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Schools of thought in macroeconomics

Published on September 30, 2015   23 min
0:00
Hello. My name is Ivan Cohen and I'm an associate professor in finance and economics at Richmond University, The American International University in London. And this is the last talk in the series in which we're going to look at schools of thought in macroeconomics. The way people think about macroeconomics or the economy in general depends often on the circumstances of the time. That is to say, when economists are trying to work out how the world around them works, it's influenced by the circumstances they face. So we're going to start by going back in time and seeing how macroeconomics was viewed before 1936. And in a short while, I'll make it clear why 1936 is considered such an important year.
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Before 1936, we can look at a progression of ideas from mercantilism through the physiocrats into orthodox or classical economics.