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. In Fear the Boom and Bust, John Maynard Keynes and FA 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. Get the full lyrics, story and free download of the song in high quality MP3 and AAC files at: www.econstories.tv Plus, to see and hear more from the stars of Fear the Boom and Bust, Billy Scafuri and Adam Lustick, visit their site www.billyandadam.com Music was produced by Jack Bradley at Blackboard3 Music and Sound Design. It was composed and performed by Richard Royston Jacobs. http **Charging Bull© Arturo DiModica, 1998
“Fear the Boom and Bust” a Hayek vs. Keynes Rap Anthem
Posted by admin on April 18th, 2010
Posted in Economics 
Tags: 7D, Alan Greenspan, Austrian Business Cycle Theory, Bailouts, ben bernanke, Canon, Capital Structure, credit, debt, Deficits, Digging Ditches, Economics, FA Hayek, Friedrich August Von Hayek, Government Spending, interest rates, John Maynard Keynes, Keynesianism, Liquidity Trap, Macroeconomics, Monetary Policy, Money and Banking, Payoffs, Pyramids, Sticky Wages, stimulus, The Federal Reserve, The Great Depression, The Great Recession, Timothy Geithner, Unemployment, War
hahaha what a crap
@wordswordsmerewords
so lets recapitulate :
-Rich are maiming and killing workers
-rich are thieves and parasites
-Rich exploit workers
-Bourgeoisie are parasites
-Soak the rich
-Tax lavish heirs
-Bankers eat children for breakfast
-Transnational Corporations run on blood
-Rich must do their part
One century of talking point is enough don’t you think ? only exception were the Nazi who were just against the ”Global Jewish Banking Cartel
Spewing Socialist talking points since 1850 !
Freddie and Johnny just talk bull
It ain’t ideas that make the rule
Class, struggle, it’s the fight
Need a revolution to make it right
Johnny…Deficit spending
Rich Bankers catch the glint
But teenage unemployments 25%
Hayek…Free Market goin bring streets of gold
Your rap, your claim ain’t nothing new
Whoever paved that road got minimum wage too
Read the Communist Manifesto
And a Guevara named Ernesto
Freddie and Johnny Bourgeoisie
I’m MC Marx, you can’t touch me
@Paetaor That’s not necessarily entirely true. We learn some things, we just happen to miss others and make mistakes that can be avoided- mankind isn’t perfect. But some generations down the line’ll learn something from us and our almost certainly doomed-to-failure attempt at democracy, just like we learned from the Romans. Eventually, someone will create a better system than ours was in some way, maybe miss a few details that cripple it, cycle repeats.
At least, I’d like to believe so ideally.
@PeterDivine – The one consistant thing we learn from history is that we never learn anything from history.
I’m sensing that the reason the government sides so much with Keynes in terms of economic policy is because it’s the only model that they can follow that allows them to actually do something about a busting economy, whereas Hayek simply has them sit on their thumbs until it naturally recovers.
Frankly, this isn’t entirely their fault- they would inevitably come under fire for their inaction during a bust, so they have to promote an image of action to stay alive.
Distressing, isn’t it?
The Austrian School is superior in its theories because their conclusions are deduced from axioms of human action, and fundamental societal dimensions. The Austrian School is the only standing school that upholds the tradition on which the very subject of economics was founded; a desire to understand the complex dynamics of society.
But one would not guess that by reading contemporary Keynesian literature with its completely detached methods of analyzing society. Keynes was a hedonistic fraud.
@lastdamnwordleft If you start out to make the same sandwiches, but the end results are different, then the time does not make as much of a difference.
The problem, I think, is that the time idea assumes that everything is made exactly the same.
Assuming that the 2 sandwiches were the same thouygh, the 2 people selling the sandwiches would use different tactics to sell those sandwiches. Advertising makes a huge difference, even when selling the exact same items.
@Betty5150 Both Republicans and Democrats practice Keynesian economics. Austrian economics is only touched on by a very very Few Republicans, one is Ron Paul.
@TheFlex21 Who said they were the only two options? What a terrible comparison. Democrat vs Republican? Those are both the establishment. Keynesianism is part of the establishment, Austrian economics isn’t, and is far from being the establishment. The establishment would be Monetarism and Keynesianism. So yea, terrible terrible comparison.
lol Hayek’s a square
@chase2productions
thanks a lot
you safed my grade
Great video!
This video is so cool. Good job!
Kaynes West is a PIMP
… a ruling class with a powerful army to keep it in power and a society completely subordinate to the monolithic authority of the rulers .. Plato. Your rulers are the owners of resources essential to life, their production and distribution.Since not many can truly possess essential life supporting assets without the use of territorial power one can only imagine that the Military Industrial Complex protects an economic territory already occupied by the rich
Gawd I love this video. Such a good teaching tool.
@CountArtha
Never said there was one.
@ TheHexl Timothy Geithner – the current head of the US treasury, and Ben Bernanke the current head of the federal reserve. Both claimed to be free market leaning economists yet held the two largest positions of central planning (and did NOT practice free market practices.)
Fantastic Job. To whoever made this video, Cheers.
SUCH a great video!
@TheHexl Ben is Ben Bernanke the Chairman of the Fed and Tim is Tim Geithner Secretary of the Treasury.
what does ”US Long-Bond Yield” stand for??
who are Ben & Tim in this video are showing? who are they in the economy ?
@briano8713 There’s no such thing as a collective right.
@CountArtha
It depends whether or not you advocate forced, violent expropriation to satisfy your property norms. You can favor collective ownership of businesses, Georgist land rights, or even the total collective sharing of personal ‘possessions’ and still be firmly libertarian. It is in my view how you wish to engender your preferences unto society, whether through coercion or persuasion, that matters most.