Music Videos – Macro Creative Writing Macro Video, Fear the Boom and Bust – Classical versus Keynesian HYPERLINK “http://www.youtube.com/watch?v=d0nERTFo-Sk” http://www.youtube.com/watch?v=d0nERTFo-Sk This amateur video summarizes not only the long standing debate between the Classical (Hayek) and Keynesian economist, but also our current economy and all of the stimulus we have embarked on. What was the goal of all of the government stimulus intervention (ARRA)? Is it Classical (supply driven) or Keynesian (demand driven)? Was it effective? Who pays for it in the short run? Long run? (Remember when assessing the effectiveness of something, you must look at cost versus benefit.) Given what you’ve learned thus far about how both fiscal (T and G) and monetary (Investment via interest rates) policies work on the macro economy, what do you foresee happening from here? (2000 words) All sources of information should be cited, including the text and the video. Direct definitions, phrases, and ideas should be quoted as well as cited. Plagiarism in any form is unacceptable and will result in a zero for that assignment.