Pemikiran Ekonomi Klasik (Tokoh Selain Adam Smith)

Summary

This video provides an in-depth exploration of classical economic thought, focusing on key figures beyond Adam Smith, such as Thomas Malthus, David Ricardo, Jean-Baptiste Say, and John Stuart Mill. Malthus is known for his pessimistic views on population growth and its impact on economic stability. Ricardo introduced the theory of comparative advantage, reshaping international trade, while Say's Law argued that supply creates its own demand. Mill contributed to the balance between free markets and government intervention, advocating for social reforms. The video highlights the lasting influence these economists had on modern economic theories and practices.

Takeaways

• 😀 Thomas Malthus, an economist in the classical school, emphasized the role of population growth in economic activities and the potential challenges it poses.
• 😀 Malthus argued that population growth must be balanced with available land and resources; otherwise, it could lead to economic crises like famine or disease.
• 😀 Malthus believed that social measures, like delaying marriage, could help control population growth and prevent such crises.
• 😀 David Ricardo is well-known for his theory of comparative advantage, which complements Adam Smith's theory of absolute advantage in international trade.
• 😀 Ricardo's views on land rental and economics included the concept of diminishing returns, where less fertile land leads to higher costs and lower profits.
• 😀 According to Ricardo, economic rent arises from market imperfections, as shown through examples like job offers with different salary expectations.
• 😀 Ricardo also theorized that the cost of production (including labor) determines the price of goods, with higher wages and production costs leading to higher prices.
• 😀 J.B. Say introduced the concept of 'supply creates its own demand,' arguing that production leads to the generation of demand for goods, challenging Malthus' pessimism.
• 😀 Say's law of markets suggests that supply and demand in a perfect competition market will always balance out, ensuring equilibrium prices.
• 😀 Say was also one of the first to discuss entrepreneurship and the classification of production factors into land, labor, and capital, contributing to modern economic theory.

Q & A

Who are the key economic thinkers discussed in the video apart from Adam Smith?

The video discusses Thomas Robert Malthus, David Ricardo, Jean-Baptiste Say, and John Stuart Mill as key economic thinkers apart from Adam Smith.

What is Malthus' main contribution to economic thought?

Malthus' main contribution is his theory on the relationship between population growth and resources, particularly in his work *Essay on the Principle of Population*, where he argued that unchecked population growth leads to economic and social issues due to limited resources.

What is the 'iron law of wages' introduced by David Ricardo?

David Ricardo’s 'iron law of wages' suggests that wages tend to stabilize at a level that is just sufficient for workers to survive, which keeps them at a subsistence level.

How does David Ricardo’s theory of comparative advantage differ from Adam Smith’s theory of absolute advantage?

While Adam Smith's theory of absolute advantage argues that countries should produce what they are most efficient at, David Ricardo’s theory of comparative advantage suggests that countries should specialize in producing goods they can produce with the lowest opportunity cost, even if they do not have an absolute advantage.

What is Malthus' stance on controlling population growth?

Malthus advocated for controlling population growth to avoid social crises like famine or war. He suggested delaying marriage and reducing family size, but he opposed the use of contraception.

What is Jean-Baptiste Say’s principle of Say's Law?

Say’s Law states that 'supply creates its own demand', meaning that production of goods inherently leads to a market demand for them, as the act of producing goods creates the purchasing power to buy other goods.

How did John Stuart Mill view government intervention in the economy?

John Stuart Mill believed that government intervention in the economy was necessary to improve social welfare, such as enforcing labor laws, including child labor restrictions, and advocating for the protection of workers’ rights.

What is the significance of Ricardo’s theory of economic rent?

Ricardo’s theory of economic rent explains how the income generated from land is determined by its fertility, with landowners of more fertile land receiving higher rents, thus affecting the distribution of economic wealth.

Why did Malthus' population theory face criticism?

Malthus' population theory faced criticism for being overly pessimistic. Critics, particularly from religious and liberal circles, rejected his ideas on controlling population growth, including delaying marriage and limiting family sizes, as impractical or morally unacceptable.

What is the role of entrepreneurs in Say’s economic theory?

Jean-Baptiste Say was one of the first to recognize the role of entrepreneurs in the economy. He viewed entrepreneurs as key drivers who organize the production of goods and services, contributing to economic growth.