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Keynes vs. Hayek rap video
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This is the first rap music I've ever liked, certainly the first I've ever thought of recommending to my kids!
Took my 3rd view at 2:45am to catch the bartenders' names/
OK – and I'm sure if you take a few simple sentences from Hayek many of them would ignore human action and motivation. Why in the world would you boil it down to “that simple equation”. That simple equation has context too – and as you say, context is important.
After reading The Road to Serfdom, Keynes wrote to Hayek; “…morally and philosophically I find myself in agreement with virtually the whole of it; and not only in agreement with it; but in a deeply moved agreement.” But… “You admit here and there that it is a question of knowing where to draw the line. You agree that the line has to be drawn somewhere, and that the logical extreme is not possible. But you give us no guidance whatsoever as to where to draw it.”
I think Hayek makes the point clearly;
“Planning and Competition can be combined only by planning for competition, but not by planning against competition. It is of the utmost importance to the argument of this book for the reader to keep in mind that the planning against which all our criticism is directed is solely for planning against competition – the planning which is to be substituted for competition. This is the more important, as we cannot, within the scope of this book, enter into a discussion of the very necessary planning which is required to make competition as effective and beneficial as possible.”
The single best thing that's ever been on YouTube.
Fabulous! Award winning. Should be required viewing for undergrads
Austrians, most notably, Ludwig von Mises, are the authority regarding human action. Hence, Mises's, Magnum Opus, Human Action.
Keynes was into animal spirits rather than human action.
The authority? You need to broaden your horizons. They certainly wrote about it and were very thoughtful in their consideration of human action and motivation. I would never deny that. I'm not sure about “the authority” on it.
Excellent!
There's a small difference between the lyrics and the video, though.
Instead of “Make sure the total’s growing…”, Keynes says “Keep that total growing…”.
This video is excellent. Great job.
I thought this was going to be lame. You proved me wrong. Awesome, fantastic, brilliant! Already forwarding it around.
Keynes' concern for human motivation boils down to a very easily toppled pop psychology; this is how he ignores human action and motivation, by positing a very simplistic notion of human psychology.
I believe that's actually the spell checker or dictionary on your computer which is accessed by Firefox. You can add Hayek to your dictionary by right clicking.
Professor Roberts and Mr. Papola, you deserve a major award for this. Outstanding. This is going on the syllabus in my Intermediate Macro class. Bravo, Bravo, Bravo!
Regardless, I was just making the point that Keynes is recognized and Hayek isn't. I never directed my spell check to recognize the word Keynes.
we are all keynesians now, no way out until the final bust
I don't know about that. Human Action wasn't published in English until 1949. I think the earliest version, in German, wasn't published until 1940. Even if Keynes read German, his General Theory was published in 1936. I guess he could be said to have “ignored” the German version, but having died in 1946, he never got the chance to ignore the English one.
The editing was terrific, as was the whole production.
Excellent.
Yeah Russ, where was your cameo? The Munger cameo was awesome but you would have rounded it out nicely!
Awesomely funny! My favorite moments: Hotel Lobby (“thats with an H”), Gideon bible reference, Munger cameo and Bernie/Tim nametags. But I agree, where was your cameo? Hitchcock did it. Stan Lee does it. We needed that Roberts shot! You could have been a door man at the hotel.
That's genius. Congratulations and thank you.
I would love to show this to students.
Except that it's so unbalanced and dishonest…
(sigh…)
As for Keynes commenting on Mises, he did review Mises' Theory of Money and Credit (in German). I found a nice account of it here on Cafe Hayek.
http://cafehayek.com/2009/11/keynes-on-mises-an...
Haha!!! I LOVE that Keynes is hungover after his drinking/spending binge : ) Very clever.
Love it!
Care to explain how?
If one knows Keynes, and one knows what's wrong with Austrian theories, then one can see all that is left out. And the moralistic overtones of the drinking binge really detract from any substantive positive discussion of what underlies business cycles. It's like making fun of Newtonian physics by playing up intuition underlying Biblical or Aristotelian notions of physics.
