"An economist is an expert who will know tomorrow why the things he predicted yesterday, did't happen today." -Laurence J. Peter

Economists and weather forecasters are the only people who can be wrong all the time and keep their job.

No one: Malthus: 'We all are going to die of hunger.'

I am a 70 yr old Grandma from India , and knew very little about the terms used in Economics as I was a student of Biology, but thank you guys and ur team for making this so simple and clear.Though I wish you could go a little slow .Thank you once again!😊

My wife is a Keynesian.... she's always spending herself out of depressions. Great episode!! Rock-on!!

"This guy looks like Mark Cuban, but not as attractive or rich" - Mark Cuban

*Main outtakes of this lesson* - Economic theories are constantly being proven, disproven and revised. *Incorrect theories* Thomas Malthus - In 1798, he argued that population growth would outpace food production. Social darwinism - assistance to poor people and welfare are socially immoral. Combined ideas of Darwin & Malthus. *1) Capitalism* - free markets and private property Adam Smith - "The wealth of nations", 1776. A person following their own self-interest could end up serving the common good. David Ricardo - Theory of comparative advantage: 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). John Maynard Keynes - markets and economies don't self-correct quickly because prices and wages take time to adjust. During recessions, the government must get involved by using monetary and fiscal policy to increase output and decrease unemployment. *2) Communism* - collective ownership of the means of production in a stateless and classless system - _Communist Manifesto_ by Karl Marx and Friedrich Engels, 1848 - history is explained by the conflict between workers and property owners. Establishment of the Soviet Union in 1922. *3) Classical economics* (capitalist ideas) - _Principles of economics_ by Alfred Marshall, 1890. Government intervention is seen as harmful for the economy. - Supply and demand. Marginal utility. *4) Socialism* - the means of producing and distributing goods is owned collectively or by a centralized government. - Private property and markets. Government ownership of industry. Significant regulation. Big public programs like universal healthcare. Examples: Norway, Sweden, Spain, France... *5) Austrian school of economics* - Friedrich Hayek and Ludwig von Mises. - Regulation and government involvement has never produced the results it promised. It's seen as a problem, not a solution. - Milton Friedman in the US - Chicago School of Economics, proposing privatization, deregulation and school vouchers. *6) Monetarism* - Monetarists focus on price stability and argue the money supply should be increased slowly and predictably to allow for steady growth. *7) Supply-side economics or trickle-down economics* - Deregulation and cutting taxes, especially corporate taxes. *8) New neoclassical synthesis* - Unified theory that includes ideas from classical economics, including monetarism, and Keynesian economics. It is the basis of mainstream economics today. China and Cuba are not communists anymore, they're capitalists. North Korea is communist.

Dudes just helped me aced my test by 80/95. Thanks Crash Course dudes!

“The disposition to admire, and almost to worship, the rich and the powerful, and to despise, or, at least, to neglect persons of poor and mean condition is the great and most universal cause of the corruption of our moral sentiments.” -Adam Smith, Scottish political economist (1723-1790)

Denmark isn't Socialist.

looks like it’s always been easier to imagine the end of the world than to imagine the end of capitalism, right Malthus?

Social democracy and socialism are very different.

Which has the worse comment section? CCEconomics or CCHistory? Vote now!

Opportunity Cost - - one of the most underrated subtopics of economics.. yet, one of the most important subtopics in economics imho.

>A: Any socialism is bad >B: Scandinavia has some successful socialist policies >A: Nah, those just appear socialist, they're actually free market capitalist >B: Fine, let's implement them >A: But that's socialism The problem with labels

I've never gotten less than expected from crash course. You guys are simply good at what you do. Simple, brief and fun.

Scandinavian countries are one of the most free market places in the world, despite the huge welfare system. Just look at the international rank of economic freedom.

and so the 100 year flamewars in the comment section begun...

>Scandinavia >Socialist This is how you tell if someone has never read a primary source in their life

Really hard to belive that they are experts. When they said that scandinavia is rule by socialism, when there is nothing more capitalism that a country with free market

Never mind, they just called Scandinavia socialist.

All the people who contributed into the creation and production of this episode.. you are awesome. Thanks.

A myriad range of macroeconomic concepts, beautifully summarized. Well done @crashcourse . This is great content!

oh my god imagine thinking denmark is socialist I can't

Milton Friedman is a very smart and wise man

People here really seem to believe they're experts at everything and can't possibly be wrong. This isn't really a good way to learn about things.

