Watch the following video. What is are they fighting about? What are some of Keynes's ideas? Hayek's? Who is the person doling out the money two-thirds of the way through the video? What is the satire of that part? In your opinion who is the winner of the fight? Why?
14 Comments
5/12/2011 01:17:31 am
Hayak and Keynes are fighting about whether the US economy should be controlled and suppported by the government or let be without much government intervention. Keynes believes that government spending will help stimulate the economy and create more jobs. However Hayak believes that less government interference in the economy will allow the market to redirect itself. Hayak believes that stimulating the economy through an increase in money supply will only cause inflation. The person dolling out money is Chairmen of the Federal Reserve, Ben Bernanke. His part in the video is to display how the government was loaning out money to various organizations such as large corporations like GM in order to stimulate the economy. In terms of whether keynes or Hayak's economic strategies have been embraced by the U.S. as a way to recover from the recession I would have to say that Keyne's won that fight. Not because his strategy was better but merely because the US accepted as the right strategy. However, I believe that Hayak's economics, though not the most popular, are the most realistic in enabling the economy to move forward. As has been shown through government bailouts, hopes of economic recovery have only slightly increased. The bailouts therefore can be seen as only a short term goal rather than a long term goal for the economy. Although it does take longer, allowing the market to self-correct itself is the better decision though not a perfect one.
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Liam van keuren
5/12/2011 02:49:02 am
Hayak and Keynes are fighting about the economy and how we can solve it. Hayak believes that government spending will create more jobs. Keynes on the other hand believes less government spending will be better for the economy. Truthfully have no clue who that guy is but according to gaby he is the chairman of the Federal Reserve. The satire of his part is that the he is giving money to big companies to better the economy while they are swimming in money. I am not sure who won but I think that Keynes should win because right now the government isn't helping the economy.
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Rubi Pelayo
5/12/2011 10:01:07 am
Keynes and Hayek are fighting about how the economy should be controlled in order to get out of the recession and to also help it work more efficiently.Keynes believes that spending is helpful to the economy as he talks about World War II and how the US economy boomed afterwards. He doesn't believe in a free market and wants government intervention. Hayek believes that war is not helping the recession because the people back home have to ration their food for troops. He also mentions that war isn't the answer because it doesn't get rid of the problem of unemployment. Hayek believes that both spendig and consuming are essential in making sure that the economy runs smoothly. The man giving out money to big corporations is the chairman of the Federal Reserve.I think that Keynes won the fight because he took more of an agressive approach to the issue which got the attention of everyone since we are desperate to fix the economy;however,Hayak's approach is more realistic and it is probably the way things are going to end up getting better.
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Kiera Louttit
5/12/2011 10:15:44 am
First off this video is absolutely brilliant! Sadly I will not be making a video response to the video blog. Keynes and Hayek are fighting about which way is the more effective way to solve the economic slump. Keynes believes the best way to solve the economy is for people to spend money. He also believes the government should have control over the market. Hayek on the other hand has views are just the opposite. He believes that the government should stay out of the market and eventually the market will reach equilibrium. The person dolling out money represents government bailing out banks and other large companies during the the economy crash. I would not necessarily agree with Keynes but I believe he won the fight. During the economic crash American took Keyne’s strategy over Hayek’s.
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Rico Abreu (Goof)
5/12/2011 11:48:58 am
This video is about the debate over the U.S. economy. Hayek represented the free market while Keynes represented government control over the market. Keynes felt that the government needs to help the economy, because it will not be able to recover from a depression on its own. He feels that through spending and bailouts businesses will be able to recover in a recession. Hayek thought the opposite, saying that the economy cannot be controlled or predicted; it just responds to what happens in the world. The person giving out money in the middle of the film was the chairman of the Federal Reserve. This represents the advantages that several corporations took over the government bailouts, such as bonuses for CEO's rather than trying to get their company out of debt. I think that Keynes won the fight because the majority of the people supported him. Even though Hayek's is what everyone really wants to happen, the government usually opts for Keynes's side because people are always asking for help from the government when the economy fails.
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Luke Myers
5/12/2011 03:21:38 pm
Keynes and Hayek are fighting over the best way to revitalize the US economy. Keynes is a big supporter of government spending; he believes that more spending will stimulate the economy and create more jobs. Hayek, on the other hand, supports limited government interference to straighten out the economy. The guy at the table making it rain is the chairman of the Federal Reserve. He represents government bailouts, doling out money to large companies in order to keep them running, satirizing the efficiency of the US economy. The makers of the video put in an interesting ending, leaving the resolution of "who won" questionable. Hayek obviously knocked down Keynes at the end, probably displaying how he carries the better argument and should be the winner. However, the Committee Chairman/Ref holds up Keynes' hand at the end as the winner. The American public, represented by the large amount of reporters, then cheers and congratulates Keynes on his "victory." Because of this, the video is most likely trying to say that, although limited government involvement is probably the better solution to a hurting economy, the American public is more likely going to support a plan that involves bailouts and government spending.
