26 February 2010

Macroeconomic bonanza!

The dark arts of macroeconomics are getting a lot of coverage recently. (Digression: The recession in the US and other countries has not hit Australia very hard, mostly because Aussies export raw materials to China.)

Russ Roberts has been doing some great stuff on it.

Listen to this podcast with Larry White on business cycles and this one with Michael Belongia on the Fed.

And then watch this very good video, in which F.A. Hayek and J.M. Keynes rap about monetary and fiscal policy:



Bottom Line: Keynes may look cool, but Hayek is right. It's all about disbursed information, yo.

2 comments:

WaterSource said...

True. China has pumped
$40 billion worth of investments into the Australian economy in the past 18 months. China's 70,000 students help bankroll Australia's education
system, and a half-million Chinese tourists a year keep Aussies employed as
lifeguards, blackjack dealers and real estate brokers

Josh said...

Damn if that video wasn't a good one. I was worried about it, and though it's still hard to watch (esp. the gesticulating), they make each case pretty well.

Except, they don't take into account half of Keynes' thinking on the subject, which makes it sound like he didn't have a cure handy for that hangover. He did. Also, they make it look like Keynes was telling micro- to not save during bad times, and he wasn't. Let's not confuse micro with macro.

But hey, it's a rap, and pretty good for it.