This doesn’t have the production quality of the Hayek-Keynes rap video, and it presumably won’t get as many views, but this young lady has a very clever love song for Friedrich Hayek.
(h/t Instapundit)
December 20, 2010 by Dan Mitchell
This doesn’t have the production quality of the Hayek-Keynes rap video, and it presumably won’t get as many views, but this young lady has a very clever love song for Friedrich Hayek.
(h/t Instapundit)
Posted in Austrian Economics, Economics, Hayek, Video | Tagged Austrian Economics, Economics, Hayek, Video | 6 Comments
This site uses Akismet to reduce spam. Learn how your comment data is processed.
[…] next video could be considered a follow-up to the Hayek love song I posted five years ago. It warns that faith in government and politicians puts a nation on a road […]
[…] P.S. Hayek even has groupies. […]
I said:
It is hard to find In My Opinion (IMO) someone that did so much damage to libertarianism as Hayek did.
I meant that it is hard to find an intellectual that did so much damage to libertarianism.
I said:
so “tight money” is the obvious cause of recessions.
I am talking about US recessions since 1929, but bubbles may be a cause, and bubbles may make recessions much worse.
If low interest rates cause bubbles, why did Japan had almost zero interest rates in the 1990s and no rebirth of their housing and stock market bubble? It seems there are forces, other than low interest rates, at play (I think “tight money” may cause bubbles).
Sorry for such long comments, but since I am attacking Hayek I must be very explicit.
Hayek is great, I am criticizing important parts of austrian theory, not all his work.
I read a big part of Law, Legislation and Liberty and it was, without need, incredibly long and repetitive. Some may allege that such a way or writing was needed because Hayek was actually “writing the science”. But Adam Smith, when he wrote Wealth of Nations and Theory of Moral Sentiments was actually writing some of the greatest science books ever written, and he did not wrote in the way Hayek wrote in Law, Legislation and Liberty . Adam Smith may get long and boring when he gives empirical evidence, but giving such empirical evidence was necessary to write great science.
This blog, for instance, which uses simple short very clear (and entertaining) language and often gives relevant empirical evidence does a much bigger job in spreading science than long boring books as Law, Legislation and Liberty. By The Way, Hayek’s probably most read book was Road to Serfdom, which is clear and not long.
I think referendum may be the best known way of limiting the power of the political class, we have seen almost every government either transformed into tyranny, dictatorship or socialism. In Law Legislation and Liberty I saw nothing about such an important institution as referendum (perhaps I saw nothing because I was unable to finish the book)
It is hard to find In My Opinion (IMO) someone that did so much damage to libertarianism as Hayek did. His “low interest rates/loose money”-causing-great-depression theory is nonsense, since “tight money”, the exact opposite, was clearly happening. Supply Sider Robert Mundell IMO is among the people that explained correctly the Great Depression. There was “tight money” before EVERY recession/depression since great depression so “tight money” is the obvious cause of recessions.
As keynesian Brad de Long correctly said, Hayek was crying “fire” in the middle of the universal flood. When I read Henry Hazlitt I see how bad is the austrian theory for explaining great depression. I see their errors in the way they rely on “loanable funds” as all source of saving. Since austrians had no cure for Great Depression, keynesian cures were adopted.
Sadly this crisis, where prominent Supply Siders like Arthur Laffer did humongous errors like saying there was no housing bubble, brought back very bad theories like Keynes theories and Hayek theories. If Hayek had had a decent understanding of the Great Depression and had recommended loosening money and lowering taxes and regulations, the death of libertarianism, that helped in bringing 150 million murders by government under communism and 21 millions murders under national socialism, may have never happened.
I am ultra libertarian and I hate Keynes, the alleged promoter of capitalism that in fact is a promoter of a big economic part of fascism but I think we libertarians must get rid of Hayek and Friedman bad theories, their errors are clear and we must get back to the great economists like Adam Smith, Robert Mundell, Sir John Cowperthwaite. As I have said here in the past, the crazy increase in housing prices started, on average, in the “tight money” late 1990s
Tell your daughter that if she really loved you she would bring home a girl her own age for her father.