Tuesday, 2 February 2010

"Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem

My apologies if you have seen this before, but it is too good not to share - probably the first ever economics lesson delivered through the medium of rap...


Hayek and Keynes in da hood - both right and wrong. Economics is the only field in which two people can share a Nobel prize for saying opposing things...
More here

4 comments:

  1. Contradictory theories in economics probably cannot simultaneously be true: but this is not so in physics. Indeed, 'contradictory' ideas have been awarded physics Prizes and, I imagine, every physicist would agree that the awards were appropriate.

    In 1906, J J Thomson was awarded the Prize for demonstrating that electrons were particles.

    In 1937, his son, GP Thomson shared the Prize for demonstrating that electrons were waves.

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  2. Of course electrons exhibit properties of both...

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  3. I would agree, but what is revealing when it comes to economics is that two very contrary theoreticians won jointly in the same year - Hayek and Myrdal in 1974.

    Economics is not science; there are no simple definite answers - social and money fluctuations and society and its institutions determine outcomes in an often unpredictable and chaotic way (just what Hayek and Myrdal pointed out - without agreeing about the solutions).

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  4. Thanks for the response. I can't really make any relevant comment about Economics, too ignorant of it, but I can on electrons. It is a little misleading to say that electrons show 'both' properties: it's more that they show either one or the other, depending on the experiment performed. Indeed, when one tests for 'particleness' any 'waviness' that was apparent vanishes, and vice versa. So, an electron shows either particle behaviour or wave behaviour, never both.

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