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Date: 05/21/11 08:00 AM

19 Responses to Econ Hip-Hop Battle: Keynes vs. Hayek

  1. Profile photo of Pooptart19
    Pooptart19 Male 18-29
    2442 posts
    May 17, 2011 at 11:37 pm
    Link: Econ Hip-Hop Battle: Keynes vs. Hayek - Two renowned economists duke it out for their views in this epic hip-hop music video. A bit lengthy, but amazing.
  2. Profile photo of optix_reverb
    optix_reverb Male 18-29
    263 posts
    May 21, 2011 at 8:12 am
    A bit lengthy? 10min is like one month for an IAB person. Not bad if you`re an econ major, which I`m not.
  3. Profile photo of Buiadh
    Buiadh Male 30-39
    6739 posts
    May 21, 2011 at 8:12 am
    Why does a Brit and an Austrian have American accents?
  4. Profile photo of green_batman
    green_batman Female 18-29
    728 posts
    May 21, 2011 at 8:44 am
    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
  5. Profile photo of green_batman
    green_batman Female 18-29
    728 posts
    May 21, 2011 at 8:48 am
    @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.
  6. Profile photo of sirrix
    sirrix Male 18-29
    210 posts
    May 21, 2011 at 9:00 am
    Who the drat is funding this? It`s got the production value of a sitcom with 0.001% of the entertainment value.
  7. Profile photo of toqr
    toqr Male 18-29
    199 posts
    May 21, 2011 at 9:08 am
    Round to Hayek imo
  8. Profile photo of ChrisMunich
    ChrisMunich Male 18-29
    383 posts
    May 21, 2011 at 9:31 am
    I second Buiadh...they sounded very American for an Englishman and an Austrian with British citizenship...
  9. Profile photo of alibi19
    alibi19 Male 18-29
    73 posts
    May 21, 2011 at 9:34 am
    Wow Hayek destroyed Keynes in this one
  10. Profile photo of seetherage
    seetherage Male 18-29
    85 posts
    May 21, 2011 at 10:13 am
    Please please please... don`t post things that entertained the dinosaurs. This has been posted before.
  11. Profile photo of emmettyville
    emmettyville Female 40-49
    4345 posts
    May 21, 2011 at 11:47 am
    errrr, if i cared i would watch it
  12. Profile photo of walkrunfly
    walkrunfly Male 18-29
    117 posts
    May 21, 2011 at 12:23 pm
    so much yes, i liked the first one better though
  13. Profile photo of tn11
    tn11 Male 18-29
    1587 posts
    May 21, 2011 at 12:35 pm
    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.
  14. Profile photo of Fatninja01
    Fatninja01 Male 30-39
    25408 posts
    May 21, 2011 at 3:47 pm
    It was ok. Epic is overkill, would not class it under that category
  15. Profile photo of Oldfrt
    Oldfrt Male 50-59
    747 posts
    May 21, 2011 at 7:19 pm
    Please please please... don`t post things that entertained the dinosaurs.

    ...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!!!
  16. Profile photo of xiquiripat
    xiquiripat Male 18-29
    2423 posts
    May 21, 2011 at 8:21 pm
    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.
  17. Profile photo of Suicism
    Suicism Male 18-29
    3625 posts
    May 24, 2011 at 1:43 am
    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.
  18. Profile photo of Suicism
    Suicism Male 18-29
    3625 posts
    May 24, 2011 at 1:43 am
    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.
  19. Profile photo of Suicism
    Suicism Male 18-29
    3625 posts
    May 24, 2011 at 1:43 am
    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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