Fear the Boom and Bust: Hayek vs Keynes
A fun little ditty discussing economics. This is very pro-Hayek, but take from it what you will. If you like economics, and who doesn’t, you’ll love this.
The Keynes-Hayek rap video is finally here and it’s brilliant. The lyrics cover Keynesian economics and Austrian business cycle theory very well but what I liked best were the many ways in which the visuals, the story and the music subtly and sometimes not so subtly (!) parallel the economics–e.g. note what happens to Keynes after the big party!
Found this via Marginal Revolution.
Update: And just to show you there is some bad ass new functionality that you can use (just ask me how!) I’m rating this video.
Rating: 
larry • 2 years ago
i like this. educational as well as entertaining
larry • 2 years ago
uhpp! Spitzer Alert! HE don gone and did sumthin crazy again.
http://www.slate.com/id/2245781/
larry • 2 years ago
also i want to know how to rate all my own videos!
Mike • 2 years ago
Here it is for your rating pleasure. Insert this code where ever you want stars to appear: [rating:3.5/5] or [rating:4/5] or [rating:1/5]
You get the idea.
Mike • 2 years ago
Just a quick response to the link, Debunking the claim that higher income-tax rates reduce GDP.
The real question isn’t necessarily what effect higher income-tax rates have on GDP, the question is what effect do higher overall taxes have in general. GDP as an economic indicator is overplayed as it is.
Progressive taxes do discourage investment and possible growth–at least local investment. Money moves to locations that make it the most profitable, and higher taxes will help to encourage this movement.
So what real effect is there on employment, productivity, etc. to name a few? I would guess that POSSIBLE employment and productivity would decrease as a result of said progressive taxation if it were excessive enough, which would result in decreased economic growth.
If I had the numbers in front of me, I’d tell you for sure, but I’m too busy to google.
Mike • 2 years ago
My laptop just crashed and died on me. Shit.
larry • 2 years ago
it is because you are too smart and your laptop couldn’t take it anymore
Mike • 2 years ago
The natural progression of all of my interactions with technology.
larry • 2 years ago
this could be some lonely island song they left off the album because it was deemed too esoteric