Professor Keynes is Optimistic
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- Опубликовано: 26 авг 2024
- (1 Oct 1931) Famous economic expert predicts great future for Britain as result of gold standard suspension.
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Somehow he sounds exactly like you would expect him to sound.
Sounds like the Queen
Rustem sounds like a Indian
@@sharann3482 Russian actually.
Rustem Yh I kinda hear that too, but those „t“ endings sound Indian. But recognizing it’s actually British English I just realized that indian can pronounce and speak very good British English
no wonder. he studied at eton.
Came for the elegant British accent. Stayed for the angry Austrians in the comment section.
Angry Austrians who think they know everything better. Spreading demagoguery and perverting facts everywhere they go.
Classic.
The worst part are the children of Keynes after his death.
@@JR7noir You tell me. I haven't read up much about his family life.
You mean the "empirically correct Austrians".
@@lisandroCT historically speaking there are no “empirically correct Austrian”. Historically speaking virtually every time their pseudo theories have been applied they’ve led to economic catastrophe. I will direct your attention to the failures of the Friedman doctrine.
Finally i hear him talk the man whom i studied so much of his work
Mr "In the long run we're all fucked"
Got that right, then ...
Many but not all of us are beaten down by the weight of privilege that plagues our societies. The differences between societies might be differences of degree only, but the differences are still significant. That said, I would agree that the stresses imposed on the majority of people in almost every society have reached a level where systemic collapse is possible, perhaps inevitable unless systemic reforms are adopted very soon.
I love how he sounds exactly as you'd expect him to
I thought he was gonna have a deep voice, i mean mans was literally 6'7
I kinda imagined him to sound much deeper. Now I wonder how Marx, Smith , and Ricardo sounded like.
Good to see you, John.
The multiplier theory not only explains the process of income propagation as a result of rise in the level of investment, it also helps in bringing equality between saving and investment. 1:57
The concept of the multiplier to be meaningful M PC must be greater than zero but less than one. This is so because there are various leakages from the circular flow of income. Due to these leakages the process of income generation slows down. 2:00 [Government Degree College]
"Markets can remain irrational longer than you can remain solvent."
"When my information changes, I alter my conclusions. What do you do, sir?" 2:04
John Maynard Keynes
Maynard was his name.
Godfather of macro economics
The 21st Century Scandal Must Be Prevented: Keynes vs Hazlitt
By Ezra Davar Independent Researcher 0:07 [Scientific Research]
Henry Hazlitt was a well-known journalist and economics writer for publications such as The Wall Street Journal, and The New York Times. He popularized the ideas of Austrian economics and was a co-founder of the Foundation for Economic Education. 0:08 [Stand Together Trust]
"Words ought to be a little wild, for they are the assaults of thoughts on the unthinking." 0:20
John Maynard Keynes
The investment multiplier is a key concept in Keynesian economics, according to which, an increase in public or private investments will cause a country's GDP to increase by a value more than the original investment amoun. 0:30 [Navi Blog]
The essence of multiplier is that total increase in income, output or employment is manifold the original increase in investment. As a matter of fact, Keynes' investment multiplier is a modification of Kahn's 'employment multiplier'. Keynes' multiplier is the ratio of the total change in income to the initial change in investment. 0:50 [Economics Discussion]
Esto es un verdadero tesoro histórico
From which year?
the gold standard was lifted in September 1931 so this was filmed shortly after that
❤ sincere wish of a brilliant economist. Though in 2024, gold prices at all time high. Unemployment and unrest in the era of information technology also very high.
Need someone like him again.
Keynes was certainly brilliant. And yet, he failed to recognize the continued and growing power of landed interests in the modern, industrializing economies. Some of his contemporaries (such as Scott Nearing, John R. Commons and Harry Gunnison Brown in the United States) found sound analysis in Henry George's application of David Ricardo's "law of rent" to resource-laden and urban land as well as to agricultural lands. Without any deep analysis or explanation, Keynes simply asserted that rent was insignificant in modern economies. Did he not have access to statistics showing the rapid increase in location rental values in the worlds' cities. Land at the center of any city or town was valued by the square foot. The simple process of market capitalization occurred to convert annual rental values to a selling price for land. And, as George observed, this claim on wealth occurred with any expenditure of labor or capital goods on the part of the landowner/rentier. This blind spot by Keynes meant that he failed to call for changes in tax policy that would largely prevent credit-fueled and speculation driven property market cycles of boom and bust.
Edward Dodson yet he actually killed major speculation with his policies as with the Bretton-Woods System, he protected the currency’s, it would still exist if it was after his original plan, creating a World Currency as a reserve Currency instead of the US-Dollar.
