Keynes v Hayek rap

evercloserunion

Well-known member
Joined
Dec 10, 2006
Messages
804
Saw this on another forum, thought it was pretty cool.

[ame="http://www.youtube.com/watch?v=d0nERTFo-Sk"]YouTube- "Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem[/ame]



<Mod> This thread has been merged with "Keynes V Hayek - Round 2". </Mod>
 
Last edited by a moderator:


TradCat

Well-known member
Joined
Jun 5, 2005
Messages
1,989
Hayek vs. Keynes Rap

[ame="http://www.youtube.com/watch?v=d0nERTFo-Sk"]YouTube- "Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem[/ame]
 

Panopticon

Well-known member
Joined
May 27, 2009
Messages
5,575
If this were a real rap battle, Keynes would respond to Hayek, asking for an explanation why Hayek's theory gets asymmetric results about employment from a symmetric investment cycle. Of course, it's propaganda made by the Austrian School, so why should I be surprised that this doesn't happen?
 

Cassandra Syndrome

Well-known member
Joined
Aug 23, 2009
Messages
16,885
If this were a real rap battle, Keynes would respond to Hayek, asking for an explanation why Hayek's theory gets asymmetric results about employment from a symmetric investment cycle. Of course, it's propaganda made by the Austrian School, so why should I be surprised that this doesn't happen?

Yeah, that Phillips curve was some work of genius from the Keynesian school.

Too bad we can't get a You Tube video of the people shaking John Maynard Keynes hands at the Brettons Woods Conference a couple of weeks after the D Day landings. Rothschilds, Rockefellers, etc. plenty of the Committee of 300 psychopaths no doubt.
 

Beagbuí

Member
Joined
Jul 22, 2007
Messages
36
Could you specify your question a bit more, please? Just in case you refer to a general critique saying that austrian business cycle theory does not explain high unemployment, the answer would be the following: The bust does indeed not necessarily lead to high and lasting unemployment. the restructuring of the capital structure is facilitated by open markets in a way that factors and labour quickly are reallocated from early stages toward late stages. but in a hampered market, where unions and government interventions such as welfare impeed a fast readjustment, lasting unemployment can emerge. secondly, the longer the artificial and unsustainable boom lasts, the more specified labour becomes and hence, the harder it is for them to find a new job quickly after the bubble went bust. example: in recent years ordinary people left their jobs in order to become daytraders and, of course, the housing boom shifted labour demand toward construction. if now nobody wants to build a house, these people need to learn something else. That is a major reason why government should not mess around with the market demand, because it sends wrong signals about what skills to learn and where to invest your savings.
 

Cassandra Syndrome

Well-known member
Joined
Aug 23, 2009
Messages
16,885
Could you specify your question a bit more, please? Just in case you refer to a general critique saying that austrian business cycle theory does not explain high unemployment, the answer would be the following: The bust does indeed not necessarily lead to high and lasting unemployment. the restructuring of the capital structure is facilitated by open markets in a way that factors and labour quickly are reallocated from early stages toward late stages. but in a hampered market, where unions and government interventions such as welfare impeed a fast readjustment, lasting unemployment can emerge. secondly, the longer the artificial and unsustainable boom lasts, the more specified labour becomes and hence, the harder it is for them to find a new job quickly after the bubble went bust. example: in recent years ordinary people left their jobs in order to become daytraders and, of course, the housing boom shifted labour demand toward construction. if now nobody wants to build a house, these people need to learn something else. That is a major reason why government should not mess around with the market demand, because it sends wrong signals about what skills to learn and where to invest your savings.
+ 1,000 oz.

Plus massive bubbles being artificially created by a flawed Fractional Reserve Banking system which itself only exists by virtue of being statist and an artificial oligopoly nurtured by governments creating horrendously negative market externalities on society as a whole.
 

Panopticon

Well-known member
Joined
May 27, 2009
Messages
5,575
Why is there large unemployment during the shift away from mal-investment towards good sectors, but no unemployment during the shift away from good sectors towards mal-investment?
 

feargach

Well-known member
Joined
Dec 11, 2006
Messages
4,968
So, whoever's got the best comedy rap wins the economics contest?

Sounds like a pretty easy task. Looks like I wasted my time with all those books when I could just have been listening to comedy raps and decided which I like better.

Because, if there is one fundamental truth in the universe, it resides in that which raises most laughter with a hip-hop beat.

It's no longer amazing to me, having seen this,that there are people dum enough to believe that the problems of 2008 were caused by too much government intervention in the market.

This is, to my mind, akin to suggesting that the next 6 nations be held without the interference of referees and officials. While I might want to watch the result, I think such a tournament would have a lot in common with the markets of 2008, only the blood and carnage would be non-metaphorical.
 

Cassandra Syndrome

Well-known member
Joined
Aug 23, 2009
Messages
16,885
It all goes back to Federal Reserve. You could trace it back to how they let loose monetary policy create a bubble in 1920s America after the mini depression of 1920 - 1921. Everything after that is a string of government intervention practising Voodoo economics to keep the show on the road in the short term, long enough for the next election, so as to get re-elected. Thinking of their fat selfish selves with not a care in the world for the people or the long term. Because as Keynes said "In the long term we are all dead".

The Second Great Depression has shockwaves of the first lingering in it.
 

Cassandra Syndrome

Well-known member
Joined
Aug 23, 2009
Messages
16,885
Keynes V Hayek - Round 2

Following up the You Tube Mega rap battle hit of Keynes and Hayek on the boom and bust cycle, the producers have created an equally hilarious and poignant sequel. This time comparing the Great Recession to the Great Depression to a committee.

Enjoy!

https://www.youtube.com/watch?v=GTQnarzmTOc
 

Mac Carthaigh

Member
Joined
May 2, 2011
Messages
5
Following up the You Tube Mega rap battle hit of Keynes and Hayek on the boom and bust cycle, the producers have created an equally hilarious and poignant sequel. This time comparing the Great Recession to the Great Depression to a committee.

Enjoy!

https://www.youtube.com/watch?v=GTQnarzmTOc
I love how well this conveys Hayek's beliefs.

Must have watched it a dozen times at this stage.
 


New Threads

Popular Threads

Most Replies

Top