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 are the criticisms of Austrian economics as mentioned in the text?

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What is the impact of consumer sentiment on the economy according to Keynesian thought?

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How did Keynesian economics propose to manage economic cycles?

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In what ways do the three schools of thought agree despite their differences?

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