Contrautopía
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"Hayek"
Some people assume that for there to be order in human society, there needs to be some central planning or direction. But as Chapman University professor Tom W. Bell explains, much of the order we observe in our lives is not the product of human design, it’s a product of spontaneous order.
Drawing from the work of Adam Smith and Friedrich Hayek, Bell describes how an understanding of spontaneous orders helps us to understand markets, language, social norms, customs, and society itself.
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Hey there Friedrich Hayek, ya lookin really nice / Your methodology is oh so precise / You break down social science to the fundamentals / Rules and social order are the essentials
Chorus: The use of knowledge in society / by each of us we make the economy / It’s not magic that somehow our plans all align / The result of human action, not of human design
Tell me your thoughts on resource misallocation / Distorted price signals and misinformation / Interest rates that are made artificially low / Telling producers where resources should go
Chorus
Since these low interest rates, like you said, are lies / Malinvestments come as no surprise / Soon these mistakes will all be revealed / and then corrected, unless they’re concealed
Chorus
Sometimes I dream all day ’bout bein’ Mrs. Hayek / We’d share milkshakes, watch sunsets, and kayak / We’d work together on that business cycle theory / Oh darlin’ you’ve been workin’ hard, you must be weary
Come to my couch, on which you can rest / I’ll make tea, we’ll talk credit and interest / Then I can talk about my interest in you / Of course we’ll talk ’bout the economy, too
Just me and you (x2) / Me and You / Oh, oh / Me and You
La selección austríaca, liderada por William White -canadiense, director de la banca suiza BIS- predijo en 2006 el estallido de la burbuja crediticia y la consiguiente crisis:
“Credit creation need not lead to overt inflation. Rather…. the financial system … create[s] credit which encourages investments that, in the end, fail to prove profitable.” [This leads to an] “an eventual crisis whose magnitude would reflect the size of the real imbalances that preceded it [because] the capital goods produced in the upswing are not fungible, but they are durable. Mistakes then take a long time to work off.”
Keynesianos, iros a vomitar al baño que estamos rapeando.
Supongamos que John Maynard Keynes y F. A. Hayek llegan a un hotel para participar en un seminario sobre las causas de la crisis. Por la noche salen a tomar una copa y empiezan a rapear en garitos y por la calle su respuesta a la cuestión que los ha reunido: “¿Por qué la economía tiene ciclos de expansión y depresión (“boom and bust”)?”.
“Fear the Boom and Bust” es un clip muy bien hecho y no dice tonterías, porque la letra la ha escrito Russ Roberts.
Al final, Keynes acaba vomitando deuda en el baño. Para mí que gana Hayek:
