Econ Hip-Hop Battle: Keynes vs. Hayek

Submitted by: Pooptart19 6 years ago in

Two renowned economists duke it out for their views in this epic hip-hop music video. A bit lengthy, but amazing.
There are 19 comments:
Male 3,631
I would like to see Keynes pitted against Mises next time.

Hayek kicked ass. The linchpin fallacy of Keynes` argument here can be found in the line

"The future`s uncertain, our outlooks are frail - that`s why free markets are so prone to fail."

Two things:
1) Yes, the future IS uncertain. Our outlooks ARE frail. That`s why the healthiest approach to mitigating the damage done by any faulty predictions is to disperse the decision-making power among as MANY people as possible (and therefore diluting each decision`s solitary impact), rather than concentrating MORE decisions of gravitas among FEWER people. That`s like the fundamental flaw of Monarchy, wherein the impact of bad decisions on the part of a consolidated ruler eventually outweigh any instances of `foresight.`
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Male 3,631
2) That market he`s referring to? It`s not free. That`s the PROBLEM. When losers are presented with the prospect of subsidy for their catastrophic failure (i.e., TARP) it creates a systemic Moral Hazard which does nothing to discouraging them from increasingly riskier behaviors as long as the American taxpayer is there to bail them out.

The latter `market` is neither free nor genuinely competitive. The only competition which takes place here is that of racing to the riskier end of the financial spectrum before your opponent can, so long as interest rates are low and reconciliation is postponed through inflation (especially, the exportation of) - that`s what`s allowed us to `spend spend spend` for so long, as Keynes might have alluded to.
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Male 3,631
This is not Capitalism. It`s a house of cards built upon a monetary system which snares you into an endless addiction to debt, and a postponement of the inevitable reconciliation which always comes after any major boom - though only destined to be proportionately worse according to the degree of depreciation our currency has forcibly undergone in the process.
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Male 2,422
I enjoyed it, it`s thought provoking but I don`t pretend to know enough about economics to weigh in on it other than to say good submission pooptart.
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Male 749
[quote]Please please please... don`t post things that entertained the dinosaurs.[/quote]

...and what`s wrong with an entertained dinosaur? I thought this was excellent. A fair representation of their views, and provided some badly needed economic education. Kids today are not learning the important stuff.

oh yeah, I almost forgot. GET OFF MY LAWN!!!
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Male 25,416
It was ok. Epic is overkill, would not class it under that category
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Male 1,587
ChrisMunich- That is true. However, they are American "actors" and doing a piece on global economy to music. I`ll let it slide. When I saw the 300 I did not expect it to be in Greek.

I really appreciated the ending, I was thinking, "No, Keynes did`t win..." but he was chosen. He`s more glamorous, with a "quick fix" solution that appeals to many. Unfortunately, I do not know as much about macro economics as I would like, so I`ll stop here.
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Male 117
so much yes, i liked the first one better though
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Female 4,359
errrr, if i cared i would watch it
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Male 85
Please please please... don`t post things that entertained the dinosaurs. This has been posted before.
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Male 73
Wow Hayek destroyed Keynes in this one
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Male 383
I second Buiadh...they sounded very American for an Englishman and an Austrian with British citizenship...
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Male 199
Round to Hayek imo
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Male 210
Who the drat is funding this? It`s got the production value of a sitcom with 0.001% of the entertainment value.
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Female 728
@optix: I`m not an econ major, but I find these videos to be very accessible. I think that everyone should have a basic understanding of economics because it`s such an important factor in society.
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Female 728
Heh, this was created by a professor at my university. There`s also an earlier one that`s quite good as well: http://www.youtube.com/ watch?v=d0nERTFo-Sk. :D
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Male 6,737
Why does a Brit and an Austrian have American accents?
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Male 263
A bit lengthy? 10min is like one month for an IAB person. Not bad if you`re an econ major, which I`m not.
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Male 2,440
Link: Econ Hip-Hop Battle: Keynes vs. Hayek [Rate Link] - Two renowned economists duke it out for their views in this epic hip-hop music video. A bit lengthy, but amazing.
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