 19th century. ||||||||||||||||||||已经||存在|||| |||大恐慌||||追求してきた|||||イデオロギー||社会主義||社会主義者|||政策||||||| Desde la Gran Depresión, muchas naciones han seguido una ideología política y económica llamada socialismo, aunque las ideas y políticas socialistas existen desde el siglo XIX. 自大萧条以来,许多国家都推行了一种名为社会主义的政治和经济意识形态,尽管社会主义思想和政策自 19 世纪就已经存在。 In most cases, these economies allow for private properties and markets, but also have government ownership of industry, significant regulation, and big public programs like universal healthcare. |||||許可する|||財産||市場||||政府|所有権||産業|重要な|規制||||||普遍的な|医療 En la mayoría de los casos, estas economías permiten la existencia de propiedades y mercados privados, pero también cuentan con la propiedad gubernamental de la industria, una importante regulación y grandes programas públicos como la sanidad universal. 在大多数情况下,这些经济体允许私有财产和市场,但也拥有政府对工业的所有权、严格的监管以及全民医疗保健等大型公共项目。 In Scandinavian countries like Norway and Sweden, they love these socialist policies. |スカンジナビア|||||スウェーデン||||社会主義的な|政策 En países escandinavos como Noruega y Suecia adoran estas políticas socialistas. 在挪威和瑞典等斯堪的纳维亚国家,他们热爱这些社会主义政策。 Now the US has rejected many of these socialist ideas, but the US government, or at least economists that advise politicians, are clearly in favor of Keynesian economic policies when the economy’s in trouble. ||||拒否した|||||||||政府||||||助言する|政治家||||賛成||ケインズ主義|||||経済の||危機 Ahora bien, Estados Unidos ha rechazado muchas de estas ideas socialistas, pero el gobierno estadounidense, o al menos los economistas que asesoran a los políticos, están claramente a favor de las políticas económicas keynesianas cuando la economía tiene problemas.