He made real wage grow in line with productivity growth, so companies could invest and exploit that, in the real economy. So less money is circulating in the financial system draining the money out of it. Banks could loan their money to investing companies, without being forced to speculate with savings in the financial system.
@@sharann3482 I stand by my earlier comments. Keynes reached his conclusions regarding monetary policy based on a flawed understanding of the power of land markets, of landed interests and other rent-seeking interests to effect an ever-increasing redistribution of income and wealth from producers to non-producing rentier interests.
What is rent. Take out the property tax and...what is it?
@@greeleyestateslove There are many non-produced assets the control of which yields rent because the supply is fixed (i.e., inelastic). Frequencies on the broadcast spectrum are one example. Take-off and landing slots at airports are an example with highly time-sensitive rental values and limits on the number of planes that can safely take-off and land during the same time period. Competition-limiting licenses (e.g., to extract fish from the seas, setting maximums on the number of establishments that can sell alcoholic beverages or taxi cabs operating in a city). There are many others. A source for more specifics is Mason Gaffney, a long-time professor of economics at the University of California.
Well, aside from tax policy, much of what the state did, such as screwing with credit, exasperated that sort of issue.
Given that land is pretty important for investments for obvious reasons, its no wonder 2008 housing crash happened like it did, because for reasons as you've mentioned, having badly matched financial incentives for this sort of things goes horribly wrong when different kinds of demand come into conflict.
Mr Keynes, our greatest economist ever
Keynes to szkodnik wszechczasow . Dzięki niemu w usa dostają ludzie pieniądze za nic . Przez to nie chodzą do pracy spada pkb , wiec trzeba drukować pieniądze, zwiększa się inflacja i wszystko drozeje. Proszę mi napisać ile miesięcy obywatel ameryki musiał pracować na samochód w latach 70, a ile teraz musi . Tak Keynes i jego pomysly o drukowaniu okradają ludzi bogaci sie bogacą ,a biedni biednieją. Niech żyje von Hayek i Rothbard , Oraz prezydenci Benjamin Franklin, Thomas Jefferson, Abraham Lincoln ,William Henry Harrison , Zachary Taylor i Kennedy, Ktorzy odrzucali politykę dodruku. Przez to niektorzy zgineli
@@tzw.czarnyrynektowolnyryne8547 is friedman what your talking about
@@isaac7364 rodzinie w USA lepiej sie żylo gdy nie było FED .
Maż potrafił pracując utrzymać rodzine, kupić dom i samochód. Dziś cala rodzina musi pracować na to samo , a i tak musi wziać kedyt . Do tego prowadzi polityka Keynes. Pieniadz traci wartość.
He learned mathematics at college,gave just the right amount of respect to economics
@@dnaann1867 maths is needed for complex economics
*Hayek has entered
MMT Economics brought me here!
Ww2 really bailed him out
Is this clip now public domain, if it's from the 1930s?
I’m here because of eco105 UofT
💖💖💖
essay timeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
And he was......... wrong.
Hayek the way fellas.
Hayek is the Darkside of the force..
Hayek is the darkside of the force...
Hayek is a neoliberal clown
@@xxxxxx-kk7mh and you are a post modern loser
And everyone here is a close minded loser. The reason you have smart people with completely opposite views is because economics is hard. You can find information supporting both sides so stop bickering, check your bias, and just keep reading.
Keynes is attractive.
He was gay.
@@maxpower252 And highly promiscuous: www.independent.co.uk/news/business/analysis-and-features/john-maynard-keynes-new-biography-reveals-shocking-details-about-the-economists-sex-life-10101971.html
@@maxpower252 well, bisexual
@@jaojao1768
*self-forced bisexuality*
@@maxpower252
No way!
Could never tell!
The greatest economist of all, i assume
Impressora
Race to the bottom
If anything, race to the bottom is what we have now.
Traducción castellana
A real man of the people despite his upper crust english 'the cawst of living'. However as he said answering critics about the long term disadvantages of his policies 'in the long run we are all dead'. This is the long run and Keynes is dead.
@Robert HARNEIS Even in death, Sir John continues to be more on the ball than any of his detractors.
John Maynard Keynes made some interesting observations in different countries, as an economist he had some interesting perspectives, however historically he has without question been wrong. What a coincidence that after we get a central bank, 15 years later we have the worst crises in modern world history. America could not be in a worse position. The FOMC is baffled by what to make of the crises we are in, and trust me, they know how bad it will get unless they keep rates low. I think at this point I am over Keynes theories. If rates hit 9% tomorrow we'd have a great depression. Historically speaking, the fact that nobody disputes that, Keynesians would not disagree either, I think that also says a lot. The sad part is he actually had voiced concern about how far his pupils would take his theory. He understood limits regarding accumulation of debts. He understood repercussions existed when you mess with the market place, he was no idiot, he just thought that with enough hands on puppet-mastering you could possibly control the economy. He mentioned in this video there will be no concern, because he understood that "concern" existed about his theories, and he understood why. His theories ended up being too tempting to politicians of that era, because Keynes theories gave the government a lot more general authority.
