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Title: Fight of the Century: Keynes vs. Hayek Round Two
Added: Apr 28, 2011
Author: EconStories
Duration: 10:10
Description:
Go to http://econstories.tv for EconStories content and materials.Produced by Emergent Order. Visit us at http://emergentorder.com."Fight of the Century" is the new economics hip-hop music video by John Papola and Russ Roberts at http://EconStories.tv.According to the National Bureau of Economic Research, the Great Recession ended almost two years ago, in the summer of 2009. Yet 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?In "Fight of the Century", Keynes and Hayek weigh in on these central questions. Do we need more government spending or less? What's the evidence that government spending promotes prosperity in troubled times? Can war or natural disasters paradoxically be good for an economy in a slump? Should more spending come from the top down or from the bottom up? What are the ultimate sources of prosperity?Keynes and 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"!Starring Billy and Adam from http://www.billyandadam.comVisit http://www.econstories.tv for the full lyrics.
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Channel: News
Tags: john maynard keynes f. a. hayek keynesianism austrian economics ben bernanke the federal reserve government spending debt deficits the great depression world war ii wwii stimulus the broken window fallacy say's law rap hip-hop
john maynard keynes f. a. hayek keynesianism austrian economics ben bernanke the federal reserve government spending debt deficits the great depression world war ii wwii stimulus the broken window fallacy say's law rap hip-hop
Youtube Comments: 20032
kevin farach Says:
May 26, 2012 - yes indeed.
MrRaseccc Says:
May 26, 2012 - 1.8 milion ppl who can undesrtand this vídeo? Come on, it's a lot considering the ppl I know.
capsnerd Says:
May 26, 2012 - These are not jamjars' nudes. :l
jackdeguest Says:
May 26, 2012 - Awesome ! :-)
runelord37 Says:
May 27, 2012 - thats simply an awful conclusion and not based in logic. we are on the verge on anarchy now courtesy of Keynesian policy.
emightis Says:
May 27, 2012 - You say that like anarchy is a bad thing...
Schutzenegl1 Says:
May 27, 2012 - The short version, Keynesian economics only work to put more and more power and money into the hands of the governments and banks. The only real road to prosperity is in creating products and services that other people desire and will compensate you for, be that labor, produced products, or intellectual property.
Schutzenegl1 Says:
May 27, 2012 - It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages. -Adam Smith, The Wealth of Nations.
Shareefllovekdj Says:
May 27, 2012 - Hayek confesses @2:26 then tries to minimize the proof by ad hominem (econometricians). This is why the two sided are not equal and should not be presented as such. I'd love to see some math skills instead of mike skillz coming from our Austrian friends.
Magicpickle5 Says:
May 27, 2012 - Not at all. Ad hominem refers to an irrelevant character flaw.
jmfigone209 Says:
May 27, 2012 - It should of been Ludwig von Mises.
YazDawg Says:
May 27, 2012 - Austrian school isn't a religion more than mathematics is, both use deductive logic based on proofs and axioms. Congrats on showing your ignorance.
TheOIWB Says:
May 27, 2012 - This isn't Katy Perry's blog.
cookiecrum22 Says:
May 27, 2012 - GUYS TUMBLR LIED
mimimiliharrypoter7 Says:
May 27, 2012 - "Katy's Perry Real blog OMG". Ya.
elmoeatszyuhx3 Says:
May 27, 2012 - uh ya i'm here b/c of tumblr lmao
jhan168 Says:
May 27, 2012 - What the?!
KieraMary239 Says:
May 28, 2012 - why did tumblr link me here da fuck
MrEconomics101 Says:
May 28, 2012 - Hayek doesn't confess to anything. He says "econometricians ever so biased" what he was showing was economist are very biased depending on what school of thought they fit into. Also if you look at the past of these two great economist Hayek used a lot of math, while Keynes used very little. They both believed two different completely things. Hayek believed math was very useful, while Keynes believed events and peoples personalities were more important than math. Keynes actually wasn't a fan of
MrEconomics101 Says:
May 28, 2012 - math being used heavily in economics.
Shareefllovekdj Says:
May 28, 2012 - [snip] argumentum ad hominem, is an attempt to negate the truth of a claim by pointing out a negative characteristic or belief of the person supporting it [snip] In this case claiming economists whose work has supported the Keynesian view are biased and are not doing real research or are even economists but rather "econometricians"
ryanfuckinmcgoldrick Says:
May 28, 2012 - This is fun, but completely disingenuous. For example, Keynes does not EVER say that wars are a good way of getting out of a recession. He called for public works schemes so as to put money in the pockets of the millions of unemployed, turning them into taxpayers and more importantly, customers for now-growing businesses. His ideas were not followed, they were criticised, but, TRAGICALLY, along came the one kind of public works scheme even conservatives can abide: a war.
ryanfuckinmcgoldrick Says:
May 28, 2012 - So what this video shows is a false representation of John Maynard Keynes which the character Hayek strikes down. Read Keynes' general theory for yourselves and understand that his "Demand-side" economics (fill the pockets of the little guy and you help business) is as BOTTOM-UP as can be. Reagan and Thatcher's "supply-side" economics is TOP-DOWN. (Fill the pockets of businesses and you help the little guy) and has proven to be utter contemptible BULLSHIT.
xxxxarixxx Says:
May 28, 2012 - Hayek won but Keynes have some good moves ;)
samaguga Says:
May 26, 2012 - This has about 1.8 million views. Nyan cat has almost 75 million views. Faith in humanity lost.