Read the article and decide which famous Economist you most identify with. Then watch the youtube video
Part II of the Epic Battle at:
Fight of the Century: http://www.youtube.com/watch?v=GTQnarzmTOc
Identify at least 3 points from either Economist that you agree with. List the point and the video that it came from. Don't copy your classmates responses.
91 comments:
Aadithya Srivatsav
4th
I agree with Keynes's belief that the government needs to intervene during a severe depression, which was stated in the second video when Keynes talked about how massive government spending helped end the recent economic depression by 2009.
Also in the second video, Keynes states how it took World War II to help drag countries out of the Great Depression.
I also agree with the Hayek belief, which was stated in the first video, that just because aggregate demand falls, this does not mean that unemployment rises. It means that worker's wages may be lowered and that their price levels are fixed, depending on how the economy is doing.
I think keynes is right about the need for the government to involve itself in the economy. Looking at the great depression, it was in part to Roosevelts New Deal that the US pulled through and ultimately due to the massive US spending that was needed for the entry of the US into WWII
1) Hayek states that even with government spending we keep having crashes, its about time to let the invisible hand to take over (Video II)
2)Keynes states that the recession ended in '09 and we are now in a boom thanks to gonvernment spending (Video II)
3)Keynes states that we could have had a bigger boom if there was a war just like the 1950s (Video II)
Rachel Kuruvila
Period 4
I agree with Keynes in that when the country is undergoing a serious period of depression, the government should get involved. History has shown that the economy does not always have the power to fix itself, so if change is going to occur, something must be done. The government has the authority to make such changes.
Video:
1. In the first video, Keynes says that it does not matter where the spending is coming from, so long as spending is occurring. Therefore, the government should spend more money during depressions.
2. Keynes says that during times of depression, saving money, while tempting, is not the best way to go about things. (Video 1)
3. Keynes relates spending during a recession to getting the spark of an engine going. When nobody wants to spend money, this comparison works well. (Video 2)
Paul Stallings
Period 6
I agree with the Keynesian argument that when in a deep depression, the government should intervene in some fashion to help drive the economy up. The government can intervene by increased spending or new legislation.
1. Keynes stated that the spending on war boosts GDP (Video II).
2. Keynes says when spending occurs it revitalizes the economy and helps it to grow (Video II).
3. Keynes points out that the economy is volatile and intervention can help to stabilize the economy (Video II).
Patrick Stallings
Period- 4
I agree with Keynes. I believe that when the economy goes into a full recession or depression the government should help the economy out. They should pass new laws or spend more.
1. The government should boost aggregate demand in times of depression. (Video 1)
2. I also agree with the idea that mal-investments wreck the economy. (Video 1).
3. The economy does better when people spend more.
Nevin Thomas
Period 2
I think would side with Keynes in this argument because hes right about us not being alive in the long run which would mean nothing to us or even our kids which is mentioned in video 1. Also I agree with his idea that government should stimulate the economy by spending more so it can keep the economy going which is also from video 1. Finally I agree with him because in the second video he says that the future is unknown with the free market and whatever happens we have to know that the government can bail us out so we wont be pessimistic and will always have a fail safe.
Laura Luo pd 4
For one (1) I agreed with Keynes because in dire needs the government needs to step in and help the economy when it's in depression. The government could help stimulate the economy by increasing aggregate demand to make full employment. This point was enacted during the recent 2008 recession in Part II of the Epic Battle at:Fight of the Century. Keynes was successful in making the economy recover in 09' with reiterating his point in part 1 of their debate with his "fool's plan to boost aggregate demand."
However, (2) it comes to a point where the government shouldn't be involved because it limits the economy full capacity and productivity. Now, I would side with Hayek with this side of a debate. There comes a point where government activities need to diminish and become nonexistent to a certain degree. He states in Part II of the Epic Battle at:
Fight of the Century that even though the United States emerged out of the Depression, it used that money to make tanks. I thought this statement was hilarious. It takes the sacrifice of more scarce resources to save resources. How ironic? As Hayek said, he admits during WW2 it was almost virtually full employment with a draft; however, he complains if there is no food (resource) then what use is there be?
Lastly (3), Keynes seems to hit the home run when he states savings in the long run is bad for the economy. When people save, that leads to lower spending lowering demand. Thus, the economy needs government interference to fluctuate interest rates. This was shown in Part I of the Epic Battle at:Fight of the Century where Keynes says "Savings is Destruction. That's the paradox of thrift. Don't keep money in your pocket or that growth will never lift." This phrase is catchy.
Christian Do
Period 4
I agree with Keynes, as we are all keynesians nows, and this is why...
1. I agree that the government should intervene in the economy to save it from spiraling down into a deeper pit of depression, however, there are also points where the government is more harmful than good, so I think the government should only intervene when absolutely necessary, such as having government funded programs for jobs like Mt. Rushmore during the great depression.
2. Hayek also believes that the free market will supply everything, even national defense and security, which I believe is absurd because a military is only as strong as whoever is there to fund it and back it up, and having a government or a nation stand behind an army is much more powerful, it also gives soldiers a sense of nationalism.
