Read the article and decide which famous Economist you most identify with. Then watch the two youtube videos at:
Fear the Boom and Bust:http://www.youtube.com/watch?v=d0nERTFo-Sk
and 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.
62 comments:
Shanika Jacob- period 6
1.I agree with an increase in aggregate demand for the economy ( fear the boom and bust)
2.I agree that during the recession a government involvement is needed ( Fear the boom and bust)
3. I agree that that the world is complex and not necessarily a circular flow ( Fight of the century)
Vinit Shah-4th
Keynes
1. I agree that we, the government, should steer the markets in times of need ( fear the boom and bust)
2. I agree that as long as we keep Y, the total, growing the economy will fly( fear the boom and bust)
3. I agree that the multiplier will drive the economy higher no matter what (fear the boom and bust)
Ryan Phu
2nd Period
1. Government should jump start the economy when in a depression. (1st and 2nd Video) - Keynes
2. The government should have little intervention when it comes to economics (2nd Video) - Hayek
3. Keynesian economics ignores basic human incentives (1st and 2nd Video) - Hayek
Veronica Wang
Period 6
I agree with Keynes because
1) In the first video, there is a strong emphasis on how an increase in the aggregate demand will allow the economy to recover out of the depression.
2)The more consumer goods are consumed, the less savings that occur. As a result, the economy is not hurt by excessive saving and can continue to grow.
3) In the second video, spending is once again emphasized to show that economies can only grow when circulation of money is present, not when all the money is simply stored and not used.
Rolando Pineda, 6th period
1. (Hayek)Real growth of the economy means production of what people demand-Fight of the Century
2. (Hayek)The economy is organic and not a machine that can be so easily manipulated, you can't control people-Fight of the Century
3. (Hayek)the trouble with political intervention is the government intervening for us is comprised of people too and they are just as susceptible to corruption as anyone else-Fight of the Century
1)I agree with the first video about Keynes when he says that stimulating the economy through government spending is better for the economy than saving your money for future investment.
2)In the second video Hayek says that wars destroy not construct like Keynes claims because people were consuming a lot on war goods which is the only reason the economy went up.
3)In the second video Hayek says that jobs create the money which creates economic prosperity. Real growth means production. Not gov. spending.
Charith Wijeyesekera Period 6
1. I agree with Hayek that bad investment policies do hurt the economy. Fear the Boom and Bust
2. I also agree that people spend during the booms when a lot of their "extra money" comes from inflation due to government actions. Fear the Boom and Bust
3. Real growth means production of what people demand. Hayek: Fight of the Century
Tiffany Chan
4th period
1) I agree that government spending helps boost the economy. Keynes - Fear the Boom and Bust
2) I agree that war can also make the government spend more due to the production of weapons, etc. Keynes - Fight of the Century
3)I agree that inflation can also seem as if people are spending more. Hayek - Fear the Boom and Bust
Thanh Vo
6th Period
1. During times of recession, the government should encourage spending by lowering taxes. (Fear the Boom and Bust) -Keynes
2. It is important to focus on expanding aggregate demand during expansionary period. (Fear the Boom and Bust) -Keynes
3. Spending spurs the economy and cuts depressions. For example, spending in WW2. (Fight of the Century) -Keynes
Anna Lee
2nd period
1. Unemployment was nonexistent during war because the government drafted citizens not because the economy was naturally booming. Fight of the Century - Hayek.
2. Increased spending doesn't fix the economy because there is no tangible thing to fix with one simple solution. Fight of the Century - Hayek.
3. Econometricians do research and collect statistics to confirm what they WANT to confirm. They don't prove what ACTUALLY occurs. Fight of the Century - Hayek.
Aadesh Brahmbhatt
6th period
1. Mal-investments can ruin the economy. Hayek - Fear the Boom and Bust
2.Consumption shrank because of resources being re-allocated to the military effort not things that people actually wanted. Hayek - Fight of the Century
3.dont bail out the losers or it will cost you more. Hayek - Fight of the Century
1. By saving the government cannot get out of a downturn (Keynes)- Fear the Boom and Bust
2. Too much boom will eventually create a bust due (Hayek)- Fear the Boom and Bust
3, Spending makes some sectors in the government healthier than others (Hayek)- Fight of the Century
Maria Francis
Period 6
Hayek- 1st video- There needs to be focus on production as much as there is focus on spending to get the country out of a recession.
Hayek- 2nd video- production of what is important and essential to the people is more important in the long run of getting the economy out of recession rather than just production of anything.
3. Hayek- 2nd video- sometimes when the government is is corrupt or bribed then the bail out those that will fail in the economy and that will lead to the poor getting poorer and the rich getting richer because of the waste in money of bailing out those that will fail.
