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  • I’m watching you.

  • Lord Keynes! Wow. It's such an honor!

  • Indeed, sir!

  • Please just go, go right on through.

  • I'm gonna...

  • Woah, woah! Identification, please.

  • Hey-ek?

  • Hayek!

  • Like, umhigh explosives!

  • Highhigh explosives?

  • We have a 1066, HQ.

  • I repeat, we have a 1066.

  • Copy that, Mike. Proceed.

  • What's 10-66? It was just an example of how to pronounce my name...

  • Ladies and Gentlemen!

  • Members of the Committee!

  • We are here today to consider the impact

  • of government spending on the economy.

  • We are fortunate to have two world-renowned economists to offer their testimony on the matter.

  • I see you took a detour down the road to serfdom.

  • Talk about the end of laissez-faire. Sheesh.

  • Well, shake it off, Freddie.

  • I’m not going to pull any punches in there.

  • I'm ready.

  • Are you?

  • Prepare for the Return of the Master.

  • John Maynard Keynes

  • FA Hayek

  • Round 2

  • Round 2.0

  • Same economists

  • Same beliefs

  • New microphones

  • New Mustaches...

  • Here we are... peace out! Great Recession

  • thanks to me, as you see, were not in a depression

  • Recovery, destiny if you follow my lesson

  • Lord Keynes, here I come, line up for the procession

  • We brought out the shovels and were still in a ditch...

  • And still digging. don’t you think that it’s time for a switch...

  • From that hair of the dog. Friend, the party is over.

  • The long run is here. It’s time to get sober!

  • Are you kidding? my cure works perfectly fine...

  • have a look, the Great Recession ended back in '09.

  • I deserve credit. Things would have been worse

  • All the estimates prove it—I’ll quote chapter and verse

  • Econometricians, theyre ever so pious

  • Are they doing real science or confirming their bias?

  • TheirKeynesianmodels are tidy and neat

  • But that top down approach is a fatal conceit

  • Which way should we choose?

  • more bottom up or more top down

  • the fight continues...

  • Keynes and Hayek’s second round

  • it’s time to weigh in...

  • more from the top or from the ground

  • ...lets listen to the greats

  • Keynes and Hayek throwing down

  • We could have done better, had we only spent more

  • Too bad that only happens when there’s a World War

  • You can carp all you want about stats and regression

  • Do you deny World War II cut short the Depression?

  • Wow. One data point and youre jumping for joy

  • the Last time I checked, wars only destroy

  • There was no multiplier, consumption just shrank

  • As we used scarce resources for every new tank

  • Pretty perverse to call that prosperity

  • Rationed meat, rationed butter... a life of austerity

  • When that war spending ended your friends cried disaster

  • yet the economy thrived and grew ever faster

  • You too only see what you want to see

  • The spending on war clearly goosed GDP

  • Unemployment was over, almost down to zero

  • That’s why I’m the master, that’s why I’m the hero

  • Creating employment’s a straightforward craft

  • When the nation’s at war, and there’s a draft

  • If every worker was staffed in the army and fleet

  • We'd be at full employment with nothing to eat

  • Which way should we choose?

  • more bottom up or more top down

  • the fight continues...

  • Keynes and Hayek’s second round

  • it’s time to weigh in...more from the top or from ground

  • ...lets listen to the greats

  • Keynes and Hayek throwing down

  • Jobs are the means, not the ends in themselves

  • People work to live better, to put food on the shelves

  • Real growth means production of what people demand

  • That’s entrepreneurship not your central plan

  • My solution is simple and easy to handle..

  • Its spending that matters, why’s that such a scandal?

  • The money sloshes through the pipes and the sluices

  • revitalizing the economy’s juices

  • It’s just like an engine that’s stalled and gone dark

  • To bring it to life, we need a quick spark

  • Spending’s the life blood that gets the flow going

  • Where it goes doesn’t matter, just get spending flowing

  • You see slack in some sectors as a “general glut

  • But some sectors are healthy, and some in a rut

  • So spending’s not free - that’s the heart of the matter

  • too much is wasted as cronies get fatter.

  • The economy’s not a car, there’s no engine to stall

  • no expert can fix it, there’s noitat all.

  • The economy’s us, we don’t need a mechanic

  • Put away the wrenches, the economy’s organic.

  • Which way should we choose?

  • More bottom up or more top down

  • The fight continues...

  • Keynes and Hayek second round

  • It’s time to weigh in...

  • More from the top or from ground

  • ...lets listen to the greats

  • Keynes and Hayek throwing down

  • So what would you do to help those unemployed?

  • This is the question you seem to avoid

  • When were in a mess, would you just have us wait?

  • Doing nothing until markets equil-i-brate?

  • I don’t want to do nothing, there’s plenty to do

  • The question I ponder is who plans for who?

  • Do I plan for myself or leave it to you?

  • I want plans by the many and not by the few.

  • Let's not repeat what created our troubles

  • I want real growth not just a series of bubbles

  • Let’s stop bailing out losers and let prices work

  • If we don’t try to steer them they won’t go berserk

  • Come on, are you kidding? Don’t Wall Street’s gyrations

  • Challenge your world view of self-regulation?

  • Even you must admit that the lesson weve learned

  • Is more oversight’s needed or else well get burned

  • Oversight? The government’s long been in bed

  • With the Wall Street execs and the firms that theyve bled

  • Capitalism’s about profit AND loss

  • When you bail out the losers there’s no end to the cost

  • The lesson I’ve learned? It’s how little we know.

  • The world is complex, not some circular flow.

  • The economy's not a class you can master in college

  • To think otherwise is the pretense of knowledge.

  • Which way should we choose?

  • More bottom up or more top down

  • The fight continues...

  • Keynes and Hayek’s second round

  • It’s time to weigh in...

  • More from the top or from ground

  • ...lets listen to the greats

  • Keynes and Hayek throwing down

  • You get on your high horse and youre off to the races

  • I look at the world on a case by case basis

  • When people are suffering I roll up my sleeves

  • And do what I can to cure our disease

  • The future's uncertain, our outlooks are frail

  • Thats why free markets are so prone to fail

  • In a volatile world we need more discretion

  • So state intervention can counter depression

  • People aren't chessmen you can move on a board

  • at your whim--their dreams and desires ignored

  • With political incentives, discretion's a joke

  • The dials you're twisting... are just mirrors and smoke

  • We need stable rules and real market prices

  • So prosperity emerges and cuts short the crisis

  • Give us a chance, so we can discover

  • the most valuable ways to serve each other.

  • Which way should we choose?

  • More bottom up or more top down

  • The fight continues...

  • Keynes and Hayek’s second round

  • It’s time to weigh in...

  • More from the top or from ground

  • ...lets listen to the greats

  • Keynes and Hayek throwing down

I’m watching you.

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B1 中級

世紀の戦い。ケインズ対ハイエク 第2ラウンド (Fight of the Century: Keynes vs. Hayek Round Two)

  • 189 17
    枕頭 に公開 2021 年 01 月 14 日
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