Now For Something Completely Weird... Keynes Vs. Hayek In Ten Minute Rap Video

[WillyT]

Fight of the Century

<snip>

According to the National Bureau of Economic Research, the Great Recession ended almost two years ago, in the summer of 2009. But we’re all uneasy. Job growth has been disappointing. The recovery seems fragile. Where should we head from here? Is that question even meaningful? Can the government steer the economy or have past attempts helped create the mess we’re still in.

John Maynard Keynes and F. A. Hayek never agreed on the answers to these questions and they still don’t. Let’s listen to the greats. See Keynes and Hayek throwing down in “Fight of the Century”.

<snip>

Link (w/Video): http://econstories.tv/2011/04/28/fight-of-the-century-music-video/

:wow:

Cool...

:smoke:

[jtuck004]

1. I am looking forward to the afternoon I hear this blaring from the thump-thump speakers in the car

next to mine. Then I will think it has an educational component.

In any event, in the video (which I think simplifies and misrepresents both their positions a little much) Hayek states we should be given a chance to figure out for ourselves what works - ie, reduce government investment in people, and Keynes advocates not only government spending but states that "it doesn't matter where".

Well, that's last part's only true if you don't mind bankers getting multi-million dollar salaries made up of tax money, and leaving near 30 million people unemployed or underemployed, 40 million on food stamps, now 57.5 million without health insurance.

Otherwise it damn well does matter where you invest it.


Catchy song, would be interesting to hear Shaggy do Bernanke as part of this.

[Exilednight]

2. Keynes has a sound theory, but he his system will never work since politicians refuse to

follow his model when the country is doing good. That is why our deficits and debt are so massive.

[jtuck004]

3. Yup, Must tax and save when times are good. Not what we do. So not really Keynesian . eom

[Exilednight]

5. It doesn't help when presidents, like Obama, fail to follow the spending policy as prescribed by

Keynes. It's easy to dump money into the economy, it's quite another to do it wisely. Hundreds of billions in tax cuts do not qualify as stimulus spending as outlined by Keynesian theory.

[jtuck004]

6. Exactly. So if we can figure out that the response which will gain everyone

the most after surpluses are squandered and 4 1/2 million jobs are lost by one administration, only to be followed by another 4 1/2 million jobs disappearing in the first year of the next, what do we need to do to motivate others to insist that the stimulus be put back in the pockets it came from, where it will do the most good?

Because TPTB know damn good and well what needs to be done to increase employment with jobs that pay a decent wage, to reduce the 40 million on food stamps, to provide for more health care to address the 50+ million that have no health insurance, but they listen to the donors and corporations as they slither through their offices and reward them for their bad behavior.

And we let them.

[CTyankee]

4. I liked it. It was smart. The reference to "we're all dead" was cute and

the guy in the ring wearing the jacket with the lettering SAY on the back...nice gesture toward Jean-Baptiste Say, the late l8th-early 19th century economist whose famous "law" was "supply creates its own demand."