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凯恩斯大战哈耶克

第一回合

We’ve been going back and forth for a century [Keynes] I want to steer markets, [Hayek] I want them set free

There’s a boom and bust cycle and good reason to fear it [Hayek] Blame low interest rates. [Keynes] No… it’s the animal spirits

[Keynes Sings:]

John Maynard Keynes, wrote the book on modern macro The man you need when the economy’s off track, [whoa] Depression, recession now your question’s in session Have a seat and I’ll school you in one simple lesson

BOOM, 1929 the big crash

We didn’t bounce back—economy’s in the trash Persistent unemployment, the result of sticky wages

Waiting for recovery? Seriously? That’s outrageous!

I had a real plan any fool can understand

The advice, real simple—boost aggregate demand! C, I, G, all together gets to Y

Make sure the total’s growing, watch the economy fly

We’ve been going back and forth for a century [Keynes] I want to steer markets, [Hayek] I want them set free

There’s a boom and bust cycle and good reason to fear it [Hayek] Blame low interest rates. [Keynes] No… it’s the animal spirits

You see it’s all about spending, hear the register cha-ching Circular flow, the dough is everything

So if that flow is getting low, doesn’t matter the reason We need more government spending, now it’s stimulus season

So forget about saving, get it straight out of your head Like I said, in the long run—we’re all dead Savings is destruction, that’s the paradox of thrift

Don’t keep money in your pocket, or that growth will never lift…

because…

Business is driven by the animal spirits

The bull and the bear, and there’s reason to fear its Effects on capital investment, income and growth

That’s why the state should fill the gap with stimulus both…

The monetary and the fiscal, they’re equally correct Public works, digging ditches, war has the same effect Even a broken window helps the glass man have some wealth The multiplier driving higher the economy’s health

And if the Central Bank’s interest rate policy tanks A liquidity trap, that new money’s stuck in the banks! Deficits could be the cure, you been looking for Let the spending soar, now that you know the score

My General Theory’s made quite an impression [a revolution] I transformed the econ profession You know me, modesty, still I’m taking a bow