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.
75 comments:
Economist:
Keynes
Points:
1) boost aggregate demand
2) it’s all about spending, the circular flow
3) savings is destruction, don’t keep money in your pocket or the growth will never lift
Video:
“Fear the Boom and Bust”: Keynes vs. Hayek Rap Battle
http://www.youtube.com/watch?v=d0nERTFo-Sk
Maheen Meraj
6th period
Economist: Keynes
Points:
1) government spending is necessary
2) savings is destruction
3) increasing aggregate demand helps economy
Video:
"Fear of the Boom and Bust"
Katarina Shanar 6th period
Economist:Keynes
1. state intervention can counter depression
2.spending will revive the economy
3.Shouldn't wait for markets to "equilibrate" when there is unemployment
"Fight of the Century"
Reba George
Period 1
Economist:Hayek
1.too much aggregation can interfere with the economy
2. mal investments wreck the economy
3.capital structure is key
"Fear the boom and bust"
Mykaela Llacar
6th
Economist: Keynes
1. He believes that the more consumers spend, the more likely it is that the economy will grow at a faster rate since the total amount of consumption, investment, net exports, and government spending makes up the GDP. (video: "Fight of the Century")
2. He also thinks that during economic recessions , it is important for the government to boost aggregate demand. (video: "Fear the Boom and Bust")
3. Additionally, I agree with his belief that there needs to be some amount of government regulation because the business cycle is always fluctuating. Thus, implementing fiscal policies will make a more predictable economy, which will make it easier to prepare for expansions and recessions in the long run. (video: "Fight of the Century")
Ashwini Prabhu
Period 6
Economist: Hayek
1: The lack of government intervention trains the private sector to better deal with economic shocks.
2: Not bailing out failing companies
3: No political incentives
"Fight of the century"
Henry Feng
7th
Economist: Hayek
1. There was no multiplier, consumption just shrank.
2. Real growth means the production what of people demand.
3. Provide a few basic guidelines to allow the economy to function.
"Fight of the Century": Keynes vs. Hayek Rap Battle Round Two
Abel Abraham
6th Period
Economist: Keynes
1. The spending on wars boost GDP
2. We could do better if we spend more
3. free markets are prone to fail because of our uncertainties
"Fight of the Century":
Nia Eugene
Per. 6
Economist: Keynes
1. government spending is vital because it keeps the economy flowing
2. fiscal policies are needed
3. when unemployment rates are high we shouldn't wait it out and try to allow the economy to naturally equilibriate
"Fight of the Century"
Angie Mancino
period 6
Economists: Keynes
1.)it’s all about spending everything.
2.)look at the world on a case by case basis When people are suffering Keynes rolls up his sleeves and do what I can to cure our the disease
3.) we need more discretion So state intervention can counter depression.
“Fight of the Century“
Elizabeth Melchor 2nd period
Economist: Keynes
1.) The simple equation of Keynes is too much aggregation ignores human action and motivation
2.) Aggregation still continues as a justification for bailouts and payoffs by pols with machination
3.) If the flow is getting low, it doesn't matter what the reason is, because we need more government spending.
"Fear the Boom and Bust"
Blesson Chacko
7th Period
Economist: Hayek
1) You shouldnt study the bust but the boom thay should make you feel leery.
2)The boom gets started with an expansion of credit.
3)The monatary and fiscal, they're equally correct public works, digging ditches, war has the same effect.
"Fear the Boom and Bust"
Godwish Tom
Period 1
Economist: Keynes
1) Spending money is required for an economy and will cause the economy to grow (fight of the century)
2) Aggregate demand will improve the economy (fear the boom and bust)
3) Government should only intervene by establishing stable rules and real market prices (fight of the century)
Andrew Yang
7th
1.) Savings is destruction, that's the paradox of thrift, don't keep money in your pocket or that growth will never lift (fear the boom and bust: Keynes)
2.) Public works and war stimulates economic growth(fear the boom and bust: Keynes)
3.) Provide the people with free lunch, then the country's left with debt and a bunch(fear the boom and bust: Hayek)
Michael Ibay
7th period
Economist: Hayek
1. Countries thrive on entrepreneurship-economies grow when there’s production of what people demand, which is run by the people as well. We need to create our own stable rules and real market prices to prosper.