3. A pure free market would only work in a perfect a world, the invisible hand guides the economy as best as it can, but as spending decreases, people get unemployed, thus creating a positive feedback circle, Keynes was right in that the government should spend money as a spark to restart the economy and spending.
Sylvester Inyang
Period 2
1. I agree with Keyenes when he says we should have the Goverment spend money to get us out of a recession. Video 1
2. I also believe that the economy does better when we arent all saving. Video 1
3. Lastly i also do believe that "In the long run we'd all be dead" too as he mention in his rap battle.
Nikhil Njatavelil
Period 4
I agree more with Keynes. He seemed to have to more points that made sense to me. Though Hayek had a few as well.
1. The first point I agree with comes from the first video. Keynes states that in 1929, when the market crashed, the economy did not come back. He advises that we should boost aggregate demand.
2. My second point also comes from the first video. Keynes says that the economy is all about spending and that we need more government spending. He says to forget about saving because it is destruction.
3. The third point I agree with comes from the second video. Keynes says that the only time there is more spending is during a World War, but more spending is the only way to cure a recession and depression. I agree with this, our spending always increases in a time of war.
I agree more with Hayek because 1) the economy can work more like an organic system (video II) in how if someone really wants to have a profitable business, then they have to create their demand for it as well that they can then supply as they want; businesses fail because relying too much on the government can mean their is no real demand at all. 2) eventually if we always are at full employment, then their really does need to be demand that matches it to where even efficiency can't help but exhaust resources (video II) because in a long run unless we ourselves to recycle and such, eventaully stuff will run out just as Keynes says life will whether we are unemployed or not (video I). 3) Increased spending can also be a result of increased savings because people will have more money to buy more stuff with, even if Keynes says that because people were saving what little they had during the Depression, but they were also spending all of it to keep themselves alive as well to where both costs were equal in a sense, so the market could still run itself without intervention once people started changing their frame of mind from suicide to actually do something more for themselves (video I) because they all have demands, but no supply to take from because they are too depressed to find it themselves, using their scarcity to their advantage, instead they savaged on it as humans take their natural course because more spending with greater savings also means more debt that can be paid to circulate more money unless it's all being taken still at a large rate because excess is a comfort to desires.
Amy Krauhs
Period 4
I agree with Keynes because:
1) Keynes mentioned that if there isn't enough money flowing around in the circular flow model, then the government needs to increase spending (Video 1)
2) Keynes said that "more oversights are needed or else we'll get burned" (Video 2)
3) Keynes said that free markets are so prone to fail because they have no regulations whatsoever (Video 2)
I agree more with Keynes's theory than of Hayek's. I don't believe that laissez faire truly works with economics. As Keynes mentioned in the first video, waiting for recovery during the great depression was the wrong thing to do. The Government should have intervened and help boost the aggregate demand. The second point I agreed with in the first video is when Keynes talked saving. Instead of saving money, we should all invest it so that we can make some money and help the circular flow. As Keynes discussed in the second video, spending is good for the economy and it helps the GDP increase.
Steve Philip
6th Period
Nina Jiang
Pye 4th
I agree with the Keynesian school of thought, where the Aggregate Supply curve changes with changes in Aggregate Demand.
1) Keynes stated that WWII helped to pull economies from the Great Depression. (Video II)
2) Keynes notes that economies could experience another boom if another World War were to happen (or something major along those lines). (Video II)
3) Keynes also states that spending, whether it be consumer or government, boosts the economy and encourages growth. (Video II)
Jocelyn Dang
6th period
I agree most the Keynes and his belief in demand-management and the need for the government to stimulate the economy's aggregate demand through various fiscal policies.
1)Keynes says that spending is what sparks a flow back into the economy, putting money back into it and redistributing it somehow to its consumers to restart the flow of demand and supply. (Video #2)
2)While I agree with Keynes, Hayek makes a point about how not every market is going downhill during a recession. Also, spending isn't a free activity, and if not controlled, money can go to waste, defeating the purpose of stimulating an economy. (Video #2)
3)Keynes states that our future is so unpredictable, and with a free market, we can be so vulnerable and weak during bad times. So, we need the government intervention to help control and aid the market. (Video #2)
Fabian Romo
Period 4
1)I strongly agree agree with Keynes's belief that the government needs to take part into it's economy by spending more money. (Video 1)
2) I agree that there is a relationship between people's spending and the performance of the economy (Video 1)
3) I also agree that depending on investments people make, especially those that are horrible, easily affects the economy and quickly. (Video 1)
Sherin Johnson
6th period
I agree with the economist Keynes because
1) Video 2- Government spending plays a big part in the economy during recessional periods as demonstrated by the Great Depression and the recent recession that ended.
2) Video1- Keynes also states that individuals should not save during depressions.
3) Video 1- The key to balancing the economy without depressions and recessions is to keep the aggregate demand high by more spending.
Tia Lal
Period 2
I agree with Keynes because it has been proven that the economy can improve through government spending, lowering taxes, and lowering interest rates. People will be encouraged to buy and invest more money when the government spends money. Hayek's theory might also work but will take longer.
