Jennifer Burns

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?

This is one of these things that you see in the history of science. Like, you know, there'll be some breakthrough. Like, Darwin has a breakthrough, but, like, somebody else has sort of the same breakthrough at the same time. Totally, you know, differently. So there's a version of marginalism that's continental.

This is one of these things that you see in the history of science. Like, you know, there'll be some breakthrough. Like, Darwin has a breakthrough, but, like, somebody else has sort of the same breakthrough at the same time. Totally, you know, differently. So there's a version of marginalism that's continental.

This is one of these things that you see in the history of science. Like, you know, there'll be some breakthrough. Like, Darwin has a breakthrough, but, like, somebody else has sort of the same breakthrough at the same time. Totally, you know, differently. So there's a version of marginalism that's continental.

You know, there's a version in the German-speaking lands, in the French-speaking lands, and in Britain. And they all kind of come together. And the shift... is in the theory of value. So the theory of value in marginalism is on the margin. So say you have one apple and you want a second one, how much is going from one apple to two apple worth for you? Probably quite a bit.