Hayek's Gift

In this new EconStories video short, Keynes and Hayek catch up over a nice meal and a little champagne for some gift-giving holiday cheer.

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[dt]

Should have ended with Keynes insisting they split the bill

[starguy]

Keynes always regretted not drinking enough Champagne

[NuraddinSamadzadeh]

"a small contribution from yours truly to aggregate demand"
absolutely loved this sarcasm

[wgmyler]

The other day I was wearing my "I Hayek Econ" shirt and someone correctly identified it as Hayek...and not Einstein or something. Turns out he teaches economics on the k-12 level. Anywho...it was cool. Love that t-shirt.

[Nighteye]

People tend to forget that Keynes was not just about spending - but also on cutting spending in times of economic boom - something that's easily forgotten by many.
Spend during bust, but also save during boom.
Most politicians currently spend during bust citing Keynes, and then refuse to cut spending or raise taxes during booms citing Hayek.

That approach just doesn't work.

[dereko]

I love that this video says that even though Hayek and Keynes are opposing economists in their view points they can sit down and have dinner together. This is a lesson in setting aside differences that I wish more people practiced. It's all right to disagree and still get along with one another!

[EnhanceRaptor]

Reviews of "The Road to Serfdom"
"In my opinion it is a grand book. . . . Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement."

--John Maynard Keynes

He agrees with "virtually all of it." Having not yet read the book myself, at some point I'm assuming Hayek says "Don't accidentally destroy your economy by way of government spending" and Keynes must have responded with "it won't be an accident."

[ROFLCOPTER]

"Prepare to get schooled in my Austrian perspective". Going to get some mad attention from the ladies with that one :P

[wgmyler]

I just got my "I Hayek Econ" shirt the other day! Love it.

[piprod]

I like how Hayek's glass mysteriously refills (1:00 )after he drinks it all at (0:35)

[GoGreenCo]

"I only wish I had drunk more champagne."- Last words of John Maynard Keynes

[erakus]

awesome video guys, even though this ones a commercial, I WANT ROUND THREE!!

[ThoseWhoStayUofM]

“There is one rule for the industrialist and that is: Make the best quality of goods possible at the lowest cost possible, paying the highest wages possible.” ~Henry Ford

There is a limit where increased wages results in not enough increased productivity but that limit is almost universally underestimated. People are so worried about cutting costs that they lost sight of the existence of reciprocity relations and reciprocal altruism.

[taylorhardiemusic]

I am pro Hayek, but I really want to be Keynes in the video haha. Drink up fools!

[FilosSofo]

Yeah I just liked and commented a seven year old t-shirt commercial.

[Dagur]

Give us more of these videos! I love it!

[IIIFENRIRIII]

It's also the reason we are running a constant deficit. That being said, it's the politicians fault for not knowing Keynes Model was only supposed to be used in short run situations. Yet, here we are.

[fredymcferrin]

hahahaha I love these old guys, really, with them i gotcha really better all in my Uni :)

[twohooks]

I wish people who still disagreed on political and economic issues could interact like this.

[TheManiacalSatanist]

LMFAO! As usual, EconStories ROCKS!!!