1)I agree with Keynes statement that the economy revolves around spending. Lower spending is one of the causes of a recession. This can be seen through the circular flow chart. (Video 1)
2)I agree when Keynes says his theory is more proactive while Hayek's theory lets the economy fix itself. (Video 2)
3)I agree when Hayek states that the economic boom created by increased war spending was not real growth because we were using all of are scare resources for ammunition and weapons. After the war, the people were not much better off than before the war. (Video 2)
Benjamin Kurian
Period 4
The economist I most identify with is Keynes
1. World War 2 helped pull the economy out of the depression/recession (Video 2)
2. I agree with Keynes that the government should step in in a time of recession/depression. If aggregate demand is boosted up, it will be good for the economy. (Video 1)
3. In the time of a recession, people should spend spend more money. Doing this in the time of a depression can also boost the economy (Video 1)
I agree more with Hayek. The government should stay out of the economy as much as possible. Even though with his plan some government programs may be cut.
1) I agree that we should fear the boom and bust cycle (Video I)
2) I agree that war may help the economy but its is causing destruction and someone has to pay for it (Video II)
3) I agree that the economy needs to be regulated by the many not the few (Video II)
Joe Ridyard
Period 4
I agree with Keynes, I think the market will not be able to recover on its own when it gets into too large of a depression.
1) As Keynes says in video 2, the recession ended in '09 due to his theories on government intervention.
2) Also in video 2, Keynes says that the world war ended the great depression because of increased defense spending which made the war industries boom and created new jobs and got the money supply flowing again.
3) Finally, as Keynes states, to help the unemployed you cant wait for the volatile free markets to recover on their own, the long run is not going to help them today. Also from video 2.
I agree with the keynesian argument about the government involving itself in the economy.
1.In times of depression the government should give a boost in aggregate demand. Video 1
2. In a recession people should spend more instead of saving to pull the economy out of recession. Video 1
3.The use of a free market plan is bad because they are prone to failures. Video 2
Amitabha Mitra
6th Period
I agree with Keynes and his idea that if a country is in a depression, the government should provide some sort of support in order to kickstart the economy back to its original state.
1) In video 1, Keynes said that it is better to spend money rather than saving it during an economic depression.
2) In video 2, Keynes said that spending money for a war boosts the GDP.
3) In video 2, Keynes said that the economy is very unpredictable and volatile, and that government intervention can help to even it out a bit.
Nima Faegh
4th Period
Yvonne Thong 2nd
I agree more with Keynes, but I would not say this is without bias- we've been learning about Keynes in class, reading books on him, plus we are used to government intervention (not just in the US but we hear of it in other countries), so I think my view is influenced by prior knowledge. But I stick to this view because I think the government has justified power to intervene in the economy, since the economy begins with it.
1)I agree that persistent unemployment, the result of sticky wages, should be solved by boosting aggregate demand- creating new jobs and more income (Keynes- 1st video)
2) I agree that real growth means production of what people demand, and thus, entrepreneurship is necessary (Hayek-2nd video)
3) I agree that the future of the economy is always uncertain, and that this is why free markets are so prone to fail; thus, we need government intervention (Keynes- 2nd video)
Bethany Williams, Period 2
Although both economists have good arguments, I agree more with Keynes. I think when a country is in a recession, the government should step in and start spending money (video one). Also, investment tends to get the economy going instead of saving (video one). Then, Keynes makes a good point of saying that governments only spend more when there is a war going on, and if there had been a war in 2009, we could've bounced back from that recession much faster (video 2).
Timothy Krauhs
Period 6
I believe that Keynes that the government need to take over the economic problem in the time of a depression. This proven through the Roosevelt presidency which massive government spending to stimulate the economy.
1. I have to agree with Hayek that at the end of a war the economy has bigger boom because they are wasting less resources on weapons.
2. However, government spending no matter how small has also helps boost the economy when its going into a recession.
3. I also with Keynes with the free market being so violate at times governments to intervene to regulate the trade.
Elyssa Buntzel
4th p
I agree more overall with Keynes.
1. (First video) I agree that the governement is needed in some cases to step in and help stimulate the economy. Sometimes it just can't be done without extra help, or especially in enough time before things get too serious.
2.(first video) I also agree with Keynes in that it is important for people to spend their money and not just save everything they profit. By having people put money into the economy, it lessens the burden on the government.
3)(second video) Keynes points out that in order to get out of a depression, we must spend a lot, however this only happens in war. In WWII, we had almost no unemployment and it brought us out of the recession.
Divya Joseph
6th period
I agree more with Keynes.
1)Keynes talks about how spending is what shapes the economy. (Video 2)
2)Hayek talks about how the economy works as an organic system and I agree with that. (video 2)
3)Keynes talked about how the government will need to increase spending if there isn't money. (Video 1)
Annie Jiang
Period 4
I agree with Keynes' points that the government should be involved during a depression. From the second video, Keynes states that the recession ended due to government spending. Another point from the second video is when Keynes says that government spending will help boost GDP. Lastly, the last point I will make from the second video is that with government spending, the money will be put back into the economy and redistributed with a cycle that keeps occurring where government supplies businesses with money to make better quality supplies, and the consumers will buy more products, which will send the money back to the government through taxes.
