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Thursday, April 28, 2011

YouTube Assignment for Macroeconomics Students

As a respite from comparing the “Keynesian cross” versus the “dynamic stochastic general equilibrium” model, watch this “Keynes” versus “Hayekvideo with lyrics written by John Papola and my colleague Russ Roberts. But my favorite lines are more micro than macro:
Keynes: “Even you must admit that the lesson we’ve learned is that more oversight’s needed or else we’ll get burned”
Hayek: “Oversight? The government ‘s long been in bed with those Wall Street execs and the firms that they’ve bled.”