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POLITICAL THEORY - John Maynard Keynes

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John Maynard Keynes was arguably the greatest economist of the 20th century. He discovered the idea that governments should stimulate demand during economic downturns – and was the creator of both the IMF and the World Bank. His ideas continue to underpin a lot of the modern economic system. If you like our films, take a look at our shop (we ship worldwide): https://goo.gl/C92mGs Join our mailing list: http://bit.ly/2e0TQNJ Or visit us in person at our London HQ https://goo.gl/VUCcPj FURTHER READING You can read more on this and other subjects on our blog, here: https://goo.gl/4vY9Wo MORE SCHOOL OF LIFE Our website has classes, articles and products to help you think and grow: https://goo.gl/fwVUx8 Watch more films on POLITICAL THEORY in our playlist: http://bit.ly/TSOLpoliticaltheory You can submit translations and transcripts on all of our videos here: https://www.youtube.com/timedtext_cs_panel?c=UC7IcJI8PUf5Z3zKxnZvTBog&tab=2 Find out how more here: https://support.google.com/youtube/answer/6054623?hl=en-GB SOCIAL MEDIA Feel free to follow us at the links below: Facebook: https://www.facebook.com/theschooloflifelondon/ Twitter: https://twitter.com/TheSchoolOfLife Instagram: https://www.instagram.com/theschooloflifelondon/ CREDITS Produced in collaboration with: Mike Booth https://www.youtube.com/somegreybloke Dr Chris Grocott http://www2.le.ac.uk/departments/management/people/chris-grocott https://leicester.academia.edu/ChrisGrocott #TheSchoolOfLife
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Text Comments (1269)
CODEX (8 hours ago)
Ah the culprit behind Globalism.
Hugo Valente (3 days ago)
Keynes ideas worked really well in Brazil*ironic, Everytime governament plays with numbers it decrease the value of our money and our power of buy. It's never good idea put more power in governament hands they will just help the friends of the king and let people drawing on muddy. Lass state more freedom aways
Death Larsen (6 days ago)
Kanes was just a man and he's a fucking idiot it all these people follow kaynes you he's like l Ron Hubbard. Kaynes also seems like a pedophile homosexual
099Nitro (13 days ago)
"Print money and tax them to space!" Any medieval monarch ever.
666zlatan666 (14 days ago)
Legend has it that he used to watch CNBC ;)
kaede19xx (18 days ago)
Governments LOVES Keynes because he allows them to print more money! If you want to know Keynes works Just take a look at Argentina... 70 years of Keynes ideas and theories. Results: fallen from world #5 GPD in the 20th Century to #65, The only country in the World that went from a developed country to a Frontier Country. Changed 5 times monetary assignations, deleted 13 zeros and went through 2 hyperinflation without a war. BTW President Mauricio Macri was hailed as a right Hayek neo libertarian but end up just like the rest, a democratic socialist using the same Keynes practices as all his predecessors. Now another hyperinflation is approaching.
BigHenFor (17 days ago)
GIGO.
Tom Langford (24 days ago)
Neoliberalism, Marxism and Pure-Capitalism don't work
lil nibba (16 days ago)
Tom Langford I 100% agree with you, but even then... it’s still capitalism, meaning something will inevitably go wrong. Not married to the idea of Communism, but I believe any true long lasting solution must include Marxist ideology (ex. worker cooperatives).
Tom Langford (16 days ago)
+lil nibba In my opinion the best system is a capitalist one, with high taxes on the super-wealthy in order to invest in public works that benefit the working class e.g. universal healthcare. Pure Capitalism doesn't work because over time all the wealth produced works its way into the offshore bank accounts of a few dozen oligarchs where it sits doing nothing and is useless to the economy and socialism doesn't work full stop. Marx was right in a lot of his critiques of capitalism, it's just his solutions obviously didn't work out. The best system is a capitalist one with government intervention in the market to prevent monopolies forming and the massive accumulation of wealth by a few individuals at the expense of the working class.
lil nibba (21 days ago)
Tom Langford Marxism isn’t a economic system, nor is it a form of government. Also, if that’s the case, in your opinion what does work (serious question)??
Learned Hand (28 days ago)
Stagflation could have had nothing to do with the OPEC oil embargo...
Juan Rivera (29 days ago)
Keynes gets such a bad rap, when actually is the creator of the greatest economic policy of history. Thanks to his thought, capitalistic world (both developed and developing) grew fast and kept stable for 30 years. Severe recessions reappeared when his model was scrapped in the 1970s.
