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Keynes vs. Hayek rap video

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MatthewWilliam Posted: Mon, Jan 25 2010 4:17 PM

Russ Roberts' brainchild finally finished.

Austrians do it a priori

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David Z replied on Mon, Jan 25 2010 4:26 PM

friend of mine just FB'd this to me. I just threw it on Reddit/Economics a moment ago.  Haven't watched it yet, but Roberts involved it'll probably be good.

============================

David Z

"The issue is always the same, the government or the market.  There is no third solution."

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Wonderful. Epic.Great Job.

 

(I lolled at the pesky Gideon's....)

Where there is no property there is no justice; a proposition as certain as any demonstration in Euclid

Fools! not to see that what they madly desire would be a calamity to them as no hands but their own could bring

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abskebabs replied on Mon, Jan 25 2010 4:30 PM

I liked how it ended with Hayek. Found it strange to find Keynes surrounding himself with those of the opposite sex, I actually thought Hayek was better in that departmentBig Smile.

"When the King is far the people are happy."  Chinese proverb

For Alexander Zinoviev and the free market there is a shared delight:

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David Z:

friend of mine just FB'd this to me. I just threw it on Reddit/Economics a moment ago.  Haven't watched it yet, but Roberts involved it'll probably be good.

I think I beat you to it!

Austrians do it a priori

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Nielsio replied on Mon, Jan 25 2010 4:58 PM

Holy Jesus that was awesome.

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Clayton replied on Mon, Jan 25 2010 5:13 PM

Sweet. Love the Weird Al feel. Almost gives me a little optimism.

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This is awesome!

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jtucker replied on Mon, Jan 25 2010 9:23 PM

One of the greatest things in the entire history of the world.

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Hmmm, it could have used more animal spirits.

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chloe732 replied on Mon, Jan 25 2010 9:55 PM

Bravo.  Amazing. 

"giggle, giggle...Lord Keynes!  Welcome Sir, it's a pleasure..."

"Hayek?  with an H..."

"Hey listen, party at the Fed, twenty minutes...I made my case, Freddie H, listen up can you hear it?"

"If you're livin' high on that cheap credit hog, don't look for a cure from the hair of the dog...In the long run my friend it's your theory that's dead...So sorry there buddy if that sounds like invective, prepare to get schooled in my Austrian perspective...The boom gets started with an expansion of credit, the Fed sets rates low are you start'n to get it?...Your so called stimulus will make things worse, just more of the same, more incentives perverse...And the credit cruch, ain't a liquidity trap, just a broke banking system I'm done, that's a rap."

 

 

"The market is a process." - Ludwig von Mises, as related by Israel Kirzner.   "Capital formation is a beautiful thing" - Chloe732.

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EPOCH F***ING WIN

You know you are a total economist nerd if you know/understand half of the references.... Lol, I like the animal spirits line

"Lo! I am weary of my wisdom, like the bee that hath gathered too much honey; I need hands outstretched to take it." -Thus Spake Zarathustra
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Russ Roberts has finally released his long-in-the-making rap video featuring Hayek and Keynes.

This post was moved from one I started. Looks like I was too late.

"I cannot prove, but am prepared to affirm, that if you take care of clarity in reasoning, most good causes will take care of themselves, while some bad ones are taken care of as a matter of course." -Anthony de Jasay

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DanielMuff replied on Mon, Jan 25 2010 11:31 PM

Yes, you were. Cool

To paraphrase Marc Faber: We're all doomed, but that doesn't mean that we can't make money in the process.
Rabbi Lapin: "Let's make bricks!"
Stephan Kinsella: "Say you and I both want to make a German chocolate cake."

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Esuric replied on Mon, Jan 25 2010 11:36 PM

EPIC. On a serious note, that's a great explanation of ABCT.

"If we wish to preserve a free society, it is essential that we recognize that the desirability of a particular object is not sufficient justification for the use of coercion."

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AJ replied on Mon, Jan 25 2010 11:39 PM

That was completely awesome. 22,600 views in two 2-3 days!

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filc replied on Mon, Jan 25 2010 11:52 PM

Holy )(#*$

 

Who are these guys?

 

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Nielsio replied on Tue, Jan 26 2010 8:28 AM

AJ:

That was completely awesome. 22,600 views in two 2-3 days!

And the count is up to 62K now.

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Sieben replied on Tue, Jan 26 2010 8:36 AM

bump/epic

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AJ replied on Tue, Jan 26 2010 9:16 AM

Nielsio:

AJ:

That was completely awesome. 22,600 views in two 2-3 days!

And the count is up to 62K now.

