Sunday, June 05, 2011

Honors Business Economics: 6 June 2011

Principles of economics, translated, 5:21

"Mankiw's 10 principles of economics, translated for the uninitiated", by Yoram Bauman, . Presented at the AAAS humor session, February 16, 2007. For the record, the talk contains two unattributed quotes ("9 out of 5" is adapted from a line attributed to Paul Samuelson---although apparently he said it about Wall Street indices, not macroeconomists---and "wrong about things" is paraphrased from P.J. O'Rourke's Eat the Rich) and, of course, the Einstein "simple" quote is an intentional misquote. The talk is based on a published article in Annals of Improbable Research (see ), which sponsored my talk and to which you should subscribe ( ). In the paper you can see the "constructive example" of how trade can make everyone worse off (or you can just wait 50 years to see what happens with climate change).

Why and How the World is Collapsing Video, 2:35

Neal Cavuto Chaka Fattah: Put the Shovel Down, 7:51

“Path to Prosperity” — Episode 2: Saving Medicare, 4:54



First I look at the Purse J. Geils Band HofB 4/28/09, 4:52

Fight of the Century: Keynes vs. Hayek Round Two, 10:10

"Fight of the Century" is the new economics hip-hop music video by John Papola and Russ Roberts at

According to the National Bureau of Economic Research, the Great Recession ended almost two years ago, in the summer of 2009. Yet we're all uneasy. Job growth has been disappointing. The recovery seems fragile. Where should we head from here? Is that question even meaningful? Can the government steer the economy or have past attempts helped create the mess we're still in?

In "Fight of the Century", Keynes and Hayek weigh in on these central questions. Do we need more government spending or less? What's the evidence that government spending promotes prosperity in troubled times? Can war or natural disasters paradoxically be good for an economy in a slump? Should more spending come from the top down or from the bottom up? What are the ultimate sources of prosperity?

Keynes and Hayek never agreed on the answers to these questions and they still don't. Let's listen to the greats. See Keynes and Hayek throwing down in "Fight of the Century"!

Starring Billy and Adam from

Visit for the full lyrics.

"Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem, 7:33 is a place to learn about the economic way of thinking through the eyes of creative director John Papola and creative economist Russ Roberts.

In Fear the Boom and Bust, John Maynard Keynes and F. A. Hayek, two of the great economists of the 20th century, come back to life to attend an economics conference on the economic crisis. Before the conference begins, and at the insistence of Lord Keynes, they go out for a night on the town and sing about why there's a "boom and bust" cycle in modern economies and good reason to fear it.

Get the full lyrics, story and free download of the song in high quality MP3 and AAC files at:

Plus, to see and hear more from the stars of Fear the Boom and Bust, Billy Scafuri and Adam Lustick, visit their site:

Music was produced by Jack Bradley at Blackboard3 Music and Sound Design. It was composed and performed by Richard Royston Jacobs.

**Charging Bull© Arturo DiModica, 1998