that rap video that has received millions of views onew tube ross roberts and former m producer, keynese economic slowdown is prime the pump like a car? >> it sounds good and3 politicians like it but doest actually work? >> when the stimulus plan worked using the keynesian model they said if we did not pass it unemployment could reach eight point* 5% we did and it went over tens of the model was wrong so there is a historical example for more than a fancy statistical models and i argue the evans is a mixed john: plenty of people say unemployment would be backed up if it was a bigger if you had keyneses' say it. >> if we would have done better if we spent more than a happens if there is a world war. >> they argue world war ii ended the great depression. but to stimulate private consumption it is a time of austerity in the real sense the word. john: they were making tankk >> it is a measure economy if you are in the munitions business you di great but the average person if you want to buy the refrigerator or car you could not because the steel was used for the her stuff. that is reality g

[applause] the seris debate of austerity stimulusegan 80 yes ago with the economist john maynard keynese can spend their way back to prosperity and friedrich hayek said it no way. not those exact wos but i would like to think if friedrich hayek heard about the obama stimulus plan he wod have said somethin like this. ♪ the party is over ♪ ♪ are you kiddin conoco it works perfectly fine knockout there was a recession back in 200 no. things could have been worse john: that is what i hear the recession would have been much worse witho stimus spending and when unemployment is still hayek that is the time to spen and jump-start the economy. ♪ john it is an ennine that needs a spark a this makes sense to people so let's turn to the producers of that rap video that has received millions of views on new tube rs roberts a former mtv producer, keyn argued the economic slowdown is pre th pump like a car? >> it sounds good and3 liticians like it but doesn't actually work? >> when the stimulus plan worked using the keynesian model they said if we did not pass it unemployment could reach eight point*

and some races were inferior summer superior and that means the people on the left john maynard keynes was one of the founders of the eugenics society they word dogmatic on this subject but by the end of this century they clung to the other end of the spectrum as a group anyone who dared to disagree was regarded as a racist. >> host: dr. thomas sowell where are clusters -- intellectuals clustered now? all differences between groups or presumptively by others and it is impervious to evidence but the housing situation, when they discovered for prime mortgage loans were turned down come instantly to the media decided that if you look at the same data from blacks and whites for asian-americans and undermines it so completely. for example, when blacks were turned down at a rate nearly double of whites, at the very some time white to return dawn double that of asian-americans. moreover, black owned banks turndown blacks at a higher rate than the white banks see find it very hard to reconcile with what they believe but there is a tendency for the intellectual to find numbers they don't go any

economist british john maynard keynes observed as much in the midst of the great depression more than 80 years ago. he wrote -- we are suffering just now from a bad attack of economic pessimism. it is common to hear people say that the epidemic in or ms. economic -- of enormous economic progress is over and that the rapid improvement and standard of life is now going to slow down. found a little familiar. by the way, he argued at the time that it was shortsighted and and characterizing what he called the economic possibilities for our grandchildren, he parted to that income per person could rise as much as four to eight times by 2030. his guess is looking pretty good because income per person in the u.s. or day is roughly six times it was in 1930. a second counter argument is is innovation hard to predict, so are the long-run practical consequences of innovation. some would say that we are still in the early days of the i.t. revolution. after all, computing speed and memories have improved many times over in the 30 plus years since the first personal computers came on the market, and

keynes argued that such a view -- what he called economic us abilities for our grandchildren -- capabilities for our grandchildren good rice. income per person in the u.s. today is roughly six times what it was back then. the second counterargument is that not only are innovation itself inherently hard to predict, so are the consequences of innovation for our economy and daily lives. indeed, some would say that we are still in the early days of the i.t. revolution. computer speed and memory has increased many times over in the 30 plus years since the first personal computers came onto the market. it is a biotechnology are dancing rapidly. fields like biotechnology are advancing rapidly. the commercial applications of these technologies only scratch the surface. i.t.der the potential for and biotechnology to improve healthcare. one of the most important sectors of our economy. it would lead to better ordination and more effective care than we have today, inluding greater responses the latest findings. robots and lasers are improving surgical outcomes and artificial intelligence systems are be

keynes argued that such a view what he called economic us abilities for our grandchildren capabilities for our grandchildren good rice. income per person in the u.s. today is roughly six times what it was back then. the second counterargument is that not only are innovation itself inherently hard to predict, so are the consequences of innovation for our economy and daily lives. indeed, some would say that we are still in the early days of the i.t. revolution. computer speed and memory has increased many times over in the 30 plus years since the first personal computers came onto the market. it is a biotechnology are dancing rapidly. -- fields like biotechnology are advancing rapidly. the commercial applications of these technologies only scratch the surface. consider the potential for i.t. and biotechnology to improve healthcare. one of the most important sectors of our economy. it would lead to better ordination and more effective care than we have today, including greater responses in the latest findings. robots and lasers are improving surgical outcomes and artificial intelligence s