Hannah Kaplan
6th period
1.I agree that the government needs to increase government spending in order to promote economic expansion (Keynes. Fear the Boom and Bust)
2. You have to have real savings if you want to invest (Hayek. Fear the Boom and Bust)
3. I agree with Haynek and that wars only destroy and cause consumption to shrink. We used most of our resources to build items needed for war. (Hayek. Fight of the Century)
Andrew Olson
6th Period
1. I agree that government intervention is not completely necessary to fix an economy. (Hayek, Fight of the Century).
2. I agree that people need to make their own economic plans instead of relying on the government to make them. (Hayek, Fight of the Century).
3. I agree that the state of the economy has consistently dropped over time, and that it is time for a change in policy (Hayek, Fight of the Century).
Maya Ewens
2nd period
1. I agree that saving your money will not help the economy in the long run. (Keynes. Fear the Boom and Bust)
2.I agree when war spending ended, the economy thrived and grew faster. (Hayek. Fight of the Century)
3.I agree we need real market prices so prosperity emerges and cuts short to crisis. (Hayek. Fight of the Century)
1. (Hayek) I agree that a country should economic freedom, aka free market. Fear the Boom and Bust
2. (Hayek) I agree that recessions are caused by mal-investments in a thriving period. Fear the Boom and Bust
3.(Keynes) In order to bring back our economy from a recession, we need to spend more, like in WWII. Fight of the Century
Sarah Gosch
2nd period
I tend to agree with Hayek:
1. The economy isn't an engine to be fixed, it's an organic system (Hayek, Fear the Boom and Bust).
2. During wars, employment increases but consumption decreases. The health of an economy cannot be determined solely on the unemployment rate (Hayek, Fight of the Century).
3. Mal-investments wreck a nation's economy (Hayek, Fight of the Century).
I would have to agree more with Hayek because he knows the shortcomings of fiscal policy and how it increases the national deficit.
1)Aggregate demand must go up to improve the economy. "Fear the Boom and Bust"- Keynes
2)Government increasing it's spending leads us into more debt. "Fear the Boom and Bust"-Hayek
3)Unemployment is lower or almost nonexistent during a war where there is a draft. "Fight of the Century... Round Two"-Hayek.
Jenny Dyess
Period 2
Amanda Hong
Period 6
1) Saving is destruction. (Keynes - Fear the Boom and Bust)
2) The multiplier helps drive the economy. (Keynes - Fear the Boom and Bust)
3) Spending gets the economy flowing. (Keynes - Part II)
nabeel momin
4th
1. i agree that wars destruct and not construct. (hayek)
2. i also agree that government spending could help the economy. (keynes)
3.i agree that the government should help the economy when in need. (keynes)
Imani Windom
2nd period
I agree more with Hayek
1. We shouldn't try to pay off debt by taking on more debt (Hayek, Fear the Boom and Bust)
2. Self-organization is better since it allows many to plan what to do in order to correct market (Hayek, Round Two)
3. Though more people are employed during war, it does not necessarily prove prosperity (Hayek, Round Two)
Madison Bettis
6th period
1) I agree with Keynes that the government should encourage spending by lowering taxes during recession. (Fear the Boom and Bust)
2) I agree with Hayek that government corruption will result in stagnant economic status as the poor remain poor and the rich continue to get richer due to bailing out economic failures. (Fight of the Century)
3) I agree with Hayek that poor investment policies do indeed hurt the economy. (Fear the Boom and Bust)
Timothy Chang
4th period
I agree with Keynes that we should boost aggregate demand to get the economy out of a recession (Fear the Boom and Bust)
I agree with Keynes that too much saving will lead to an economic recession (Fear the Boom and Bust)
I agree with Hayek that the health of the economy is not only based on unemployment data. During wars, there is full employment but less consumption (Fight of the Century)
Overall, I agree more with Keynes, however both economists make good points.
