[Puddleglum]

OK, here we go. Can anyone explain what this rap is about?

[Emerald]

In brief (contrary to the song ;))and for those who won't bear listening till the very end :) : vicious circle- ups & downs of world economy-causes and effects and... mind the boom, not the bust! What if the boom is a bubble?

[Puddleglum]

Well, I was actually hoping for something more specific. A seven-minute video that merely stated that there was a boom and bust cycle would be a bit boring indeed. But seriously, who are these two guys? What are they saying? Do they agree or disagree, and about what?

[Lana]

That is a great video! I enjoyed it very much. Being an economist myself I wish all economic theories were learned like this.
They are talking (singing actually) about different ways of economic increase. According to Keynes�s theory the cure for the economy is aggregated demand, supported by the government. I didn�t understand Hayek�s theory very clearly, I think it is about savings, not spending. The point of his theory is: to save is to invest.
What I like most of all in the video is how the characters are portrayed. Keynes�s theory is much more popular, so J. M. Keynes himself is shown as a very popular guy, a jolly fellow. On the contrary F. A. Hayek is shown as an unpopular guy. The scene when Hayek gets the Keynes�s book is my favorite.
Could somebody tell me more about Hayek�s theory? I�m really interested in it.

[Pippin]

It's very hard to "tell" you about Hayek's theory. Mainly because it is not only his theory but the fourth generation of the glorious intellectual adventure named the Austrian school of economics. The heritage is too vast indeed. What can be done is to compose for you a reading list, but beware - Austrians were (and are) real thinkers. That means you have to get through many-volume treatises stuffed with logical reasoning, exposures of epistemological problems, demolishing of the fallacies etc. That also means that you' ll become a pariah in the profession - if you accept the line, of course. Austrians are the most fierce and consistent defenders of free markets (and the theoretical foundation for their reasoning is beyond compare!) and oppose any state intervention in economy - what can be more unpopular both in Russia and abroad today! Also, they do not think very highly of the math as a proper tool of the economic research - what all these brilliant guys with Nobel are doing? So if you are ready - I have a list of three books or so of the "dummy" level - both in English and Russian, you can try and see whether it's worth continuing or not.
[3 misused articles and 1 missing article in the post] I've tried to correct them, but if I had known how to use them, I wouldn't have done these mistakes at all. Are thy still here?