I’ve never cared for rap music, until now. Amazing work!! This song will be gleefully stuck in my head for days.
I have spanish subtitles on this video in case anyone is interested.
Watched it 3 times in a row.
Great video.
So when are they going to do ones ‘starring’ Mises or Rothbard. [:)]
I loved many of the references (broken window, “we’re all keynesians”, “I’m the agenda”, austrian perspective).
The whole getting drunk theme was great. Ties in with how Peter Schiff describes the boom/bust (maybe he should have gotten some credit there? [:P]
Now, one thing I didn’t quite get was the point of the 2 quotes at the end (I understood what they said, but didn’t get the point of including them). I think I got the point of Hayek’s, but wasn’t sure about Keynes. Any help here?
“Blame low interests rates”… It’s the animal spirits [H]
I think it was to point out that Keynes recognized that economics/philosophy doesn’t have to be correct in order for it to be highly influential. True, and ironic that it was Keynes that said it. Also to point out that those subjects have great influence even over people completely unaware of them.
Great video. And 294,000 views now!
This is the best thing since breakfast. I must have watched it ten times already.
That was game changing. Props to AJ for putting up all the lyrics.
Best line for me: “In the long run, my friend, it’s your theory that’s dead.”
Aha! The limo driver is Mike Munger!
Wow, almost 400k views in a week.
Even the New York Times moderators gave it a “Highlight” in the comments on Paul Krugman’s Friday opinion piece. Comment #24
I’d appreciate if someone could explain the “I am the agenda” reference.
Is the bit with the Metrocard (1 minute in) a reference to anything?
Hayek thought they were taking the subway. Keynes had a stretch-limo ordered. Good times.
I still am not sure what “I am the agenda” line references.
When “Keynes” is piling up the shot glasses upside down into a pyramid, I assumed that it referred to the pyrmading of debt through credit expansion/fractional reserve lending. I was told that it refers to Keynes’ admiration for the pyramids of Egypt, which in his General Theory he said helped spur economic growth there to such heights due to the increase in aggregate demand that the construction caused. I also like how the General Theory is in the hotel drawer where Bible’s normally are.
When he’s talking about the paradox of thrift, saving is destruction, from my understanding the Austrian counter is that it neglects to look at the capital structure of goods production. Malinvestments are liquidated which allows entrepreneurs to invest in profitable ventures, and if their is no capital then the public must save or their will be no funds to invest. Filling the gap with stimulus spending just keeps the malinvestments afloat and deters capital investments in other viable sectors of the economy/capital structure. Interest rates no longer are correlated with time preference of savers…there won’t even be enough savings to spend at the new businesses.
Neat stuff!
I thought Hayek was holding a credit card, and I didn’t understand that at all. But it’s a metro card, then Keynes orders a limo…there is more to the symbolism in this video than I realized! Thanks for pointing this out.
I’m wondering if it’s just showing Keynes as being haughty, or a representation that many of his followers tend to be fairly haughty.
That yellow metrocard is used in NYC
On the subject of subtle references in the video, I didn’t get it when Keynes calls Hayek in the hotel room to tell him “party at the Fed”, and Hayek says, “already?”. At first, I disregarded it, but now that several replies have pointed out other symbolism I missed (the pyramids, the metro card). Was there significance in Hayek’s question, “already”?
I think it’s because they had just arrived at the conference to discuss the issues and the attendees have “already” resolved in Keynes’s favour. It links in with Hayek finding the General Theory in his hotel room in place of the Bible [8-|]
Yep, that makes sense now. No need for a conference to discuss real solutions like Hayek’s suggestions, just get the party going. It also links in with the “I AM the agenda”. Thanks.