"Fear the Boom and Bust": Keynes vs. Hayek Rap Battle
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Subscribe to our channel: http://www.youtube.com/user/econstories If you enjoyed this video, you should watch this one next: http://youtu.be/Mq2iQAsJAhI Produced by Emergent Order. Visit us at http://www.emergentorder.com. Econstories.tv is a place to learn about the economic way of thinking through the eyes of creative director John Papola and creative economist Russ Roberts. Explore more at http://EconStories.tv In Fear the Boom and Bust, John Maynard Keynes and F. A. Hayek, two of the great economists of the 20th century, come back to life to attend an economics conference on the economic crisis. Before the conference begins, and at the insistence of Lord Keynes, they go out for a night on the town and sing about why there's a "boom and bust" cycle in modern economies and good reason to fear it. DOWNLOAD THE SONG in the highest quality possible here: https://itunes.apple.com/us/album/fear-the-boom-and-bust/id1177081191 Plus, to see and hear more from the stars of Fear the Boom and Bust, Billy Scafuri and Adam Lustick, visit their site: http://www.billyandadam.com Music was produced by Jack Bradley at Blackboard3 Music and Sound Design. It was composed and performed by Richard Royston Jacobs. **Charging Bull© Arturo DiModica, 1998
Comments
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Actually, both are right. It's the distortion of their views which creates the perceived conflict. Keynes was not anti-savings during the boom -- Keynes encouraged more savings during the boom years.
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So if 'Sticky wages' caused the crisis the logical step would be to investigate why wages did not change. Well it was because Theodore Roosevelt spoke with industry leaders and offered to keep the unions off their back if they did not change wages. Keynesianism admits that government caused the financial crisis.
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Keynes seems to be right in that spending and aggregate demand is what drives the economy, but he is wrong that government is capable increasing aggregate demand without causing a bust and a disproportionately large number of bad investments made
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Examples that Hayek was right:
USA 1929
USA 2008
Greece 2014
Brazil 2015
France 2015
Sweden 90's
Japan 90's -
So, anybody want to explain how we had bubbles before central banks existed?
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That blonde in the car was hot
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keynes your multiplicateur theory doesn't work, 20 trillion in debts thanks Keynes!
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excellent video
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8 years on of full blown Keynesianism and we are now on what QE4, QE5? The U-6 rate for unemployment is still over 9%, wages are not keeping up with inflation, and the 'free trade' environment is sucking trillions of dollars in wages(read consumer spending) right out the door. Time for a change. Time to bury the fatal liberal conceit that the federal government can micro-manage an economy better than free people who are at the state and local level. Big gov should stick to the broad macro economic ideas of a fair playing field, consumer protection, and securing the national interests and then get out of the way.
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Can someone please explain what Hayek means when he says "that credit crunch ain't a liquidity trap, just a broke banking system"? Thanks!
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The ending where the quotes are shown send chills down my bone.
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Team Hayek.
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Brainiacs !!
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sick.
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Hayek.
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this song made it into german schools
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Why are these two even pitted against each other? Hayek personally believed in a lot of ideas that would be considered Keynesian, just only up to a certain point. While he didn't necessarily believe in the government doing it, he believed everyone should be covered by healthcare and that there should be funds provided to those who were unemployed and was not AGAINST the government doing so if need be.
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Both sucked
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Can someone help me with what the main idea of keynes and hayek are?
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Keynesianism is based on one simple principle: Enslave everyone and we'll all be better off
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