The Mistake Of 2010

Fight of the Century: Keynes vs. Hayek Round Two


Fight of the Century" is the new economics hip-hop music video by John Papola and Russ Roberts at http://EconStories.tv.

According to the National Bureau of Economic Research, the Great Recession ended almost two years ago, in the summer of 2009. Yet we're all uneasy. Job growth has been disappointing. The recovery seems fragile. Where should we head from here? Is that question even meaningful? Can the government steer the economy or have past attempts helped create the mess we're still in?

In "Fight of the Century", Keynes and Hayek weigh in on these central questions. Do we need more government spending or less? What's the evidence that government spending promotes prosperity in troubled times? Can war or natural disasters paradoxically be good for an economy in a slump? Should more spending come from the top down or from the bottom up? What are the ultimate sources of prosperity?

Keynes and Hayek never agreed on the answers to these questions and they still don't. Let's listen to the greats. See Keynes and Hayek throwing down in "Fight of the Century"!

Starring Billy and Adam from http://www.billyandadam.com

Visit http://www.econstories.tv for the full lyrics.

[video=youtube;GTQnarzmTOc]http://www.youtube.com/watch?v=GTQnarzmTOc[/video]
 
Columbia Business School's Dean Glenn Hubbard sings about wanting Alan Greenspan's job that went instead to New Fed Chair Ben Bernanke.

Parody created by Columbia Business School students.

[video=youtube;aemvkd79Uvg]http://www.youtube.com/watch?v=aemvkd79Uvg[/video]
 
Mr Neutron said:
Historically low levels? Really? So they are at or near 0?
Click to expand...
I've got an equally good question for you:

There is a place, where less than 2% of it's population pays any taxes at all, Government is limited - so there are few, if any regulations in the way of business. This place is socially conservative, so you wont be hearing about abortions - let alone same-sex marriage, and everybody is a patriot - supporting and respecting the military without question.

Can you tell me what country I am describing?
 
That vague description describes many nations all around the world, If I had to take a stab id say Austria because it applies to your argument the most, now your going to to say austrian economics is a failure or something? guilt by association, good one, where did you learn that from Chris Matthews?

PROTIP: If you want to learn about Austrian economics you might not want to listen to what krugman tells you.
 
deprave said:
That vague description describes many nations all around the world, If I had to take a stab id say Austria because it applies to your argument the most, now your going to to say austrian economics is a failure or something? guilt by association, good one, where did you learn that from Chris Matthews?

PROTIP: If you want to learn about Austrian economics you might not want to listen to what krugman tells you.
Click to expand...

http://en.wikipedia.org/wiki/Taxation_in_Austria

In Austria, the income tax for individuals in 2005 was progressively set up to 50% on a four-bracket progressive schedule: 21% (on taxable income from €3,640 to €7,270; 31% (€7,270 to €21,800); 41% (€21,800 to 50,870); and 50% above €51,000. Married people are taxed separately. Payroll withholding tax is in effect.
Click to expand...

PROTIP: 50% =/= 2%
 
oh damn lol god i feel like an idiot now, shows how much I know about austria lmao never even been there, well thats messed up. Austria doesn't even use austrian economics since ww2 I guess they are socialist and use euro /face-palm - at least admit you goggled that unclebuck cmon lol
 
so wheres ur anti-austrian economics rhetoric Mame, that's what I'm waiting for - My second guess is gonna be Sudan from your talking point, maybe unclebuck can google that one for me also.

Edit: http://en.wikipedia.org/wiki/Tax_rates_around_the_world

nobody on that list is 2% IDK I guess you got me stumped or wikipedia sucks, should I search the krugman transcripts or perhaps these forums for the last time you said that? hmmm

fuck it , Ill say you mean Canada, final answer.
 
deprave said:
oh damn lol god i feel like an idiot now, shows how much I know about austria lmao never even been there, well thats messed up. Austria doesn't even use austrian economics since ww2 I guess they are socialist and use euro /face-palm - at least admit you goggled that unclebuck cmon lol
Click to expand...

nope, i have the tax rates of over 190 countries memorized. i did not use goggles to get that info ;)
 
mame said:
I've got an equally good question for you:

There is a place, where less than 2% of it's population pays any taxes at all, Government is limited - so there are few, if any regulations in the way of business. This place is socially conservative, so you wont be hearing about abortions - let alone same-sex marriage, and everybody is a patriot - supporting and respecting the military without question.

Can you tell me what country I am describing?
Click to expand...

What does that have to do with Dan making these ignorant and inaccurate statements?
I suppose, by your deflection, that you are implying that low tax rates equal a third world, fundamentalist and religiously extreme nation?
 
Mr Neutron said:
Historically low levels? Really? So they are at or near 0?
Click to expand...

historically low in the modern era. Again, you can't compare a globalization world economy to an 18th century agrarian society that was propped up by slavery. Even then, taxes existed. It's only in your idealized version of that time period that you've created in your imagination that there were no taxes.

If you look at tax rates in modern times, they are historically low on the wealthy. Most of the wealthiest Americans pay a lower % of taxes than middle class workers. That is unprecedented.
 
We didn't have federal income taxes in 1910. Go live in that era. Knock yourself out.

They weren't called the Roaring 20s for nothing.
 
Dan Kone said:
historically low in the modern era. Again, you can't compare a globalization world economy to an 18th century agrarian society that was propped up by slavery. Even then, taxes existed. It's only in your idealized version of that time period that you've created in your imagination that there were no taxes.

If you look at tax rates in modern times, they are historically low on the wealthy. Most of the wealthiest Americans pay a lower % of taxes than middle class workers. That is unprecedented.
Click to expand...

Well, you did not say that. You said historically low. You did not say that you were referring to a specific time frame. Do you consider 1913 to be in the 18th century?
I thought you were talking about income taxes, now you're bringing up all taxes, which is it?
 
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