2. Spending isn’t free-capitalism involves both gain and loss. We shouldn’t be spending money on bailing out non prosperous businesses
3. Government shouldn’t be overseeing every detail in the economy because they’re generally biased and their demands and policies make it hard for wages to adjust during a recession
“Fight of the century”
Lujayna Taha
2nd
Keynes
1. Spending more is better when the economy is down as seen with the world war two which boosted the economy after the great depression.
2. The increase government spending helped the unemployment be almost at zero and increased the GDP of the country.
3. Says that we need more regulation and oversight in the economy as seen with the mortgage crisis as bankers exploited the mortgage system to make money.
"Fight of the Century"
Paul Manavalan
7th Period
Keynes
1. State Intervention will help cease the depressions that the country faces.
2. War also creates a decreased unemployment rate
3. Free markets are prone to fail due to the uncertainty of the future.
Fight of the century
Nikita
Damodaran
Period 2
Hayek
1.Savings are the key to investment.
2.Too much aggregation ignores human behavior and motivation for spending.
3.The market coordinates time with interest.
"Fear the Boom and Bust"
Camryn Pugh 6th period
Economist: Keynes
Points:
1) When the economy is down, increasing spending is a key factor in boosting it back up
2) Without immense government spending, the economy would plummet
3) The rate at which the economy grows solely depends on the amount of money put in by the government
Sahib Oberoi Period 2
Economist: Hayek
1.Less government control helps the economy
2. Free markets help stabilize the economy with no government intervention
3. War/ making unemployment 0 does not help the economy boom
Fear the Boom and Bust
Hannah Golding 1st
I agree with Hayek because he states that:
1. That government should just get out of the way to handle economic downturn as government interference would only slow down the free market fixing itself. "Fight of The century"
2. Since the economy is essentially we the people, the growth of the economy is relied on production of what people demand, not the government. "Fight of the Century"
3. Spending so much money like Keynes argues for will eventually just put us in a mass debt thus saving is a better option. "Fear the Boom and Bust"
Edward Joseph
Period 2
I agree with Keynes because
1. If you wait for the economy to resolve its problems when it is in a recession it will lead to more negative consequences (fear the boom and bust)
2. the prosperity of US after World War II led to expansion which goes along with his theory (fight of the century)
3. there should be government involvement when there is doubt in society (fear the boom and bust)
Reeba Abraham
Period 2
I agree with Keynes more than Hayek
1. Who better to aid the economy of the entire country than the leaders of it. By allowing the government a role in the economy, it unifies it and makes it easier to manage. (Video 1)
2. Saving is pointless because once we pass, what good will that money do. We might as well use it while we have it, and use it efficiently. (Video 1)
3. Spending benefits the economy so why refrain from doing it. (Video 2)
Juliana Quintana
Period 6
Economist Hayek
"Fear the Boom and Bust"
1.Savings Come first if you want to invest
2.The Market coordinates time with interest
"Fight of the Century"
3.If we don't steer prices they wont go berserk
I agree with Hayek
1. The government should not "micromanage" every detail because it will result in making it harder to adjust wages in a recession (Fight of the Century)
2. We should not have political incentives because they may result in unintended consequences (Fight of the century)
3. Capital structure is a key part in the economy ( Fear the boom and bust)
Bailey Corley
6th Period
Keynes
1. Government spending is what keeps the economy growing. (Fear the Boom and Bust)
2. The state should fill the gaps in the economy, which helps stimulate it. (Fear the Boom and Bust)
3. The World War helped the economy get out of the Depression. (Fight of the Century)
Angela Fang Period 6
I agree with Keynes because:
1. The government needs expansionary spending in order to get the government moving (fear the boom and bust)
2. Keynes theory helped the U.S out of the 2008 recession (fight of the century)
3. War, for example like World War 2, is an example of when government spending got us out of a slump. (fight of the century)
I agree with Keynes because:
1. The government needs expansionary spending in order to get the government moving (fear the boom and bust)
2. Keynes theory helped the U.S out of the 2008 recession (fight of the century)
3. War, for example like World War 2, is an example of when government spending got us out of a slump. (fight of the century)
Anson Sam
6th Period
Economists: Keynes
1. When the economy is in a recession spending more money will help bring the economy to a better state. (fear of the boom and bust)
2. The increase in government spending help reduce the unemployment rate and increase the overall GDP of the country. (fight of the century)
3. The country needs Fiscal Policies to better the economy. (fight of the century)
Matthew Manalel
2nd Period
Economist: Hayek
1. Real savings come first if you want to invest. ("Fear the Boom and Bust")
2. So spending's not free- that's the heart of the matter. ("Fight of the Century")
3. We need stable rules and real market price so prosperity emerges and cuts short the prices. (Fight of the Century")
Erin John
Period 2
I agree with Keynes
1. "The 1929 Depression"- he says that there was a depression until Roosevelt implemented the New Deal, which stems from his economic theory. ("Fear the Bust and Boom")
2. "Do you deny World War 2 cut short the depression?"- spending more (which only happens during wars) spurs the economy ("Fight of the Century").
