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.
73 comments:
Varsha Martin
2nd pd
The points that I gree with are from "Fear the Boom and Bust": Keynes vs. Hayek Rap Battle
I agree with Keynes idea where you have to
1.Boost aggregate demand in the economyto make the economy better
2.Circular flow if iut si getting low then it doesn't matter what the reason is
3.We need more government spending by forgeting what the savings are.
Wara Maknojia
4th Period
From "Fear the Boom and Bust"
1. C, I, G equals Y. Keep the total growing, and the economy will fly
2. If the business flow is low, increase government spending.
3. Monetary and Fiscal are both equally correct
Meryl Zachariah
2nd pd
1)The monetary and the fiscal, theyre equally correct ("Fear the Boom and Bust")
2)Deficits could be the cure, you been looking for ("Fear the Boom and Bust")
3)We couldve done better had we only spent more, too bad that only happens when theres a world war ("Fight of the Century")
Laura Rezmer-Cooper
Period 2
The points that I agree with most are from both videos.
1) Free Markets are prone to fail ("Fight of the Century")
2) More oversight is needed ("Fight of the Century")
3) Waiting for a recovery is outrageous ("Fear the Boom and Bust")
Salman Bawani
Period 4
I most identify with Keynes.
1. Spending revitalizes the economy. ("Fight of the Century")
2. Too much is wasted as cronies get fatter. ("Fight of the Century")
3. Wars only destroyed. ("Fight of the Century")
Aneeka Khan
Period 4
I identify most with Hayek.
1) World War II cut short the Depression. ("Fight of the Century")
2) The spending on war boosted GDP; unemployment was over almost down to 0. ("Fight of the Century")
3) It's spending that matters, why is that such a scandal? ("Fight of the Century")
Marcella Winfiele
Period 6
I identify most with Hayek.
1. Let the markets decide; free economy (both)
2. No government bailout ("Fight of the Century")
3. Let the people decide how to spend their money ("Fight of the Century")
Shaban Momin
Period 4
I identify most with Hayek
1. Top down approach is a fatal conceit ("Fight of the Century")
2. If every worker was staffed in the army and fleet we'd have full employment with nothing to eat ("Fight of the Century")
3. The economy is us ("Fight of the Century")
Jignesh Mehta
Period 6
I identify most with Keynes
1. "Keep the AD high to watch the economy fly." Increase aggregate demand to improve the economy from recession. ("Fear the Boom or Bust"
2. Spending is the gas of our economy and it just needs a spark to start growing ("Fight of the Century")
3. Deficits could be the cure for recession. ("Fear the boom and bust")
Lloyd Videau
6th period
agree with Keynes more
1. Monetary and fiscal have same effects("Fear the Boom and Bust")
2. Let spendings soar.("Fear the Boom and Bust")
3. World war 2 short the depression
Ryan Hunter
6th Period
"Fear the Boom and Bust"
I side with Keynes
1. Spending money creates a bigger effect through the multiplier
2. Consumers are the cause of recessions
3. Surpluses pay off debt from deficit periods
I identify with Hayek
1. The boom starts with an expansion of credit where the new money if confused for real loanable funds but it is only inflation. (Fear the Boom and Bust)
2. Real growth means to produce what people will demand and consume. Otherwise, the money flow goes to unnecessary places. (Fight of the Century)
3. Stable prices and real market prices are needed. Bubbles that might potentially burst threatens the people as a whole. (Fight of the Century)
-6th
Minnu Augustine
Period 2
I side with Keynes
1.Savings is destruction in the economy. (Fear the Boom and Bust)
2.Boost aggregate demand to get the economy out of recession. (Fear the Boom and Bust)
3.Circular flow is essential for the money is the economy to increase. (Fear the Boom and Bust)
Period 2
I side with Hayek
1. "After the war, the economy grew faster" (Fight of the century)
2. "If everyone was staffed in the army, we would have full employment, but nothing to eat" (Fight of the century)
3. "Spending is not free, too much is wasted" (Fight of the century)
Period 4
I identify with Keynes
1) Don't keep money in your pocket or that growth will never lift (Fear the Boom and Bust).
2) The multiplier driving higher the economy's health (Fear the Boom and Bust).
3) When we are in a mess would you have us just wait? doing nothing until the markets equilibrate? (Fight of the century).