Sheryl Machado
6th period
I agree with the belief that Keynes's is portraying about the government about the depression.
The second video talks about how the states ended their recession in 2009 and how the effect of government spending has them excelling now.
The belief that Hayek portrays is also believable due to the aggregate demand falling that doesn't cause unemployment to rise.
The belief that Keynes uses also states the we could have excelled more if there was a war happening.
Christine Nguyen
6th period
I agree most with Keynes' belief. He states that the government should involve itself into our economy, especially during a severe depression. It is seen throughout history that the economy alone cannot stand by itself without the help of the government (Video II).
1) Hayek states that even with government spending we keep having crashes, its about time to let the invisible hand to take over (Video 2)
2) Keynes mentioned that if there isn't enough money flowing around in the circular flow model, then the government needs to increase spending (Video 1)
3) In the time of a recession, people should spend spend more money. Doing this in the time of a depression can also boost the economy (Video 1)
Rachel Chang
2nd period
1) I agree with Keynes and his point that World War II cut short the depression because of all the government spending (Video 2)
2) I also agree with the fact that even though wars destroy and people tend not to see this time as a period of economic prosperity, there is still some good that war contributes to the economy. By employing so many people to the war to fight, unemployment dropped drastically (Video 2)
3) I believe Hayek has a point when he says that government intervention only takes away human motivation to get the economy out of the depression (Video 1)
I agree more with Keynes.
1)Keynes talks about how spending is what shapes the economy. (Video 2)
2) It's important for people to spend their money and not just save everything they profit. Because by having people put money into the economy, it lessens the burden on the government. (Video 1)
3) World War 2 helped pull the economy out of the Great Depression that had been going on (Video 2)
Allison Hermes
2nd Period
Bryan Nguyen-Le
Period 2
I agree with the Keynesian argument that when the country is in a serious period of depression the government should step in and spend more.
1)Keynes said that during depression, saving money is not the way to go (1)
2) Keynes said that spending money on war boosts GDP (2)
3)Keynes said that when the economy needs help, intervention will stabilize it (2)
Jacqueline Gann
Period 2
I agree with Keynes based on his belief that government intervention is necessary during extreme depression.
1) Keynes stated that the economy is all about spending and his approach the government spending is beneficial.
2) Also with Keynes he states that when the government interfered unemployment rate drops.
3)I think Hayek made a very valid point in the second video when he states that the economy is much more complicated than the circular flow model and many factors affect its success.
Minh Le
4th period
There is no reason not to agree with Keynes that government spending is a viable option to recover in a declining market.
1) Keynes' idea that government spending improving the economy is back up by almost every war that the United States has been in. (Video II)
2) Spending makes the economy flow because the movement of money is what creates new opportunities (Video II)
3) The economy is unpredictable. Future events can sway it too much for their not to be another outside force to balance it (Video II)
I agree with Hayek. My reasons being:
1. I agree that the government can only make things worse by intervening during a depression. I really don't see how higher government spending is going to be good because, eventually, this just causes a higher deficit.
2. I also agree with Hayek that the society members should strive towards full productivity in order to maximize their potential output. While Keynes argues that through government spending, GDP will rise, I find it more sensible to have the individuals of the society, those who are actually the work force, working to maximize the output rather than the government and their recession-only government spending.
3. As it says in video 2, eventually if we always are at full employment, then there really does need to be demand that matches it.
Zoheb Hirani
Period 4
I agree with Hayek in that the Aggregate Supply curve is always vertical.
1)When the economy is getting better, it's because investments increase, and people start to feel more confident. If confidence drives the economy, we are completely forgetting about resources, and we are bound to just come back to it. The technical analysis of businesses always leads back to the backbone of a business: its resources. Even if we boost the economy through spending like Keynes suggests we should, we're just gonna bounce back to where we started if we don't invest in the right potential resources.
2) The private sector does not need a push in the right direction from the government. Businesses react to consumers pretty well in the fact that any incentives from the government are usually based upon intangibles such as the example of lowering interest rates.
3)Behind every government decision in the economy underlies politics. If a politician makes an economic decision, his reelection is always behind it based on the notion of self-interest. However, behind every business decision is pure self-interest and a nice balancing effect. This is why any incentives provided by the government are usually wrong in foundation.
Zachary Frazier
2nd Period
1. I agree with Keynes' belief in the first video in which he states that the government must intervene when there is no way the economy can bounce back on its own.
2.I agree with Keynes that WWII did help pull us out of the depression and boost employment. Video 2
3. I agree with Hayek when he says that the government alone along with spending cant pull the economy out of the tanker it takes individuals and real people to do that. Video 2
I feel like if business owners will make logicsl decisions instead of quick fixes, Hayek's way of thinking could be the better of the two options.
1. Hayek say's give the people a chance to learn how to get out the rut they're in.(video 2)
2. Hayek say's that the government has been helping the country get out recessions but we're digging a larger hole for ourselves.(video 2)
3. I agree that sadly, war increases production(video 2)
Tiffani Weir
6th Periodfee
I feel like if business owners will make logicsl decisions instead of quick fixes, Hayek's way of thinking could be the better of the two options.
