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kulpims (Member Profile)

Fight of the Century: Keynes vs. Hayek Round Two

blankfist says...

Lyrics:

“Fight of the Century” Lyrics.

Written by John Papola and Russ Roberts

KEYNES
Here we are… peace out! great recession
thanks to me, as you see, we’re not in a depression
Recovery, destiny if you follow my lesson
Lord Keynes, here I come, line up for the procession

HAYEK
We brought out the shovels but we’re still in a ditch…
And still digging. don’t you think that it’s time for a switch…
From that hair of the dog. Friend, the party is over.
The long run is here. It’s time to get sober!

KEYNES
Are you kidding? my cure works perfectly fine…
have a look, the great recession ended back in ’09.
I deserve credit. Things would have been worse
All the estimates prove it—I’ll quote chapter and verse

HAYEK
Econometricians, they’re ever so pious
Are they doing real science or confirming their bias?
Their “Keynesian” models are tidy and neat
But that top down approach is a fatal conceit

REFRAIN
Which way should we choose?
more bottom up or more top down
…the fight continues…
Keynes and Hayek’s second round

it’s time to weigh in…
more from the top or from the ground
…lets listen to the greats
Keynes and Hayek throwing down

KEYNES
we could have done better, had we only spent more
Too bad that only happens when there’s a World War
You can carp all you want about stats and regression
Do you deny World War II cut short the Depression?

HAYEK
Wow. One data point and you’re jumping for joy
the Last time I checked, wars only destroy
There was no multiplier, consumption just shrank
As we used scarce resources for every new tank

Pretty perverse to call that prosperity
Rationed meat, Rationed butter… a life of austerity
When that war spending ended your friends cried disaster
yet the economy thrived and grew ever faster

KEYNES
You too only see what you want to see
The spending on war clearly goosed GDP
Unemployment was over, almost down to zero
That’s why I’m the master, that’s why I’m the hero

HAYEK
Creating employment’s a straigtforward craft
When the nation’s at war, and there’s a draft
If every worker was staffed in the army and fleet
We’d be at full employment with nothing to eat

REFRAIN REPEATS

HAYEK
jobs are the means, not the ends in themselves
people work to live better, to put food on the shelves
real growth means production of what people demand
That’s entrepreneurship not your central plan

KEYNES
My solution is simple and easy to handle..
its spending that matters, why’s that such a scandal?
The money sloshes through the pipes and the sluices
revitalizing the economy’s juices

it’s just like an engine that’s stalled and gone dark
To bring it to life, we need a quick spark
Spending’s the life blood that gets the flow going
Where it goes doesn’t matter, just get spending flowing

HAYEK
You see slack in some sectors as a “general glut”
But some sectors are healthy, and some in a rut
So spending’s not free – that’s the heart of the matter
too much is wasted as cronies get fatter.

The economy’s not a car, there’s no engine to stall
no expert can fix it, there’s no “it” at all.
The economy’s us, we don’t need a mechanic
Put away the wrenches, the economy’s organic

REFRAIN REPEATS

KEYNES
so what would you do to help those unemployed?
this is the question you seem to avoid
when we’re in a mess, would you just have us wait?
Doing nothing until markets equil-i-brate?

HAYEK
I don’t want to do nothing, there’s plenty to do
The question I ponder is who plans for who?
Do I plan for myself or leave it to you?
I want plans by the many and not by the few.

We shouldn’t repeat what created our troubles
I want real growth not just a series of bubbles
Let’s stop bailing out losers and let prices work
If we don’t try to steer them they won’t go berserk

KEYNES
Come on, Are you kidding? Don’t Wall Street’s gyrations
Challenge your world view of self-regulation?
Even you must admit that the lesson we’ve learned
Is more oversight’s needed or else we’ll get burned

HAYEK
Oversight? The government’s long been in bed
With the Wall Street execs and the firms that they’ve led
Prosperity’s all about profit and loss
When you bail out the losers there’s no end to the cost

the lesson I’ve learned? It’s how little we know,
the world is complex, not some circular flow
the economy’s not a class you can master in college
to think otherwise is the pretense of knowledge

REFRAIN REPEATS

KEYNES
You get on your high horse and you’re off to the races
I look at the world on a case by case basis
When people are suffering I roll up my sleeves
And do what I can to cure our disease

The future’s uncertain, our outlooks are frail
Thats why free markets are so prone to fail
In a volatile world we need more discretion
So state intervention can counter depression

HAYEK
People aren’t chessmen you can move on a board
at your whim–their dreams and desires ignored
With political incentives, discretion’s a joke
The dials you’re twisting… are just mirrors and smoke

We need stable rules and real market prices
so prosperity emerges and cuts short the crisis
give us a chance so we can discover
the most valuable ways to serve one another

FINAL REFRAIN
Which way should we choose?
more bottom up or more top down
the fight continues…
Keynes and Hayek’s second round

it’s time to weigh in…
more from the top or from ground
…lets listen to the greats
Keynes and Hayek throwing down

Obama releases full birth certificate, now STFU idiots. PLZ?