Andison Chung
Period 4
I side with Keynes:
1) World War 2 shortened the depression
2) Savings will destroy the economy (Fear the Boom and Bust)
3)To get economy out of recession boost aggregate demand (Fear the Boom and Bust)
Sabrina Tortolero
6th Period
I felt as though I identified more with Keyes and his points.
1. The first point I agree with is "If the flow is getting low, no matter the reason, we need more government spending no matter the reason" ( Fear the Boon and Bust)
2. "The spending of war boosts GDP" (Fight of the Century)
3. "The future is uncertain, our outlooks are frail, that's why free markets are so prone to fail" ( Fight of the Century)
Jessica Jose
4th Period
I identify with Keynes
1) Boost aggregate demand to get the economy out of recession.
2) Circular flow is essential for the money is the economy to increase.
3) World War 2 shortened the depression
May Liew
Period 6
I Identify with Keynes
1) Public works, digging ditches, war have the same effects (Fear the Boom and Bust)
2)Let the spending soar now that you know the score (Fear the Boom and Bust)
3)Spending is the life blood that gets the flow going (Fight of the Century)
Period 2
i agree with Hayek
1. "it's the boom that should make you feel leery" (fear the boom and bust)
2. "with the cost of production, price signals were lies" (fear the boom and bust)
3. "It's just more the same, more incentives perverse"(fear the boom and bust)
Per.2
I agree with Keynes
1. deficits could be the core you've been looking for.(Fear the boom and bust)
2. money savings will hurt the economy. (Fear the boom and bust)
3. state interventions can counter depression. ( Fight of the century)
Zain Chowdhry
"Fear the Boom and the Bust"
I side with Keynes
1. His ideas for increasing aggregate demand to get the economy out of a recession has worked in the past. (Fear of the Boom Bust)
2. Money needs to be in circulation to increase economic output. If everyone holds there money in the safe no business is getting money which lowers the economic output. (Fear the Boom and Bust)
3. Free markets are inevitability going to fail and need some government moderation. (Fight of the Century)
Sonia Gupta
Period 2
I identify with Keynes:
1.Trying to "save" your money by keeping it to yourself causes destruction to the economy (Fear the Boom and Bust)
2.The depression was shortened by WW2 (Fight of the Century)
3.Boost AD to help economy (Fear the Boom and Bust)
Agree with Keynes more
1. Monetary and fiscal have same effects("Fear the Boom and Bust")
2. Let spendings soar.("Fear the Boom and Bust")
3. World war 2 short the depression
6th Period
I side with Keynes
1.increasing aggregate demand(Fear the Boom and Bust)
2.increase in spending will lead to increase in economy size(Fear the Boom and Bust)
3.war helps increase GDP(Fight of the Century)
I agree with Keynes.
1. Spending keeps the flow of the economy going (Fight of the Century)
2. Just simply waiting for the economy to get better is outrageous (Fear the Boom and Bust)
3. Boosting aggregate demand makes the economy fly (Fear the Boom and Bust)
Vanessa Marcano
Period 2
6th period
I identify with Hayek
"Fight of the Century"
1. Unemployment being zero does not ensure a comfortable lifestyle in a nation (example of when it is war, if everyone is sent away to war and unemployment is 0, there is no food to eat)
2. The economy is "organic," meaning that the people are the ones who can fix the economy if something is wrong, not the government.
3. Government involvement in economic crisis is like "mirrors and smoke." It creates chaos and it is not stable.
Ashley Verghese
4th Period
I identify with Keynes
1) Free markets are so prone to fail due to since the future is uncertain (Fight of the Century)
2) State intervention can count to depression. (Fight of the Century).
3) Government spending is needed to help the economy. (Fear the Boom and Bust
Period 6
I side with Hayek
1. Keynes's theory involve too much aggregation and there can be no prosperity without investment and saving. (Fear the Boom
and Bust)
2. In simple terms, capitalism is about profit and loss(Fear the Boom and Bust)
3. Business cycles are caused by low interest rates which are started out of intervention. (Fear the Boom and Bust)
Jake Hudson
Pye 6
I identify with Keynes the most.
The points I agree with in the "Fear the Boom or Bust" video is:
1. Waiting for a recovery to get out of a recession is outrageous.
2. If the business flow is low, then you must increase government spending.
3. Deficits are often the cures for recessions.
Namisha Mithani
Period 6
I identify most with Keynes (Fear the Boom and Bust)
1. Boost aggregate demand.
2. More spending, less saving.
3. How "sticky wages" affects the economy,
I agree with Keynes more
1. For the economy to grow, the government have to spend money(Fight of the century)
2. To stop the economy entering a recession, increase AD(Fear the boom and bust)
3. The government needs to intervene in the market sometimes (Fight of the century)
Hayek - Stimulus doesn't work "Fear the Boom and Bust"
Hayek - Jobs are a means to an end "Fight of the Century"
Hayek - Decentralization of power "Fight of the Century"
2nd Period
I side with Keynes from watching both videos.
