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Thread: Keynes v Hayek rap

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    Politics.ie Member evercloserunion's Avatar
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    Default Keynes v Hayek rap

    Saw this on another forum, thought it was pretty cool.

    [ame="http://www.youtube.com/watch?v=d0nERTFo-Sk"]YouTube- "Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem[/ame]



    <Mod> This thread has been merged with "Keynes V Hayek - Round 2". </Mod>
    Last edited by stringjack; 28th April 2011 at 01:07 PM. Reason: Merged thread.
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    Very good

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    Politics.ie Member TradCat's Avatar
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    Default Hayek vs. Keynes Rap

    [ame="http://www.youtube.com/watch?v=d0nERTFo-Sk"]YouTube- "Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem[/ame]

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    Politics.ie Member Panopticon's Avatar
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    If this were a real rap battle, Keynes would respond to Hayek, asking for an explanation why Hayek's theory gets asymmetric results about employment from a symmetric investment cycle. Of course, it's propaganda made by the Austrian School, so why should I be surprised that this doesn't happen?

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    Quote Originally Posted by Panopticon View Post
    If this were a real rap battle, Keynes would respond to Hayek, asking for an explanation why Hayek's theory gets asymmetric results about employment from a symmetric investment cycle. Of course, it's propaganda made by the Austrian School, so why should I be surprised that this doesn't happen?

    Yeah, that Phillips curve was some work of genius from the Keynesian school.

    Too bad we can't get a You Tube video of the people shaking John Maynard Keynes hands at the Brettons Woods Conference a couple of weeks after the D Day landings. Rothschilds, Rockefellers, etc. plenty of the Committee of 300 psychopaths no doubt.
    “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” - Friedrich A. Hayek

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    Could you specify your question a bit more, please? Just in case you refer to a general critique saying that austrian business cycle theory does not explain high unemployment, the answer would be the following: The bust does indeed not necessarily lead to high and lasting unemployment. the restructuring of the capital structure is facilitated by open markets in a way that factors and labour quickly are reallocated from early stages toward late stages. but in a hampered market, where unions and government interventions such as welfare impeed a fast readjustment, lasting unemployment can emerge. secondly, the longer the artificial and unsustainable boom lasts, the more specified labour becomes and hence, the harder it is for them to find a new job quickly after the bubble went bust. example: in recent years ordinary people left their jobs in order to become daytraders and, of course, the housing boom shifted labour demand toward construction. if now nobody wants to build a house, these people need to learn something else. That is a major reason why government should not mess around with the market demand, because it sends wrong signals about what skills to learn and where to invest your savings.
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    Quote Originally Posted by Retrolives View Post
    Could you specify your question a bit more, please? Just in case you refer to a general critique saying that austrian business cycle theory does not explain high unemployment, the answer would be the following: The bust does indeed not necessarily lead to high and lasting unemployment. the restructuring of the capital structure is facilitated by open markets in a way that factors and labour quickly are reallocated from early stages toward late stages. but in a hampered market, where unions and government interventions such as welfare impeed a fast readjustment, lasting unemployment can emerge. secondly, the longer the artificial and unsustainable boom lasts, the more specified labour becomes and hence, the harder it is for them to find a new job quickly after the bubble went bust. example: in recent years ordinary people left their jobs in order to become daytraders and, of course, the housing boom shifted labour demand toward construction. if now nobody wants to build a house, these people need to learn something else. That is a major reason why government should not mess around with the market demand, because it sends wrong signals about what skills to learn and where to invest your savings.
    + 1,000 oz.

    Plus massive bubbles being artificially created by a flawed Fractional Reserve Banking system which itself only exists by virtue of being statist and an artificial oligopoly nurtured by governments creating horrendously negative market externalities on society as a whole.
    “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” - Friedrich A. Hayek

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    Politics.ie Member evercloserunion's Avatar
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    Politics.ie Member Panopticon's Avatar
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    Why is there large unemployment during the shift away from mal-investment towards good sectors, but no unemployment during the shift away from good sectors towards mal-investment?

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    So, whoever's got the best comedy rap wins the economics contest?

    Sounds like a pretty easy task. Looks like I wasted my time with all those books when I could just have been listening to comedy raps and decided which I like better.

    Because, if there is one fundamental truth in the universe, it resides in that which raises most laughter with a hip-hop beat.

    It's no longer amazing to me, having seen this,that there are people dum enough to believe that the problems of 2008 were caused by too much government intervention in the market.

    This is, to my mind, akin to suggesting that the next 6 nations be held without the interference of referees and officials. While I might want to watch the result, I think such a tournament would have a lot in common with the markets of 2008, only the blood and carnage would be non-metaphorical.
    When you see the words "Mises" or "Hayek" in someone's post, just ask yourself: do I really want to ban paper money and go back to gold?

    You have to pity the kind of people who buy into conspiracy theories. I find the following to be the saddest words on the internet: "Re: connection between Bilderberg puppet lady gaga and viral outbreak in ukraine "

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