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Matt Myers
5/12/2011 03:38:58 pm
This extremely creative video shows a fight between Keynes and Hayek, two economists fighting for what they believe will get the U.S. economy back on track. They make it clear from the start that Hayek and his ideas are the less popular, though in the long run they would likely be more effective. Hayek, the true winner of the fight feels that less governent involvement would be better for the economy, while Keynes, the winner of the popularity contest, believes that government involvement and bailouts will solve the problem while creating more jobs. The man handing out money is the Chairman of the Federal Reserve handing out bailouts and abusing stimulus money. The humor in this is that the men to whom he is gifting the money (representatives of large corps) appear to be thriving rather than declining. I think that it is clear that Hayek knocked-out Keynes. Hayak threw better punches, so to speak, and argued his point very well. Keynes took a more short-term approach and fought for spending money.
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Diane Meyer
5/12/2011 03:52:56 pm
In this fight between Keynes and Hayek, the two are battling over the concepts of a free market vs. a regulated market. Keynes is supporting government involvement in the economy, such as bailout programs. He believes that through such programs, the money invested in the economy by the government will ultimately overcome a recession as it will get money circulating between businesses. Hayek supports a virtually free economy, upholding that nothing the government does will actually make a difference in the outcome of a recession. He feels that the government is merely wasting its time and resources by trying to decide the future. He argued that although World War 2 did allow the U.S. to recover from the Great Depression, it wasn't because it created jobs, as Keyes thought. Rather, the fact that so many people were employed during the war actually hurt Americans because they had no jobs following its conclusion.
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Annalotta Saarikoski
5/12/2011 03:57:43 pm
Keynes and Hayek are fighting what would be the best way to keep the economy good. Keynes thinks that the best way is to have lot of control over market by the government, and the important thing is that the government spends money so it creates more jobs. Hayek thoughts are the opposite. He thinks that there should be free market, no government control. The person with the money is the chairman of the Federal Reserve. Keynes is the winner. When the economy is bad, people are frustrated and they need government to help the economy. People are too scared to use Hayek's strategy.
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Dakota Rose
5/19/2011 01:53:39 am
The basic fight between Keynes and Hayek is that which exists between the populous and the rich. In the video, Keynes is representing the rick of America, who would prefer that the economy be healed by a return to the processes that had been working before the depression. this involves greater spending by the people in general, and creation of more jobs to fill the market, as normally happens during times of war. Furthermore, he concedes that more government oversight is needed on the big Wall Street executives to ensure that they do not overstep their boundaries, as they did before the depression. However, Hayek is arguing that America cannot afford to try, once again, a system that obviously fail and helped cause the depression. He prefers a more bottom-up economic approach, which would put the power in the hands of the people in the reformation process. He believes that the government is already overly involved with Wall Street, and they are solely continuing to support each other's actions. I believe that the phrase Hayek used was "in bed with each other" but I may just be mistaken and speaking my own mind. Over halfway into the video, scenes appear of a poker game in a dark room involving many large figures with tons of money. Bags of it even. This is representative of the Wall Street executives who are playing with their investors' money, without any thought to the consequences of the actions. The scenes portrayed here and throughout the video are very satirical of our current system, especially the ending where the obviously bear Keynes is declared the winner of the battle by the judges. This is another metaphor, saying that currently the leaders of the US are incapable of making the decisions that would benefit both the people, and the economy on a whole. They prefer to choose the solutions that will not work in the long run, but will give them money in the short run. There is no thought as to looking at history to see the mistakes of the past and avoid them.
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Sofia Glorio
5/19/2011 04:20:59 am
This video shows a heated fight between Keynes and Hayek, two economists that are fighting for what they think will get the U.S. economy 'back on track', so to speak.. From the beginning, it is shown that Hayek and his ideas are the less popular, but maybe in the long run they would likely be more effective. Hayek strongly feels that less governent involvement would be better for the economy. But Keynes, who got the more popular vote, thinks that government involvement eqauls solving the problem, while creating more jobs. The Chairman of the Federal Reserve is the one handing out the money and bailouts, abusing stimulus money. I personally believe that Hayek is the better economist with better ideas, but the only reason Keynes won is because of his popularity. This is a true life example of hard politics.
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5/20/2011 04:52:38 am
This mock rap video portrays the conflicting ideas of two key economists. Keynes, and Hayek, which both are arguing about how involved the government should be in the domestic economy. Hayek would argue that the government should keep their long nose out of everyone's business, but his ideas are somewhat radical and many people tend to learn towards Keynsian Economics. Keynes believes that the government SHOULD be involved with coming up with economic solutions to problems, because it can stimulate the economy when needded, and hopefully this stimulus will create jobs for Americans, but I've got to say in my opinion Keynsian economics is failing us, at least I was utterly disappointed with the TRILLIONS of tax dollars the government spent on bailing out corrupt companies, claiming it would save jobs. I think that the best US economic strategy is somewhere in the middle of the two radically opposing economic theories.
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Raul Fernandez
5/24/2011 02:46:51 am
This rap video is about the ideas of to economists which is kaynes, and hayek. They both are arguing about how the govermnt should be involved in the domstic economy. Keynes argues that the goverment should be invloveld and they should help with our economy for it to not fall. Hayek argues the oppiset dosnt want it involved. I personaly think that none of them are because we need a steady goverment who is not super involved but is there when we need it therefor it wont be controling everything.
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beto
5/24/2011 02:50:11 am
this rap video of the two white boys, keynes and hayek. they are both arguing about how to run the economy. heyek thinks that the less goverenment is involved in our lives the better. keynes on the other hand thinks that goverenment involvement will create jobs, so that our economy can grow and work. i think that heyek has a better argument. keynes didnt make a good argument in my opinion
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