1). I love LBJ's New Deal and the concept came from Keynesian ideology("Fear the Boom and Bust": Keynes vs. Hayek Rap Battle)
2). If the government steers the economy, we can boost aggregate demand("Fear the Boom and Bust": Keynes vs. Hayek Rap Battle)
3). WWII created employment, thus boosting the economy("Fight of the Century": Keynes vs. Hayek Rap Battle Round Two)
Keynes
1. It's all about the flow, we need more government spending (Fear the Boom and Bust)
2. Spending boosts the economy. WWII cut short the depression (Fight of the Century)
3. We can't stand back and do nothing when the economy is failing (Fight of the Century)
I side with Keynes more than I do with Hayes
1. Make demands for products high (Fear the Boom and Bust)
2. Saving = our destruction (Fear the Boom and Bust)
3. Don't destroy things on purpose to create jobs it doesn't help (Fear the Boom and Bust)
1.Keynes-Excess savings hurt the aggregate demand. (Fear the Boom and Bust)
2.Hayek-During WW2 the Office of Production Management froze car sales in order to build tanks, consumption then dwindled. (Fight of the Century)
3.Hayek-Bailing out failing businesses does not help the economy, it just cost more money. (Fight of the Century)
Fear the Boom
1) Government spending can act as a stimulus for the economy
Fight of the Century
2)WWII cut the depression short
3)Real growth means production not demand
4th period
I prefer Keyne's philosophy more than Hayek'/
I agree with:
1) it's all about spending and more government spending will stimulate the economy (fear the boom and bust)
2) saving money in your pocket will prevent growth (fear the boom and bust)
3) the spending on war boosts GDP (fight of the century)
Daniel Doucet
Period 2
I agree with Keynes more than Hayek
"Fear the Boom"
1. Boosting Aggregate Demand will hopefully jumpstart the economy if the government spends to get the consumers spending.
2. The Government can increase spending by creating jobs, making public works, or sadly going to war. This is why WWII ended the Great Depression
3. The broken window fallacy is does not help the economy (Breaking something and paying someone to fix it)
Kendall Truong
Period 2
Honestly, I would side with Keynes
1. Instead of waiting for recovery, boost aggregate demand (Fear the Boom and Bust)
2. We need more government spending (Fear the Boom and Bust)
3. State intervention can counter depression (fall of real GDP) (Fight of the Century)
I agree with Hayek
1.boom plants seeds for future destruction ( fear boom and bust rap battle one)
2.You have to Save to invest (fear boom and bust rap battle one )
3.political incentives are a joke we need real rules and market prices ( fight of the century rap battle two)
John Abraham
Period 6
I believe that i would side with keynes
1 persistent unemployment is a result of sticky wages( Fear the Boom and Bust
2 waiting for recovery is outragous you need more individuals spending in order to bring up economy(Fear the boom and Bust)
3 the future is uncertain our outlooks are frail. Free markets are prone to fail(Fight of the century)
Nicole Aguilar
Period 4
I identify with Keynes the best for these reasons:
1. Saving does help investors pay off interest rates, but if people were to save, money would stop flowing in the economy, thus, causing a recession, which is never good. (Fear the Boom and Bust)
2. Hayek believes that the government shouldn't be spending so much money, but if the government doesn't spend, money would fall short in the economy. (Fight of the Century)
3. Keynes specifically stated that the Great Depression ended when resources needed to be in place for the first World War, which led to everyone becoming employed, while Hayek suggests that the economy would fix it'self and that a war was not needed. (Fight of the Century)
Farrah Au-Yeung
4th period
I agree with Hayek. The following points are from "Fight of the Century":
1. World War II did not end the Great Depression due to increased spending or the multiplier, but due to the decrease in consumption. Rationing goods allowed the economy to grow faster after the war, even when war spending ceased.
2. The rate of employment may not be directly correlated to GDP. For instance, the u-level was down to almost 0% during the war, but people were still starving because the employment output did not affect the domestic economy.
3. Real growth refers to the production of what people demand - if goods are produced with endless supply and no demand, the spending will not effectively boost the economy.
