SEJARAH PERKEMBANGAN ILMU EKONOMI

Summary

This video script delves into the history and development of economics as a science, highlighting Adam Smith's foundational work in the 18th century. It discusses the classical school of thought, the failure of the market during the Great Depression, and the emergence of Keynesian economics. The script further explores neoclassical economics, the law of diminishing marginal utility, and the contributions of economists like Gossen, Jevons, and Menger. It touches upon modern economic challenges, such as production, distribution, and consumption, and the role of government intervention in achieving economic balance.

Takeaways

• 📚 Economics is a study of human behavior in making choices to create prosperity, with the core issue being the imbalance between unlimited human needs and limited resources, leading to the problem of scarcity.
• 👤 Adam Smith is considered the father of modern economics, who developed the 'Invisible Hand' theory, suggesting that market forces, primarily through pricing, should guide the allocation of resources with minimal government intervention.
• 📉 The Great Depression of the 1930s was a turning point for classical economics, highlighting the market's inability to self-regulate and the need for government intervention, as proposed by John Maynard Keynes in his 'General Theory of Employment, Interest, and Money'.
• 🌐 Classical economists like Adam Smith, Thomas Malthus, and David Ricardo focused on the factors of demand and supply in determining prices and aimed to solve economic problems through research in these areas.
• 🌾 Physiocrats, a different school of thought, believed that agriculture was the source of all wealth, contrasting with the Mercantilists who prioritized the inflow of precious metals and export-oriented policies.
• 💰 The main economic problem of society, according to classical economists, is divided into three parts: production, distribution, and consumption, each addressing different aspects of economic activity.
• 🔄 Gossen's Laws, developed by Hermann Heinrich Gossen, relate to the quantity of goods consumed and the resulting satisfaction, as well as how consumers allocate their income to satisfy various needs.
• 📊 Neoclassical economists, including Gossen, Jevons, and Menger, focused on the marginal utility theory, which posits that the value of a good is determined by the satisfaction it provides, with individual preferences influencing price differences.
• 📈 Marginal productivity theory is a cornerstone of neoclassical thought, offering a more precise and sharp analysis of economic behavior, especially in the context of production functions and increasing or decreasing returns.
• 🔢 Alfred Marshall, known as the father of neoclassical economics, synthesized marginalist and classical ideas, emphasizing the role of both demand and supply in price determination and the use of ceteris paribus for partial equilibrium analysis.
• 🛒 Marshall also introduced the concept of consumer surplus, which relates to the idea that consumers spend less than they are capable of spending if the market price is lower than their willingness to pay.

Q & A

What is the main focus of the video script?

The video script focuses on the history and development of economic science, discussing various economic theories and schools of thought, starting from the classical school of economics with Adam Smith to modern economic perspectives.

What is the core problem of economics according to the script?

The core problem of economics is the imbalance between the unlimited human needs and the limited means to satisfy those needs, leading to the issue of scarcity.

Who is considered the father of modern economics, and what is his significant contribution?

Adam Smith is considered the father of modern economics. His significant contribution is the development of the 'Invisible Hand' concept, which suggests that the market can regulate the distribution of resources with minimal government intervention.

What economic theory did Adam Smith propose in his book 'The Wealth of Nations'?

Adam Smith proposed the theory of the 'Invisible Hand' in 'The Wealth of Nations,' which posits that the market can self-regulate resource distribution through the mechanism of the price system.

What was the failure of the classical school of economics that led to the emergence of new economic theories?

The failure of the classical school of economics was its inability to respond effectively to the Great Depression of the 1930s, which showed that markets could not always create balance on their own, necessitating government intervention.

Who is John Maynard Keynes, and what is his significant contribution to economics?

John Maynard Keynes is a prominent economist known for his book 'The General Theory of Employment, Interest, and Money,' in which he argued for government intervention in the economy to achieve full employment and stable prices.

What are the three main problems that every economy must address according to the modern economic perspective?

The three main problems that every economy must address are: what and how much goods and services to produce, how to produce them efficiently, and for whom to produce them.

What is the law of diminishing marginal utility, and how does it relate to consumer behavior?

The law of diminishing marginal utility states that as the consumption of a good increases, the additional satisfaction or utility derived from each additional unit of the good decreases. This concept is central to understanding consumer behavior and decision-making.

What is the significance of the 'Invisible Hand' in Adam Smith's economic theory?

The 'Invisible Hand' in Adam Smith's theory signifies the idea that individuals, while pursuing their own self-interest in a free-market economy, inadvertently promote the economic welfare of society as a whole.

What is the concept of 'Marginal Productivity' in neoclassical economics?

The concept of 'Marginal Productivity' in neoclassical economics suggests that the value of a good is determined by the lowest level of satisfaction it can provide. It is a theory that directly opposes the exploitation theory by arguing for a fair and objective distribution of wages, profits, land rent, and interest.

How did Alfred Marshall contribute to neoclassical economics?

Alfred Marshall, known as the 'Father of Neoclassical Economics,' contributed significantly by synthesizing the marginalist and classical theories. He introduced the concept of supply and demand as two blades of a pair of scissors, emphasizing the importance of both sides in determining market prices.