28 April 2011

Fight of the Century!



Hilarious and very well done, although as usual it avoids Keynes' central point- the possibility of equilibrium at suboptimal levels of resource utilization, specifically labor employment. The lyrics indirectly hint at this, when Keynes says:

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 have us just wait, doing nothing until markets equilibrate?
And Hayek replies:
I don’t wanna do nothing, there’s plenty to do. The question I ponder is who plans for whom. Do I plan for myself or I leave it to you. I want plans by the many, not by the few. Let’s not repeat what created our troubles. I want real growth not a series of bubbles. Stop bailing out losers, let prices work. If we don’t try to steer them they won’t go berserk.
 What, exactly, is this "plenty to do?" Changing the subject won't convince anyone, as valid as Hayek's point about who plans for whom is.

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