I agree with Hayek.
1. Unemployment compensations disrupt the laissez-faire policies of our free market economy. Capitalism is about profit and loss, but with government intervention, there will not be any losses, and the unemployed will be disincentivized to search for work. (Fight of the Century)
2. Short-term economic boosts do not provide a long-term cure for the economy, they only create bubbles. (Fight of the Century)
3. The government should only intervene in the market economy by creating stable rules and real market prices. (Fight of the Century)
Milen Thomas
6th period
I agree with Hayek. since he is a little more detailed and would not say "blame it on the animal spirits"
1. From Hayek: I agree with his low interest rates can create inflation will overwhelm the wealth effect which would later increase interest rates. There will later be no further credito purchase the bubble assets, which will cause these industries to collapse.
2. From Keynes: I also agree with Keynes's method of decreasing income tax to generate a wealth effect that gets more people to work. Since his method did work during the great Depression, his method is backed with real life examples and statistics.
3.From Hayek: I agree with his comment on how fiscal policies that stimulate an economy that is already growing, eventually an economic bust will happen.
I agree with Keynes.
1. Wars help end recessions and boost the economy (fight of the century)
2. Aggregate demand increasing is what pulls economies out of recession (fear the boom and the bust)
3. The success of the economy is dependent upon the constant and increasing flow of cash (fear the boom and the bust)
Shreyans Rana
Per. 4
1) Government defict can cure recession (fear the boom and the bust)
2) free markets are prone to fail (fear the boom and the bust)
3) increase government spending when business flow is low (fear the boom and the bust)
6th period
I sided more with Keynes.
1. Spending is the gas of our economy and it just needs a spark to start growing (Fight of the Century)
2. Surpluses pay off debt from deficit periods ( Fear of the boom and the bust)
3. The spending on wars boosts GDP (Fight of the century)
Nima Jamshidi
Period 2
I agree more with Hayek.
1) Keynes states that government action, and even starting wars, can get an economy out of a slump. However, we've learned that the majority of government action does not really help and I also don't believe that starting a war whenever the economy is down is sustainable in the long run (Fear the Boom and Bust)
2) Hayek states that Keynes' theory is used as an excuse for bailouts and payoffs. This is kind of true in some ways after seeing how the government, after the housing bubble burst, bailed out the banks responsible for all the shady loans in the first place (Fear the Boom and the Bust).
3) Hayek explains how WWII didn't really equal prosperity for the average American even though the actual economy seemed to be doing better. In reality, this hurt the people since all of the jobs being created were not being used to make consumables but rather tanks for the war effort. As a result, the average citizen was put on rations, which is not really the sign of a booming economy (Fight of the Century).
Anu Thomas
Period 2
I side more with Keynes.
1. We can boos the economy by increasing aggregate demand. The economy will not simply recover by waiting.
2. The flow of spending dictates the level of the economy. More spending, either from the consumers or the government, will help improve the economy.
3. Any sort of investment, whether it be in housing or road construction or wars will boost the economy because it is bringing more money into the economy and has a larger impact than the original dollar amount due to the multipler effect.
(All three points are from "Fear the Boom and the Bust")
Erica Wong
Period 2
I agree with Hayek more.
1. The new money is confused for real loanable funds, yet in reality its just inflation.
2. You have to save to invest- with Keynes, many won't save any money because they believe the government will take care of them by taking care of the economy before it gets to a point where it affects the people "enough."
3. It's the same thing, just has more incentives to it. Its a temporary solution to a pressing issue.
Rizna Noorani
2nd period
I agree with Keynes.
1) Government spending can be used as a stimulus for the economy during a recession. 2:13
2) Monetary and fiscal policy are equally correct. 2:38
3) Boosting aggregate demand boosts the economy. 1:46
All from "Fear the Boom and Bust"
Gabrielle Le
Period 6
I agree with Hayek more.
1. Hayek argues that to understand why there is a recession, you have to analyze the boom. To get ride of busts, we should avoid the booms that inevitably lead to them. This entails overall stability and thus consistent prosperity in the economy, which is generally better than the ups and downs of the business cycle. ("Fear the Boom and Bust")
2. A lowering of interest rates gives the illusion of more credit, so investors take out more loans in what Hayek calls "mal-investment," which leads to recession. There is not an actual increase in wealth, just inflation. ("Fear the Boom and Bust")
3. "The economy is organic." I think this was a really strong point of Hayek's, who argues that the government cannot just "fix" the economy with spending and policies. 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")
Dennis Laison
2nd Period
Keynes
1) Savings can hurt the economy (Fear the Boom and Bust)
2) WWII helped the depression (Fear the Boom and Bust)
3) Government can't do nothing when economy is in trouble (Fight of the Century)
David Adeogba
6th Period
I agree with Hayek for a couple reasons:
1) Hayek points out that lower interest rates can sometimes be a trap because inflation leads to an illusion of wealth. He also points out that people make poor investments when the economy is in an apparent upturn.