Winstonfield_Pennypacker says...

That a real American President likes only America, and no other countries?

No – a real American President can like other countries, but has to like America more.

and what about all that fanatical secrecy in hiding his past

All the Bush stuff does nothing but prove my point. There was enough shady stuff in Bush’s past for conspiracy theorists to hang a hat on. Obama is 10X worse. So when conspiracy theorists come along, the average person may not believe the extremes – but there’s more than enough flesh on the skeleton to make them have enough doubts to not dismiss it entirely.

But let's get real. It isn't just the GOP here that is driving this story. The issue here is that Obama's numbers are plummeting across the ENTIRE spectrum. Obama has been hemhorraging Independants, Moderates, and even DEMOCRATS for months. His policies are complete failures. His objectives are counter-intuitive disasters. The people gave him a chance, and he blew it. So they're dumping this epic-fail and in response he's getting desperate.

I'm 100% certain he was sitting on his birth cert and WAITING for just ONE serious GOP contender to start carping about it. None of them ever did. I'm also 100% sure that Trump has no intention of really running. But when he started trending up in the polls, Obama decided to pull the trigger. It wasn't what Obama wanted, but it woudl have to do because clearly all the REAL opponents were not taking the bait.

Then Obama gives a stupid speech about the birth certificate where he is literally WHINING like a moronic jackass about how he's got "important stuff to do". But for two WEEKS he's been doing nothing but going out and FUNDRAISING for his re-election. Total hypocrite. So whatever good will he thought he was going to get just went right out the window. And his poll numbers tanked again. No surprise there.

Tell me what magical wand Obama will wield to bring down gas prices.

The magic wand is a SENSIBLE multi-pronged energy policy. For decades the US policy on domestic energy production has been one of constriction, restriction, and eviction. Permits are denied. Lawsuits are constant. The cost of doing business is so high that companies go overseas, leaving domestic energy production hanging by its fingertips and with very little wiggle room when events start causing uncertainty in the market. A sensible policy would support aggressive domestic production of ALL energy sources – fossil, nuclear, bio, hydro, geo, solar & wind – not just one or two of them. ANY policy would be better than Obama's. His plan is to cram everyone in $50,000 golf carts.

When bullied kids snap...

enoch says...

>> ^Winstonfield_Pennypacker:

larger societal issues
OK - let's tackle them instead of dancing around them. The human race is collectively a bunch of selfish jerkwads who by and large conduct themselves deplorably. Many of them are overtly bad and steal, swear, commit violence, or any number of vile deeds. Others are jerks who lie, manipulate, abandon personal responsibility, and seek to undermine others for their own benefit. Still more are hypersensitive and hold grudges over petty things for years, gossip, or see personal affronts where none exist. Still others are poor saps who have had bad things happen to them and use it as an excuse to Be bad themselves. I could go on and on.
Since before human history, humans have been this way. Pretending that there is some sort of "solution" that will make the tendency of humans to be jackhats just go away is preposterously naive. The best you can do is try to MANAGE this tendency. Therefore the question becomes this... "What is the most statistically effective method that will reduce the human tendency to be a bunch of jerks?"
The answer is obvious - and probably antithetical to a lot of the people here in the Sift. But it is undeniable. MORALITY. Personal morality. And what is the best venue for acquiring a personal morality and philosophical ethic?
Church.
Yes. I said it. Everyone talks about wanting to 'make a better world by making better people', but there are only a few organizations that make that their sole objective. And yet these same organizations (that are the best hope we have for establishing a 'moral people') are routinely villified, attacked, denigrated, mocked, and regarded with disdain and hostility by the very people moaning that we need 'better people'.
I'm not saying churches/religions are perfect. People are still jerks, and will misappropriate ANY organization to justify their own jerkiness. Religions have suffered from that problem for a long time. It seems to me quite a baffling degree of blindness that we have people carping about the need for a "better world" and yet at the same time the same people attack, trash, and denigrate both the organizations and people that are specifically dedicated to that function.
I fully expect this opinion to be attacked in and of itself, ignoring the fact that I have freely admitted religion isn't perfect. I'm just saying that religion - Christianity most specifically - is entirely DESIGNED to instill in people the moral base some of you are pining for. Turn the other cheek. Love thy neighbor. Do good to them that despitefully use you. Honor father & mother. Do not steal, lie, or fool around - yadda yadda yadda. Should not this kind of sentiment be promoted, rather than attacked? Or - if not 'promoted' - shouldn't it at least be tolerated and respected rather than attacked?


it is the hypocrisy of the "church" that drives people away from that institution.
do as we say not as we do.
you pointed this out so lets try a different exercise.
lets change "church" to "community".
and instead of relying on religious dogma and doctrine lets instead rely on "personal responsibility".

