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Tuesday, January 26, 2010

Keynes vs Hayek: The rap version

This is actually a good presentation of the two theorists: (thanks to TM for posting this in the comments)

Posted by Hugh MacIntyre on January 26, 2010 | Permalink

Comments

Ha, great vid. Actually like the tune. Interesting message. Very polished. I need economics lessons obviously, but I got it. Had to watch it twice, but I got it. So I have to ask, why are we Keynesians?
By that I mean why is it favored over the other in the west. I have to admit, I'm all for spending, as you can't take it with you. If I die broke, which I probably will :), I have done a good job. Tho I most likely would think differently if I had kids.

Posted by: Steve Bottrell | 2010-01-26 11:56:33 PM


I have a theory Steve ... but this is just a theory.

Keynes became popular only after the Great Depression. People saw the Depression as a market failure and most economists were unable to counter this view (except the Austrians who didn't have much of an audience anyway). Furthermore, you had a bunch of progressives (in academia and gov't) who were looking for any theory which would support their views that gov't should have a greater role in our lives. Keynesianism became part of the public (and private) school curriculum.

Students were now taught that government is always required to correct market failures. Think back to your economics classes in high school for example. That's why free market economics is always losing. You have to counter millions of brainwashed kids coming out of school every year. Some of these kids will become economists who'll be interviewed on TV and throw out complex theories and numbers to a confused public. Of course, if you're not an official economist, it is very hard to get anyone to listen to you. Whenever I personally attempt to convince someone, I very often get accused of having some kind of alterior motive (because of my job). I'm also very often told that I'm not a "real" economist (as if you couldn't learn economics outside of academia).

Anyway, just a theory ;)

Posted by: Charles | 2010-01-27 5:47:52 AM


Thanks Charles. Much appreciated.

Posted by: Steve Bottrell | 2010-01-27 11:49:33 PM


I totally like this tune. I must have listened to it 10 times. I wonder if I can get it on disc? Otherwise I'm going to have to work some PC wizardry and rip the tune from the vid. I think I like it so much because its not the usual topic for music. And its just so catchy.

Posted by: Steve Bottrell | 2010-01-28 11:10:48 PM


If you do find it in MP3 form let me know.

Posted by: Hugh MacIntyre | 2010-01-29 3:01:14 AM



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