Clip 1- Fight of the Century: Keynes and Hayek Background and Contemporary Application
Economics Professor Russ Roberts and filmmaker John Papola spoke about their two rap videos on economics. Their most recent was “Fight of the Century”. In these clips they introduce the core differences between the background of John Maynard Keynes and Frederick Hayek. They also explore some contemporary applications of their theories to the Great Recession.
Description
Economics Professor Russ Roberts and filmmaker John Papola spoke about their two rap videos on economics. Their most recent was “Fight of the Century”. In these clips they introduce the core differences between the background of John Maynard Keynes and Frederick Hayek. They also explore some contemporary applications of their theories to the Great Recession.
Bell Ringer Assignment
- Clip One: Compare and contrast the biographies of Keynes and Hayek.
- Clip Two: Which economist do they believe dominates economic thought in the United States today?
- Clip Two: In the face of the Great Recession, how much money did the government spend?
- Clip Two: Did economists, such as Paul Krugman, believe that this was enough money to end the recession?
- Clip Two: According to Professor Roberts, which of these economists is more focused on the short-run? Which is focused more on the long-run?
- Clip Three: Filmmaker, John Papola, summarizes Say’s Law by stating “supply creates its own demand”. Explain this theory.
- Clips Four and Five: Watch the last two sections of the rap video. Which economic philosophy do you prefer? Explain.
Additional Resource
Participants
Vocabulary
- Austerity
- Central Planning
- Consumption
- Demand
- Friedrich Hayak
- Full Employment
- General Glut
- Great Depression
- Gross Domestic Product
- Growth
- Jean-baptiste Say
- John Maynard Keynes
- Overproduction
- Paul Krugman
- Production
- Prosperity
- Rationing
- Say’s Law
- Spending
- Supply
- Thomas Malthus
- World War Ii