1. Hayek say's give the people a chance to learn how to get out the rut they're in.(video 2)
2. Hayek say's that the government has been helping the country get out recessions but we're digging a larger hole for ourselves.(video 2)
3. I agree that sadly, war increases production(video 2)
Jasmine Luke
6th period
I agree with Hayek in the second video about his point that Keynes spending will only make the economy worse and lead to more recessions in the future.
I also agree with Keynes in the second video, however, who says it is wrong for us to just wait for the market to equilibrate when many are unemployed.
I agree with Hayeks argument in the second video that government spending during wars helped employment rates but was not productive in the production of non-war related resources, as important resources like food became scarce.
Akintunde Sowunmi
4th period
I agree with Keynes's belief about the government that they only spend more money when there is a war to be funded for.( Video II)
Also, I believe that spending more allows the economy to flow and repair. (Video II)
I also believe in Keynes' long run trend belief about government spending and intervention (video I)
Akintunde Sowunmi
4th period
I agree with Keynes's belief about the government that they only spend more money when there is a war to be funded for.( Video II)
Also, I believe that spending more allows the economy to flow and repair. (Video II)
I also believe in Keynes' long run trend belief about government spending and intervention (video I)
I mostly agree with Keynes except for one idea: I think the government should only step into the economy when there is an economic crisis.
1)Keynes brought the U.S. out of the depression by getting rid of laisezz-faire economy (Video II)
2) Keynes brought the unemployment level down to full employment bringing families out of the depression.(Video II)
3) Keynes employed massive government spending which lead to increase in jobs and brought the U.S. out of the depression.
Although Keynes did all of these good things just by spending money and changing some other policies, I feel like the huge national debt that the U.S. has incurred was in part because of Keynes idea.
Renuka Gondi
4th period
3rd reason was also from Video II
Renuka Gondi
4th period
Karen George
6th period
For the most part, I agree with the Keynesian beliefs. I agree that the government has to be involved in order to bring an economy out of a depression as it did during WWII that was stated in the youtube video. I also agree that the government could create a demand that could create a stimulus that will boost the economy. However, the governement's control on some things can also harm the economy as it was stated by Hayek in the youtube video that consumption shrank as we used all the resources for new tanks and weapons. This harms the economy as we still remain in the unemployment range.
Joel Thomas
Period 4
I agree with Keynes more than I do agree with Hayek's style.
1.) I believe in Circular Flow where Keynes in the first video says government should spend more money to get the economy flowing. This only seems logical seeing that the government can't really force people to spend money; and the government doing it themselves helps every citizen as well.
2.) Consumer spending helps grow the economy, and doing so helps others through the multiplication effect - Video II
3.) It doesn't matter where the money's going as long as it's being spent somewhere. No matter how money is spent it will grow the economy - video II
Cameron Molfetto
4th Period
I agree with the Keynesian argument that when there is a depression the government needs to spend in order to revitalize the economy.
1) Keynes states that money needs to be spent, not saved, during a depression. (Video II)
2) Keynes states that spending on war boosts GDP. (Video II)
3) Keynes states that the economy is more successful when spending is increased. (Video II)
Lindsey Jones
2nd period
I agree with Keynes' belief that the continuation of spending does keep the economy going, saving the economy from recession, just like during a war; however, I do agree with Hayek that war does not bring overall prosperity, but disaster. When it comes to the government not intervening during inflation and recession is ridiculous because obviously,Hayek did not understand that it was laissez faire that caused America to go into the Great Depression in the first place. I agree with Keynes that leaving the invisible hand, the price level to stabilize during a crisis is a bad idea; however, I do in fact agree with Hayek when it comes to politicians destroying the economy for their own future gains because they do not care for the common people. I also agree that we, the people are the government, but we do need help every once in a while from the government to assist us during economic crisis. Other than that, the free market is fine.
Julie Joy
6th Period
I agree with Keynes because through well planned economic policies, governments and central banks could intervene in a nation’s economy during periods of economic downturn to return the economy to its full-employment level.
1)The economy does a lot better when we are all not saving video 1
2)When he says money revidles the economies juices video 2
3)when he says how the government will need to increase spending if there isn't enough money for everything. video 1
Jonathan Winfiele
2nd Period
I Agree Mostly overall with the Keynesian argument Because:
1. During the Great depression the Economy did not come back on its own the Government had to step in to help pin the Economy back on track with WW2(video 2 )
2. Keynes also States that low spending amounts helps fed a recession. Not enough spending causes the economy to do very poorly. ( video 1 )
3. The economy is also unpredictable, but an outside sources, such as the government, can help sway the economy a certain way (video 2 )
I feel like when the economy is in a depression or recession it is the governments job to help out, so i agree with Keynes. - 1) Mal-Investments wreck the economy. (Video 1) - 2) The more people spend the better the economy will be. (Video 2) - 3) aggregate demand should be boosted by the government in times of depression. (Video 1).
Briona Caruthers
6th Period
Kimberly Mendez
Period 4
I agree with Keynes and the necessity for government involvement when the economy isn't fairing well.
