The Nature of Economics | Economics for People with Ha-Joon Chang

The video explores the definition and scope of economics, challenging the common perception that it solely studies the economy. It critiques popular economics books for their broad claims and examines the failures of economists in predicting and preventing economic crises. The video discusses the concept of megalomania in economics, where economists claim to explain everything. It highlights different schools of economic thought, emphasizing the need for pluralism in understanding complex economies like Singapore's. The video concludes by critiquing the neoclassical school's attempt to turn economics into a science devoid of political and ethical considerations.

In what ways do different schools of economics support free market policies?

What is the 'Singapore Problem' as discussed in the text?

How do neoclassical economists view the relationship between economics and science?

What historical shift occurred in the naming of the subject from political economy to economics?