A million by Feb? Here're the lyrics:

--

We’ve been going back and forth for a century
[Keynes] I want to steer markets,
[Hayek] I want them set free
There’s a boom and bust cycle and good reason to fear it
[Hayek] Blame low interest rates.
[Keynes] No… it’s the animal spirits

[Keynes Sings:]

John Maynard Keynes, wrote the book on modern macro
The man you need when the economy’s off track, [whoa]
Depression, recession now your question’s in session
Have a seat and I’ll school you in one simple lesson

BOOM, 1929 the big crash
We didn’t bounce back—economy’s in the trash
Persistent unemployment, the result of sticky wages
Waiting for recovery? Seriously? That’s outrageous!

I had a real plan any fool can understand
The advice, real simple—boost aggregate demand!
C, I, G, all together gets to Y
Make sure the total’s growing, watch the economy fly

We’ve been going back and forth for a century
[Keynes] I want to steer markets,
[Hayek] I want them set free
There’s a boom and bust cycle and good reason to fear it
[Hayek] Blame low interest rates.
[Keynes] No… it’s the animal spirits

You see it’s all about spending, hear the register cha-ching
Circular flow, the dough is everything
So if that flow is getting low, doesn’t matter the reason
We need more government spending, now it’s stimulus season

So forget about saving, get it straight out of your head
Like I said, in the long run—we’re all dead
Savings is destruction, that’s the paradox of thrift
Don’t keep money in your pocket, or that growth will never lift…

because…

Business is driven by the animal spirits
The bull and the bear, and there’s reason to fear its
Effects on capital investment, income and growth
That’s why the state should fill the gap with stimulus both…

The monetary and the fiscal, they’re equally correct
Public works, digging ditches, war has the same effect
Even a broken window helps the glass man have some wealth
The multiplier driving higher the economy’s health

And if the Central Bank’s interest rate policy tanks
A liquidity trap, that new money’s stuck in the banks!
Deficits could be the cure, you been looking for
Let the spending soar, now that you know the score

My General Theory’s made quite an impression
[a revolution] I transformed the econ profession
You know me, modesty, still I’m taking a bow
Say it loud, say it proud, we’re all Keynesians now

We’ve been goin’ back n forth for a century
[Keynes] I want to steer markets,
[Hayek] I want them set free
There’s a boom and bust cycle and good reason to fear it
[Keynes] I made my case, Freddie H
Listen up , Can you hear it?

Hayek sings:

I’ll begin in broad strokes, just like my friend Keynes
His theory conceals the mechanics of change,
That simple equation, too much aggregation
Ignores human action and motivation

And yet it continues as a justification
For bailouts and payoffs by pols with machinations
You provide them with cover to sell us a free lunch
Then all that we’re left with is debt, and a bunch

If you’re living high on that cheap credit hog
Don’t look for cure from the hair of the dog
Real savings come first if you want to invest
The market coordinates time with interest

Your focus on spending is pushing on thread
In the long run, my friend, it’s your theory that’s dead
So sorry there, buddy, if that sounds like invective
Prepared to get schooled in my Austrian perspective

We’ve been going back and forth for a century
[Keynes] I want to steer markets,
[Hayek] I want them set free
There’s a boom and bust cycle and good reason to fear it
[Hayek] Blame low interest rates.
[Keynes] No… it’s the animal spirits

The place you should study isn’t the bust
It’s the boom that should make you feel leery, that’s the thrust
Of my theory, the capital structure is key.
Malinvestments wreck the economy

The boom gets started with an expansion of credit
The Fed sets rates low, are you starting to get it?
That new money is confused for real loanable funds
But it’s just inflation that’s driving the ones

Who invest in new projects like housing construction
The boom plants the seeds for its future destruction
The savings aren’t real, consumption’s up too
And the grasping for resources reveals there’s too few

So the boom turns to bust as the interest rates rise
With the costs of production, price signals were lies
The boom was a binge that’s a matter of fact
Now its devalued capital that makes up the slack.

Whether it’s the late twenties or two thousand and five
Booming bad investments, seems like they’d thrive
You must save to invest, don’t use the printing press
Or a bust will surely follow, an economy depressed

Your so-called “stimulus” will make things even worse
It’s just more of the same, more incentives perversed
And that credit crunch ain’t a liquidity trap
Just a broke banking system, I’m done, that’s a wrap.

We’ve been goin’ back n forth for a century
[Keynes] I want to steer markets,
[Hayek] I want them set free
There’s a boom and bust cycle and good reason to fear it
[Hayek] Blame low interest rates.
[Keynes] No it’s the animal spirits


“The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.”

John Maynard Keynes
The General Theory of Employment, Interest and Money


“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.”