So, the game has a lot of bugs and economists update the game very so often to fix it, but... These bugs don't disappear.

Supply-side economist Thomas Sowell says that “trickle-down” is a misconception

If a KZfaq video is ignoring KZfaq comments, I'd say they're doing it right.

All those nice people in the credits section are great too!

You guys are great. I'm an engineer getting lots of new stuffs watching your videos. Keep up the good work.

" The Curious Task Of Economics is to demonstrate to men how little they really know about what they imagine they can design " Frederich August Von Hayek The Fatal Conceit

It upsets me that, too frequently, discussions about economic policy are presented as moral debates. One side complaining that politicians don't care for the poor, with another griping that the "undeserving" are reaping the benefits of entrepreneurship. At the end of the day, what we all want it simple - for everyone to have as much as possible for as little as possible. At the heart of these disagreements isn't a difference of moral opinion, but of economic paradigm. I wish we could have more discussion about what economic policies actually do, with less inflammatory rhetoric about the moral stature of minds from different schools.

Thanks Jacob and Adriene, and the rest of the CrashCourse team. I just subscribed and this is my second video and I've learned a lot. Definitely going to be making an Economic Reading list. Loved the video!

They acknowledge the different economic schools, but they keep going on teaching the Keynesian equations. "The specific anticipative understanding of the conditions of the uncertain future defies any rules and systematization" Ludwig Von Mises

5:52 Adriene: (Austrian School of Economics) They also have a very vocal fan base in our comment sectiom Me: 👀 😗

Love the show, watched every episode! I even went as far as adding silly comments.

That AC/DC belt though 10/10

“Here I am. Crawling through barbed wire, over landlines through rivers and mountains, so that I can escape the evils of free market capitalism” - said no one, ever

thanks guys! very nice of you do to this! appreciate it! cramming for a test tomorrow and it was nice to hear your breakdown.

I wish I had your videos when I was studying economics in business school, you guys definitely put everything into perspective very well.

Next time Dante goes to the ninth ring of hell, Lucifer's going to have a fourth, yellow head eternally chewing Milton Friedman.

Adrian and Jacob you have done a fantastic job in explain economics ...thanks a lot.

Thanks Crash Course!! for all your Economic Videos! Here a supporter and a fan, keeping forward everyday.

One part of Keynesian economics is spending during a recession, the other part is SAVING during the good times. The problem is that no government ever SAVES, they only spend. Hence why Keynesian economics will never work when practised by government.

I love this CC series!

I loved it!!!! Thanks for putting together this course...

I love these videos! It's fantastic that I can keep learning all the time, even after school hours and during school breaks! Thank you!

9:18 hear that now in 2020

Great video! It's important to recognize that the Soviet Union was actually a socialist country by any definition of socialism, with communism as the ultimate goal of the state. (You mentioned in a previous video that communism has never fully been achieved). Calling socialist countries communist and socialist-influenced capitalist countries socialist is actually somewhat misleading.

Thank you very much for your enthusiastic approach and catching, lively and informative overview of economic theories! I enjoyed your video and, yeah, you guys are awesome. Thanks for your effort! ❤

Thank you, @Crash Course team, for making awesome videos!!

I like your videos. I'm teaching economic theories at high school in Sweden and we start even earlier, with Mercantilism as an economic idea. Aside from that, I find your film very usable in my education. Thanks!

as much as I love and appreciate learning about economics, I would love a bonus episode where they roast all of the KZfaq commenters

yay I'm excited to see acdc economics team up with crash course!

Great video in these uncertain times.

this video series has been really helpful for my preparation of level 1 cfa exam, thank you so much, your videos are really interesting and make the otherwise confusing economics seem so simple

This is great stuff.. thanks so much for putting this series together, and with such enthusiasm for the subject matter. You're both so alive!

All of you makers are just wonderful. Thank you.

What a superbly done episode!!

trickle down economics XD. The hope that rich people will forever re invest in their business.

