Uploaded by EconStories on Jan 23, 2010
Econstories.tv is a place to learn about the economic way of thinking through the eyes of creative director John Papola and creative economist Russ Roberts.
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In Fear the Boom and Bust, John Maynard Keynes and F. A. Hayek, two of the great economists of the 20th century, come back to life to attend an economics conference on the economic crisis. Before the conference begins, and at the insistence of Lord Keynes, they go out for a night on the town and sing about why there's a "boom and bust" cycle in modern economies and good reason to fear it.
Get the full lyrics, story and free download of the song in high quality MP3 and AAC files at:
http://econstories.tv
Plus, to see and hear more from the stars of Fear the Boom and Bust, Billy Scafuri and Adam Lustick, visit their site: http://www.billyandadam.com
Music was produced by Jack Bradley at Blackboard3 Music and Sound Design. It was composed and performed by Richard Royston Jacobs.
http://www.blackboard3.com
**Charging Bull© Arturo DiModica, 1998
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@420riz how xenophobic and stereotypical. Someone prescribes to one myth over another so surely they cannot rap. Be careful, if you meet a yemeni humanistic jew eating ashkenazi food before they go to a Nuyorican slam, it might make your head explode.
This is the result when Jews start to rap......lol
Oh you Americans. Arguing about politics in every single economics video.
BTW.... this is NOT a liberal video, by any stretch. I see it as very much a right-wing slam of Keynesianism. If you didn't get that, you are probably rather ignorant about political economy and should go back and study your basic Smith/Keynes/Marx before you post a foolish comment.
To me, this is not a neutral video. It seems fairly anti-Keynes, despite the comments I've seen here. I'd like to see Karl Marx trump both Keynes and Hayek in the next round, as Marx's critique of the political economy didn't assume that industrial and finance capital was "the end of history." I would challenge the filmmakers to bring Marx in, but I fear they would water down Marxist critique and identify it with the old USSR, which would be a misunderstanding of Marxist theory.
Okay can someone explain why Big Government linked to a clearly neutral video?
Keynes recommended controlling the boom as well as controlling the bust. He recommended exactly what Clinton did during the internet bubble - raise interest rates, have large budget surpluses. Then when it goes wrong, the government has fiscal room to deal with the consequences.Clinton did this perfectly compared to idiot Bush who lowered interest rates and lowered taxes during a housing bubble.When it crashed, there was nothing left in the bank so he handed Obama 1.3 trillion dollar deficits.
@mrHasaf I've been subscribed to Peter Schiff for a while. He predicts crashes ever year, year in and year out. He does not give the specifics you've stated, he just predicts misery. If we don't raise the debt ceiling and the economy takes a dive, he will claim credit for predicting it, even though it would be an entirely manufactured crisis due to political intransigence. He has never predicted that. But he'd take credit.
I'm still waiting for his hyperinflation, 10 years later. . .
@NicosMind I'm sorry, who is advocating communism? Why is it that every time one speaks to a conservative, they create a straw man with which to argue?
you use both , just think wich one would be better at the current time.