November 4, 2010

Economics for EduPundits: Bonus Video




Clearly, I side with Hayek.  And, apparently, so did the economy.

5 comments:

abellia said...

Fun rap.

The thing that the rap clearly states is that according to Hayek, the boom is the problem. OK, let's say that we accept that.

Now what? Let's just have 15 million people wait around for the jobs to knock on their doors. What a waste of lives for the sake of economic theory.

KDeRosa said...

@abellia, Hayek says that the steering of the markets is and was the problem. The continued steering is preventing the market from clearing and finding its equilibrium.

Dick Schutz said...

Clever video that provides clues about how to package communication. But what is being communicated?

For background on how the video came to be:
http://www.youtube.com/watch?v=7k7ob438hk0

Who is promoting the communication? Follow the money:
http://buttonwood.economist.com/content/sponsorship

These are the folks who brought us the Great Recession.

Meanwhile, back at the education ranch.

The Great City Schools report is another propaganda piece. Where are these black children primarily? In the Great City Schools. ESEA 1965 recognized where the problems in education were and are. That’s why the biggest chips were put on Title I.

What are the Great ones saying? We need more money.

What are the Smart ones saying? Well some are arguing Hayek vs Keynes. Others are arguing poverty vs inherent racial/SES obstacles that must be eliminated before anything can be done for the Black Boys.

Who is examining the nuts and bolts of instruction—which are the determinants of formal instructional accomplishments—or the lack thereof? No one. Well, almost no one. But that’s a whole nother story.

By and large in the US, instruction remains a black box [scratch black, make it a white box] between Standards and Standardized Tests.

KDeRosa said...

These are the folks who brought us the Great Recession.

You're forgetting all the governmental regulatory assistance and jawboning (Keynes called it market steering) that either contributed or drove the recession depending on how much you think the steering was ultimately responsible for the mess.

Dick Schutz said...

As I recall, the economic meltdown occurred before the steering/jawboning started. Alan Greenspan was the only one who took responsibility in admitting his mistake in believing that free market forces were "what made the world work."--words to that effect.

The financial oligarchs converted to Keynes very quickly in accepting the TARP bailout.

Do I have this wrong?