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Economics and the Pursuit of Happiness

5 Parts, 15 Lessons, 51 Videos   3H 30M
Parts
  • Introduction
  • Political Economy and Public Choice
    • Lesson 1: Political Implications of Economic Systems
    • Lesson 2: The Public Choice Perspective
    • Lesson 3: Bureaucracy and the Commercial Order
  • Moral Dimensions of Property and Trade
    • Lesson 4: Justice in Exchange
    • Lesson 5: Social Aspects of Justice and Commerce
    • Lesson 6: Property, Production, and Distribution
  • The Contest of Ideas: Keynes and Hayek
    • Lesson 7: John Maynard Keynes: Radical Conservative
    • Lesson 8: Hayek: Conserving Freedom
    • Lesson 9: Keynesianism and the Limits of Economics
  • The Contest of Ideas: Free to Choose?
    • Lesson 10: Freedom of Choice
    • Lesson 11: Hayek: Libertarian Paternalism
    • Lesson 12: On the Nature of Liberty
  • The Moral Dimensions of the Market Economy
    • Lesson 13: Moral Norms
    • Lesson 14: Justifying Income, Wealth, and Capitalism
    • Lesson 15: Market Freedom, Efficiency, and Tradition

Lesson 7 Lesson 7: John Maynard Keynes: Radical Conservative

Presented by: Dr. Jay Richards and Dr. Anne Rathbone Bradley
Busch School of Business and Economics at the Catholic University of America and George Mason University

Playlist

  1. Lesson 7, Video 1 - Dr. Jay Richards
  2. Lesson 7, Video 2 - Dr. Anne Rathbone Bradley
  3. Lesson 7, Video 3 - Dr. Jay Richards
  4. Lesson 7, Video 4 - Dr. Jay Richards

The End of Laissez Faire?

John Maynard Keynes presented his ideas on aggregate economics—macroeconomics—as a marked departure from the economics he had learned when a student at Cambridge. According to Keynes, there was no theory of business activity as a whole and no theory adequate to deal with allocation of resources under conditions of less than full employment. Keynes thought that his new theory would chart a course between laissez-faire individualism and Soviet-style socialism for a workable capitalist economic system. Students will consider whether or not it did.

Key Concepts: (1) Classical Economics, (2) Aggregate or Macroeconomics, (3) Laissez-Faire Capitalism, (4) Collective Action

Lesson 7 Quick Quiz

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EPH Lesson 7: John Maynard Keynes: Radical Conservative

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“Perhaps the chief task of Economists at this hour (1926) is to distinguish afresh the Agenda of Government from the Non-Agenda; and the companion task of Politics is to devise forms of Government within a Democracy which shall be capable of accomplishing the Agenda."

John Maynard Keynes

“For a hundred years or longer, English Political Economy has been dominated by an orthodoxy. … But I myself in writing it [The General Theory], and in other recent work which has led up to it, have felt myself to be breaking away from this orthodoxy, to be in strong reaction against it, to be escaping from something, to be gaining an emancipation.”

John Maynard Keynes

“These reflections have been directed towards possible improvements in the technique of modern Capitalism by the agency of collective action. There is nothing in them which is seriously incompatible with what seems to me to be the essential characteristic of Capitalism, namely the dependence upon an intense appeal to the money-making and money-loving instincts of individuals as the main motive force of the economic machine.”

John Maynard Keynes

“But, above all, individualism, if it can be purged of its defects and its abuses, is the best safeguard of personal liberty in the sense that, compared with any other system, it greatly widens the field for the exercise of personal choice. It is also the best safeguard of the variety of life … the loss of which is the greatest of all the losses of the homogeneous or totalitarian state.”

John Maynard Keynes

Learn More

h Link

John Maynard Keynes, The General Theory of Employment, Interest, and Money (1936), Preface to the German edition (1936), Preface to the French edition (1939; “The Social Philosophy Towards Which The General Theory Might Lead,” Chapter 24. pp. 321-332.

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h Link

John Maynard Keynes, Essays in Persuasion, “The End of Laissez-Faire” [1926], pp. 312-322.

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h Video

“Political Theory: John Maynard Keynes” by The School of Life

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Economics and the Pursuit of Happiness

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