Torianto Johnson (1 month ago)
Why couldn’t stagflation be understood and explained with Keynes
Marin Stinic (13 days ago)
bc he thought that aggregate supply was stable over time
Harshit Madan (1 month ago)
Repeat after me, government DOES NOT work. I run better than government and I'm pretty lazy
Harshit Madan (1 month ago)
All the faults of modern day capitalism (lobbying, bailouts, corporate welfare, insane amount of debt etc) can be attributed to Keynes.
Harshit Madan (1 month ago)
20 trillion $ debt. Thanks government, thanks Keynes.
Harshit Madan (1 month ago)
+sponge bob I'm not in debt.
sponge bob (1 month ago)
Mr Madan when everyone is in debt, debt doesn't matter.
Nick (1 month ago)
Cooles Video! :)
jason poras (1 month ago)
School of Life I LOVE your videos, but am disturbed about the lack of people of color. How is that? Please make an effort: James Baldwin, Ralph Ellison, Elijah Anderson to name a few. And how about issues of race. Thank you!
fabio (1 month ago)
thank you keynes for fucking up my country's (Brazil) economy!
Asip Bajrami (1 month ago)
10:36 wow i like that frankenstein car
Chris Peters (1 month ago)
debt funded growth works until you press up against water limitations, no fresh water to support housing expansion voids most of that doctrine. there were no water shortages in the 1930s. the land was mostly unscalped at that time. bob moses blew out the american economy in the automobile age and industrial civilization came to be understood as a dead end about the time the later people (greenspan, reagan, bush) mentioned above enacted their supply side policies.
Rex Productions (2 months ago)
yo he was friends with harry potter
Sir Richard (2 months ago)
I'm a big fan of The School Of Life and a big admirer of JMK but I don't think this is one of the better videos. Let me start with the category Political Theory. Is this really where Keynes belongs? He was an economist or economic philosopher. It's true that he wasn't just concerned about 'stuff or worse money' but wanted economies to work in ways that gave people the chance to enjoy the good life. He was more social rather than political. And if one wants to label it political what about the Economic Consequences Of The Peace and his criticism of the anti-capitalists in the 1930s? What is Keynes's core message? A counter cyclical fiscal policy? What does that mean philosophically? At root I think it means the socialisation of risk. In difficult times individuals won't take risks and it's pointless to expect otherwise. The government can more easily do so and the wider feeling of pessimism means it can borrow at low interest rates. To me true Keynesian thinking is about pooling risk, global interdependence, trade balances and the need for enlightened government as the best means to ensure social liberal ends. And it's odd for a philosophy channel to ignore his major philosophical work - A Treatise On Probability
John Marlowe (2 months ago)
Does the shopkeeper hire another cashier when he sees long lines of customers or when he gets a tax cut, but has an empty store?
Saeed Baig (2 months ago)
"Keynes believed that what chiefly holds back countries is corruption, knee-jerk policies, and shortsightedness" So Keynes believed the solution to corrupt, incompetent government intervention was... more government intervention? lol ok
Potting Soil (2 months ago)
He's done more damage to the average man than almost any other human.
Richard Santiago (2 months ago)
About the quote at the end: https://quoteinvestigator.com/2011/07/22/keynes-change-mind/
Is this channel pretty left wing?
+Marlon Moncrieffe Idk, it seems like most of their philosophers are postermodernists
Marlon Moncrieffe (4 days ago)
Nah, it is pretty well balanced.
ela hayder (3 months ago)
People who believe in Rothschild conspiracy theories need to watch this video.
Martin Solomon (3 months ago)
Keynes just another Diocletian another elite saying “government is the answer to unemployment”. Yep, the government create wealth, they don’t deficit spend, they don’t send people off to war, wasting steel and energy destroying buildings and people, they just create wealth good one Keynes did you invent the smart phone, the printing press, the film industry, the diet industry, hair products, cars, chocolate , fancy watches...nope ... someone who went to Eton and Oxford has got the answer to unemployment ...yep sure. Government - an inside man just like Marx then..a tool for the elite...trust us we’re the government we literally create prosperity for all...🤣🤣🤣
rajani omkar (3 months ago)
Continuing from my previous comment, When Einstein said, "God does not like to play dice" in response to quantum physics modeling; Neil's Bohr said, "Stop telling God what to do". I would extend this statement to those who think they can model economy behavior from axioms or whatever assumptions/ projections of their own, " Stop telling economy what to do". It has no binding , neither a mandate to follow your model.
