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economics...
Topic Started: 31 Jan 2010, 19:15 (99 Views)
Lord Tothe
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Evil Dictator-For-Life of AWP
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... in a rap anthem!

http://econstories.tv/home.html

We’ve been going back and forth for a century
[Keynes] I want to steer markets,
[Hayek] I want them set free
There’s a boom and bust cycle and good reason to fear it
[Hayek] Blame low interest rates.
[Keynes] No… it’s the animal spirits

[Keynes Sings:]

John Maynard Keynes, wrote the book on modern macro
The man you need when the economy’s off track, [whoa]
Depression, recession now your question’s in session
Have a seat and I’ll school you in one simple lesson

BOOM, 1929 the big crash
We didn’t bounce back—economy’s in the trash
Persistent unemployment, the result of sticky wages
Waiting for recovery? Seriously? That’s outrageous!

I had a real plan any fool can understand
The advice, real simple—boost aggregate demand!
C, I, G, all together gets to Y
Make sure the total’s growing, watch the economy fly

We’ve been going back and forth for a century
[Keynes] I want to steer markets,
[Hayek] I want them set free
There’s a boom and bust cycle and good reason to fear it
[Hayek] Blame low interest rates.
[Keynes] No… it’s the animal spirits

You see it’s all about spending, hear the register cha-ching
Circular flow, the dough is everything
So if that flow is getting low, doesn’t matter the reason
We need more government spending, now it’s stimulus season

So forget about saving, get it straight out of your head
Like I said, in the long run—we’re all dead
Savings is destruction, that’s the paradox of thrift
Don’t keep money in your pocket, or that growth will never lift…

because…

Business is driven by the animal spirits
The bull and the bear, and there’s reason to fear its
Effects on capital investment, income and growth
That’s why the state should fill the gap with stimulus both…

The monetary and the fiscal, they’re equally correct
Public works, digging ditches, war has the same effect
Even a broken window helps the glass man have some wealth
The multiplier driving higher the economy’s health

And if the Central Bank’s interest rate policy tanks
A liquidity trap, that new money’s stuck in the banks!
Deficits could be the cure, you been looking for
Let the spending soar, now that you know the score

My General Theory’s made quite an impression
[a revolution] I transformed the econ profession
You know me, modesty, still I’m taking a bow
Say it loud, say it proud, we’re all Keynesians now

We’ve been goin’ back n forth for a century
[Keynes] I want to steer markets,
[Hayek] I want them set free
There’s a boom and bust cycle and good reason to fear it
[Keynes] I made my case, Freddie H
Listen up , Can you hear it?

Hayek sings:

I’ll begin in broad strokes, just like my friend Keynes
His theory conceals the mechanics of change,
That simple equation, too much aggregation
Ignores human action and motivation

And yet it continues as a justification
For bailouts and payoffs by pols with machinations
You provide them with cover to sell us a free lunch
Then all that we’re left with is debt, and a bunch

If you’re living high on that cheap credit hog
Don’t look for cure from the hair of the dog
Real savings come first if you want to invest
The market coordinates time with interest

Your focus on spending is pushing on thread
In the long run, my friend, it’s your theory that’s dead
So sorry there, buddy, if that sounds like invective
Prepared to get schooled in my Austrian perspective

We’ve been going back and forth for a century
[Keynes] I want to steer markets,
[Hayek] I want them set free
There’s a boom and bust cycle and good reason to fear it
[Hayek] Blame low interest rates.
[Keynes] No… it’s the animal spirits

The place you should study isn’t the bust
It’s the boom that should make you feel leery, that’s the thrust
Of my theory, the capital structure is key.
Malinvestments wreck the economy

The boom gets started with an expansion of credit
The Fed sets rates low, are you starting to get it?
That new money is confused for real loanable funds
But it’s just inflation that’s driving the ones

Who invest in new projects like housing construction
The boom plants the seeds for its future destruction
The savings aren’t real, consumption’s up too
And the grasping for resources reveals there’s too few

So the boom turns to bust as the interest rates rise
With the costs of production, price signals were lies
The boom was a binge that’s a matter of fact
Now its devalued capital that makes up the slack.

Whether it’s the late twenties or two thousand and five
Booming bad investments, seems like they’d thrive
You must save to invest, don’t use the printing press
Or a bust will surely follow, an economy depressed

Your so-called “stimulus” will make things even worse
It’s just more of the same, more incentives perversed
And that credit crunch ain’t a liquidity trap
Just a broke banking system, I’m done, that’s a wrap.

We’ve been goin’ back n forth for a century
[Keynes] I want to steer markets,
[Hayek] I want them set free
There’s a boom and bust cycle and good reason to fear it
[Hayek] Blame low interest rates.
[Keynes] No it’s the animal spirits


“The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.”

John Maynard Keynes
The General Theory of Employment, Interest and Money


“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.”

