| 17 December 2008
Today we're going to do an economic experiment with music.
You may have heard of Keynesian economics. To summarize, it's a bunch of economic ideas espoused by the British economist John Maynard Keynes that offer more government and consumer spending as the solution to economic slow-downs. Keynes saw saving as a "leakage", particularly during slumps, and thought government needed to borrow, tax, inflate and do anything it could to spend, spend, spend. It should also do anything in its power to "stimulate" consumer spending.
Anyone really interested in studying it from a theoretical standpoint will find ample evidence both from neoclassical economists like Milton Friedman and other Chicago School types, as well as from Austrian School economists like Ludwig von Mises and F.A. Hayek that Keynes' ideas don't hold up.
As for the ideas in practice, I'm not content with the massive record of history that Keynesian policies are a terrible mess. Bush's "stimulus" check and the bailouts as recent examples (and Obama's FDR style public works projects as future examples) aren't enough to put the nail in the coffin. They're too far removed from me. That's why I'm launching, with your help, an experiment to test Keynes' theories.
We all need to go to iTunes and buy the new single from the liberty-loving and funky-fresh band Major Maker. "Funky Lady" is not only a great single (why do they call it a single when it has two songs?), but it will help us test Keynesianism. If we all go out and buy the single (only $1.98!) for ourselves and as gifts for as many people as possible, we can bring the economy back; that is, if Keynes was right. The only way to know is to try.
The good news for you is that even if Keynes turns out to have been wrong and your purchase of "Funky Lady" doesn't make the stock market leap and your home value soar, you still have a great MP3 in your collection. Unlike government attempts to test Keynsianism, you walk away with a valuable asset in the end, even if the experiment fails.
In fact, by the time we see the results and judge whether or not our Keynesian consumption test was a success your new Major Maker MP3 asset may be worth MORE than the $1.98 you spent, due to inflation. Then you could trade or sell "Funky Lady" for a nominal profit. You may want to buy lots of "Funky Lady" singles, just like people buy lots of gold and commodities when inflation is expected; Major Maker songs may become a default currency if the dollar becomes too unstable.
So, everyone go to iTunes, buy Major Makers new single "Funky Lady" and know that you're not only supporting an awesome liberty-loving band, getting some sweet and super hip tunes, but also engaging in a massive empirical test of Keynesian economic theory AND investing in a stable commodity to hedge against monetary inflation.
Who new rocking sweet songs could be so freaking educational.
TrackBack URI for this entry
Subscribe to this comment's feed
P.M. Jaworski
said:
 |
... I'm in for 20 so far, and plan on sending out a dozen or so more lovely MM Funky Lady gifts in the next month or so. Maybe we should put together a contest for readers? |
sale women gucci shoes
said:
 |
... There are several Gucci shoes that are considered to be elegant and classic designs.When it comes to footwear for wearingout on the town they have a great collection of suede sandals,satin mules,Gucci pumps and more. |
ghdhairirons
said:
 |
... ghd is on sale, ghd iv and ghd kiss may please you.http://www.ghdhairirons.com/ |
shox oz
said:
 |
... YS0315H1Activity is the only road to knowledge.A free man obtains cheap jordans knowledge from many sources 1 besides books.A great part to the information I have was acquired by looking up something jordans shoes and finding something else on the way. |
New York Rangers
said:
 |
... YS0315H4If thou wouldest live long,live well;for folly and wickedness shorten cheap nhl jerseys life. Each year one vicious habit rooted out,in time minght make the worst man good nhl montreal canadiens throughout.None but the well-bred man knows how to confess a fault,or acknowledge himself in an error.If you do what you should not,you must hear what nfl jerseys cheap you would not.Let thy vices die before thee.Act uprightly,and despise calumny.Dirt may stick to a mud nba jerseys wall,but not polish＇d marble.An honest man will receive neither money nor praise,that is not his due.The honest http://www.nfljerseymlb.com/ man takes pains,and then enjoys pleasure,the knave takes pleasure,and then suffers pains.He that doth what he should not,shall feel what he would not.The goodwill of the governed will be starv＇d,if not fed by the basketball jerseys good deeds of the governors.The brave and the wise can both pity and excuse,when cowards and fools shew no mercy.Calamity and mlb prisperity are the touchstones of integrity.Who judges best of a man,his enemies or himself? |
nike acg
said:
 |
... YS0315H3They got that way from paying your bills, cleaning your clothes and listening to you talk about how cool you are moncler jackets. So before you save the rain forest from the parasites of your parents' generation, try "delousing" the closet in your own jordans sheoes room.Your school may have done away with winners and losers, but life has not. In some schools they have abolished failing grades; they'll give you as many nike air force 1 times as you want to get the right answer. This doesn't bear the slightest resemblance to anything in real designer clothing life.Life is not divided into semesters. You don't get summers off and very few http://www.onestop-onlineshopping.com/ employers are interested in helping you find yourself. Do that on your own discount air jordan shoes time.Television is NOT real life. In real life people actually have to leave the cheap nike shoescoffee shop and go to jobs. The sting of a reproach,is the truth of it.Virtue and happiness are mother and daugher. |
Culture & Society
Music & Film
Sports & Games
Tao of PI