rajani omkar (3 months ago)
As much as I like these videos, I love the comments section more!!. Many have commented that economics is not an exact science like science/engineering. I'm an engineer myself with R&D experience. I say even science/engineering is not so exact. Most of our models don't fit the experimental data which we overcome by 'calibration' that requires feedback from experiments. There are many problems that are inherently unstable and chaotic. It is impossible to develop an accurate model for them. Fluid dynamics is one such example. Any predictive model needs correction inputs from the system. There is no model that is absolutely predictive simply because you don't know all the actors and their behavior a priori or even posterior. So is economics especially when it involves as fickle as human actors involved in it. As Albert Einstein once famously said, "All models are wrong; Some are useful". When the greatest scientist waves his hand at modeling, it deserves some credit.
Zack Wright (3 months ago)
His ideas were use full at the time but I think his ideas have gone too far I'm on welfare and because of monetary inflation my money buys less and less food as the time goes by
The Neo-Epicurean (3 months ago)
John Maynard Keynes opposed the creation of the London Marathon. He thought we'd all die in the long run.
Maria Callous (3 months ago)
economies fail because of poor governments...when a government doesn't have a plan for an economy then the general welfare fails. We are seeing the implosion of many governments and economies right now. When leadership is poorly implemented because of the people we also see implosion. Venezuela is headed this way. Good thing you elected Alexandra Ocasio Kotex
B Sim (3 months ago)
How can anyone objectively look at the last 80 years of American Keynesianism and conclude it is anything other than a debunk theory at this point?
Samurai Caci (4 months ago)
They call him a communist in Bolsonaro's Brasil. BTW, why are you omitting the effects caused by Hayek's followers when applied to the countries during our story, it's kinda super important isn't it?
IkilledPrince (4 months ago)
I had never heard of the new neoclassical synthesis before this video!
SwarthySkinnedOne (4 months ago)
So this is howcome he got the Nobel Prize in Econ?
J M Keynes (4 months ago)
Keynes didn't win the Nobel because he died about twenty years before it was inaugurated.
toseeornot2see (5 months ago)
Keynsian thinking always made sense to me because it was driven by the idea of preventing extreme economic failures. Neoliberal thinking just seems to rely too heavily on "markets will solve everything" - a very irrational and faith, rather than evidence based, thinking.
Marco Vinas (5 months ago)
The government provides corporations because they dont want to lose their money, so they invest government money, if they lose its government money, if they win it's corporations profits.
liltrollbox (5 months ago)
I guess this all hinges on your definition of "works".
liltrollbox (5 months ago)
4:59 this is where he completely loses me.
liltrollbox (5 months ago)
This fucking guy
kahwigulum (5 months ago)
Keynes was good, yes, but is not "arguably the greatest economist of the 20th century" as your description of him would suggest. He got a lot wrong and invokes the government (ie. reduce freedom at the point of a gun) whenever he can't figure out how to make his system work. He's a mediocre economist at best.
Daniel Ryan (5 months ago)
No Friedman? Hmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm?
Edward Dodson (5 months ago)
Keynes' most serious analytical failure was to discount out of hand the power of land markets and land speculations as a fundamental driver of cycles of boom-to-bust. He ignored changing land use; and, in particular, the rising rents extracted by owners of centrally-located or resource-laden lands.
Deniz Gunes (5 months ago)
at the end he *drops the mic*
Remco Bomhof (5 months ago)
too bad those debts never get paid.
TWICE MONO (5 months ago)
Milton Friedman please!
omfug (5 months ago)
Keynes was correct, the way that the world economy snapped back after the 2008 crash proves the basics yet again, for one thing, it is consumption that drives the economy and when consumers stop buying the government MUST step in for the short term, end of story. If he were alive now he might be appalled at the way that the United States is spending like there is no tomorrow when it had a chance to start paying off some of the debt however, I suppose that we will see how that plays out over the next couple of years.
sjewitt22 (5 months ago)
Looks great compared to the shit this Tory government has put the country through, though anything would look good next to this awful austerity.
DARIO (5 months ago)
This video makes me want to break windows
Vegard Fjeldberg (5 months ago)
9:00 Sick graph.