3. "Spending's the life blood that gets the flow going, where it goes it doesn't matter, just get the spending flowing"- Keynes argues that spending by the government is necessary to spur the economy ("Fight of the Century").
Angella Baby
Period 1
Keynes
1. Government spending is what keeps the economy growing (Fear the Bust and Boom)
2. Political Incentives may lead to unintended Consequences (Fight of the Century)
3. Aggregate Demand will improve the economy( Fear the Bust and Boom)
Simran Kotak
Period 1
I agree with Hayek
because...
1) You need to save to invest. (Fear the Boom and Bust)
2) Government could only make things worse by trying to intervene to restore full employment. (Keynes versus Hayek 101 – the debate continues)
3) When war spending ends, the economy thrived and grew faster. (Fight of the Century)
Linda Zhu, 7th pd
Keynes
1. Boost Aggregate Demand(Fear the Bust and Boom)
2. He believes we need more regulation (Fear the Bust and Boom)
3. Spending helps the economy more than savings. (Fight of the Century)
Sumeyye Islamoglu
Period 1
Keynes
1. Spending keeps the circular flow of money going through the economy (Fear the Bust and Boom)
2. Wars bring unemployment close to zero (Fight of the Century)
3. Boost Aggregate Demand when the economy is in a recession/depression (Fear the Bust and Boom)
Brandon Wong
7th
After learning more about these two economists I would have to agree more with Keynes. Here are three points that I agree with:
1."State intervention can counter depression" --Fight of the Century
2. "The increase in spending during WWII cut the Depression short." -Fight of the Century
3. "It's all about spending, the dough is everything"- Fear the Boom and Bust
Christian Toy
period 1
Keynes
1. Keep spending... circular flow. -Fear of the boom and Bust
2. Government spending, stimulate the economy. - Fear of the boom and bust
3. War increased the GDP. -Fight of the century
Gaby Bonus
P.2
Hayek
1) You must save in order to invest. (Fear the Boom and Bust)
2) The market coordinates time with interest. (Fear the Boom and Bust)
3) We need stable rules and a real market price so prosperity emerges and cuts short prices. (Fight of the Century)
Mark Mufarreh
1st Period
I agree with Keynes
1. Governments and central banks can intervene during economic downturn to bring the country back to full employment level (Keynes versus Hayek 101)
2. Waiting for the economy to fix itself back to normal levels is not realistic (Fear the Bust and Boom)
3. Government spending reintroduces money into the consumer budget that revitalizes the economy (Fight of the Century)
Bryanna Godfrey
Period 1
The economist I agree with the most is Keynes
1)The increase of government spending helped the unemployment by being almost at zero and increased the GDP of the country. (The fight of the century)
2) Aggregate demand will improve the economy (fear the boom and bust)
3) Spending helps the economy more than saving because it helps aggregate demand.(Fight of the Century)
Jacob Aickareth
2nd Period
I agree with Keynes.
