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作曲 : John Papola |
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John Maynard kaynes |
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F.A.Hayek |
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Keynes: Yeah, we're opposed |
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Hayek: We oppose each other philosophically |
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Keynes: In the same studio |
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We've been going back and forth for a century |
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Keynes: I want to steer markets |
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Hayek: I want them set free |
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There's a boom and bust cycle, and good reason to fear it |
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Hayek: Blame low interest rates |
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Keynes: No... it's the animal spirits |
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Keynes: |
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John Maynard Keynes wrote the book on modern macro |
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The man you need when the economy's off track |
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Depression, recession, Now your question's in session |
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Have a seat and I'll school you in one simple lesson |
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Boom! 1929: the big crash! |
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We didn't bounce back, economy's in the trash~ |
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Persistent unemployment, the result of sticky wages, |
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Waiting for recovery? (Seriously?) That's outrageous |
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I had a real plan any fool can understand, |
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The advice real simple: boost aggregate demand! |
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C,I,G, altogether gets to Y(GDP=C+G+I+NX*), |
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Keep that total growing, watch the economy fly |
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|
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We've been going back and forth for a century |
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Keynes: I want to steer markets |
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Hayek: I want them set free |
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There's a boom and bust cycle, and good reason to fear it |
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Hayek: Blame low interest rates |
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Keynes: No... it's the animal spirits |
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Keynes: |
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You see it's all about spending, hear the register cha-ching |
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Circular flow, the dough is everything |
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So if that flow is getting low, It doesn't matter the reason |
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We need more government spending, Now it's stimulus season |
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So forget about saving, Get it straight out of your head |
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Like I said, "In the long run, we're all dead" |
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Savings is destruction, that's the paradox of thrift, |
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Don't keep money in your pocket or that growth will never lift, because: |
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Business is driven by the animal spirits, |
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The bull and the bear and there's reasons to fear |
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It's effects on capital investment, income, and growth |
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That's why the state should fill the gap, with stimulus both |
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The monetary and the fiscal, they're equally correct |
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Public works, digging ditches, war has the same effect |
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Even a broken window helps the glass man have some wealth |
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The multiplier driving higher the economy’s health |
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And if the Central Bank’s interest rate policy tanks |
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A liquidity trap, that new money’s stuck in the banks! |
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Deficits could be the cure, you been looking for |
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Let the spending soar, now that you know the score |
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My General Theory’s made quite an impression |
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(a revolution)I transformed the econ profession |
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You know me, modesty, still I’m taking a bow |
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Say it loud, say it proud, we’re all Keynesians now! |
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|
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We’ve been goin’ back and forth for a century |
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Keynes: I want to steer markets |
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Hayek: I want them set free |
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There's a boom and bust cycle, and good reason to fear it |
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Keynes: I made my case, Freddie H, listen up can you hear it? |
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Hayek: |
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I’ll begin in broad strokes, just like my friend Keynes |
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His theory conceals the mechanics of change |
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That simple equation, too much aggregation |
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Ignores human action and motivation |
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And yet it continues as a justification |
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For bailouts and payoffs by pols with machinations |
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You provide them with cover to sell us a free lunch |
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Then all that we’re left with is debt, and a bunch |
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If you’re living high on that cheap credit hog |
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Don’t look for cure from the hair of the dog |
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Real savings come first if you want to invest |
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The market coordinates time with interest |
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Your focus on spending is pushing on thread |
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In the long run, my friend, it’s your theory that’s dead |
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So sorry there, buddy, if that sounds like invective |
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Prepare to get schooled in my Austrian perspective |
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|
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We’ve been going back and forth for a century |
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Keynes: I want to steer markets |
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Hayek: I want them set free |
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There's a boom and bust cycle, and good reason to fear it |
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Hayek: Blame low interest rates |
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Keynes: No... it's the animal spirits |
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The place you should study isn’t the bust |
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It’s the boom that should make you feel leery, |
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that’s the thrust of my theory, the capital structure is key |
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Malinvestments wreck the economy |
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The boom gets started with an expansion of credit |
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The Fed sets rates low, are you starting to get it? |
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That new money is confused for real loanable funds |
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But it’s just inflation that’s driving the ones |
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Who invest in new projects like housing construction |
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The boom plants the seeds for its future destruction |
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The savings aren’t real, consumption’s up too |
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And the grasping for resources reveals there’s too few |
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So the boom turns to bust as the interest rates rise |
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With the costs of production, price signals were lies |
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The boom was a binge that’s a matter of fact |
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Now its devalued capital that makes up the slack |
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Whether it’s the late twenties or 2005 |
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Booming bad investments, seems like they’d thrive |
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You must save to invest, don’t use the printing press |
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Or a bust will surely follow, an economy depressed |
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Your so-called “stimulus” will make things even worse |
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It’s just more of the same, more incentives perversed |
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And that credit crunch ain’t a liquidity trap |
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Just a broke banking system, I’m done, that’s a wrap! |
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|
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We’ve been goin’ back and forth for a century |
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Keynes: I want to steer markets |
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Hayek: I want them set free |
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There's a boom and bust cycle, and good reason to fear it |
| [04:36.00] |
Hayek: Blame low interest rates |
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Keynes: No... it's the animal spirits |
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|
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"The ideas of economists and political philosophers... |
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both when they are right and when they are wrong... |
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are more powerful than is commonly understood." |
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"Indeed the world is ruled by little else." |
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"Practically men who believe themselves to be... |
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quite exempt from any intellectual influence... |
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are usually the slaves of some defunct economist." |
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(by John Maynard kaynes) |
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|
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"The curious task of economics... |
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is to demonstrate to men how little they really know... |
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about what they imagine they can design." |
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(by F.A.Hayek) |
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(We've been going back and forth for a century) |
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|
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A song by "EconStories", lyrics by "InnovationCentury". |
