{"title": "Neoclassical economics and its history | Juhana Vartiainen | Negotiator 46", "titleOriginal": "Uusklassinen taloustiede ja historia | Juhana Vartiainen | Neuvottelija 46", "episodeNumber": "46", "guest": "Juhana Vartiainen", "publishedAt": "2020-11-15", "duration": "23:42", "durationIso": "PT23M42S", "youtube": "https://www.youtube.com/watch?v=NFbq6RyGh74", "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/52-uusklassinen-taloustiede-ja-historia-vartiainen-neuvottelija", "originalLanguage": "fi", "format": "full", "topics": ["finnish_economy_policy", "investing_markets"], "description": "Juhana Vartiainen traces the development of macroeconomics from Adam Smith to the present: the division of labour, Ricardo's comparative advantage and Dani Rodrik's argument that the losers explain Trumpism, Marx as valid analysis of a transient historical phase, Marshall's marginalism, Keynes as the founder of macroeconomics and Hayek as the counterweight. The closing section covers Friedman's critique of inflation expectations, central bank independence that succeeded rather too well, and why Vartiainen does not consider Modern Monetary Theory new.", "chapters": [{"t": "00:00", "title": "Adam Smith and the division of labour", "seconds": 0}, {"t": "02:34", "title": "Ricardo, comparative advantage and Rodrik's critique", "seconds": 154}, {"t": "05:09", "title": "Marx and the transient phase of the reserve army", "seconds": 309}, {"t": "07:41", "title": "The China analogy and the Luddites", "seconds": 461}, {"t": "10:14", "title": "Marshall and neoclassical economics", "seconds": 614}, {"t": "12:44", "title": "Keynes founded macroeconomics", "seconds": 764}, {"t": "15:32", "title": "Hayek, spontaneous order and today's dispute", "seconds": 932}, {"t": "18:05", "title": "Friedman, inflation expectations and central bank independence", "seconds": 1085}, {"t": "20:43", "title": "The deflationary world and what is not new about MMT", "seconds": 1243}, {"t": "23:16", "title": "Where economics is going", "seconds": 1396}], "sourceTranscriptType": "macwhisper_srt", "subtitleMethod": "none", "provenance": "Owner page assembled from the MacWhisper SRT transcript, YouTube metadata and the neuvottelija.fi episode record. Chapter timecodes are taken from the transcript; no caption files are published with this page.", "slug": "ep46-uusklassinen-taloustiede-ja-historia-juhana-vartiainen", "guestsCanonical": ["Juhana Vartiainen"], "guestPages": ["https://www.neuvottelija.com/podcast/guests/juhana-vartiainen/"], "page": "https://www.neuvottelija.com/podcast/episodes/ep46-uusklassinen-taloustiede-ja-historia-juhana-vartiainen/", "markdown": "https://www.neuvottelija.com/podcast/episodes/ep46-uusklassinen-taloustiede-ja-historia-juhana-vartiainen/index.md", "captions": null, "transcript": null}