Keynes is a legendary economist n my favourite one..🎉
❤❤❤❤❤
Better than Hayek
Unless I'm mistaken, I'm quite certain that John Maynard Keynes is speaking in a traditional Received Pronunciation accent.
You are clearly mistaken, I’m quite certain that John Maynard Keynes is speaking the Madras variant of the Tamil language here.
@@oldjesus355 LOL.
Its more like a posh cambridge english
Monarch accent
Keynes has one problem, where he gets the money?
Chuck-E-Cheese has one problem where do they get their tickets
Taxes?
@@jararacavoadora5868 and you have money printing. That's one giant problem
@@JR7noir It's not a problem at all. You just use repos or reverse repos to reduce or increase liquidity in the exchange settlement account balances to maintain whatever interest rate target the Central Bank set. Japan is a good example of this - they've been running huge deficits for 30 years and have both low interest rates and low inflation.
the real culprit for creating our current global financial system. a scoundrel.
Scoundrel ? Hardly.
He was a genius
@@freddiemercury5659 genius? he was never a genius, perhaps a hint at what he didn't understand, and created a way to increase government power over the currency. he has a huge share of the blame on our financial system being what it is today, which is the injection of liquidity and increased debt of countries through the Central Banks.
@@decoodd1329 Yes he was a genius. This is borne out by those far better schooled in economics that you or I. You do not have to agree with his thinking. Beethoven was a genius. That does not mean to say that you must like his music.
@@RobRoyBoaz many economists of the past era refuted Keynesianism, monetarists and Austrians, are totally against Keynesian policies on currency.
Not an economist
Was he talking about the British pound getting devalued?
its about loosening the pound from the "gold standard"
And the loosening of the pound from that system would (most likely) lead to a depreciation of the pound (so the pound would indeed lose value, at least for the time being)
Very unpretentious
I just thank God Keynes was born after Marx. Paraphrasing Rothbard: at least Marx wasn't a Keynesian. Phew...
@Lisandro Crespo so I’m going to make a guess… You’re a libertarian? Funny thing about Rothbard and many who subscribed to his “thought”.
When their theories were applied? They failed.
Same can’t be said for Keynes.
“Phew” indeed...
@@theQuestion626 Were have you been the last 100 years, my friend? Do you see what's happening with the economy right now? This isn't the failure of Austrian ideas. Where do you think the Austrian school of thought was applied and failed (be specific, please)?
@@lisandroCT well I’ve been living in the real world. Where have you been living…?
“Do you see...”
Actually yes I do. I also recognize that much of the worlds economic dilemma with regard to western Europe as well as the United States can directly be attributed to failures of the economic theories of Milton Friedman as opposed to Sir John Maynard Keynes.
Want specifics? You do realize that Milton Friedman was a loyal disciple of Friedrich Hayek? Last I checked… He was a devotee of the Austrian school along with Mises. Go to demonstrate with specifics how the Austrian ideas did not fail?
@@theQuestion626 I asked for specifics and got none. And no, again, Friedman wasn't Austrian. He called Keynes "brilliant" and was in favor of the FED, so... 🤷🏻♂️😂
@@lisandroCT Directed you to actual history and you ignored a simple Google search. You also would have found that Hayek and Friedman were close cohorts and one was inspired by the other. How about you actually Google things instead of relying upon emoji?
This did not age well.
Ever heard of the Euro? Very similar dynamic: greece is in major economic slump, cannot leave the euro (does not choose to at least), when leaving euro would enable its own monetary policy and allow its money to devalue, so that its products would become cheaper (tourism) and greece would be able to get out of the recession. Instead, they had to perform an "internal devaluation" through reducing its euro prices (through massive wage cuts, which could only be achieved by a lot of unemployment and social problems and a major drop in living standards, as a result of which some 1 million Greeks have emigrated to other parts of Europe, especially highly educated Greeks, thus impairing Greece's future development.
Just like the UK when it chose to leave the "real" gold standard, after which its products became a lot cheaper/production went up.
thanks to war profiteering, america exited ww2 with 2/3 of global gold supply. if you're not sure, that means that america alone was twice as rich as rest of the world combined. that's where "richest country on earth comes from". now they have about 3% of world gold supply. from 66% to 3%.. that's what keynesian economy is worth
Well I am very glad that we had the gold standard in 1919-1923, causing a massive deflation and economic depression.
