Econ – Keynesian vs Austrian Economics

Fight of the Century Round 2

Lyrics

Look through the lyrics and define each line for us to better understand in common words.

Response Question: Which economists do you agree with most. Use a couple quotes from the song that you agree with most and explain. (8-12 Sentences)

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14 thoughts on “Econ – Keynesian vs Austrian Economics

  1. I agree with Austrian economics. “We brought out the shovels and we’re still in a ditch…” shows that an overly-involved government hasn’t helped yet. I agree with that. I think it has temporarily helped. But at the same time, the companies that were bailed out are about to fail again.
    He also says: “Are they doing real science or confirming their bias?” I think this is true as well. I think economists lie or try to give the people the “best case scenario” to make them think that all the bailouts and government involvement is helping. I think we need a free market where the fittest survive.

  2. I agree with the Austrian Economics. I agree that we shouldn’t start war just to try to fix something or to get something out of it. There are other ways to get new technologies or to fix something. “Just creating jobs is not enough. People want a better life.” Jobs is one thing, but that’s not the only thing people want in life. A job helps provide for the things that you actually want. Most people really don’t want to go off to war to get the things they want. They don’t want to risk their life just to get new technologies or to fix something they didn’t even do.

  3. I think i agree more with the Austrian economics. I agree with the austrian economics because i think in the long run it will help solve our problems. The Keynesian economics is only a short term answer to a long term problem. “I want plans by the many, not by the few.” This means that Austrian decisions are made by many people rather than by few people. I like the idea that we will be making our own decisions rather than the government making our decisions for us. I like the idea of Austrian economics because it gives more opportunities for growth in the economy. It will take more money to go by austrian economics but it is the better choice.

  4. I agree with the Austrian Economics. “When that war spending ended your friends cried disaster” I agree with this quote because the government got addicted to spending a lot of money that we don’t have. They also used a lot of their power that might not of been needed. “So spending’s not free – that’s the heart of the matter”, When the government would spend their money they would be taking it from the people. So the people would be losing a lot of money.

  5. I feel like I agree with the Austrian economics more than the Keynsian type. I think that Austrian economics would work better because it would allow people to run the markets and make their own decisions. I think that if we used austrian economics that the market would not crash nearly as badly if it did eventually. I feel that it would allow more job opportunity for people and create a better economy. I also think that it would not waste as much money as it says in the song; “So spending’s not free – that’s the heart of the matter”. I think that we could decrease debt and overall create a thriving economy.

  6. I agree with Austrian because he dosnt want inflation. I don’t want my money going to crap and just being paper thats green. I also think that we should deal with our problem with time and make sure that we dont have bigger problems by spending tons and tons to fix problems that be fixed right and with time.

  7. Keynesian is the one that I agree with because if you had everyone voting it wouldn’t make a difference because either way someone is not going to be happy with the final decisions. “Thanks to me, as you see, we’re not in a depression ” when theres so moony people voting no one for sure knows whats going on in the economy.

  8. I agree with the Austrian Economics. I think they have better ideas and a better way to run the economy. One quote that shows it is “The question I ponder is who plans for whom?” They want to know why the government chooses where money goes and makes decisions for us. They make the decisions based on what they want, not what is best for everyone else. Another one is “Stop bailing out loser, let prices work” The government should stop bailing out businesses that just keep failing. They’re just wasting money and they’ll have to spend more money later bailing them out again. I think that Keynesian Economics doesn’t solve long term problems and isn’t as good as Austrian economics.

  9. I agree with the Austrian Economics because he wants long term fixes. The Keynesian guy only want the short fixes. They Keynesian guy just makes it seem like his solutions are better but in the long run they are just short term fixes. I agree with Kayek when he said that economy isn’t a thing and we can’t just fix it. That the economy is organic. Kayek wants to fully fix things instead of just cover them up with little fixes. I also agree with Kayek when he says that yes we have 100% employment but we have to ration our food. Because we may have zero unemployment but we have to ration out food and we are at war so the people employed are dying.

  10. I’m going to go with Austrian Economics . I choose this because they will fix things completely when Kaynesian won’t fully fix things. Keynesian will just cover things up with little fixes. Keynes said “We could have done better, had we only spent more”. Hayek said “As we used scarce resources for every new tank”. Basically he used materials for good use. He put them to good use so they wouldn’t be wasted on things that would get destroyed anyways. So I agree with Austrian Economics because they are smarter with there money.

  11. In the overall aspect of the two economic systems i have to say that the austrian system is the most fair in my opinion. Everyones opinion is included in the final decision. Granted the Kensian system also has its upsides as an overall system. Such as during a depression one person controlling everything is for the better so everything gets done faster and everyone works together, in theory. with the Austrian system it would work better if the society was more diverse so each ethnicity could get a say in the final decision.

  12. Im agree with the Keynesian economics. Because more people can control the votes. And not just one person it is a set of people who get to. With more people being able to vote, more people get to make a difference in the voting. Also they can fight for what they believe in and get votes. I really like the line, Hayek made some very good point in the song. Like “It hasn’t worked yet so we should try something else”. His lyrics were very true, on how they get to have more people be in charge then just one.

  13. I would have to agree with Austrian Economics because I think some things would be better ran by a private business. I think that health care is better run by private business because then you can chose what is the best company for you. Keynesian economics just puts a patch on things.

  14. I agree with Austrian Economics, they will help fix things when things aren’t going right. In Keynesian Economics they said they should have spent more. Austrian Economics is good with their money.

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