Monarchist (5 months ago)
I consider John Maynard Keynes to be among the best economist that ever walked on this planet if not THE best.
Conner Fields (5 months ago)
Great video.
Conner Fields (5 months ago)
I didn't know that the UK faced inflation in the 70s as well.
Will Nation-Dixon (6 months ago)
A Bancor would be such an amazing idea to put into practice
Belthazor22 (6 months ago)
So he was a tool?
Marc Jouannet (6 months ago)
temporal marginal propensity to import make 0 maximum salary per week for workers rest goes to government to maximise multiplier
Broombringer (6 months ago)
Do Anders Chydenius!
Bruno van Simon (6 months ago)
Brazil as of today has 17 million unemployed persons. Almost the same as US and Britain together in the 30s.
Michael Svoboda (6 months ago)
Still wating for Rothbard, Menschen!
Jj Chen (6 months ago)
Solving the markets problems is easy. Especially when no one is working. Hitler never read a word of Keynes and he got Germany out of the depression by simply using military and social spending.
Jj Chen (6 months ago)
So much how poverty are you going to accept until the market corrects itself.
Jj Chen (6 months ago)
free market is brutal. Its all about eliminating the weak and poor when the money supply contracts.
Jj Chen (6 months ago)
Its not like milton's theories ever produced enough discipline to get the govts to stop printing money.
Jj Chen (6 months ago)
Milton Friedman's theories never changed Keynsian economics. america still prints money just like everyone else.
Marin Stinic (13 days ago)
friedman wasnt opposed to printing money
espeon91 (7 months ago)
Why are all the economists called Milton? :P
J M Keynes (7 months ago)
Haha! https://www.youtube.com/watch?v=KgUemV4brDU
Sgt. Frank (7 months ago)
Keynesian economics became almost completely obsolete after Milton Friedman
Rose Knapp (7 months ago)
Given the current state of education in increasingly class stratified 🎺 ‘Merca, seemingly approaching pay to play for education etc...these vids, data, libraries & podcasts might literally become the new PhDs lmao
Voranart Sirisubsoontorn (7 months ago)
JMK , to me, was the starting point of negative forces of government in democracy nation.
Laura (7 months ago)
Idiot, his theory is stupid. Free market is the best, it balances things. His stupid idea of government interventionism, this is how the debt comes along. Super national economic planning is wrong.
Steve Weinstein (4 months ago)
Hoover tried it your way. It didn't work, big time. FDR, after inviting Keynes to the White House, did it his way. It worked, even if took a way to bump up the economy to the point where it could counter the Depression. .
fuck the alt right (7 months ago)
smart arguments there retard
Alexis Altamirano (7 months ago)
Hayek Wins!
fuck the alt right (7 months ago)
2008
Willie Boy (7 months ago)
Why do rich people always think they're so much smarter than everyone else. So what he still died and turned into Worm poop.
Ruby Honey (7 months ago)
END THE FRACTIONAL RESERVE PONZI SCHEME end the FED
Daniel Dingeldein (8 months ago)
Keynes was a salesman....he was in the pockets of the banking class. his theory was designed for them, not us.
fuck the alt right (7 months ago)
oh hi there retard
complete moron, second after marx
LittleImpaler (8 months ago)
This is why Keynesian economic doesn't work. Why? Because it's not the job of the government to help the people. It's bunch of big government. Keynesian cause the great depression.
Steve Weinstein (4 months ago)
The Depression was caused by rampant speculation on the market thanks to people being able to invest with as little as 10% down. They didn't have the cash to cover the loss when the stock market dove because demand had peaked. The OPPOSITE of Keynes.
fuck the alt right (7 months ago)
wow what a retatd it's not always big government only when the demand no longer exists
J M Keynes (7 months ago)
The Great Depression began with the Wall Street Crash of 1929. Keynes main contribution to economics 'The General Theory' was only published in 1936 but wasn't really listened to by governments until the 1940s. Now, you might blame the economic problems of the 1970s on Keynes, but you simply can't blame those of the 1930s on him.
Noritos (7 months ago)
The great depression was caused by laisez-faire capitalism
ChicagoTurtle1 (8 months ago)
God. This “theory” is so naïve 🤦🏻‍♂️
BigHenFor (17 days ago)
Please quote where it is being naive. I mean read some Keynes, and tell me page and publication where he's being naive.