F A Hayek
The Fatal Conceit
"Mighty little force is needed to control a man whose mind has been hoodwinked; contrariwise, no amount of force can control a free man, a man whose mind is free. No, not the rack, not fission bombs, not anything — you can't conquer a free man; the most you can do is kill him." ~ Robert A. Heinlein
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Neasmyrna
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Founder of 00000 A World Power
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Very good actually... and yes i did read the whole thing :P

Not perfect.... but good (the words... I didn't listen to it with the music).

EDIT: watched the movie this time :P

So yeah... still good but went a little too hard on Keynes... right now (almost as usual in sciences) it looks like a hybrid of classical and Keynesian is the most popular idea about administrating public policy.
The bestest guy you ever new about!!!

&

The founder of 00000 A World Power! %mh%-91436%mh%
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Lord Tothe
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Evil Dictator-For-Life of AWP
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bwahahahahaha. bump.
"Mighty little force is needed to control a man whose mind has been hoodwinked; contrariwise, no amount of force can control a free man, a man whose mind is free. No, not the rack, not fission bombs, not anything — you can't conquer a free man; the most you can do is kill him." ~ Robert A. Heinlein
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Ten Stars
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I want to be the best, there ever was. To beat all the rest, yeah that's my cause!

Electrode, Diglett, Nidoran, Mankey. Venusaur, Rattata, Fearow, Pidgey. Seaking, Jolteon, Dragonite, Gastly. Ponyta, Vaporeon, Polywrath, Butterfree!

Catch 'em, catch 'em, gotta' catch 'em all! Pokémon!

I'll search across the land, look far and wide. Release from my hand, the power that's inside!

Venomoth, Poliwag, Nidorino, Golduck. Ivysaur, Grimer, Victreebell, Moltres. Nidoking, Farfetch'd, Abra, Jigglypuff. Kingler, Rhydon, Clefable, Wigglytuff!

Catch 'em, catch 'em, gotta' catch 'em all! Gotta' catch 'em all! Pokémon!

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Gotta' catch 'em all, gotta' catch 'em all! Yeah! Gotta' catch 'em all, gotta' catch 'em all! Yeah! Gotta' catch 'em all, pokémon! Ow!

Kabuto, Persian, Paras, Horsea. Raticate, Magnemite, Kadabra, Weepinbell. Ditto, Cloyster, Caterpie, Sandshrew. Bulbasaur, Charmander, Golem, Pikachu!!!

At least 150, or more to see. To be a pokémon master is my destiny!

Alakazam, Doduo, Venonat, Machoke. Kangaskhan, Hypno, Electabuzz, Flareon. Blastoise, Polywhirl, Oddish, Drowzee. Raichu, Nidoqueen, Bellsprout, Starmie! Woo!

We're at the half-way point. Doin' great so far! What's all this 'we stuff?' I'm doin' all the hard work! Break time's over. Here we go!

Metapod, Marowak, Kakuna, Clefairy. Dodrio, Seadra, Vileplume, Krabby. Likitung, Tauros, Weedle, Nidoran. Machop, Shellder, Porygon, Hitmonchan!

Gotta' catch 'em all, gotta' catch 'em all! Yeah! Gotta' catch 'em all, gotta' catch 'em all! Yeah!

Articuno, Jynx, Nidorina, Beedril. Haunter. Squirtle. Chansey! Pokémon! Parasect, Exeggcute, Muk, Dewgong. Pidgeotto, Lapras, Vulpix, Rhydon!

At least 150, or more to see. To be a pokémon master is my destiny!

Charizard, Machamp, Pinsir, Koffing. Dugtrio, Golbat, Staryu, Magikarp. Ninetails, Ekans, Omastar. Scyther, Tenatcool, Dragonair, Magmar!

Woah! Catch yer breath, man. Shake out those lipsi t's downhill from here. Just 24 more to go! Now it gets tricky - so listen real good!

Sandslash, Hitmonlee, Psyduck, Arcanine, Eevee, Exeggutor, Kabutops, Zapdos, Dratini, Growlithe, Mr. Mime, Cubone, Graveler, Voltorb, Gloom!!!

We're almost home! Gotta' catch 'em all, gotta' catch 'em all! Yow! Gotta' catch 'em all, gotta' catch 'em all! Huh! (Gotta catch 'em all pokémon, yeah)

Charmeleon! Wartortle! Mewtwo, Tentacruel, Aerodactyl. Omanyte! Slowpoke! Pidgeot, Arbok, that's all folks!

Catch 'em, catch 'em, gotta' catch 'em all! Oooh, gotta' catch 'em all, pokémon! Catch 'em, catch 'em, gotta' catch 'em all! Oooh, gotta' catch 'em all, pokémon! Catch 'em, catch 'em, gotta' catch 'em all! Gotta' catch 'em all! Pokémon!
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Bassyruk
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WERE NOT GONNA TAKE IT ANYMORE
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