- I agree with Keynes in that the economy won't naturally swing back from a recession (Fear the Boom and Bust)
- I agree with Hayek in that economists should spend more time studying the "boom" part of a business cycle instead of only concentrating on the bust (Fear the Boom and Bust)
- I agree with Keynes in that the government needs to keep watch over the market (Fight of the Century)
Julia Mathew
Period 2
Keynes
1) I agree with Keynes that government spending can help revitalize an economy be getting the flow started. (Fight of the Century)
2) Keynes explains how free markets are prone to fail because the future is so uncertain. (Fight of the Century)
3) Keynes says explains how we should spend our money versus spending because then the economy will never grow. (Fear the Boom and Bust)
Period 6
1) Some spending and consumption can help boost the economy (Fear the Boom and Bust)
2) We must be cautious about the overspending in the economy (Fear the Boom and Bust)
3)WWII increased jobs and ultimately took the economy out of recession (Fight of the Century)
^
1) Keynes
2) Hayek
3) Keynes
Period 6
1) Malinvestment is what ultimately ruins the economy (Hayek, Fear the Boom and Bust)
2) Stimulus is just another form of malinvestment (Hayek, Fear the Boom and Bust)
3) Top down (trickle down) economics doesn't work (Hayek, Fight of the Century)
Seyi Soyebo
Period 4
I agree that The government should steer markets in times of need ( fear the boom and bust)
I agree that Ward can make the government spend more due to production costs (fight of the century)
Finally I agree I agree that the state of our economy has consistently drive over time and that it is time for a change in policy (fight of the century)
1. By saving the government cannot get out of a downturn (Keynes)- Fear the Boom and Bust
2. Too much boom will eventually create a bust due (Hayek)- Fear the Boom and Bust
3, Spending makes some sectors in the government healthier than others (Hayek)- Fight of the Century
1. I agree with the point Keynes made in part 2 about how all the spending that the government did for the war stimulated the economy and fixed the great depression.
2. I agree with Hayek on his point in pat 2 about how all this spending is not helping us because we are giving up valuable things like food.
3. Lastly i agree with Haynes point in part 1 saying that too much aggregation ignores human action and motivation.
Period 6
1. I agree that inflation is the one that is driving the funds(Hayek)-Fear the Boom and Bust
2. I agree that spending is the motor that keeps the economy flowing(Keynes)- Fight of the Century
3. I agree that the economy is not a circular flow.(Hayek) - Fight of the Century
1) Real growth means production of what people demand- Hayek (Fight of the Century)
2) You must save to invest, don't use the printing press- Hayek (Fear the Boom and Bust)
3) Don't keep that money in your pocket or that growth will never lift- Keynes (Fear the Boom and Bust)
Joyce Varughese
Period 6
I agree that...
1. Spending by government is a justification for bailouts and payoffs by politicians (Fear the Boom and Bust- Hayek)
2. During wartime, full employment does not necessarily mean a satisfaction of demand (Fight of the Century- Hayek)
3. Many times, political incentives guide the discretion of the economy (Fight of the Century- Hayek)
Period 6
1. I agree that saving money will not help stimuli the economy so it is better to keep spending. (Keynes)- Fear the Boom and Bust
2. I agree that money and scarce resources are wasted on war.(Hayek)- Fight of the Century
3. I agree that the world is complex and things don't just automatically circulate. (Hayek)- Fight of the Century
I agree with Hayek that inflation is the thing that drives the funds (fear of boom and bust)
i also agree with Hayek that full employment does not always satisfy the demand (fight for century)
and I believe that Hayek was also right when stating that the health of the economy isn't solely based on unemployment (fight of the century)
Geo Kuzhippil
4th period
1).I agree with how there should be an increase in aggregate demand for the benefit of our economy( fear the boom and bust)
2).I agree with how we waste many valuable resources and scarce material through war and conflict(Hayek; Fight of the Century)
3). No matter what, in order to save you must invest(Fear the boom and bust)
Kevin Koruthu
2nd Period
1. I agree with how a booming economy can foreshadow a economy that is about to fail (fear the bottom and bust).
2. The world war did help boost the economy and cut short the depression(Round Two, Fight of the Century).
3. The economy is not a circular model that can be easily cured but is a much more complicated system in which people's dreams and motivation are factored in(Round Two, Fight of the Century).
Matheus Menezes
6th period
1) Full employment is not always good. (Fight of the century, Hayek);
2) Too much spending is not good. Only the few on the top benefit from that. (Fight of the century, Hayek);
3) Sticky wages and no action by government cannot help the economy. (Fear the boom and bust, Keynes).
I feel like I identify more with Hayek and his approach of not giving a specific solution. We should all decide what to do together.
Alexis Zamora
6th Period
1) I agree that Keyne's theory ignores human action and motivation(Fear the Boom and Bust)
2)Unemployment was only easy to lower due to the draft (Fight of the Century)
3)There should be help for those who are unemployed (Fight of the Century)
Arun Christopher
2nd
1) the economy is made up of the people, and we have to fix it. (Fight of the century, Hayek)
2) The world is complex, there inst a set motion that the economy follows. (Fight of the century, Hayek)
3) too much aggregation ignores humans motivations, and it can cause more bailouts from the government. (Fear the Boom and Bust, Hayek)
Karina Harris 4th
1) i agree that just because we get full employment dosent mean we have our necesities fufilled (fight of the century- Hayek)
2)the econmy has to many varibles to flow as smoothly as keynes thinks it does. i agree with hayek the econmy isnt built like an engine
3)i agree with Hayek that mal investment wreck the econmy (fear boom and bust)
Period 4
1) I agree with Keynes that monetary and fiscal policies are good to use. (Fear the Boom and Bust)
2) I agree with Keynes that government spending is good for the economy. (Fear the Boom and Bust)
3) I agree with Hayek that we need stable rules/good market prices so prosperity in the economy can emerge. (Fight of the century).
