Da Hayek-Keynes Rap

Nobel laureate Paul Krugman has said that we are witnessing a “dark age” of macroeconomics. His point is that in the last 70 years there has been a lack of new knowledge and insights in the field. In other words, since the methodological debates between economists John Maynard Keynes and Friederich Hayek in the 1930s and 1940s nobody has really advanced what economists knew back then. Gratefully, economist Russ Roberts and producer John Papola got together to create one of the best educative video-clips on economics ever. Using a rap song and professional acting, the authors brilliantly illustrate the Hayek-Keynes debate. The clip’s seven minutes and 32 seconds are jam-packed with both general knowledge and subtle lessons.

Keynes and the crisis

If anything, an economic crisis is a learning experience. Not only do we learn about the things we did wrong but also we have a strong incentive to learn about past crises. If you study economic crises, you will not go far without learning about Lord Maynard Keynes, the British economist that revolutionized the way we approach and try to solve economic problems. Thanks to PBS we can learn about Keynes and his ideas from an informative dialog between one of his biographers, Robert Skidelsky, and Russ Roberts. If the conversation does not illuminate your knowledge of Keynes' economic ideas it will at least teach you that “ropey” is a British informal word for “unsound”.

Megan McArdle

I mentioned Megan McArdle when I recommended a bloggingheads episode. Remarkably, her blog "Asymmetrical Information" at The Atlantic magazine's website is a constant source of powerful insights. She is at her best when pundits make silly assumptions, flawed arguments, or forget about Econ 101 principles. Her arguments are sharp and ruthless, leaving her opponents usually like a spanked child. See examples here, here, and here. She is also helpful when shedding light on the cost of policies such as health care reform. Last but not least, she is a superb writer who can explain complex arguments with clear grammar and logical arguments, though sometimes she employs an unnecessary number of words to make a point.

A Just Idea

Michael Sandel is one of the world’s top political philosophers. Unlike most of his fellow philosophers, Sandel is an engaging writer and an inspiring educator. In fact, his course on justice remains one of Harvard University’s most popular classes. Luckily, we can now all enjoy his justice course, taking, “a front row seat at the first course Harvard has ever made available to everyone, online and on the air.” You—the spoiled 21^st century citizen—can choose to watch Mr. Sandel for free on either his course’s easy-to-navigate website or on Youtube.

Speech Writing for The People, by the People, and of the People

What are the elements of a good speech? Granted, a competent speechwriter must juggle a speech’s pace, flow, alliteration, core themes, aesthetic and also emotional qualities. But how do you blend seamlessly all these elements without conveying a woolly-headed or convoluted message? The answer is not simple and the learning path is not straightforward. Some people are just innately able to write great speeches in a short time. Abraham Lincoln apparently wrote his Gettysburg Address—probably one of the best speeches ever in the history of mankind—in less than two days. Thankfully, for the rest of us without a natural ability to pen celebrated addresses, there are infinite resources available for free just one click away. For example, About.com is very helpful, featuring a whole section on speech writing. Also, there are good speech samples here and, of course, there is a blog with a ton of speechwriting ideas a tips. In addition, you can get inspired by reading historic speeches, such as Martin Luther King's "I have a dream" or Edmund Burke's "Speech on conciliation with the colonies." 

History of Economic Thought Quiz

The economic science available in textbooks can be pretty dull. In the last fifty years, math has become a core component of modern economics, turning centuries-old concepts into mere excuses for mathematical formulas and models. In fact, a popular t-shirt's message among modern economists reads, "economists like to do it with models." However, economics can be fun and interesting if placed in the context of human stories and real-life experiences. Indeed, economist John Maynard Keynes once said, "Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist." Two great books that present economic ideas by narrating the lives of famous defunct economists are "The Worldly Philosophers" and "The Making of Modern Economics." However, you can read about prominent economists' lives for free on-line. Just ask Google or Wikipedia. Moreover, after you read everything you want to know about Adam Smith, John M. Keynes or Joseph Schumpeter, you can test your freely-obtained knowledge with this quick quiz.

The Developing Development Dogma

Since the Industrial Revolution emerged in the 1800s, human beings have become steadily prosperous. However, not every human being in the world enjoys the same level of prosperity. Furthermore, millions remain living in conditions resembling that of most humanity circa 1800. In turn, for the past 50 years particularly, social scientists have looked for and tested a wide array of theories aimed at ending poverty. All these ideas became part of a new multidisciplinary discipline called “development.” Thanks to developed countries’ tax money together with charitable organizations and philanthropists from all over the world, billions have poured into developing countries. However, the results have been rather poor. For one, poverty still remains a modern calamity in many countries in Africa, Latin America, and Asia. What is to be done? The answer to this question is the beginning of one of today’s most exciting intellectual pursuits. Although nobody has a definitive answer, there are many good ideas and successful experiences. The challenge is to apply them in a way that has lasting effects and does not make things worse for those that they intend to help. Auspiciously, Internet gives free access to all the development ideas, debates, projects, and trends necessary to make us all a potential Nobel Prize winner. A small sample of development’s great resources available on-line include William Easterly’s blog, Dani Rodrik’s blog, the World Bank’s website, the Center for International Private Enterprise development blog*, and the Center for Global Development’s website. Also, check out this Cato Unbound debate on “foreign aid” and this Boston Review forum on development.

* Full disclosure: I am used to be a contributor to CIPE’s blog.