Grant Beerling (8 months ago)
Brilliant, summary...'Not Dogmatic', when in discussion about economics its the phrase I use about Keynes, so thanks for the confirmation. Friends and I always agreed that "Philosophy should always be written in pencil', and so should economic theory, it maybe considered a science, but its not an absolute....yet...
Knight of Faith (8 months ago)
Keynes was the cause of the majority of our modern financial problems
ProlificThreadworm (9 months ago)
Q:How does the government decide where to spend its taxed money in a way that serves the contributors? A: Fuck 'em, me and my funders are all that matters!
R3L 3Z4 (9 months ago)
What do you mean by knee jerk policies?
Steve Weinstein (4 months ago)
Like Hoover, whose whole experience was that private charity could help people. He applied it and applied it even after it became obvious to everyone that it wasn't working anymore.
J M Keynes (7 months ago)
Quickly made decisions that might in retrospect appear to be hasty.
Black Phoenix (9 months ago)
"Keynes' was not a static or dogmatic understanding of Economics" No, it was just wrong.
Wezizwe Ginindza (10 months ago)
Great video!
Ron Vespertilio (10 months ago)
HENRY GEORGE!
1000Marcopeters (10 months ago)
What is a knee-jerk policy?
J M Keynes (10 months ago)
Quickly made
J. Fernandes (11 months ago)
And he was wrong.
jbond5150 (11 months ago)
We are all keynesians... stiil holds to this day.
Harshit Madan (1 month ago)
Nope
Laban Loefling (11 months ago)
Keynes is literally more evil than Satan himself.
J M Keynes (10 months ago)
Must have missed that lost fragment of the Bible.
Eddie Crowley (11 months ago)
The narrator was 'economical' with his explanation of how the increased public spending was to be repaid. Keynes clearly states that the borrowing was to be repaid by increased taxation - meaning higher rates of tax and not just by increased tax revenue from the increased economic activity. The higher rate of tax was necessary to avoid the economy overheating. Money was put into the economy in a downturn and was to be taken out on an upturn so as to level consumption and prevent inflation. No government anywhere has ever applied Keynes' principles in full. Almost all western governments borrowed and spent but none of them did the politically difficult bit of increasing the tax rate on the upturn.
Accelerationist (11 months ago)
Please do a video about Thorstein Veblen.
Cdr. Madden (11 months ago)
Governments shouldn't inject money into the economy to stimulate growth or create employment. The market is more competent than the government. Keynesians have some level of trust in a government that I can't muster. The only way a Keynesian based economy can truly function is under a Keynesian based dictatorship that one can genuinely trust to make "wise regulations."
Marlon Moncrieffe (4 days ago)
+Devin Bell The affluent need customers. It is a poor business strategy to screw them over in the long term.
Cdr. Madden (11 months ago)
Das Kinophile ENTP When have I ever licked a wealthy person's boot (as in to act in order to gain their favour, which is what bootlicking is) and when did I say I trusted the wealthy?
Devin Bell (11 months ago)
I'll never understand how/why some refuse to trust the government, but bootlick the wealthy and trust that they'll do the right thing for the people.
Yuriel Astillero (11 months ago)
DO Milton Friedman
the Alien8or (11 months ago)
I think you left out the part where he recommends that, in good economic times or upswings of growth, that governments should decrease spending, and allow the markets to do their thing, maintain or increase taxes and pay down its deficits...woeful and/ or willful obfuscation?
Rozma (11 months ago)
You had me until you blamed the 2008 crisis on neo-liberals, in which you clump the classic liberal Milton Friedman, which is laughable. If things were so wonderful under the keynesian system, why the switch? And LBJ was not Keynesian by your initial definition. He didn't create a deficit in order to create jobs, he provided a welfare state.
a dangerous idea
Yuriel Astillero (11 months ago)
Keynes only believe that governments would save economies from recessions, stagnations, and crises because, in his own argument, the free market had gone through unexpected pace, which in the end, the markets were out of control.-
Tyler Callahan (1 year ago)
The guy said he died at age 62, but the article says he died at age 63. Which is more reliable?
Luciano radice (1 year ago)
Keynes economics are ok for lifting a country out from depression, but once the country recovers economic growth spending has to be lowered, government can't just run deficits forever
gjs67 (1 year ago)
Record levels of debt for our grandchildren
Creative Nothing (1 year ago)
Please do Peter Kropotkin or Max Stirner
DD BB (1 year ago)
your channel is just amazing

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