1. I think that spending helps the economy, and saving stops the economy from growing(Fear the boom and bust).
2. The government should be involved more in the economy to bring up enemoloyment rates( Keynes versus Hayek 101).
3. Government spending helps the economy grow as seen during World War II (Fight of the Century).
Jeslin Johny
1st period
Keynes
1) In order to prevent the downfall of an economy, the government needs to step in and "steer" the economy (Fear the Boom and Bust)
2) More government spending is necessary to help a failing economy go back to stable levels (Fear the Boom and Bust)
3) Government spending can revitalize economy during times of great recession as evidenced historically through post-Great Depression economics (Fight of the Century)
Stephen Iype
Period 1
Economist: Keynes
Points:
1) boost aggregate demand to bounce back from recession
2) depression can be fixed with state intervention
3) war has the effect on the country of a economic boom
“Fear the boom or bust”
Raza Muhammad
Period 2
I agree with Keynes
1.Savings is destruction...Don't keep money in your pocket or that growth will never lift.(Fear the Boom and Bust)
2.Even a broke window helps the glass man have some wealth.(Fear the Boom and Bust)
3.The future is uncertain so the free market is prone to fail. (Fight of the Century)
Irene Gratil
pr.2
economists I believe in is Kanyes
1)that kaynes was the reason that we’re not in a depression
2) we would’ve been in a better situation if we would of spent more money but not just in the wars.
3)that government spending gives more options for the people to get more money into there budget causing the economy to increase
Amilcar Rivas
P.6
Hayek
1. Economy should be left alone and allowed to prosper, minimal government influence is the key to a successful economy (Fear the boom and bust)
2. Malinvestments or poor investing is the main detriment to an economy (Fear the boom and bust)
3. Spending is both a win and loss/give and take therefore the government should not put funds into trying to aid companies which fail
(Fight of the century)
Paul Nguyen
2nd Period
I agree with Keynes:
1.That aggregate demand was the most vital measure of economic activity in a nation, and that through its use of fiscal and monetary policies, the government and central bank could provide stimulus to a depressed economy and create demand for the nation’s resources that would help move a depressed economy back towards full employment. (Keynes v Hayek 101)
2."In the long run, we'll all be dead" so waiting for things to straighten themselves out, in the long run, is not the most the most efficient way of handling the economy.
3."Don't keep money in your pocket or that growth will never lift" because it makes sense that the circular model of spending helps the economy grow.
Nicole Jean
1st Period
1. Money slashes through the pipes and the sluices revitalizing the economy's juices (Fight of the Century).
2. Where the money goes doesn't matter, we just need to get spending flowing (Fight of the Century).
3. We shouldn't sit around when there is a lot of unemployment and let markets just equilibrate (Fight of the Century).
Garrett Foresman
Peirod 6
I agree with Keynes
1. Aggregate demand can be boosted and should be considering it is an important indicator of economic wellness. Higher demand=more money flow.
2. Savings are destructive. Keeping money and not spending will not promote growth and not multiply income.
3. Depressions can be solved with government intervention (more spending, lower taxes).
Luke Leblanc
Period 6
I agree with Hayek because he states that:
1. That government should just get out of the way to handle economic downturn as government interference would just cause slower economic growth while markets don’t have such a problem. "Fight of The century"
2. Sincethe economy is based off the population, the growth of the economy is relied on production of what people demand, not what the government demands. "Fight of the Century
3. Spending too much money will eventually just put us in debt thus saving is a better option to follow. "Fear the Boom and Bust"
Jibimon Noby
Period 1
I agree with Hayek. The following points are from "Fight of the Century":
1. The Great Depression did not end due to the multiplier or increased spending rather it was due to the decrease in consumption. Even when war spending ceased the rationing of goods was key to the war.
2. The rate of employment may not be directly correlated to GDP. For example, the u-level was down to almost 0% during the war, but people were in need because the employment results did not affect the US 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.