Really worth it.
A self-avowed socialist. Welcome to deficit spending and the modern welfare state. What was in the cage was govt. What we have now is the left-leaning “capitalism” foreseen by Wyndham Lewis in “The Art Being Ruled.”
Lmao Keynes was not a socialist. Part of the reason he developed his theories was to protect capitalism because he was worried that a deep enough crisis would result in a socialist takeover.
“the progressive reorganisation of Society along the lines of Collectivist Socialism is both inevitable and desirable” (1911).
His father Neville recorded in his diary on September 6, 1911: “Maynard avows himself a Socialist and is in favour of the confiscation of wealth” (Keynes described himself as a socialist, and did so in the first decade of the twentieth century.)
Here, it is simply too much to list. Help yourself. He was as socialist through and through, just served up via investment banking and monetary policy. Its socialism via nationalization of banking instead of nationalization by the means of production. But what underwrites the means of production?
mises.org/library/keynes-and-ethics-socialism
EDWARD RICHARDSON this is a heavily right leaning source with mixed info accuracy
@@koboldgeorge2140 yeah I'm studying economics and Keynes+Capitalism=the best.
Well Deficit Spending only Companys don’t take deficits to invest and rather save money. That’s what they did in the depression, Consumers also saved as they were forced to save when you had no income.
Compared to past Recessions a lot of Americans were dependent on Wages and were struck more heavily from the depression of the 30‘s than in the past (heavily meaning from in terms of wealth drop).
So the economy couldn’t recover as fast as in the years before. After 12 Quarters of Economic Downfall the Government intervened and spend money, but first only spend its savings, wich only helped a bit. First after going into debts (Keynesian Deficit Spending) the economy started recovering again, after Massive State Debts, supporting the Savings and taxing the Savings, Companies were forced to invest with Debts again, while increasing Real wages in line with productivity growth.
So Companies slowly overtook the governments job of Deficit Spending and invested even more effective, letting the government pay its debt back and stay at a +-0 Balance. From the 30‘s to the 50/60‘s the US Government Paid all its debt back, bringing it to all time low.
Companies had to to take more and more Debts each year, as the government was fading out making deficit spendings.
Such Productivity growth, wage and Wealth growth was never seen in the History of the World before, wich allowed to pay for a Welfare System that directly stabilized the economy and increased purchasing power making it even more productive.
>Famous economic expert predicts great future for Britain as result of gold standard suspension
>Proceeds to default on public debt the next year
"expert"
@The French are harlequins funny how you didn’t back that up with any kind of citation or proof.
@@theQuestion626 funny how expected the interwar debt crisis to not be a foreign concept to economic historians.
@@thefrenchareharlequins2743 clever little dodgy presented there. I noticed that you instead of providing an evidence-based rebuttal you just gave me some snark. Maybe next time you can actually demonstrate some of your expertise in economic history? You’re not exactly wowing me with it.
@@theQuestion626 read some economic history of great britain, I thought Britain defaulting in 1932 was common knowledge in these parts.
is he reading? can´t memorize 2min speech????
Keynes makes me ashamed to be British.
A brilliant man, but a pity he has such a silly accent.
chel3SEY Silly accent? Shut up yankee
--As a true Yankee (northeastern USA), I gotta second WarLordist. However, I thank chel3SEY for giving us a good ol'-fashioned, warm-spirited trolling.
Overrated.
Lmfao trolling...
Looking back, abandoning the gold standard was a mistake. We could all be retired by age 30 if it wasn't for fiat.
There literally wasn't enough gold to keep up with the growing economy. We would absolutely NOT be better off with that standard.
@Smoomty I am not trying be disagreeable, but I have never heard or read that. I will look that up.
Had he lived, he would have seen the great failure of his ideas and adjusted them... this according to Hayek, who knew him well.
nah
Why he is famous ?
Overrated.
friedman?
Troll?
Classical>
Hayek>>>>>>Keynes
😂
Would you like to remind everyone gathered here who won the great economic debate? Keynes or Hayek?
@@mioszolszewski3583 Von Mises did, that's who won
@@thefrenchareharlequins2743 Rather, he won the great oil crisis of 1973. As for Mises ... Well, sorry, but I doubt it, because the Austrian School of Economics is commonly treated like that "with a pinch of salt." They present utopian doctrines. As far as the free market school perspective is concerned, the Chicago School and its derivatives dominate. And to answer my question (rhetorical, I shouldn't really) - Keynes won the economic conflict after the publication in 1936 of "The General Theory of Employment, Interest and Money".
@@mioszolszewski3583 "utopian doctrines" you mean sound logic based on undeniable axioms. Keynes lost the economic debate after the publication in 1949 of "Human Action"