Macro: Unit 2.6 -- Classical v. Keynesian Theories
Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
- Define Smith's theory of "flexible" wages and prices and to explain how Smith believes
the market itself corrects the issues of recession and inflation
- Define Keynes's theory of "sticky" wages and prices and explain how Keynes believes the
government can intervene to correct economic contraction
- Identify the three ranges of the Keynesian aggregate supply curve, and identify when
certain conditions exist in the economy in each range
- Put each theory into historical context and stimulate discussion on these economic
schools of thought
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omg this is perfect. You literally just wrote my entire exam for me!!!
Glad I could help!
I hope you don’t literally mean “literally” in this case… 🤭 that would be plagiarism!
I've been listening to my macro professor for a month talking about these theories and couldnt understand a single word she was saying. problem solved in 13 minutes xD
This may be the best comment I’ve received yet! I’m so glad that I can help you when you need it most. Spread the word! Thanks for the feedback and the support!
i loved the way you used the graph to show a real live example of the great depression, made a lot of sense
Awesome! Glad it was helpful. Thanks for the feedback!
It helped me a lot understanding this topic especially during this COVID-19 pandemic. My professor just gave us a handout and voila.. exam is real. Thanks for explaining this as briefly.
thank you for helping others! really this was my first and fruitful experience. very clear and interesting short lecture!
Love it, Thank you, I needed some clarity for the BEC portion of the CPA. That was perfect.
This is an incredible explanation. You did what books and professors failed to do. Thank you god for bringing this to me.
Watching this video all the way from South Africa University of South Africa 3rd year student. Thank you for making me understand Keynes in a simple way.
Glad I found this video. Helped me understand my weekly ECON lesson in under 15 minutes!
this is one of the best explanations of keysesian theory. thank you so much.
Just Amazing. You should be named as the - "The Best Economics teacher". After 1 year of learning macroeconomics, This 10 mins helped learn more than Ever.
What I did not understand after hours of lecture and study; Got it quite clear in 13 mins! Thanks a lot!
Really cleared all the confusion. Thank you Will.
I’m from germany and we’re learning behavioural economics in english at university.. and this really helped me, since our professors are so bad at explaining stuff in a foreign language! Great job!
this is a very wonderful class that enlightened my mind in economics.my teacher gave me very mere explanation but now am at a position of helping others to understand.
This was an awesome explanation! thank you so much for sharing your knowledge with us!!
As an economics enthusiast , this is gold. Great explanation
Thank you for a very clear and interesting presentation of the topic!Just Perfect!
Hi Mr. Willis, I didn't just love economics but also your style of teaching.
Just wanted to leave a thank you comments section . Your video was very helpful, with it I was able to easily grasp the concepts
Your 13 minutes video was better than three month session of my teacher. Thanks for making it. If possible please make video on application of game theory in macro/micro economics
THANK YOU SIR for your short brief history and summary based answer to this much asked question☺️
I like how describle every detail in a single video. You're fun and can teach better than my professor
What an excellent breakdown. Awesome.
really the best explanation seen so far really this 13 minutes is much better than the semester explanation in colleges
I couldn't understand the difference between the two theories and I searched through the internet but nothing came close to this video. Thank you so much!
This is fantastic to hear! Glad it was helpful. Thanks for the feedback!
Could you also make lecture videos on international trade theory and econometrics? loved your presentations!
This was very helpful. Your delivery was effective. Thank you
Awesome! Glad it was helpful. Thanks for the feedback!
I had to watch in .75 playback speed to follow but thank you so much!!! this was so clear and to-the-point
God bless you, I really enjoyed watching you and I understood it . Thank you so much
Thank u so much for this video! You explained things so well!
The best explanation ever! Thank you!!
Thank you so much! This helped me understand everything the night before exam
This is by far the best video which explained Keynesian Theory
I really needed some background knowledge into how these 2 theories worked in order to do my explanation of the AD-AS graph
Do you have anywhere we can donate to sustain your channel? This channels' explanation and execution are unmatched.
Very nice and concise! Thank you!
Amazing explanation, it helps a lot, thanks!
This guy is a genius in teaching concepts.
