Jennifer Burns

So he'll go, for part of his graduate career, he goes to Columbia University, where he actually gets his PhD from. And he works with a mathematical economist there. And so he comes out trained in what will eventually be econometrics and statistics and economics. His early publications are in statistics, but it's not really where his intellectual heart and soul are.

So he'll go, for part of his graduate career, he goes to Columbia University, where he actually gets his PhD from. And he works with a mathematical economist there. And so he comes out trained in what will eventually be econometrics and statistics and economics. His early publications are in statistics, but it's not really where his intellectual heart and soul are.

And eventually he will turn very profoundly against mathematics in economics and become a sort of heterodox strain throughout 20th century economics. It says simple models are better. Um, We need to work on empirical, work off empirical data, not construct elegant models, and becomes really sort of countercultural within economics in that way.

And eventually he will turn very profoundly against mathematics in economics and become a sort of heterodox strain throughout 20th century economics. It says simple models are better. Um, We need to work on empirical, work off empirical data, not construct elegant models, and becomes really sort of countercultural within economics in that way.

And eventually he will turn very profoundly against mathematics in economics and become a sort of heterodox strain throughout 20th century economics. It says simple models are better. Um, We need to work on empirical, work off empirical data, not construct elegant models, and becomes really sort of countercultural within economics in that way.

It should predict stuff that happens. It should tie back to what's going on.

It should predict stuff that happens. It should tie back to what's going on.

It should predict stuff that happens. It should tie back to what's going on.

Okay, so schools of economics. So we could start with classical economics. Classical economics, we could think of Adam Smith as kind of your classic classical economist, the founder of the discipline. Classical economics is does not really use math, is very close to political economy. It's concerned with, as Smith puts it, the wealth of nations. It's concerned to some degree with distribution.

Okay, so schools of economics. So we could start with classical economics. Classical economics, we could think of Adam Smith as kind of your classic classical economist, the founder of the discipline. Classical economics is does not really use math, is very close to political economy. It's concerned with, as Smith puts it, the wealth of nations. It's concerned to some degree with distribution.

Okay, so schools of economics. So we could start with classical economics. Classical economics, we could think of Adam Smith as kind of your classic classical economist, the founder of the discipline. Classical economics is does not really use math, is very close to political economy. It's concerned with, as Smith puts it, the wealth of nations. It's concerned to some degree with distribution.

It's concerned to some degree with what makes a good political system. And what tends to really define classical economics, when you're looking from a great distance, is what's called the labor theory of value. So where does value come from in classical economics? It comes from the labor that a person puts into it. So maybe this in some way is a...

It's concerned to some degree with what makes a good political system. And what tends to really define classical economics, when you're looking from a great distance, is what's called the labor theory of value. So where does value come from in classical economics? It comes from the labor that a person puts into it. So maybe this in some way is a...

It's concerned to some degree with what makes a good political system. And what tends to really define classical economics, when you're looking from a great distance, is what's called the labor theory of value. So where does value come from in classical economics? It comes from the labor that a person puts into it. So maybe this in some way is a...

comes from Locke's notion of property, that you kind of mingle your labor with the natural world. We can say labor theory of value. So classical economics, concerned with Smith's arguing against mercantilism for more free trade, often goes by the name of political economy to show it's more capacious. It's thinking of politics and economics. You can still read these books today.

comes from Locke's notion of property, that you kind of mingle your labor with the natural world. We can say labor theory of value. So classical economics, concerned with Smith's arguing against mercantilism for more free trade, often goes by the name of political economy to show it's more capacious. It's thinking of politics and economics. You can still read these books today.

comes from Locke's notion of property, that you kind of mingle your labor with the natural world. We can say labor theory of value. So classical economics, concerned with Smith's arguing against mercantilism for more free trade, often goes by the name of political economy to show it's more capacious. It's thinking of politics and economics. You can still read these books today.

The sentences are long, the words are different, but you can still follow along. So the real big transition from classical economics and political economy to economics, as it's understood today, comes with the marginal revolution. And the marginal revolution is a scientific revolution that happens in a couple of different places simultaneously, right?

The sentences are long, the words are different, but you can still follow along. So the real big transition from classical economics and political economy to economics, as it's understood today, comes with the marginal revolution. And the marginal revolution is a scientific revolution that happens in a couple of different places simultaneously, right?

The sentences are long, the words are different, but you can still follow along. So the real big transition from classical economics and political economy to economics, as it's understood today, comes with the marginal revolution. And the marginal revolution is a scientific revolution that happens in a couple of different places simultaneously, right?