Planet Money SUMMER SCHOOL 1: Recessions & Rap Battles
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Jul 14, 2022 Luigi Zingales, a finance professor at the University of Chicago, explores the evolution of macroeconomics and the dramatic debate between Keynes and Hayek. The conversation dives into economic concepts using a clever rap battle to dissect their differing views on government intervention and market dynamics. Expect insights on the paradox of thrift and how emotions shape economic decisions. Plus, a fun connection with pop culture shows how economics can resonate beyond the classroom!
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Birth of Macroeconomics
- During the Great Depression, economists struggled to understand the economic turmoil.
- John Maynard Keynes offered solutions in his book, "The General Theory", sparking the "Keynesian Revolution".
Keynes vs. Hayek: Personalities
- Keynes was a charming and popular figure, known for his wit and social connections.
- Hayek, in contrast, was more reserved and less captivating.
Conflicting Views on Government Intervention
- Hayek believed that government intervention distorts markets, while Keynes argued for intervention during crises.
- Keynes famously said, "In the long run, we're all dead," emphasizing the need for immediate action.
