This informative, humorous, and spiffy music video really encapsulates the great debate of our generation: freedom and individualism vs. central planning and collectivism. We are truly at a crossroads in this country. One road leads to economic dictatorship, and another road leads to free market capitalism. At this critical juncture in history, the old debate between deficit spending advocate John Maynard Keynes and the Austrian economist F.A. Hayek is more relevant than ever.
[youtube]http://www.youtube.com/watch?v=GTQnarzmTOc[/youtube]
And the prequel to this video is also worth watching:
[youtube]http://www.youtube.com/watch?v=d0nERTFo-Sk[/youtube]
April 29th, 2011 at 10:21 am
Josiah, that is the most epic video I’ve seen in a long time. But I’m just a nerd like that, I guess.
Thanks for sharing!
April 29th, 2011 at 10:24 am
Is this what’s going on in higher education? I never felt so captivated by economics. Evah.
April 29th, 2011 at 10:42 am
Best post ever!!!
April 29th, 2011 at 10:44 am
If you check out the “backstory” page at EconStories.tv, you will find these videos were made only because the producer read a certain book: “Economics in One Lesson.”
http://www.amazon.com/Economics-One-Lesson-Shortest-Understand/dp/0517548232/ref=sr_1_1?ie=UTF8&qid=1304045450&sr=8-1
Paging Matthew Kilburn…..
April 29th, 2011 at 10:48 am
Yeay, I have been looking forward to this video. Epic, really! Loving it.
Liz, I’m studying economics and just today we learned about the liquidity trap. No alternative theories presented to this keynesian concept. So the answer to the question is Yes. Keynes is comfortable and gives us economists self-esteem, Hayek reminds us of our limits. Who do you think we’d rather listen to?
/John
April 29th, 2011 at 11:02 am
Gustavsson,
The liquidity trap is one of those theorems that really boggles me, because it’s SO easily refuted. How do Keynesian economists willingly delude themselves into thinking that an individual household doing right, is wrong for the kingdom as a whole? Hayek pointing out the changes in the capital structure that occur when savings increases is such a simple refutation, right under the nose of any good economist. How do they miss it?
April 29th, 2011 at 12:56 pm
Very fun video. I love the confusion at the winner of the boxing match after he is the one bloodied and battered. It’s so true that people see what they want… and many will gladly ignore logic and pesky facts.
April 29th, 2011 at 1:19 pm
Hayek rulz again. Does Ron Paul Have to report these to the FEC?
April 29th, 2011 at 4:10 pm
Excellent post, Josiah. Thanks. Last night I posted a piece about stagflation. Today, Reagan Admin economist Larry Kudlow now with CNBC has a similar discussion in The Daily Caller.
http://dailycaller.com/2011/04/29/stagflation-is-here-declares-cnbcs-larry-kudlow/
April 30th, 2011 at 11:23 am
Awesome videos.