Hello and welcome to the fourth episode of Theory of a Week, a weekly show from a student’s note, where we explore a theory-esque concept each week.
This week is somewhat of a continuation of last week’s episode, because we will cover a second path‑defining economist: John Maynard Keynes. He was active in early 20th‑century Europe, a period marked by war, social unrest, and the Great Depression. In this crisis‑ridden context, many core economic ideas were questioned – including Adam Smith’s “invisible hand” and the belief in fully self‑regulating markets.
In this episode, we introduce Keynes’s key insights about aggregate demand, unemployment, and the role of the state in stabilising a capitalist economy. We discuss why, for Keynes, markets can get stuck in deep recessions, why government spending and fiscal policy matter, and how his ideas reshaped macroeconomics and economic policy after the 1930s.
If you’re interested in macroeconomics, economic crises, or debates about austerity versus stimulus, this episode on John Maynard Keynes and the rise of Keynesian economics is for you.
Let’s get started.
Chapters
* Introduction
* The Great Depression
* The break with classical economic thought
* The role of the state
* A new vision of economic order
* Closing thought
Music credits
Music track: Daydreams by PufinoSource: https://freetouse.com/musicMusic for Video (Free Download)
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