1) Equilibrium of real GDP, employment, and prices focuses on the relationship between aggregate income and expenditure (Video 2)
2) It is better to spend money during a recession even though it may seem contradictory (Video 1)
3) World War II was what helped the U.S overcome the Great Depression due to an increase in government spending on military equipment and war essentials. (Video 2)
Tosin Olabinjo
4th period
While there are points from both schools of thought that I agree with, I think I agree with Keynes more. Specifically because of the following points which he makes:
1)In the second video, Keynes metions that increased spending during World War II helped bring the economy out of recession.
2) In both the first and second videos he mentions that a boost in spending works to stimulate the economy and should thus be encouraged with low interest rates and more government spending.
3) In the second video he mentions that it makes more sense to take action during tough times like a depression rather than just wait until the market fixes itself.
Jennie Chen
Period 2
1) I definitely agree with Keynes' because government stimulation is needed to help the economy get back on track. Depressions can only be helped when the government decides to intervene and increase their spending as well.
2) Even though WWII was a tragic event, it did help pull the economy out of the Great depression, pulling people out of the recession after the first war.
3) I agree with Keynes that consumer spending is the only way out of depression. Savings hurt the economy and it leans towards the idea that people aren't doing too well and that's why people aren't spending. If consumer spending increases due to a good economy, then the flow of money is a positive thing that will keep everyting moving.
Brayden Theriot
4th Period
I agree with Keynes. I think that the government should be respondsible for spending more money to boost the economy. They could do this by passing new laws and regulations.
1. The government should boost aggregate demand in times of depression. -Video 1
2. I also agree with the idea that mal-investments destroys and throws off the balance of the economy. -Video 1
3. When people spend more, the economy does a lot better.
Cecil Sabu
Period 4
I agree with Keynes and his belief that the government should stimulate the economy through fiscal policies.
1.) Keynes mentioned that if there isn't enough money flowing around in the circular flow model, then the government needs to increase spending. (Video 1)
2.) Keynes stated that WWII helped to pull economies from the Great Depression. (Video 2)
3.) Keynes said that the economy is very unpredictable and that government intervention can help to even it out a bit. (Video 2)
Brian Huynh
Period 4
I agree more with Keynes than Hayek.
1) Spending money is good for the economy, especially during depressions, where it is tempting to save money. (2)
2) A real free market cannot save the economy. There has to be regulation and government intervention. (2)
3) There is more spending during war times because we buy and make more weapons. (2)
Guadalupe Alvear
Period 2
I agree more with Keynes that the government should plays a vital role in stimulating the economy.
1)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[Video 1]
2)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…[Video 1]
3)My solution is simple and easy to handle. It’s spending that matters [Video 2]
AMANDA SHAH
PERIOD 4
I side with Keynes because...
1.I agree with Keynes's opinion that the goverment needs to take action if the country is in depression. I don't see how its possible the citizens can fix an depression or it too naturally go away. The government needs to grab hold.(video)
2. Keynes says in the video being stingy will not help the economy. The citizens must SPEND money to get it going. (Video)
3. Keynes said the war HELPS the economy because we are spending money and making jobs. Even though Hayek believes this is not temporary,it boosts the economy enough to get it going.(video 2)
Troy Lilly
Period 6
I agree with Keynes that the market will not be able to regroup after it gets too far in a recession.
1) as video 2 states, the recession in 2009 did not end until the government interfered.
2) in video 2, keynes also states how the world war stimulated our economy to get us out of the depression by goods of defense being produced.
3) Also, as Keynes states in video 2, the unemployed cant depend on the free market alone to recover.
Reeba Mathew
Period 6th
I agree with Keynes theory that he government to initiate spending during a depression. Roosevelt's new deal in the great depression and government spending during the 2009 depression jumpstarted economy
1) When in a depression the war can boost GDP, like World war two helped us recover from the great depression (Viedeo 2)
2) the economy does well when people are spending money and the economy does bad when people save more than they spend (video 2)
3) the economy is unpredictable and we need the government to dictate in which way the economy should move (Video 2)
I believe that Keyens was right believing that governments should intervene in the market when the economy is in depression. The great depression ended because of large amounts of government spending during WWII.(Video 1)
I also agree with him saying that people should not save and hold onto all their money during depression. (Video 1)
I agree with Keyens when he said government spending help increase GDP alot.(Video 2)
Ryan Igbinoba
Period 4
George Waterous
Period 4
1. I agree that government spend is necessary to pull the national economy out of debt.
2.And I agree with keynes when he says that is why we come out of the great depression due to a large increase in government spending through the military.
3. I like keynes philosophy better because it is more active approach where as hayek sits and waits for the invisible hand.
Yassin Bennis
Period 2
Personally I think Keynes is right when it comes to government being involved when the economy is bad because without them being involved change won't happen. It's also good when everyone is spending money so it can circulate and benefit the economy as a whole.
Justin Freker
Period 4
I agree with three of Keynes ideas about the recovering economy. He in my mind is more correct than the ideas that Hayek proposed. Plus, Keynes ideas have proven that they work in history.
