Why Economists Never Agree on Anything?

The video explores the central economic problem of limited resources versus unlimited desires, introducing economics as a social science. It discusses the major schools of economic thought: classical, Austrian, and Keynesian. Classical economics, founded by Adam Smith, emphasizes free markets and rational self-interest. The Austrian school introduces concepts like marginal utility and subjective value, focusing on individual choice. Keynesian economics, developed by John Maynard Keynes, advocates for government intervention to stabilize the business cycle. The video concludes by highlighting the common goals of these schools and hints at future discussions on Marxism and capitalism.

What is the central economic problem discussed in the video?

• Unlimited resources and limited desires

• Limited resources and unlimited desires

• Equal resources and desires

• Unlimited resources and desires

Which economist is credited with founding the classical school of economics?

• John Maynard Keynes

• Karl Menger

• Adam Smith

• Friedrich Hayek

What was the primary focus of the classical school of economics?

• Subjective value

• Government intervention

• Free markets and specialization

• Consumer choice

Who is considered the father of the Austrian School of Economics?

• Paul Krugman

• Karl Menger

• John Maynard Keynes

• Adam Smith

What key concept did the Austrian school introduce to economics?

• Supply and demand

• Counter-cyclical fiscal policy

• Marginal utility

• Mercantilism

What is a major critique of Austrian economics?

• It ignores consumer choice

• It lacks rigorous mathematical models

• It focuses too much on short-term gains

• It relies heavily on government intervention

What economic theory is John Maynard Keynes known for?

• Counter-cyclical fiscal policy

• Marginal utility

• Supply-side economics

• Mercantilism

How does Keynesian economics propose to stabilize the business cycle?

• By increasing production

• By focusing on consumer choice

• Through free market principles

• By adjusting taxes and government spending

What is a common goal shared by all schools of economic thought discussed?

• Maximizing government control

• Solving the central economic problem

• Eliminating consumer choice

• Promoting mercantilism

What is emphasized as important for the future in the conclusion?

• Investing in the future

• Reducing government intervention

• Increasing consumer spending

• Focusing on short-term gains