1) If everyone in this world has a job, it might not always be good. We need to have a balance in the society (hayek, fight of the century)
2) We need to balance both our spendings and our savings. Inorder to get us off the recession, we need to counter react with both spending and saving. However, there are always many exceptions- for example, the people in the top 1 % of the world can do whatever since most of them has a lot of inherited wealth (Fight of the century, Hayek)
3) Economy is not a circular flow and it mostly flunctates a lot (Hayek, fight of the century)
ulises osorio 2nd period
1) I agree with Keynes on the fact that saving your money actually does not help the economy in the long run.(Fear the Boom and Bust)
2)I agree with Hayek on the fact that we should not try to reduce our debt by bringing on more debt.(Fear the Boom and Bust)
3)finally, i agree with hayek that the "trickle down" economy does not work.( fight of the century)
Stanie Clement
Period 2
1) Inflation causes the money illusion and people spend more thinking they are wealthy( Keynes, fear the boom and bust
2) Government spending during times of recession can be good if the money stimulates the economy( Keynes, fear the boom and bust)
3) War is bad for the economy because valuable resources are used for purposes that do not benefit the economy( Hayek, fight of the century
Hannah Stone 2nd Period
1. I agree that government spending is a justification for bailouts for politicians (Hayek Fear the Boom and Bust).
2. I agree that wars only destroy and do not make the economy better (Hayek Fight of the Century)
3. I agree that full employment may not be a good thing (Hayek Fight of the Century).
Jillian Sara Gicana
6th period
1. There is a need for a boost within aggregate demand. (Keynes, fear the boom and bust)
2. Monetary and fiscal policies are equally important and both have an effect within the economy. (Keynes, fear the boom and bust)
3. The economy is "organic" and can't always be fixed by spending. (Hayek, fight of the century)
Joshua shajie sixth period
These are the three points I agree with:
1)"Real growth means production of what people demand"-Hayek(Fight of the Century)
2)"The economy is us / the economy is organic"-Hayek(Fight of the Century)
3)"Capitalism is about profit and loss if you bail out the losers there's no end to the cost"-Hayek(Fight of the Century)
Joshua shajie sixth period
These are the three points I agree with:
1)"Real growth means production of what people demand"-Hayek(Fight of the Century)
2)"The economy is us / the economy is organic"-Hayek(Fight of the Century)
3)"Capitalism is about profit and loss if you bail out the losers there's no end to the cost"-Hayek(Fight of the Century)
1. I agree that the government needs to increase government spending during a recession in order to promote economic expansion. (Keynes, Fear the Boom and Bust)
2. Although, I also agree that we must be cautious about the overspending in the economy. (Keynes, Fear the Boom and Bust)
3. I agree that too much saving will lead to economic recession. (Keynes, Fear the Boom and Bust)
Camdyn Brocail - Period 4
1) When the country is in time of need, the government should take control (fear the bottom and bust).
2) The economy will soar as long as we keep"Y" growing (fear the bottom and bust).
3) The Multiplier Effect will always drive our economy higher, no matter what (fear the bottom and bust).
I agree most towards to the Economist Hayek's points in which he states:
1.) "...the place to study isn't the bust, it's the boom..." (Hayek, 'Fear the Boom and Bust')
2.) "Capital structure is key. Mal-investments wreck the economy," (Hayek, 'Fear the Boom and Bust')
3.) "Capitalism is about profit and loss. You bail out the losers, there is no end to the cost." (Hayek, 'Fight of the Century')
2nd Period^
David Edquilang
Period 6
1. Saving leads to no growth (Keynes, Fear the Boom and Bust)
2. Spending and employment goes up during war, causing the economy to grow (Keynes, Fear the Boom and Bust)
3. We are the ones that can dictate the health of the economy (Hayek, Fear the Boom and Bust)
Paige Price
Per. 4
1. Hayek- Keynes's general theories and simple equations ignore human actions in consumption (fear of boom and bust)
2. Keynes- The war us what made the depression better because unemployment was low (battle video)
3) Hayek- If we don't try to steer the economy and the rate of consumption, the economy will stay stable.
(Fight of the century for #2&3
1. Hayek says that to understand recession, you have to analyze the boom and bust concept.This concept allows stability and well being-in the economy, which is better than the fluctuations of the business cycle. Fear the boom...
2. A lowering of interest rates gives the illusion of more credit, which leads to an increase in inflation.Fear the boom...
3. The economy is a result of people's decisions, and the actions of real people cannot be simply controlled by the government. FIght of The Century
Kevin Sani Period 1
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