Thank you so much for this lesson. It helped me a lot
thank you SO MUCH! Super helpful, I actually enjoyed economics for once, haha!
Thank you! This was very helpful!
Well explained! Thank you
Very well simplified and expounded. Have you done one on Institutional Economics and Alfred Marshall?
Thank you, very helpful video!
Thanks for the clear explaining 😊
Could you please make a video on how Keynesian Theory applies in today's modern world. Amazing videos!!
I'd love to see a video of how Keynesian theory either failed or failed to be correctly applied in the recession of the 1970s.
@@NewhamMatt the 1970s was a supply side shock (oil shock) which caused input prices to rise and hence inflation.
Nice presentation and explanation.....thank you
The video is really helpful, thank you.
Thank you for this very helpful video.
Very persuasive. The simple angled line of other explanations is replaced by the kinks and Keynesian zone. Deficit spending to the rescue. So far so good....but how do we get the stimulus reversed without causing another slump? Your video neatly made the point for rescue spending, but when do we tax to cancel the new fiat dollars? Greatly enjoyed the lesson.
Honestly, this is a gift from heaven hahaha
Question: In the classical model is the AS curve for the short or long run ?
Fantastic, this guys a Proffesional.
Great video, thank you.
Thanks man , this is just one of the greatest
Awesome! Glad it was helpful. Thanks for the feedback!
Great video and explanation!
Thanks for explaining it well 😊
Great Video..thanks man!
Thank you sir. It was held full.
Thanks. Your video was great and very helpful.
Awesome! Glad it was helpful. Thanks for the feedback!
fantastic video thank you so much for your effort
Thanks so much, very clear and helpful
Awesome! Glad it was helpful. Thanks for the feedback!
thank you sir ....it helped me a lot ....!!!!
On point. Thats a 60 page textbook right there in 13 minutes.
Thanks a lot.Though I had to decrease the playback speed to .75x in order to think and understand what you were saying. 😂 Your video editing was very good and helpful too.💗 Subscribed to your channel. Keep up the good work.
Can relate
Hello Sir, I wanted to know what other theories are there apart from these ? Basically what different schools of thoughts? Thank you
Thank you.you're heaven sent 🥺
Thank you, sir, thank you!
Thank you! So helpful!
Awesome! Glad it was helpful. Thanks for the feedback!
Thanks...excellent video mate..
thank you so much this really helped me !
Clear explanation
Thanks. it was so so helpful.
this is fantastic thank you so much
Thank you!
Absolute gems here man
This is a great presentation
I only read 2 out of the 9 macrobook and you helped me in my paper with 13 mins. Lol
Sir you are phenomenal
interesting,and helpful👍👍👍
Thank you so much 😊
A very interesting and helpfull explanation
It was all great! Thanks!
Thanks so much! I appreciate the support!
Well done. I hope it is okay for me to share this with friends, as a tool, so they understand my viewpoint.
He summarised a 95 pages chapter for me, thanks 🙏
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love this video!!!
Sir your video is just amazing ,,,,,tq sir
Wow, thanks for helping me understand this finally. Subscribed!
it is very goog and conceptual video. liked it
Great, perferct ... Thank you
amazing. thank you.
you made this so plain and simple thank you! i wish you were my professor lol
very eductional, helped me a lot. thank u
Thanks so much! I appreciate the support!, and I'm happy it was helpful!
Watching this b4 exam tomorrow
Hey nice video! do u have notes on this topic? it would be really helpful!!
U Soo superb, really love d way u lecture 😘
“Landlord's right has its origin in robbery. The landlords, like all other men, love to reap where they never sowed, and demand a rent for even the natural produce of the earth" - Adam Smith
Here's another good one from Mr. Smith: "The proposal of any new law or regulation of commerce which comes from this order, ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention. It comes from an order of men, whose interest is never exactly the same with that of the public, who have generally an interest to deceive and even to oppress the public, and who accordingly have, upon many occasions, both deceived and oppressed it." Chapter XI, Part III, Conclusion of the Chapter, p. 292 (in my copy)
Nice video man love from Deutschland
Outline Keynes criticism of the classical full employment equilibrium? ?