1)More government spending will increase aggregate demand, which will boost the economy.(video II)
2)The more everyone saves the more it will hurt the economy.(viedo II)
3)government spending on war boosts GDP.(video II)
Joshua Roy
Period 2
I agree with the Keynes' beliefs about the government's influence in our economy and the roles . The government should be involved in our economy, especially during times of depression/recession
1.There is a relationship/correlation between the overall output of the economy to the amount of money that people are willing to spend (Video 1)
2.The government needs to increase spending when there is not enough money flowing in the circular flow model (Video 1)
3.The usage of a free market system will result in failures (Video 2)
Carlo Torres
2nd Period
I agree with Keynes that government intervention is a benefit for the market.
1.) Government intervention helped end the Great Depression during WWII. Video II
2.) Government intervention help spark the economy back up as seen with the 09 recession. Video II
3.) Government intervention helps balance the money supply in the market at all times. Video II
I like the idea of how the government spending is the spark that gets the economy going.
The second idea I like is the idea of capitalism by Hayek. The economy is not supposed to let one side win or lose, however politics tries to make it that way. Then sometimes this will cause real problems in the economy.
Third point: When in a slump for too long there is need for government influence so that changes can be made for the better. Government spending finally helped the Americans out of depression, when people thought before would not have helped the economy. Government help is needed in dire situations.
Chris Sani
Period 4
Manon Hughes
6th Period
I agree with Keynes that the government must intervene in order to keep economy going.
1. Video 2: World Wars sparked growth of economy due to government spending
2. Video 2: In 2009, Keynes theory was directly put to the test and it worked.
3. Video 2: When the economy gets too far into a recession, it is up to the government to pull it back into healthy tides, since at this point the public is next to helpless.
Audrey Hermes
2nd Period
I cannot decide which economist I agree with. I agree with Keynes' idea that saving hurts the economy, but I also agree with Hayek's idea that the economy is complex, and it cannot be summarized with a circular model.
1.) Keynes states that saving hurts the economy. (Video 1)
2.) Hayek states that there could be full employment because of war, but people could still not be eating, so that shouldn't be defined as good economic times. (Video 2).
3.) Hayek states that people are not chess pieces that can be moved without regard to their lives. (Video 2).
Celine De Leon
2nd Period
I agree with Keyens on how depressions can go into recovery.
1. Video 2- Spending revitalizes the economy.
2. Video 2- State intervention can counter depression.
3. Video 2- The unemployed should not wait to see what happens during a depression.
Alyssa Wilson
6th Period
I agree with Keynes.
1. Hayek says that the free market can cure itself if the government steps out of the way, but we know that can result in corrupted monopolies, video 1
2. During the Great Depression the New Deal was necessary to bring up AD because laissez faire was not working at by itself, video 1
3. Hayeks idea that AD is not affected by the GDP and vie versa is confusing because i thought we make what we have a demand for... video 2
I know I did this already but for some reason I cant find it, so here it goes again... I agree with Keynes more.
1) the government should steer the economy because if everyone tried to put their say in when it comes to the economy, it could be a mess.(Video 2)
2)Spending is key. How can the economy improve or raise up if their is no money flow.(Video 2)
3)Keynes believes that by during war the economy is stimulated and GDP raises which I believe. (Video 2)
-jenifer galan
4th
Ashish Jain
4th period
I agree with Keynes's belief that the government should involve itself in the economy.
1). He says how the government should spend more, but we only do whenever there's a world war. He made good points in the second video on how the war was part of the reason for the end of the Great Depression.
2). He also says how the war helped the unemployment rate go down. This was probably because of all the help needed when the war was taking place. Therefore, another reason for why the government should take place in helping the economy..maybe not spending money but offering more jobs for people to take part in.
3). Lastly, I agree with the part when he says that the government should act when it is needed and this is the reason for the failure of free market economies.
I agree with with Keynes because his ideas are related to what is happening right now.
1) I agree with having more government spending because that can keep us from having a recession. (Video 2)
2) I agree that the government should have a boost in aggregate demand. (Video 1)
3) I agree with Keynes when he said spending money on wars increase the GDP. (Video 2)
Brien Benny
Period: 4
Justin Hoang
6th Period
I agree with Keynes because:
1). Keynes believes that consumer spending money will make the economy grow. (Video 2)
2). Keynes states that taking action in times like depression is important rather than waiting for it to fix itself. (Video 2)
3). Also how he believe the government should boost aggregate demand at times like depression. (Video 1)
Jacob John
Period 6
I agree with Keynes idea that the government should intervene during a severe depression. Looking at the Great Depression, we would have never made it out alive if it wasn't for our massive spending by the government.
1. Keynes states that spending should occur, not worrying about where it is coming from. (video 1)
2. Keynes points out that the economy is volatile and intervention can help to stabilize the economy (video 2)
3.I agree with Keynes when he states that his theory is more active whereas Hayek's theory lets the economy fix itself eventually. (Video 2)
Yash Mathur
Period 6
I agee with Keynes, and the fact that he belives in demand manegmant. resulting in governments, and central banks interveing in returing the economy back to almost full employment, when in a down turn.
