Three Economists and Their Theories
We will begin “Three Economists and Their Theories” with reference to “Masters of Money.” This brilliant BBC television documentary examines the perilous state of the global financial system, using the Crash of 2008 as its starting point.
Keynes, Hayek and Marx
Though it appeared in 2010, this series still has much to say about where we are today (2017) and how we got there. The theme of this series is an examination by BBC economics editor Stephanie Flanders of how three extraordinary thinkers – Keynes, Hayek and Marx- helped shape the 20th century with their theories of economics.
An intriguing blend of classical economic theory and on-the-job interviews
Each of the three segments is devoted to one of these men, and the entire series is masterfully put together with fast-paced editing, artfully done soundtracks, and compelling narratives. Its main attraction may be its unusual blend of the gritty, the visceral, and the abstract; its content including “on-the-job” interviews with actual business people, thoughtful analyses of its subjects’ theories and hard-hitting documentary footage of Great Depression breadlines.
A distinguishing feature of this economics tutorial is its range of format and subject matter. Its content ranges from thoughtful analyses of the most important economic theories of all time to on-the-scene interviews in the rocky fastness of the Nevada desert.
John Maynard Keynes
John Maynard Keynes, who called the American war effort in World War II history’s greatest public works program, said yes to government intervention in the business sphere during crisis. A product of a proper Victorian middle class upbringing, the young Keynes got in with the Bohemian types of the Bloomsbury group and freed his intellect from the hide-bound influences of his time, place and class.
He took a bird’s-eye view of capitalism; imagining it as a ship that could flounder perilously in rough seas could right itself in due time and with the right kind of attention. Unlike Karl Marx, he believed that capitalism was a ship worth saving. This point of view was put to the test during the Great Depression of the nineteen thirties; an economic crisis so severe that it is widely held to one of the chief causes of the apocalyptic events of the Second World War. His seminal and most informative insight may be this: that a sinking economy, once sunk, may not recover of itself. He is still a bogeyman for many economic traditionalists because of his rejection of the free-market -at-all-costs-school-of-thought and advocacy of government intervention in a free economy in times of crisis.
To see this superlative documentary, go to: