James Yang for NPR
Find all the episodes of Planet Money Summer School here.
Planet Money Summer School is back! It’s the free economics course you can take from anywhere…for everyone!
For the third season of Summer School, we ask the big economic questions. It’s time for macroeconomics! What makes a country richer? Is there a “good” level of unemployment? What rhymes with “savings paradox”? Also, inflation, let’s get to inflation.
Our first lesson concerns one of the most fundamental economic debates of the past hundred years: what causes booms and busts, recessions and depressions? And what can the government do about it? Or, should the government just get out of the way? How free should a free market be?
The major economic policies we know today emerged from the depths of the Great Depression, a time when government had few tools to control the macroeconomic forces that were wreaking havoc on people’s lives and livelihoods. Average American.
From this darkness emerged two economists determined to shed light and get out of the crisis, although in very different ways: In one corner we have John Maynard Keynes, a lively and charismatic public face of economics, who remains to this day, who argued for a greater role for the federal government to counterbalance the forces of market. And in the other corner, FA Hayek, a dour and relatively unknown Austrian economist, who argued the exact opposite, that government was likely to do more harm than good by interfering in economic booms and busts.
In today’s episode, we return to a classic episode that reimagines their battle over monetary policy… as an actual rap battle. The rhymes come to you fast, but our friendly summer school teachers are here to play rap battle genius, making the big ideas clear and simple…even if you’re half-listening from a chair. of beach. Pay close attention and you could pass the test and earn your own Planet Money Summer School diploma at the end of the season on Labor Day.
We cover :
- John Maynard Keynes
- Friedrich von Hayek
- Savings paradox
- Interest rate
- animal spirits
To have to:
Find a song that reminds you of a part of economics and let us know what you picked!
Each week we’ll pick a few of our favorites and add them to our reading list.
Additional Credit: Our TikTok PM of the week.
Music: Spotify playlist
Want extra extra credit? Subscribe to Planet Money Newsletter.