Thursday, October 21, 2010
Economics Goes Hollywood -Fear The Boom & Bust
I really liked this Rap video and meant to share it with my students when if first came out but I pushed it to the side. Then a co-worker sent me a copy and I decided to share it here.
Not sure who Hayek or Keynes are?
Friedrich August von Hayek, was an Austrian-born economist and philosopher best known for his defense of classical liberalism and free-market capitalism against socialist and collectivist thought. He is considered to be one of the most important economists and political philosophers of the twentieth century. Hayek's account of how changing prices communicate signals which enable individuals to coordinate their plans is widely regarded as an important achievement in economics.
John Maynard Keynes was a British economist whose ideas have profoundly affected the theory and practice of modern macroeconomics, as well as the economic policies of governments. He greatly refined earlier work on the causes of business cycles, and advocated the use of fiscal and monetary measures to mitigate the adverse effects of economic recessions and depressions. His ideas are the basis for the school of thought known as Keynesian economics.
I simply love this video and I think my students would too. What do you think?