Several months ago I attached a link of an excellent video in which two actors rap economics. It sounds silly but it is both educational and very entertaining. One actor takes the persona of John Maynard Keynes, while the other is F.A. Hayek.
In the video Keynes explains why is big government spending model is proper to “steer” the economy; however, F.A. Hayek (in my opinion) destroys that preposterous idea telling us how it only leads to worse problems.
The video from EconStories can be found here:
In the video Keynes explains why is big government spending model is proper to “steer” the economy; however, F.A. Hayek (in my opinion) destroys that preposterous idea telling us how it only leads to worse problems.
The video from EconStories can be found here:
http://www.youtube.com/watch?v=d0nERTFo-Sk
In an equally entertaining follow up, EconStories brings back the two economists with a 2008 meltdown perspective. Notice who gets knocked out in the end…but is declared the victor!
A perfect example of this would the finances of Japan. Following the Keynesian model of non-stop government spending, the Japanese government is about to cross the ONE QUADRILLION Yen debt level. Spending these Yen has done nothing to stop the Japanese deflation; however, it sure has racked up an insane level of debt that must be repaid.
Because economists are like politicians in the sense that they feel like they must “do something” to steer the economy, the clear epic failure of the policies are ignored. What’s more, they continue to be proposed going into the future…as if Keynes had actually won a boxing match with F.A. Hayek.
http://www.youtube.com/watch?v=GTQnarzmTOc
In an equally entertaining follow up, EconStories brings back the two economists with a 2008 meltdown perspective. Notice who gets knocked out in the end…but is declared the victor!
A perfect example of this would the finances of Japan. Following the Keynesian model of non-stop government spending, the Japanese government is about to cross the ONE QUADRILLION Yen debt level. Spending these Yen has done nothing to stop the Japanese deflation; however, it sure has racked up an insane level of debt that must be repaid.
Because economists are like politicians in the sense that they feel like they must “do something” to steer the economy, the clear epic failure of the policies are ignored. What’s more, they continue to be proposed going into the future…as if Keynes had actually won a boxing match with F.A. Hayek.
http://www.youtube.com/watch?v=GTQnarzmTOc
Notice who congratulates Keynes regardless of his failure: banksters, politicians and reporters. F.A. Hayek is congratulated by everyone else.
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