i know many amazing christians who live by their religious faith.they teach by example and judge noone and then you have the people you mentioned hiding behind cherry picked scripture in order to admonish and judge those they disagree with and is a huuuuge reason why many ignore some of the great teachings.
hypocrisy is not a redeemable quality to admire and it harms the very pertinent message some are trying to convey.

i believe it all starts with parenting.
the way i see my job as a father is to instill in my boys integrity,character.
to have the courage to stand by their convictions and the humility to accept when they are wrong.
to realize the world does not revolve around them.
that choices have consequences and if they choose wrongly to accept those consequences without whining.

the question you seek to tackle is a societal one and will take far more than a comment thread to address but if you are refering to "church" as a community which could be a positive force in not only a growing childs development but also as a benefit for families in general.then i would tend to agree with you.
but many walked away from the religion due to the hypocrisy and in doing so lost that very vital part of raising a family.

thats my take on your comment...though it may appear off topic i agree with you that it is a vital component.

When bullied kids snap...

Winstonfield_Pennypacker says...

larger societal issues

OK - let's tackle them instead of dancing around them. The human race is collectively a bunch of selfish jerkwads who by and large conduct themselves deplorably. Many of them are overtly bad and steal, swear, commit violence, or any number of vile deeds. Others are jerks who lie, manipulate, abandon personal responsibility, and seek to undermine others for their own benefit. Still more are hypersensitive and hold grudges over petty things for years, gossip, or see personal affronts where none exist. Still others are poor saps who have had bad things happen to them and use it as an excuse to Be bad themselves. I could go on and on.

Since before human history, humans have been this way. Pretending that there is some sort of "solution" that will make the tendency of humans to be jackhats just go away is preposterously naive. The best you can do is try to MANAGE this tendency. Therefore the question becomes this... "What is the most statistically effective method that will reduce the human tendency to be a bunch of jerks?"

The answer is obvious - and probably antithetical to a lot of the people here in the Sift. But it is undeniable. MORALITY. Personal morality. And what is the best venue for acquiring a personal morality and philosophical ethic?

Church.

Yes. I said it. Everyone talks about wanting to 'make a better world by making better people', but there are only a few organizations that make that their sole objective. And yet these same organizations (that are the best hope we have for establishing a 'moral people') are routinely villified, attacked, denigrated, mocked, and regarded with disdain and hostility by the very people moaning that we need 'better people'.

I'm not saying churches/religions are perfect. People are still jerks, and will misappropriate ANY organization to justify their own jerkiness. Religions have suffered from that problem for a long time. It seems to me quite a baffling degree of blindness that we have people carping about the need for a "better world" and yet at the same time the same people attack, trash, and denigrate both the organizations and people that are specifically dedicated to that function.

I fully expect this opinion to be attacked in and of itself, ignoring the fact that I have freely admitted religion isn't perfect. I'm just saying that religion - Christianity most specifically - is entirely DESIGNED to instill in people the moral base some of you are pining for. Turn the other cheek. Love thy neighbor. Do good to them that despitefully use you. Honor father & mother. Do not steal, lie, or fool around - yadda yadda yadda. Should not this kind of sentiment be promoted, rather than attacked? Or - if not 'promoted' - shouldn't it at least be tolerated and respected rather than attacked?

Atheism: Not a 'Cranky Subculture'?

Winstonfield_Pennypacker says...

Nail on the head. Hitchens, Harris, Maher, et al are the cranky sub-culture of atheism. I've discussed a myriad of issues with people of many different perspectives - religous or otherwise - and it cannot be argued that there are people in all camps who are the loud, noisy, pushy, somewhat 'out there' advocates for whatever cause or other.

I see a lot of folks trying to say that is OK. Clearly that is a defensive reaction spurred primarily by personal bias. If the shoe was on the other foot, and some "Fundie" preacher was saying the same stuff about Theism, then I very much doubt that guys like Crackers would be so quick to be apologists for it.

Bmacs27 said it well. When having a discussion, it is important to try and be respectful even if you disagree. It's tough to do that when one of the participants is openly hostile, beligerent, and unwilling to listen to other points of view AKA Harris. People who are religious commit this error all the time, and are rightfully called to the carpet on it. If a person really is religious, how can it possibly be said that God would approve of them entering a discussion with that sort of mindset and outlook? Likewise - how can you take an atheist seriously when he carps about the 'bad behavior' of people of faith, and yet behaves like an uncultured boor every time he opens his mouth?

Physicians - heal thyselves.

Too often, I've found that atheists have this smug superior attitude towards people who are religious and im kinda fed up with it. It's no different from the smug superior people who think they're going to heaven and I'm not. I've known too many people who are religious who are decent good people who aren't fundie whackos who take a hard religious line. The vast majority of religious people are decent people just trying to make a living and do NOT suspend logic when confronted with a reasonable argument and/or proof.

Amen. That's where the 'cranky atheist subculture' really just goes off the tracks. Like most folks with a biased axe to grind, they cherry-pick isolated, unrepresentative examples out of large populations and portray them as the norm. It is the same bull that MSNBC and FOX infotainers routinely pollute discourse with.

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