Jennifer Burns

that works in an era of mass democracy, where people can vote and people can express at the ballot box their unhappiness with what's happening economically. So this larger movement will generate, of which F.A. Hayek is a part, Friedman is a part, that becomes the very early stirrings of trying to think about a new sort of liberalism, which will eventually be called neoliberalism.

that works in an era of mass democracy, where people can vote and people can express at the ballot box their unhappiness with what's happening economically. So this larger movement will generate, of which F.A. Hayek is a part, Friedman is a part, that becomes the very early stirrings of trying to think about a new sort of liberalism, which will eventually be called neoliberalism.

That is what eventually comes to pass in the United States and in the kind of overall developed profession of economics. The other piece of the puzzle here is the introduction of mathematics. And it's been around the edges, but it will pick up speed in the 1930s, like the Econometrics Society is founded. They start publishing.

That is what eventually comes to pass in the United States and in the kind of overall developed profession of economics. The other piece of the puzzle here is the introduction of mathematics. And it's been around the edges, but it will pick up speed in the 1930s, like the Econometrics Society is founded. They start publishing.

That is what eventually comes to pass in the United States and in the kind of overall developed profession of economics. The other piece of the puzzle here is the introduction of mathematics. And it's been around the edges, but it will pick up speed in the 1930s, like the Econometrics Society is founded. They start publishing.

People start using more statistical and mathematical tools to think about And they're given a boost sort of inadvertently by the rise of Keynesian economics. So Keynes is trained in the neoclassical tradition. He's an absolutely fascinating figure. He's been there in the peace negotiations at Versailles. He basically calls World War II. He's like...

People start using more statistical and mathematical tools to think about And they're given a boost sort of inadvertently by the rise of Keynesian economics. So Keynes is trained in the neoclassical tradition. He's an absolutely fascinating figure. He's been there in the peace negotiations at Versailles. He basically calls World War II. He's like...

People start using more statistical and mathematical tools to think about And they're given a boost sort of inadvertently by the rise of Keynesian economics. So Keynes is trained in the neoclassical tradition. He's an absolutely fascinating figure. He's been there in the peace negotiations at Versailles. He basically calls World War II. He's like...

hey, we're going to have another war here caused by Germany because this peace treaty has been done in such a vindictive way. And people have made such bad decisions. He's there. He sees it happening. And so when the Great Depression unfolds, he basically comes up with a new theory for explaining what's going on. And

hey, we're going to have another war here caused by Germany because this peace treaty has been done in such a vindictive way. And people have made such bad decisions. He's there. He sees it happening. And so when the Great Depression unfolds, he basically comes up with a new theory for explaining what's going on. And

hey, we're going to have another war here caused by Germany because this peace treaty has been done in such a vindictive way. And people have made such bad decisions. He's there. He sees it happening. And so when the Great Depression unfolds, he basically comes up with a new theory for explaining what's going on. And

The previous neoclassical understanding is sort of things go up and things go down. And when they go down, there's a natural mechanism to bring them back up. So when the economy is going down, prices are going down, wages are going down, everybody's losing money, but eventually firms are going to realize, hey, I can hire people cheap. hey, I can buy stuff cheap. I don't have a lot of competition.

The previous neoclassical understanding is sort of things go up and things go down. And when they go down, there's a natural mechanism to bring them back up. So when the economy is going down, prices are going down, wages are going down, everybody's losing money, but eventually firms are going to realize, hey, I can hire people cheap. hey, I can buy stuff cheap. I don't have a lot of competition.

The previous neoclassical understanding is sort of things go up and things go down. And when they go down, there's a natural mechanism to bring them back up. So when the economy is going down, prices are going down, wages are going down, everybody's losing money, but eventually firms are going to realize, hey, I can hire people cheap. hey, I can buy stuff cheap. I don't have a lot of competition.

Maybe I should get in the game here. And then others will start to get in and then you regenerate prosperity in that way. And so Keynes says, sure, that's one theory, but something different is happening right now. Part of why it's happening is because we have, the working class is more empowered now. They're not simply gonna just take low wages and ride them down to the floor.

Maybe I should get in the game here. And then others will start to get in and then you regenerate prosperity in that way. And so Keynes says, sure, that's one theory, but something different is happening right now. Part of why it's happening is because we have, the working class is more empowered now. They're not simply gonna just take low wages and ride them down to the floor.

Maybe I should get in the game here. And then others will start to get in and then you regenerate prosperity in that way. And so Keynes says, sure, that's one theory, but something different is happening right now. Part of why it's happening is because we have, the working class is more empowered now. They're not simply gonna just take low wages and ride them down to the floor.

We might not hit the floor. But also he says, people might, become too anxious to spend. They might not want to invest. And Keynes has these discussions of animal spirits, right? He's still enough of a political economist to think not just in terms of human rationality, but what are some other things going on in human beings? And people might decide to sit on their money. They might not invest it.

We might not hit the floor. But also he says, people might, become too anxious to spend. They might not want to invest. And Keynes has these discussions of animal spirits, right? He's still enough of a political economist to think not just in terms of human rationality, but what are some other things going on in human beings? And people might decide to sit on their money. They might not invest it.

We might not hit the floor. But also he says, people might, become too anxious to spend. They might not want to invest. And Keynes has these discussions of animal spirits, right? He's still enough of a political economist to think not just in terms of human rationality, but what are some other things going on in human beings? And people might decide to sit on their money. They might not invest it.