Even though the video portrayed Keynes in a New Keynesian light, the video was still fun to watch. The video was corny, but in an entertaining way. I liked how they visually represented Keynes’s (The Keynesians’) theory by showing him drinking and partying, and then having a bad hangover when Hayek started dropping his bars. I also liked how they showed the Charging Bull Statue from New York City when talking about animal instincts. Overall, a very entertaining, satirical take on Macroeconomic theories.
Although the video doesn’t correctly characterize Keynes, it does a good job of summarizing major ideas from both economic theories. One thing that really stood out to me was that the video portrays Keynes as a big public figure who is very well-known, while Hayek is barely even recognized and acknowledged until he begins his verse. This was made very clear as Keynes shows dominance at first during the check-in and party scenes, but Hayek takes over when Keynes is hit with a bad hangover. I like how these visuals were incorporated into the video because they show that the spending and consumption aspect of the Keynesian theory focuses more on the short run than the long run. In the video, Keynes consumes a lot of alcohol and has fun at first, but the effects of too much consumption don’t come until later. Another important detail in the video was the bar scene where the bartenders, Tim and Ben, were giving Keynes more to drink. Somewhere in the comments, someone mentioned that this was a reference to former members of the Fed, Timothy Geithner and Ben Bernanke, who I found to be important figures during the 2007-2008 financial crisis. Tim and Ben helped with economic stimulus during the crisis through monetary and fiscal policy, which can be seen in the video as the bartenders encourage Keynes to consume more. However, Hayek argues that this reckless spending and consumption only leads to malinvestment and poor resource distribution which is more likely to result in an economic depression.
I like how the video put Keynes and Hayek into view for a supposed personality. That is, Keynes is more known than Hayek. It also does a good job of describing and listing things that go into Keynesian economics which is more accurate than I thought it would be in this video. The video also did a good job of having Hayek share his perspective and how it doesn’t agree with Keynes. Overall, the video seems as though it was made to be funny, but it actually does a good job of explaining the opposing views of economics between Keynes and Hayek.
The video provides a brief overview of economic theories, focusing on the contrasting viewpoints of Keynes and Hayek. However, it oversimplifies Keynes’s ideas, portraying him as initially dominant, while Hayek gains prominence later. The video uses a visual narrative to emphasize Keynes’s short-term focus, evident in his indulgence during party scenes, while Hayek warns against reckless consumption. The bar scene, where bartenders Tim and Ben urge Keynes to drink more, subtly references figures from the financial crisis and illustrates the ongoing debate between the Keynesian stimulus and Hayek’s exemplary approach to economic policies.
I think it’s entertaining because they take the core ideals of Keynes and they apply it to the modern age in a satirical way. They make it seem like a lot of these economists take all of this to heart and have that ideology applied to everyday life which I’m sure is nowhere near that extreme but it also pokes fun at those that admire or want to adopt that sort of mindset for themselves.
It was a fun video to watch, most definitely catch me off guard. It had a fun concept and was pretty easy to follow. Knowing that some of the facts in there are not as true as others, I think that it was still very intriguing to learn. I also enjoyed that they showed us the pros and cons of each theory by how their party experience was going. Like one being was way riskier and how the other one was much more conservative and didn’t want to show off. I thought they did a very good job showing us how they were instead of telling us.
The video generalized the differences between Keynes and Hayek even though it was a new Keynesian, it shouldn’t be taken too serious because its a funny type of video. Videos like these are way more enjoyable to watch so it makes learning easier.
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