Dhilan Patel
Period 7
Economist: Keynes
1. The goverment should not bail out failing company's, they are failing for a reason, they lost the competition.(Fight of the Century)
2. The economy needs a little spending to get it going, like an engine needs a little spark (Fight of the century)
3. Wages are very sticky, people are not willing to accept less after being paid more. (Fear the Boom and Bust)
Jahrid Clyne
6th Period
I agree with Keynes and the following are from "Fear the Boom"
1. that aggregate demand boosts the economy.... 1929 the great depression
2 circular flow shows how increase government spending cases the economy to grow
3. saving your money doesn't help the economy it creates a disaster.
Danielle Davis
6th period`
I identify more with Keynes.
1) The government can stimulate growth through government speding during times when the economy is bad in order to boost aggregate demand, such as when the U.S. government did due to the Great Depression, when the free market economy did not fix itself (Fear of the Boom and Bust).
2) We must spend money to increase our capital because if we keep money in our pockets, it will not grow, thus hindering the economy from growing (Fear the Boom and Bust).
3) More government involvement is needed in the economy to ensure the legality and the reduction of corruption, if we want to prevent a situation like the Great Depression from reoccurring (Fight of the Century).
Hunter Boyd
Period 6
Economist: Keynes
1. He mentions the circular flow and how government spending is the most important thing. (Fear the Boom and Bust)
2. He mentions how the future is uncertain and people are not sure what to expect. (Fight of the Century)
3. He mentions how WW2 cut short the depression and that the government only spends more during wars. (Fight of the Century).
Camila Ferrero
Period 1
I agree with Keynes
1)The monetary and The fiscal are equally correct, public works, digging ditches, and war have the same effect. “Fear the Boom and Bust”
2)Spending is life it keeps the economy going while oversights are needed to regulate.
“The Fight of the Century”
3)Free markets are prone to fail due to the many uncertainties. “Fight of the Century”
Amaani Nazarali-6th Period
I identify with Keynes more
1. Depression can be fixed by state intervention "Flight of the century"
2. 3. War can get us out of depression or a bad economic state "fight of the century"
3. If the flow is getting low its means we need more government spending "Fear the Boom and Bust"
Tammam Alhiraky
1st period
I believe different points from both economists make sense,
First video:
- I agree with Keynes that the economy can't correct itself in a down turn.
- I also agree with Hayek's point that too much rapid spending to bail out the economy will not be a long term fix
Second video:
- Hayek's point that WWII didn't save the economy is true, and valid in the fact that just because employment was up, didn't mean the economy was "fixed"
Keegan Jones 7th period
Economist: Keynes
Points:
1: government spending boosts the economy and gdp
2: Saving money hurts the economy
3: regulate the economy to prevent it from crashing.
Fear of boom and bust
Reece lasris
Per 6
I agree with Keynes:
1. Saving sis destruction and keeping money in your pocket will never let it grow.
(Fear the Boom and the Bust)
2.Do you deny that WW2 ended the Great depression? (Fight of the Century)
3. It doesn't matter where spending goes as it just needs to start flowing to boost the economy. (Fight of the Century)
Angel Yeung
Period 6
I identify the most with Hayek.
1) Too much aggregation ignores human action and motivation and continues as a justification for bailouts and payoffs by pols with machinations and keeps us in debt. Malinvestments wreck the economy (Fear of the Boom and Bust).
2) Consumption shrank, as we used scarce resources for new tanks (Fight of the Century).
3) People work to live better. Real growth means the production of what the people demand (Fight of the Century).
Ashley Odstrcil
Period 7
I agree more with Keynes.
1. Keynes' theory helped the economy get out of depression. (Fight of the Century)
2. Keynes' theory calls for action while Hayek's theory is a simply a waiting game for the economy to reach equilibrium. (Fight of the Century)
3. Spending money is an essential part as it will help grow our capital and our economy. (Fear the Boom and Bust)
Roshni Jose
Period 1
I agree more with Hayek because
1) Hayek was against collectivism, saying that the central government's role was only to maintain the rule of law.
2) Hayek was against centrally planned economies because he believed that no one person had enough information to distribute materials fairly.
3) Hayek said that unemployment rates were high due to easy money and artificially high interest rates.
