F.A. Hayek is best known for his libertarian views (smaller government intervention) that are spelled out in his book “The Road to Serfdom”. John Maynard Keynes is best known for advocating government spending to temporarily stimulate the economy which is spelled out in his book “The General Theory of Employment, Interest, and Money” (“The General Theory” for short). Both well known economists but their views could not be further apart. So what is the natural thing that happens when two well known economists get together? A rap breaks out naturally. I like the lyrics and scenes. Think of the party as the recent stimulus. (I could not figure out how to get you tube embedded so I had to link to Marginal Revolution)
Tuesday, January 26, 2010
Keynes-Hayek Rap
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This youtube video reminded me of the PBS video "Breaking the Bank." Although this clip was more commical and goofy, it had some of the same serious issues. The question of how to revamp our economy is on the minds of many. In "Breaking the Bank" it told the story of how Paulson, Louis, and Thane used TARP, Troubled Asset Relief Program, to try to stimulate the economy. This proved to be only temporary and tax-payers were not too happy to say the least. Sounds to me like what Keynes wants: government intervention to help the economy get back on track. Hayek seems to want government help, but not as extreme of an intervention. Something clearly needs to be done considering the US remains in economic trouble, but goverment intervention is a touchy subject considering the events of 2008-2009.
ReplyDeleteThat last comment was me.. oops.
ReplyDeleteBecca Keener 0858 Sect. 2 Mon/Wed/Fri 10-10:50
I prefer the libertarian point of view. I'm a fan of the supply and demand curve. I don't like messing with stuff that can theoretically work itself out optimally. I even think minimum wage is for the birds. Stuff like that is hogwash. But I'm no economist. What I'm saying might not even make any sense.
ReplyDeleteI once heard an economist say "economists have small hearts." I don't know if they all do (e.g. $7 billion bailout), but they should. Let evolution take its natural course. Survival of the fittest. Why kill yourself trying to save an endangered species that's going to inevitably die anyway. Put it out of its misery. Let the banks crumble. Call it a hunch, but the world's not gonna end. Something more appropriate will take their places. Flowers will grow where the mighty banks once stood.
Maybe to be one with nature is to be libertarian.