Dans Fear the Boom and Bust, John Maynard Keynes et F. A. Hayek, sans doute les deux plus grands économistes du XXe siècle, reviennent à la vie pour participer à une conférence sur la crise économique. Avant que celle-ci ne débute, et sur la demande insistante de Keynes, les deux amis font une sortie nocturne en boîte et chantent les raisons pour lesquelles il y a des expansions et des récessions dans les économies modernes, et pourquoi il y a de bonnes raisons de les craindre.
Nous remercions nos amis d'EcoLib, Russ Roberts en particulier, à l'origine de ce rap désopilant.
We've been going back and forth for a century
[Keynes] I want to steer markets,
[Hayek] I want them set free
There's a boom and bust cycle and good reason to fear it
[Hayek] Blame low interest rates.
[Keynes] No… it's the animal spirits
[Keynes Sings :]
John Maynard Keynes, wrote the book on modern macro
The man you need when the economy's off track, [whoa]
Depression, recession now your question's in session
Have a seat and I'll school you in one simple lesson
BOOM, 1929 the big crash
We didn't bounce back—economy's in the trash
Persistent unemployment, the result of sticky wages
Waiting for recovery ? Seriously ? That's outrageous !
I had a real plan any fool can understand
The advice, real simple—boost aggregate demand !
C, I, G, all together gets to Y
Make sure the total's growing, watch the economy fly
We've been going back and forth for a century
[Keynes] I want to steer markets,
[Hayek] I want them set free
There's a boom and bust cycle and good reason to fear it
[Hayek] Blame low interest rates.
[Keynes] No… it's the animal spirits
You see it's all about spending, hear the register cha-ching
Circular flow, the dough is everything
So if that flow is getting low, doesn't matter the reason
We need more government spending, now it's stimulus season
So forget about saving, get it straight out of your head
Like I said, in the long run—we're all dead
Savings is destruction, that's the paradox of thrift
Don't keep money in your pocket, or that growth will never lift…
because…
Business is driven by the animal spirits
The bull and the bear, and there's reason to fear its
Effects on capital investment, income and growth
That's why the state should fill the gap with stimulus both…
The monetary and the fiscal, they're equally correct
Public works, digging ditches, war has the same effect
Even a broken window helps the glass man have some wealth
The multiplier driving higher the economy's health
And if the Central Bank's interest rate policy tanks
A liquidity trap, that new money's stuck in the banks !
Deficits could be the cure, you been looking for
Let the spending soar, now that you know the score
My General Theory's made quite an impression
[a revolution] I transformed the econ profession
You know me, modesty, still I'm taking a bow
Say it loud, say it proud, we're all Keynesians now
We've been goin' back n forth for a century
[Keynes] I want to steer markets,
[Hayek] I want them set free
There's a boom and bust cycle and good reason to fear it
[Keynes] I made my case, Freddie H
Listen up , Can you hear it ?
Hayek sings :
I'll begin in broad strokes, just like my friend Keynes
His theory conceals the mechanics of change,
That simple equation, too much aggregation
Ignores human action and motivation
And yet it continues as a justification
For bailouts and payoffs by pols with machinations
You provide them with cover to sell us a free lunch
Then all that we're left with is debt, and a bunch
If you're living high on that cheap credit hog
Don't look for cure from the hair of the dog
Real savings come first if you want to invest
The market coordinates time with interest
Your focus on spending is pushing on thread
In the long run, my friend, it's your theory that's dead
So sorry there, buddy, if that sounds like invective
Prepared to get schooled in my Austrian perspective
We've been going back and forth for a century
[Keynes] I want to steer markets,
[Hayek] I want them set free
There's a boom and bust cycle and good reason to fear it
[Hayek] Blame low interest rates.
[Keynes] No… it's the animal spirits
The place you should study isn't the bust
It's the boom that should make you feel leery, that's the thrust
Of my theory, the capital structure is key.
Malinvestments wreck the economy
The boom gets started with an expansion of credit
The Fed sets rates low, are you starting to get it ?
That new money is confused for real loanable funds
But it's just inflation that's driving the ones
Who invest in new projects like housing construction
The boom plants the seeds for its future destruction
The savings aren't real, consumption's up too
And the grasping for resources reveals there's too few
So the boom turns to bust as the interest rates rise
With the costs of production, price signals were lies
The boom was a binge that's a matter of fact
Now its devalued capital that makes up the slack.
Whether it's the late twenties or two thousand and five
Booming bad investments, seems like they'd thrive
You must save to invest, don't use the printing press
Or a bust will surely follow, an economy depressed
Your so-called “stimulus” will make things even worse
It's just more of the same, more incentives perversed
And that credit crunch ain't a liquidity trap
Just a broke banking system, I'm done, that's a wrap.
We've been goin' back n forth for a century
[Keynes] I want to steer markets,
[Hayek] I want them set free
There's a boom and bust cycle and good reason to fear it
[Hayek] Blame low interest rates.
[Keynes] No it's the animal spirits
“The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.”
John Maynard Keynes, The General Theory of Employment, Interest and Money
“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.”
F A Hayek, The Fatal Conceit
Created by John Papola & Russ Roberts
Produced & Directed by John Papola
Starring Billy Scafuri as John Maynard Keynes Adam Lustick as F. A. Hayek www.billyandadam.com
Co-Produced by Mike Tome Lisa Versaci Aldey Sanchez
Cinematography by John Papola Andrew Bell Josh Meyers
Edited by Josh Meyers
Line Producer Megan Milnes Brian Song
Casting Lisa Versaci Kristen Paladino Emily Derr
Graphic Design Joanna Andreasson
Assistant Director Randy Strauss
Production Designer Josh Hughes
Wardrobe Tanya Tamburin
Hair and Makeup Sandra Alexandre
Grip and Electric Supermen Fred Joslin Mike Fleming
Production Assistants Doug Horton Mariko Phillips Stacy Chaet
Video Sound Mix Jesse Ehredt
Lyrics by John Papola & Russ Roberts
Performed by Billy Scarfuri & Adam Lustick www.billyandadam.com
Backup Vocals by Chloe Wepper
Music Company BlackBoard 3
Composer Richard Royston Jacobs
Producer Jack Bradley
Recording engineer Morgan Stoner
Mastering Drew Lavyne @ Sterling Studios
Recorded and mixed at Plush NYC
Receptionist……..……….Mathilde Dratwa John Maynard Keynes……..Billy Scarfuri F A Hayek……….....…………..Adam Lustik Limo Driver……….....…………Mike Munger Keynes Fan #1….……..Ashley Carpenter Keynes Fan #2…...……Nafessa Williams Keynes Fan ……....……. Mathilde Dratwa Female Singer.…..…...…..Chloe Wepper Ben Bernanke.…....….………..Bob Malkin Timothy Geithner.…..………….Jon Laskin Party Extra…………..….Christopher Chan Party Extra…….…....……….John Usavage Party Extra………..…….Danny Boushebel Party Extra……......……………….Carol Wei Party Extra……….....………….Louis Torres
This film was made by The Productioneers, LLC
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