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In California last month, I came across the ''Hayek vs Keynes rap''. I was introduced to it by its inventor, Russell Roberts, a fellow of the Hoover Institution, Stanford University. The two great economists, J M Keynes and F A Hayek, conduct their arguments in rap form. You can see the videos (''Fear the Boom and Bust'' and ''The Fight of the Century: Hayek vs Keynes'') on YouTube.
The reason for staging the debate now, of course, is that we feel as if we may be in for a re-run of the 1930s, and we are searching desperately for ways of understanding what is happening.
The case for Keynes, led by his biographer Robert Skidelsky, was that when there is a recession there are no automatic forces to produce recovery. Governments must therefore borrow and spend whatever is necessary to turn things round....
"... when there is a recession there are no automatic forces to produce recovery."
Recessions are not a result of blind economic forces interacting in a free economy in an unpredictable way. They are deliberately caused. And, as long as we have fiat currency and a central bank, recessions are guaranteed.
Perhaps right verses for the wrong article, preparation? I should see if I can find the article on the rioting in London, which I wasn't going to comment on, but the article on Keynes led to this one, which was quite interesting, Liberty will suffer if the police can't keep the peace.
No, there is one proven way to economic recovery, you do as was done in WWII, you have a war where all of your industrial resources are put to work, have rationing for several years which will build up a pent-up demand for goods, and having many millions of men out of the country creates other pent-up demands as well, and when you finish the war, you get a booming economy! Now if one can overlook the little matter of thousands of deaths this seems to be a guarantee for making the economy run again. So, anyway, anyone for cleaning up the Middle East? Hmm, I thought not.
Amos 4:11-13 "I have overthrown some of you, as God overthrew Sodom and Gomorrah, and ye were as a firebrand plucked out of the burning: yet have ye not returned unto me, saith the LORD. Therefore thus will I do unto thee, O Israel: and because I will do this unto thee, PREPARE TO MEET THY GOD, O Israel. For, lo, he that formeth the mountains, and createth the wind, and declareth unto man what is his thought, that maketh the morning darkness, and treadeth upon the high places of the earth, The LORD, The God of hosts, is his name."