Economía clásica: interés y capital (Adam Smith y David Ricardo)

Summary

In this video, Danny Fernández introduces the classical theory of capital and interest, central to Austrian economics. He explores their historical roots, tracing them back before the Austrian school. Fernández discusses the classical economists' views on capital, emphasizing that it refers to products made for future production. Interest, for them, is the return on capital. He highlights the views of Adam Smith and David Ricardo, showcasing the evolution of thought on these topics. The video contrasts classical economics with modern marginalist theory, offering a comprehensive yet accessible introduction to economic thought on capital and interest.

Takeaways

• 😀 The video introduces a series on the history of capital theory and interest theory in economics, particularly from the Austrian School of thought.
• 😀 The classical theory of capital defines it as a set of products destined for later production, emphasizing the combination of land and labor in creating capital.
• 😀 Classical economists like Adam Smith and David Ricardo contributed to early understandings of capital and interest, though the concepts have seen little evolution in the last 60 years.
• 😀 Capital, according to classical economists, is distinguished from labor and land, which are original factors of production. Capital arises from the combination of labor and nature.
• 😀 In the classical view, only products created through the combination of labor and nature can be considered capital. Non-capital products are excluded from this definition.
• 😀 Interest is considered the income generated from capital, and classical economists often did not deeply explore the origin of interest, assuming it as a natural outcome of capital usage.
• 😀 Adam Smith believed interest arose because without it, there would be no incentive for capitalists to employ workers productively.
• 😀 David Ricardo proposed a more developed view, linking interest to the time element—capitalists must advance money and wait for returns from the sale of products.
• 😀 Smith also proposed two contradictory views on interest: one related to the value increment from capital, and another to the potential deduction from workers' pay.
• 😀 Classical economists did not differentiate much between profit and interest, with many treating them synonymously, unlike modern economics which distinguishes between profit as the entrepreneur's income and interest as the payment for capital use.
• 😀 The classical view of capital focuses on its role in production, rather than analyzing the inherent characteristics or relationships with interest. This contrasts with modern economics, which focuses on consumer needs and the utility derived from capital.