SEJARAH PERKEMBANGAN ILMU EKONOMI

Channelnya Indah

31 Jan 202414:28

Summary

TLDRThis 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.

Outlines

00:00

📚 Introduction to the History of Economic Thought

This paragraph introduces the topic of the video, which is the history and development of economic thought. It discusses the fundamental problems of economics, such as the unlimited human needs versus the limited means to satisfy them, leading to scarcity. Adam Smith is highlighted as the pioneer of economics as a separate discipline in the 18th century through his work 'The Wealth of Nations.' The paragraph also touches on the classical school of thought, emphasizing Adam Smith's concept of the 'Invisible Hand' and the limited role of government in resource allocation. The failure of the classical school during the Great Depression and the subsequent development of new economic theories, such as Keynesian economics, are also mentioned.

05:01

📈 Neoclassical Economics and the Marginal Revolution

The second paragraph delves into neoclassical economics, starting with the contributions of Gossen, Jevons, and Menger, who developed the theory of marginal utility and the concept that individual behavior determines the value of goods. The paragraph explains the law of diminishing marginal utility and how consumers allocate their income to maximize satisfaction. It also discusses the marginal productivity theory, which became a source of inspiration for the development of economic science, especially in explaining functional distribution theory. The use of mathematical approaches in economic analysis and the contributions of Marshall, who synthesized marginalist and classical ideas, are highlighted, emphasizing the importance of supply and demand in determining market prices.

10:03

🌐 Modern Economic Problems and the Role of Society

The final paragraph addresses the core economic problems faced by every economy according to modern economic thought. It outlines the three fundamental questions that must be answered by society: what and how much to produce, how to produce it efficiently, and for whom the goods and services are produced. The paragraph emphasizes the need for society to make choices that maximize benefits given the limited resources available. It also touches on the concepts of consumer surplus and the impact of taxes and subsidies on consumer spending and industry costs. The video concludes by summarizing the historical development of economic thought and its relevance to modern economic issues.

Mindmap

Keywords

💡Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services. In the video, it is the central theme, discussing its development and various schools of thought. Adam Smith is mentioned as the father of modern economics, emphasizing the 'Invisible hand' concept which suggests minimal government intervention in the market.

💡Invisible Hand

The 'Invisible Hand' is a concept introduced by Adam Smith, which posits that markets, if left to their own devices, will self-regulate to produce the best outcomes. It is a metaphor for the unintended social benefits of individual economic actions. In the video, it is highlighted as a key theory of Adam Smith, illustrating the self-regulating nature of the market.

💡Scarcity

Scarcity refers to the fundamental economic problem that human wants are unlimited, but the resources to satisfy those wants are limited. The video script discusses scarcity as the root of economic problems, leading to the necessity of making choices in the allocation of resources.

💡Classical School

The Classical School of economic thought, represented by figures like Adam Smith, is characterized by a belief in free markets and limited government intervention. The video mentions the Classical School's failure to respond to the Great Depression, leading to the development of new economic theories.

💡Neoclassical School

The Neoclassical School built upon the Classical School's ideas but introduced new concepts such as marginal utility and the law of demand. The video script refers to figures like Gossen, Jevons, and Menger, who contributed to the development of marginal utility theory, which is central to the Neoclassical School's approach to value and pricing.

💡Marginal Utility

Marginal utility is the additional satisfaction gained from consuming an additional unit of a good or service. It is a key concept in the Neoclassical School's economic theories, as it helps to explain consumer behavior and demand. The video script discusses how Gossen's laws relate to the quantity of goods consumed and the level of satisfaction derived.

💡Production Function

A production function describes the relationship between the quantities of inputs used in the production process and the quantity of output produced. The video script touches on the increasing and decreasing returns to scale, which are important concepts in understanding how production functions can affect costs and efficiency.

💡General Theory of Employment, Interest, and Money

This is a work by John Maynard Keynes, which is not explicitly mentioned in the script but is implied in the discussion of government intervention. Keynes argued that markets could fail to achieve full employment and that government intervention was necessary to stabilize the economy, challenging the Classical School's laissez-faire approach.

💡Globalization

Globalization refers to the increasing interconnectedness of world markets and the exchange of goods, services, and capital across borders. The video script mentions the Classical School's influence on international trade, which is a key aspect of globalization, advocating for free trade as opposed to the Mercantilist School's focus on accumulating gold and silver.

💡Physiocrats

The Physiocrats were 18th-century economists who believed that agriculture was the source of all wealth. The video script briefly mentions this school of thought, contrasting it with the Classical School's broader view of wealth creation.

💡Consumer Surplus

Consumer surplus is the difference between what a consumer is willing to pay for a good or service and what they actually pay. The video script refers to Marshall's concept of consumer surplus, which is related to the idea that consumers might spend less than their ability to purchase, indicating potential savings or unmet demand.

Highlights

Introduction to the history and development of economics as a science.

Economics is defined as the study of human behavior in choosing and creating prosperity amidst limited resources.

The core economic problem is the imbalance between unlimited human needs and the limited means to satisfy them, leading to scarcity.

Adam Smith is credited with developing economics as a separate science in the 18th century through his book 'The Wealth of Nations'.

Smith introduced the concept of the 'Invisible Hand', which limits government intervention in resource allocation through market mechanisms.

The failure of classical economics was evident during the Great Depression of the 1930s, where markets failed to self-regulate.

John Maynard Keynes proposed government intervention in his book 'The General Theory of Employment, Interest, and Money' to achieve resource distribution goals.

Keynesian and classical economic theories clashed, leading to the emergence of new economic schools such as the new classical and monetarist schools.

Neoclassical economists like Gossen are known for their laws relating to the quantity of goods consumed and the level of satisfaction achieved.

The concept of marginal utility in value theory, developed by Jevons, Menger, and others, emphasizes individual behavior in determining the value of goods.

Marginal productivity theory is a cornerstone of neoclassical thought, explaining the determination of wages, profits, rent, and interest in an objective and fair manner.

The use of mathematical approaches in economic analysis, especially in production functions, has become more technical and假设.

Marshall's contributions to neoclassical economics, including the synthesis of marginalist and classical ideas, and the concept of supply and demand as two blades of a pair of scissors.

Discussion on consumer surplus and its relation to the potential for consumers to spend less than their capacity to purchase.

Modern economists agree that there are three fundamental problems faced by every economy: what and how much to produce, how to produce it, and for whom.

The role of society in choosing the most beneficial production methods and distribution to meet its needs.

The importance of efficient production techniques and the combination of production factors within the constraints of available economic resources.

The issue of distribution and who enjoys the goods and services produced, highlighting the social layers that benefit from economic production.