(Fear the Boom and Bust)
Jerin Jose
Period 02
After watching the videos, I personally agree with Keynes' arguments because:
1. Although war causes much destruction, it is true that it positively spurs the economy and employs people. (Fight of the Century)
2. Although a "bubble" may be temporary growth, it still constitutes growth and has no long-term implication of the future of the economy. (Fight of the Century)
3. Sometimes the economy is in a helpless state and government intervention can bring the economy out of depression faster than if it had been allowed to govern itself. (Fear the Boom and Bust)
Samuel Shteyman
1st Period
Keynes
1. The recession and the great depression were both fixed through keynesian models. (Fight of the century)
2. As long as people keep spending the economy will fix itself so the government can help to keep people spending by injecting cash in the flow. (Boom and Bust)
3. Saving money hurts the economy (Bpom and Bust)
Alisha Zuté 6th Period
After reading the article i agree with Keynes' arguments more.
In "Fight of the Century" it shows that Keynes' theories got us out of the Great Depression because it positively moves the economy by spending money. Also, it showed that Hayek's theories could possibly take to long because its just waiting for the economy to fix itself.
This was shown in "fear the bust and boom" at certain points, the economy is so bad that it needs government intervention. If people are not spending money, the economy cannot get better. if people are scared to spend money the government needs to step in and do the spending.
Matthew Benton 6th Period
I agree with Hayek because:
1. In the first video he points out how the government spending and lending isnt backed really it is all just almost imaginary money given out which leads to rising interest rates since there is actually so much real money in the world.
2. Also in the first video, Hayek talks about how the giant booms the increased government inclusion in the economy creates leads to giant collapses and a war is not a good thing to lean on to boost an economy.
3. In the second video, Hayek talks about how the government spending and help doesn’t allow natural growth that happens when the market is left alone and people must have a job and ambution to achieve success.
Brian Rivette
Period 6
I agree with Hayek because
1)The market coordinates time with interest while Keynes ignores human motivation/interest.
2)The boom turns to bust when the feds set the prices low and inflation eventually rises which leads to an overall increase in spending.
3)To invest you must save your money, because bad investments ruin the economy.
(Fear the Boom and Bust)
Kollin Chang
2nd
Economist: Keynes
Video: "Fear the Boom and Bust" and "Fight of the Century"
1. More consumer spending will lead to the economy growing faster
2. Depression can be conquered through state intervention
3. The unpredictableness is bad for the economy, so during times of recession, government should implement policy's that make the economy predictable, and regulate it more.
Benjamin Sunny, Period 6
I side with Hayek
1. Hayekian economics allows for a free market while Keynesian economics wants to control markets and interfere with the economy. (Fear of the Boom and Bust)
2. Keynesian does not take into account human action and motivation like Hayekian does when calculating GDP. (Fear of the Boom and Bust)
3. During WW2, there was no multiplier in play but rather consumption shrank due to scare resources, which aligns with Hayekian economics. (Fight of the Century)
Ayush Singh
6th Period
Economist:Keynes
1 Aggregate demand was the main source of the economy
2 Government should increase their spending to stimulate growth in the economy
3 The lower interest rates will cause the recession to happen with possibly lower wages and high unemployment.
Kenan Edwards
6th Period
1. Spending money is required for an economy to grow.(fight for the century)
2. War Creates a decrease in unemployment rate.(fight of the century)
3. Aggregate demand will improve the economy. (Fear the boost and Boom)
Kenyes
Albert Tamdjo
Period 2
Hayek
1.Money illusions will turn an economic boom into a bust."Fear the Boom and Bust"
2.Trying to steer prices will cause them to turn into a frenzy."Fight of the Century"
3.Consumption shrunk due to scarce resources during WWII."Fight of the Century"
Sarah James
2nd
Hayek
1. Personal incentives and real life scenarios need to be considered "Fear the Boom and Bust"
2. Federal spending leads to money illusions and inflation that also causes debt "Fear the Boom and Bust"
3. Although war causes spending to help the economy, it is also temporary and destructive. "Fight of the Century"
Bonita Hall
6th
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