Watch the two Keynes vs. Hayek Rap videos (Part I and Part II). Outline and summarize the key ideas at the foundation of each side of the argument. List any economic terms/concepts you recognize in

*********** NameProfessor’s NameCourseDateKeynes * HayekOutline/SummaryKeynes ******** that *** government ****** ***** *** ****** to ********* the **** employment ** *** ******* ** claims **** ***** are ********* in ***** the ******* cannot *** *** ** * recession in *** ******* ** government ******** Keynes ******** ** example of *** **** ********* ***** ********* ** * ****** of ****** wages ** *** ****** ***** ****** mentions **** ********** ******** ** the second ***** *** was *** ****** *** *** *** ** *** ********** *** *** ****** *** *** ******** growth after *** war **** ** **** ** ****** ******* savings ***** ** ***** ** the paradox ** thrift ******* ******* lead ** a ********** in growth *** **** ****** **** *** **** they ***** ** *** ******* hence ******** ******** growthUnlike ****** ***** ********* *** liberal ******* ***** ******** **** government ************* ******* ******** **** ***** *** ******* into * ****** ** ***** and ********** ******* of demand-led ****** ******** ** ****** ***** ****** ********** led ****** ****** seems to think **** Hayek ** ******* *** **************** in *** **** of * ********* ****** is ***** ***** Hayek **** ***** *** ************* of ******* ********* in controlling *** ****** He ****** **** ********** ******** **** line the ******* ** ***** that *** ** cahoots with *** ********** ***** claims **** *** ********** ****** *** *********** firms ** *** ********** ********* ******* ** ********** ** ***** * ********* ** *** ******* ****** ********** ** the ******* *** confused **** **** ***** *** hence ******* bad investments ***** ****** *** *********** leads ** ********** Hayek ********* to defend *** ******** ** ********* **** ********** ******** ** the *** did *** **** to economic ******** The ********* measures ** *** *** *** what *** to **** ******** growth **** ** ******** TermsMarket ************* **************** wagesAusterityAggregate ************** **** ** *** *********************** *********** ************** ********************************* recoveryStagnationBailoutsReal *********** fundsParadox ** ************ *************** ***************** ******************* ************ ************************** ****** consumptionPolitical incentivesGovernment ************* ********** of *** *************** ***** *********** ***** ********* the ******** over-investment ****** *** ****** ****** **** explaining the ******** ***** ***** is *** one **** ******** *** ******** over-investment ****** which critiques *** ********* ******* the actual *** ******* investment The theory proposes **** *** ********** ***** *** ** ***** the consumption ******** *** ** equilibrium ** ***** ** *** video ***** ****** **** ********** ****** **** * limit ** **** ****** ** always equal ** supply ** *** *********** ******** by ***** ** attained *** ******* **** no **** expansions *** contractions ** ******** **** *** government ******** will ******* *** *********** ******* investment *** *********** ********** ********** is always at * **** *** ***** ** not * **** investment ********* **** funds to *** ************* theory ******* ** the **** ********** of the ******* to ******* the ******** ***** *** theory ********* that ********* ****** ********** ***** ******** ******* **** ********** and supply ** proposes **** expenditure on ******** ****** **** ********** ***** ** turn leads ** *** **** ********** of *** economy ****** ******* * stagnant ******* ** ** ****** **** requires * jumpstart ***** in **** **** *** ********* is government spendingReactionI find **** ****** makes * ******** argument than ***** ** the debate ****** argument ** realistic ** ** economy **** the ****** ******* *** *** ****** ******* **** ***** acknowledges that *** ****** ************ ******* with the ********** ** acquire ***** ***** ** **** ** *** **** *** Hayek ****** ********** **** *** **** ****** **** not ****** operate **** the ***** ** *** ****** in **** **** elements in the market **** create some ********** that **** ********** *** free market concept that is ** the heart ** ********* *********** ****** argument ** *** ******* *** *** idea ** ********** ********** is ***** *** a ****** ******** ****** **** ** ************* ******


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