2)Hayek also points out that stimulus makes the economy overall because the work put in has no real value in leads to bubbles in the economy that lead to recession and depression later on.
3)Finally I agree with his idea of letting the economy more or less run itself, unlike Keynes who wanted to keep the market in control with government intervention.
4th period
I agree with Keynes
1. His idea of increasing of aggregate demand had helped the economy's expansion
2. Wars would contribute to national GDP and help with unemployment issues (WW2)
3. Government policy and other actions are efficient to helping the recovery of economy from recessions
6th Period
I agree with Keynes
1)Waiting for recovery in the depression was the wrong decision (Fear the boom and bust)
2)Aggregate demand improves the economy (Fear the boom and bust)
3)World War 2 cut the depression short (Fight of the century)
I agree with Keynes
1. By increasing the aggregate demand the economy would thrive (Fear the Boom and Bust)
2. Spending more money is able to effectively boost the economy, but unfortunately that only occurs during war (Fight of the Century)
3. A simple spark is all that is needed to trigger a flow within the economy (Fight of the Century)
Stanley Johnson
6th Period
I agree with Keynes
1)Saving money on possible invesments will hurt the economy (Fear the Boom and Bust)
2)More spending will help boost the economy and help it. (Fight of the Century)
3)Wars will help boost the economy (Fight of the Century)
Hannah Enyioma 6th
I agree with Keynes
1. More government spending boosts the circular flow of money when the economy is down. When the government spends more, citizens get more money in their hands and are also able to spend which helps the circular flow of money. (Fear the Boom and Bust)
2. Savings hinders the flow of the economy by keeping money out of circulation. When the circular flow of money is kept up to speed the economy is healthier. (Fear the Boom and Bust)
3. War spending, specifically for WWII, boosted GDP and created so many jobs that there was full employment. (Fight of the Century)
6th period
From "Fear the Boom"
1.) Mal-Investments can be detrimental to the economy (Hayek)
2.) Government spending is a stimulation that cant be too regularly relied on due to inflation (Hayek)
3.) Just because WWII stimulated the economy doesn't mean that war is a positive economic stimulus all the time (Hayek)
Victor Varghese
Period: 2
I agree with Keynes
1.The spending on war goosed GDP.(Fight of the Century)
2.State intervention can counter depression.(Fight of the Century)
3.Persistent unemployment is result of sticky wages.(Fear the Boom and Bust)
Period 2
from the second rap battle
1.) Spending is a good stimulating factor in the economy as long as it only "A spark"
2.) Increase in aggregate demand is a strong stimulus in the economy
3.) Relying only on government spending can cause inflation to rise
Jasmine Patience
Period 2
Keynes
1) The 2nd world war helped the economy
2) The government can't help a falling economy
3) Spending fuels the economy
I most identify with keynes.
1)"If that flow is getting low, we need more government spending" (Fear the Boom or Bust)
2)"Don't keep money in your pocket or that growth will never lift" (Fear the Boom or Bust)
3) More oversight is needed or we'all get burned (Fight of the Century"
Mervin Cherian
Period:2
1. Savings can hurt the economy (Fear the Boom and Bust)
2. The government should only intervene in the market economy by creating stable rules and real market prices. (Fight of the Century)
3. When the economy is going down, one should not just watch the economy go down. (Fear the Boom and Bust)
Keynes
1) To help the economy, aggregate demand needs to increase. (fear the boom and bust)
2) During the big crash, persistent unemployment was the result of sticky wages. (fear the boom and bust)
3)Wars help the economy (fight of the century)
1. We can boost the economy by increasing aggregate demand. The economy will not simply recover by waiting.
2. The flow of spending dictates the level of the economy. More spending, either from the consumers or the government, will help improve the economy.
3. Any sort of investment, whether it be in housing or road construction or wars will boost the economy because it is bringing more money into the economy and has a larger impact than the original dollar amount due to the multipler effect.
(All three points are from "fight of the century")
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