1) in one of the areas that i mostly agree with Hayek is when he talks about the fact that even though we use demand manegmant to solve some of the economic problems we still keep on having crashes (video2)
2) in the video keynes talks about how if we had another war just like the 50's we would have had another economic boom(video2)
3)keynes uses a example to sustain his concept of demand managment showing how we got out of the reccesion in 2009 but thanks to the government we are noe in a boom. (video2)
Daniel Sanchez
2nd Period
I agree with Keynes
1) The government should intervene when the economy is not doing and should increase government spending
2)State intervention can cure recession
3)Taxes should be decreased in order to get households to spend more, therefore, revitalizing the economy
John Harris
2nd
1) I agree with Hayek when he says that war only destroys and that resources used in war are wasted and money spent on it doesn't equal prosperity. Video 2.
2) I again feel Hayek is correct when he says that spending is not free and that the rich get richer while much of the profits are wasted. Video 2.
3) Lastly I agree with Hayek when he warns that the govt intervening in economics removes peoples motivation to get out of recessions. Video 1.
Christian Beduya
Period 6
1.I am on Keynes side when he states that government needs to take action and spend during times of depression and recession. Money circulation, like he said, is like an engine that needs to keep going and flowing. Spending is that spark that will start the engine and ultimately bring life back into the economy.
2. I agree with what Hayek said in the second video concerning that state intervention and discretion will only ignore the hopes and dreams of the people and that the people are not puppets and are not chess pieces that the government can just manipulate.
3. Hayek hit the nail right on the head when he stated that real production and real entrepreneurship is when people produce what the people demand. If they demand is food, services, other goods, etc., and produce these demands, then that is all that the economy needs to boost itself because the people are the economy not the government themselves.
However in conclusion, I am not on either side, but rather a combination of both. Keynes points out that the government should intervene and spend during times of recession and depression, while Hayek points out that the people are the economy and they can boost themselves. I view it as the people are the engine, and government spending is the gasoline, NOT THE SPARK THAT KEYNES SAID IN THE SECOND VIDEO. I believe that government spending is the fuel that the engine, the people, need in order to come up from recession and depression.
Rizwan Khan
6th
In retrospect, I agree with Keynes view and thinking over Hayek.
1) I agree that the government must spend money during any depression (Video 1)
2) Keynes stated and explained that World War II has been a tremendous benefit with the economy in the U.S. (Video 2)
3)Keynes said everyone needs to spend money instead of saving money to help keep the economy be stable and stay in shape or maybe boost the economy to avoid recession . (Video 2)
Shivani Doshi
Period 2
I agree with Keynes because it is proven that the economy can improve through government spending. Plus, people are encouraged to spend more when the government spends money.
1) The amount of money spent in WWII helped the economy out of recession.(Video 2)
2) Created employment during WWII(Video 2)
3)Spending of the consumer keeps the flow of the economy going (Video 2)
Muizz Soomar
2nd Period
I agree with Hayek:
1) During the World War, there was no multiplier, and consumption just shrank all resources were used on supplies for the armies. Everything was rationed and it was a disaster
2) Hayek does not really want others to plan for ones self employment since he does not know what will occur. There are plans for many and there are for few, but Hayek wants plans for many.
3) I also agree that we need stable rules and real market prices so that prosperity emerges and it cuts the short crisis
Krista Killam
Period 6
I agree with the things that Keynes said. In the first video he mentioned that if the government spends more money it will stimulate the economy. In video 1 he also says that people should not save when were in a recession. Keynes mentioned in video 2 that world war II boosted the economy and that would happen again with another world war.
Caitlin Davis
Period 2
I agree more with the Keynesians. I can see where Hayek is getting his ideas from, but there is more proof supporting Keynes.
1) Families would rather be able to spend money and help the economy that way than just have enough money to make it by.
2) The government should definitely intervene and help the unemployed because it is their job to help us and the economy.
3) I also agree that waiting for recovery is outrageous because we can't expect it to fix itself.
Skylar romo
Period 4
I tend to agree more with Keynes,
1) He says in the first video that when the economy is in a depression the government needs to increase spending which will increase aggregate demand
2)He also says in video 1 that saving is not good because we all die and it hurts the economy because we are not spending
3)In video 2 Keynes emphasized that spending is very important and it helps shape the economy
Jesse Avila
4th
1) Spending on war (WII) heavily boosted GDP (Video II)
2) Keynes's theory ignores human action and motivation (Video I)
3) Taking action in a depression is important rather than waiting for it to fix itself (Video 2)
Tom King,
Period 6
I agree with Hayek
1. Full employment with Keynesian model doesn't matter during war since theres no real food production just war prediction and destruction of labor creating demand for even more (Video 2)
2. Focus on spending that the Keynes model creates is too large and deficit spending is harmful since it has to be paid back. But if we keep spending, it's just going to add up with interest.
3. Keynes argues about trying to save the people but in reality the government isn't saving the people. They're bailing out the losers giving them no incentive to succeed ( creating demand for a good with no demand in order to help failing businesses) That isn't a just system. It's a game or winners and losers not winners and winners. (Video 2)
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