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Watch the two Keynes vs. Hayek Rap videos (Part I and Part II). Outline and summarize the key ideas at the foundation of each side of the argument. List any economic terms/concepts you recognize in

  1. Watch the two Keynes vs. Hayek Rap videos (Part I and Part II).  Outline and summarize the key ideas at the foundation of each side of the argument.  List any economic terms/concepts you recognize in the videos from your studies in macroeconomics this semester.  Which Business Cycle Theories do you see in the rap videos? Finally, explain your reaction or position in the debate.  Who makes the stronger argument?  Why?
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*********** NameProfessor’s NameCourseDateKeynes * HayekOutline/SummaryKeynes ******** that *** government ****** ***** *** ****** to ********* the **** employment ** *** ******* ** claims **** ***** are ********* in ***** the ******* cannot *** *** ** * recession in *** ******* ** government ******** Keynes ******** ** example of *** **** ********* ***** ********* ** * ****** of ****** wages ** *** ****** ***** ****** mentions **** ********** ******** ** the second ***** *** was *** ****** *** *** *** ** *** ********** *** *** ****** *** *** ******** growth after *** war **** ** **** ** ****** ******* savings ***** ** ***** ** the paradox ** thrift ******* ******* lead ** a ********** in growth *** **** ****** **** *** **** they ***** ** *** ******* hence ******** ******** growthUnlike ****** ***** ********* *** liberal ******* ***** ******** **** government ************* ******* ******** **** ***** *** ******* into * ****** ** ***** and ********** ******* of demand-led ****** ******** ** ****** ***** ****** ********** led ****** ****** seems to think **** Hayek ** ******* *** **************** in *** **** of * ********* ****** is ***** ***** Hayek **** ***** *** ************* of ******* ********* in controlling *** ****** He ****** **** ********** ******** **** line the ******* ** ***** that *** ** cahoots with *** ********** ***** claims **** *** ********** ****** *** *********** firms ** *** ********** ********* ******* ** ********** ** ***** * ********* ** *** ******* ****** ********** ** the ******* *** confused **** **** ***** *** hence ******* bad investments ***** ****** *** *********** leads ** ********** Hayek ********* to defend *** ******** ** ********* **** ********** ******** ** the *** did *** **** to economic ******** The ********* measures ** *** *** *** what *** to **** ******** growth **** ** ******** TermsMarket ************* **************** wagesAusterityAggregate ************** **** ** *** *********************** *********** ************** ********************************* recoveryStagnationBailoutsReal *********** fundsParadox ** ************ *************** ***************** ******************* ************ ************************** ****** consumptionPolitical incentivesGovernment ************* ********** of *** *************** ***** *********** ***** ********* the ******** over-investment ****** *** ****** ****** **** explaining the ******** ***** ***** is *** one **** ******** *** ******** over-investment ****** which critiques *** ********* ******* the actual *** ******* investment The theory proposes **** *** ********** ***** *** ** ***** the consumption ******** *** ** equilibrium ** ***** ** *** video ***** ****** **** ********** ****** **** * limit ** **** ****** ** always equal ** supply ** *** *********** ******** by ***** ** attained *** ******* **** no **** expansions *** contractions ** ******** **** *** government ******** will ******* *** *********** ******* investment *** *********** ********** ********** is always at * **** *** ***** ** not * **** investment ********* **** funds to *** ************* theory ******* ** the **** ********** of the ******* to ******* the ******** ***** *** theory ********* that ********* ****** ********** ***** ******** ******* **** ********** and supply ** proposes **** expenditure on ******** ****** **** ********** ***** ** turn leads ** *** **** ********** of *** economy ****** ******* * stagnant ******* ** ** ****** **** requires * jumpstart ***** in **** **** *** ********* is government spendingReactionI find **** ****** makes * ******** argument than ***** ** the debate ****** argument ** realistic ** ** economy **** the ****** ******* *** *** ****** ******* **** ***** acknowledges that *** ****** ************ ******* with the ********** ** acquire ***** ***** ** **** ** *** **** *** Hayek ****** ********** **** *** **** ****** **** not ****** operate **** the ***** ** *** ****** in **** **** elements in the market **** create some ********** that **** ********** *** free market concept that is ** the heart ** ********* *********** ****** argument ** *** ******* *** *** idea ** ********** ********** is ***** *** a ****** ******** ****** **** ** ************* ******

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