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Econ Hip-Hop Battle: Keynes vs. Hayek

Hits: 10686 | Rating: (2.3) | Category: News & Politics | Added by: Pooptart19
Jump to: Bottom    Last Post
Suicism
Male, 18-29, Western US
 3672 Posts
Tuesday, May 24, 2011 1:43:20 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.'

Suicism
Male, 18-29, Western US
 3672 Posts
Tuesday, May 24, 2011 1:43:13 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.

Suicism
Male, 18-29, Western US
 3672 Posts
Tuesday, May 24, 2011 1:43:03 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.

xiquiripat
Male, 18-29, Western US
 2419 Posts
Saturday, May 21, 2011 8:21:39 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.

Oldfrt
Male, 50-59, Midwest US
 665 Posts
Saturday, May 21, 2011 7:19:08 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!!!

Fatninja01
Male, 18-29, Australia
 24732 Posts
Saturday, May 21, 2011 3:47:00 PM
It was ok. Epic is overkill, would not class it under that category

tn11
Male, 18-29, Western US
 1601 Posts
Saturday, May 21, 2011 12:35:45 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.

walkrunfly
Male, 18-29, Canada
 117 Posts
Saturday, May 21, 2011 12:23:42 PM
so much yes, i liked the first one better though

emmettyville
Female, 40-49, Australia
 4273 Posts
Saturday, May 21, 2011 11:47:28 AM
errrr, if i cared i would watch it

seetherage
Male, 18-29, Eastern US
 87 Posts
Saturday, May 21, 2011 10:13:07 AM
Please please please... don't post things that entertained the dinosaurs. This has been posted before.

alibi19
Male, 18-29, Western US
 73 Posts
Saturday, May 21, 2011 9:34:00 AM
Wow Hayek destroyed Keynes in this one

ChrisMunich
Male, 18-29, Europe
 383 Posts
Saturday, May 21, 2011 9:31:30 AM
I second Buiadh...they sounded very American for an Englishman and an Austrian with British citizenship...

toqr
Male, 18-29, Europe
 200 Posts
Saturday, May 21, 2011 9:08:34 AM
Round to Hayek imo

sirrix
Male, 18-29, Eastern US
 209 Posts
Saturday, May 21, 2011 9:00:05 AM
Who the drat is funding this? It's got the production value of a sitcom with 0.001% of the entertainment value.

green_batman
Female, 18-29, Eastern US
 730 Posts
Saturday, May 21, 2011 8:48:34 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.

green_batman
Female, 18-29, Eastern US
 730 Posts
Saturday, May 21, 2011 8:44:58 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

Buiadh
Male, 30-39, Europe
 6653 Posts
Saturday, May 21, 2011 8:12:40 AM
Why does a Brit and an Austrian have American accents?

optix_reverb
Male, 18-29, Midwest US
 263 Posts
Saturday, May 21, 2011 8:12:04 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.

Pooptart19
Male, 18-29, Southern US
 2301 Posts
Tuesday, May 17, 2011 11:37:19 PM
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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