Tsk...I guess I'll step in then Main outtakes from the lesson: 1. In 1798, Thomas Malthus argued that population growth will outpace food production leading to starvation and death. This idea combined with the idea of Charles Darwin led to "Social Darwinism". 2. In 1776, Adam Smith published "Wealth Of The Nation" where he advocated Free Trade. David Ricardo later proposed "The Theory Of Comparative Advantage"- When both focus on what thy're best at, everyone benefits. 3. 1848 saw the birth of the Communist Manifesto by Karl Marx and Friedrich Engels which look at economic clashes as conflict between workers and property owners. 4. 1890, Marshall embodied "Classical Economics" with a book 'principle Of Economics". 5. John Maynard Keynes launched the field of macroeconomics after the great recession. They claimed that during recessions ,it is necessary for government to get involved using monetary and fiscal policy too increase output and decrease unemployment. He challenged the classical economist who saw government intervention harmful for the economy. 6. Austrian School Of Economics: by Friedrich Hayek And Ludwig Vonmises argued heavy state involvement has never produced results and regulations were problems. They rejected all form of monetary and fiscal policies. 7. In that same vein, Milton Friedman and the Chicago School Of Economics advocated privatization of many functions which were assumed by the government. 8. Monetarism: It focused on price stability and argued money supply should be increased slowly and predictably to allow steady growth. 9. Supply Side Economics A.K.A Trickle Down Economics advocates deregulation and cutting down taxes especially corporate taxes. 10. Modern economics takes idea from classical economics including Keynesian and monetarism. This unified theory is called the Neo-Classical Synthesis

For Those About to Rock... We educate you!

Shout out to Jack Kennedy. I just saw your name on the credits and Thank you for your contribution jack, Thought cafe is really cool and super creative. All in all I love your guys channel really helps me while school is down

The Scandinavian countries have a freer economy, Denmark is economically freer than the US.

Austrian school is where it is at.

Excellent SO far... 3 mins into the video am i am already say YES !!

I really like your videos! Keep them coming.

Actually, Classical Economics mostly ended with Ricardo and Mill. Alfred Marshall and his entourage are Neo-Classics, which are pretty different form classical economics in all ways possible.

Venezuela's Economy is one of the biggest and best examples to demonstrate why hard government intervention is not the correct way to go, balanced within private and government sector is probably the best approach. But still, in that specific economy there are so many factor to take into account. It would be nice to see a video about that case study.

Thank you so much. This was a very helpful video.

Thank you very much. You are doing an amazing job

The contents of the «Manifesto», as well as «Capital», are about Capitalism, not about Socialism or Communism...

It's always weird for me to hear references to my country, Denmark. Usually it's so small that it gets ignored and nobody even knows it exists xD

Very useful. The way they present is very interesting. Thanks a lot

Very Well Done !!Many Thanks Crash Course Economics Team !!!Many Thanks Crash Course !!!!

Humm I was really hoping they would get into the mechanics of how communism works. Guess I have to read Das Kapital

It’s kinda contradicting when you first when describing communism defines it as “classless and stateless society” and then use USSR, PRC and North Korea as examples, societies where the states expands greatly and does more than exist. Also, Scandinavia isn’t socialistic, we are social democratic with welfare states. Sure social democracy builds on Marxism but it was a long time since any Scandinavian social democrat or major politician called for a socialist society or mentioned Marx or anything socialistic.

thank you so much for this. You just said out the answers to my summer homework.

great efforts. thank you Crash Course team

You know, kudos to them to actually treat each aspect equally unfairly. Especially since it is so condensed I can appreciate it.

I expected so much more :/ I dunno, it seems the other crash courses give so much more detail of the subject matter...maybe it just seems like this because I study this? ^^

Another great video! Well done!

great work, love the series

Austrian economics FTW!

Can we get a video focusing on Political Economy?

This has really helped me in my studies..... Thanks crash course

Very good course on economics. Very unbiased point of views

Quantitative Easing IV, just started again a couple of months ago. The Austrian School is sitting pretty comfortably. Too bad the world will have to learn the hard way, yet again...

As a sociologist, I'm so happy you didn't forget about Engels!

Awesome video. I loved the animations, thanks to the person who works on that part. I admire the videos you all make. I personally want to start a KZfaq channel and earn some money. I will follow the example of the great channels like yours.

though café is just killing it.. thanks for all

It's painful to see economic illiterates argue in the comments section. I mean I'm just a first year undergrad student of economics, but even I can disprove a lot of the rubbish that is being spouted in this comment section.

Malthus didn't say we would all starve and die off. He predicted that only the spillover population would starve to death.

This is very good video, didn't not use it in my school project because it was tooooo good, thank you come again

This was helpful. Thank you!

>communism is a stateless and classless society >communist countries like china, cuba, and north korea why did you think explaining multiple ideologies in one video would be a good idea

Austrians came before Keynes and they refuted him and socialists too. It's a shame if this video is not corrected.

thank you for these nice courses :)

Thank you! I'm so glad I understand/ knew most of what was spoken about! (: