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>> HOTEL CLERK: Lord Keynes! Welcome, sir. It's a pleasure.
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>>KEYNES: The pleasure's all mine.
>>CLERK: Your agenda--
00:00:13
>>KEYNES: That won't be necessary. I am the agenda.
>>CLERK: [laughs]
00:00:17
>>KEYNES: Tell them I've arrived--
>>HAYEK: And then tell them I've arrived.
00:00:20
>>CLERK: And, your name is?
00:00:24
>>HAYEK: Hayek. F.A. Hayek. With an "H".
00:00:50
>>KEYNES: Freddy. (yeah) Keynes. Hey, listen, party at the Fed.
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>>HAYEK: Already?
>>KEYNES: Twenty minutes. Lobby.
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John Maynard Keynes. F.A. Hayek.
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>>KEYNES: Yeah, we're opposed
>>HAYEK: We oppose each other philosophically
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>>KEYNES: In the same studio
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We've been going back and forth for a century
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>>KEYNES: I want to steer markets
00:01:10
>>HAYEK: I want them set free
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There's a boom and bust cycle, and good reason to fear it
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>>HAYEK: Blame low interest rates
>>KEYNES: No... it's the animal spirits
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John Maynard Keynes wrote the book on modern macro
The man you need when the economy's off track
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Depression, recession,
Now your question's in session
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Have a seat and I'll school you in one simple lesson
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Boom! 1929: the big crash,
We didn't bounce back, economy's in the trash
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Persistent unemployment, the result of sticky wages,
Waiting for recovery? (Seriously?) That's outrageous
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I had a real plan any fool can understand,
The advice real simple: boost aggregate demand!
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C, I, G, altogether gets to Y,
Keep that total growing, watch the economy fly
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We've been going back and forth for a century
00:01:54
>>KEYNES: I want to steer markets
00:01:54
>>HAYEK: I want them set free
00:01:56
There's a boom and bust cycle, and good reason to fear it.
00:01:59
>>HAYEK: Blame low interest rates
>>KEYNES: No... it's the animal spirits
00:02:02
You see it's all about spending,
Hear the register cha-ching
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Circular flow,
The dough is everything
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So if that flow is getting low,
It doesn't matter the reason
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We need more government spending,
Now it's stimulus season
00:02:12
So forget about saving,
Get it straight out of your head
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Like I said, "In the long run, we're all dead"
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Savings is destruction, that's the paradox of thrift,
Don't keep money in your pocket or that growth will never lift, because
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Business is driven by the animal spirits,
The bull and the bear and there's reasons to fear
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It's effects on capital investment, income, and growth
That's why the state should fill the gap, with stimulus both
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The monetary and the fiscal, they're equally correct
Public works, digging ditches, war has the same effect
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Even a broken window helps the glass man have some wealth
The multiplier driving higher the economy’s health
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And if the Central Bank’s interest rate policy tanks
A liquidity trap, that new money’s stuck in the banks!
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Deficits could be the cure, you been looking for
Let the spending soar, now that you know the score
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My General Theory’s made quite an impression
[a revolution] I transformed the econ profession
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You know me, modesty, still I’m taking a bow
Say it loud, say it proud, we’re all Keynesians now
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We’ve been goin’ back and forth for a century
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>>KEYNES: I want to steer markets,
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>>HAYEK: I want them set free
00:03:14
There’s a boom and bust cycle and good reason to fear it
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>>KEYNES: I made my case, Freddie H
Listen up , Can you hear it?
00:03:20
>>HAYEK: I’ll begin in broad strokes, just like my friend Keynes
His theory conceals the mechanics of change
00:03:26
That simple equation, too much aggregation
Ignores human action and motivation
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