I appreciate substantive debate, especially if made fun. But I see no substance here. Only an attempt to put down one's intellectual superior with ridicule rather than substance. (Ridicule with substance–that's what I'd like to see, but it's really hard to do here.)
It's professional looking. It entertains. But it misleads without apology.
Hmm, I find it interesting that a comment complaining about a lack of substantive debate is itself completely devoid of substance. What relevant aspect of Keynesianism was left out?
What don't you understand about Newtonian physics? Just let me know and I'll reproduce the literature right here.
Keynesian theory has a roll when properly used. That means there must be a surplus first that can be used for stimulus. You never just let the printing presses run free. Hayek is the better way to go. Implicit in his theory is the fact that politicians are never responsible when it comes to the economy.
Yes, they do take a few simple sentences from Hayek to demonstrate that Hayek was a fool.
From what I heard earlier on the blog, these folks consulted Skidelsky to keep it as fair to Keynes as possible.
Right – it was pretty fair to Keynes. I only mentioned two strange lines, sandre. However – I'm not sure why Skidelsky speaks for Keynesians. He's his biographer, after all.
I think they also consulted him on the lyrics – I'm not sure if he saw the video itself when he said that. The whole “Keynesianism is basically drinking away your problems” metaphor wasn't really objective, subtle, or convincing either and I'm not sure if Skidelsky even saw that.
As the Cafe's most prolific Keynesian, I appreciate your insight that the video was fair to Keynes. I wasn't sure it was because it made Keynes' ideas look STOOOOPID!!!
Of course, I'm biased – I thought the drinking metaphor was spot-on. But I didn't pick up on a “Keynesianism is drinking away your problems” metaphor, rather a “Keynesianism is partying it up while ignoring the consequences of your actions, but it's OK because when the crash comes, the solution is MORE PARTYING” metaphor.
Una clase de economia en Rap. Dedicado a los keynesianos
Dedicado a los keynesianos….
I love it. Very innovative delivery of a classic subject. I eagerly await your next production.
Russ… you´re usually great but this was too much! Congratulations!
I join. All above told the truth. We can communicate on this theme. Here or in PM.
Lord Keynes seems to be missing a British accent…
I had to pause the video twice because I lost it laughing so hard.
The first time was the “Gideon” General Theory.
The second was the Ben/Tim bar tender name tags.
Russ – this was most excellently done!
I'm afraid you're getting old.
It was over 10 years ago that we decided that RAP was officially America's new national music.
We're now in the midst of a national dialogue over whether to outsources National Anthem 2.0 to Snoop Dogg or Slick Rick.
So its Keynes, and his theory which was trashed by free market reformers which has caused Boom and Bush eh. Hayek, beloved by Thacher and vaguely understood by Reagan and his desire to free markets at all and any time is left innocent.
2 years ago Conservatives were happy to bail out the banks which had been under regulated. Credit had flowed in to the economy via a monetary policy which had become dominated (as it always would) by politics. Hayek was in a ruin.
But now that the neo-liberals have their bonuses back its time to rework the continual mythology of economics. If only we had done the one thing no one, not even hard right hard free market Bush could have imagined do at the time, followed free market insanity to the point of vast death….then the theory of free markets would have worked.
Here is a General Theory, any efforts to deregulate markets will cost the state more in bail outs. Any failure of the state to bail out an industry only will lead to larger future bailouts until the industries are so large as to constitute a threat to the nation defense.
Von Mises?
What do you think that humans are? Someone just decided to give us the title of human beings to make us sound more civil, when in reality we're all animals on this planet, we are just are the most intelligent animal on the planet, but sometimes I question that!!!
If 60yrs of Keynesian government hasen't proved that it doesn't work then you're blind. 60yrs of Keynesian economics and the only thing that's happening is that the recessions are getting worse & worse and they're getting closer & closer together. At the rate we are going the next one will start before this ones even over.
Too late, someone already did a National Anthem 2.0 http://www.youtube.com/watch?v=gNVl8Zh5_Jw
Too late, someone already did a National Anthem 2.0 http://www.youtube.com/watch?v=gNVl8Zh5_Jw
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