F A Hayek
The Fatal Conceit

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z1235 replied on Tue, Jan 26 2010 10:31 AM

Absolutely awesome! I giggled all through the video. And it's spreading like mad. I actually had a few friends forward the link to me!

Z.

 

 

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maxpot46 replied on Tue, Jan 26 2010 11:39 AM

Brilliant!  And the production values were SO HIGH for something of this nature!  I wonder how much it cost to make...

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Incredible!

"...I feel, for instance, that I have the right to do anything I please. But, if I do something you don't like, I think you have the right to kill me." -George Carlin
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Nielsio replied on Tue, Jan 26 2010 1:57 PM

maxpot46:

Brilliant!  And the production values were SO HIGH for something of this nature!  I wonder how much it cost to make...

On their website it says they used a Canon 7D (roughly 1500 euro). With such a camera you get really nice depth-of-view effects because of the large sensor. Then they used separate microphones and sync it because the 7D doesn't take an external microphone.

The guys who acted in it do a bunch of their own work, so I'm guessing they did a bunch of stuff with their own equipment.

The suits they were wearing looks nice too. And the guys are nice and thin so that makes it all look attractive and hip.

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jtucker:

One of the greatest things in the entire history of the world.

Hear, hear! This video is big for austrian economics.

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Sieben replied on Tue, Jan 26 2010 5:56 PM
bump again :D
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I. Ryan replied on Tue, Jan 26 2010 6:03 PM

I loved it. I especially enjoyed the part at which Keynes was trying to cure his hang-over via more alcohol!

If I wrote it more than a few weeks ago, I probably hate it by now.

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Unfortunatly, I got all the references. :p

 

Anyway; awesome, of course. Just the minor detail that Keynes was, in fact, gay. But hey; who cares?!

The state is not the enemy. The idea of the state is. 

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Nielsio replied on Tue, Jan 26 2010 6:43 PM

AdrianHealey:

Unfortunatly, I got all the references. :p

 

Anyway; awesome, of course. Just the minor detail that Keynes was, in fact, gay. But hey; who cares?!

Looking on his wiki it does appear he went out with a lot of men. But he did marry a woman ultimately.

This made me LOL:

"Keynes was ultimately a successful investor, building up a substantial private fortune. He was nearly wiped out following the Stock Market Crash of 1929 which he failed to foresee [..]"

http://en.wikipedia.org/wiki/John_Maynard_Keynes

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I've been watching this thing since 5am this morning... kinda sad but I like the beat and its catchy... Great job.

"It has been well said that, while we used to suffer from social evils, we now suffer from the remedies for them."

F.A. Hayek, The Constitution of Liberty

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filc replied on Tue, Jan 26 2010 6:55 PM

Prepared to get schooled in my Austrian perspective!

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Sphairon replied on Tue, Jan 26 2010 8:16 PM

That's how you awake people's interest for ideas and concepts in the 21st century. Exceptional, inspirational, funky.


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Student replied on Tue, Jan 26 2010 8:22 PM

very nice. Probably the best explanation you can find of either theory in less than 10 minutes and set to music. 

Ambition is a dream with a V8 engine - Elvis Presley

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jtucker replied on Tue, Jan 26 2010 8:53 PM

Again, I'll say it: nothing will ever be the same after this video.

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Nielsio replied on Tue, Jan 26 2010 9:08 PM

jtucker:

Again, I'll say it: nothing will ever be the same after this video.

Mises University 2010 all rap battles?

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Vitor replied on Tue, Jan 26 2010 9:17 PM

jtucker:

Again, I'll say it: nothing will ever be the same after this video.

Willing to admit that Rap > Gregorian Chant, Mr.Tucker?

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jtucker replied on Tue, Jan 26 2010 9:22 PM

Wow, that is a challenge! In promoting macroeconomics, rap is better. I don't want to hear ATBC in Gregorian chant, though if it were a chant it would have to be Mode 4. I'll submit before I attempt it and post the results. 

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hugolp replied on Tue, Jan 26 2010 9:53 PM

Nielsio:

AdrianHealey:

Unfortunatly, I got all the references. :p

 

Anyway; awesome, of course. Just the minor detail that Keynes was, in fact, gay. But hey; who cares?!

Looking on his wiki it does appear he went out with a lot of men. But he did marry a woman ultimately.

This made me LOL:

"Keynes was ultimately a successful investor, building up a substantial private fortune. He was nearly wiped out following the Stock Market Crash of 1929 which he failed to foresee [..]"

http://en.wikipedia.org/wiki/John_Maynard_Keynes

I remember reading that he actually lost everything and had to be rescued by his rich british parents in the 1929 crash. Can anyone confirm?

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