Masters of Money, Boom Bust Boom - Free Essay with Moview Reviews

Masters of Money

Masters of money is a film which shares about three major economic thinkers. Major and first economist, John Maynard Keynes focuses on the financial crisis and how to get past it. Keynes was a clever economist, and in the film, he depicts the fact when the economy sinks, and it cannot float magically, the only way out is for the government to borrow. The economy runs on capital, and for it to continue even when it has fallen, the way out is to borrow more capital for stabilization. This brings out the element of investments. I think Keynes' theory was brilliant to the fact that it was necessary for the government, to balance its spending when the economy was at its booming stage. Thus it is all about planning for the future as early as possible.

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Keynes in his economic philosophy tries to bring out the factor of the government in most cases to be ready for any financial crisis. This is achievable through investments and economizing on the spending habits. It is of great importance for a country to work together especially towards the resolving of the economic and financial issues. Such issues may include; financial imbalances and economic crisis leading to failure in the market demand and supply. Working together as a country helps to prevent future repetition of the economic and financial crisis that would face the country as the future is uncertain, unpredictable and unknown. Therefore the government is responsible for intervening during the economic crisis arising in a country.

In today's economy, most countries are still struggling to balance the economic life. Developed countries can easily survive during the economic crisis as they have full investments that can sustain the countries. This is important as the balance between the demand and supply has been achieved in these countries. Their governments have carefully intervened, got financial advisories, invested and stabilized the countries' economic life. Keynes referred to this as securing of the financial and economic life of the future as it is uncertain and unknown at all. In the developing countries, I think there is a still high economic and financial imbalance as there is little or no investments done. The governments have isolated the people and economic crisis management. Thus the future of such countries will always depend on borrowing and thus poor financial utilization.

Boom Bust Boom - Terry Johns

In this documentary, Terry focuses on the financial system in the globe at large. It talks about 2008 financial crisis which affected the global economic system. His project of writing and shooting the film came up when he received news that the various university students were not being thought of the past economic and financial crisis which affected their states and world at large. According to Terry, it is of great importance for the student to understand the previous financial crisis, how it was dealt with and what to expect in the future. This is basically because history could repeat itself and the future generation should be able to identify ways to deal with such.

He also portrays how human nature can cause economic crisis from time and again. This is understood through the excessive lending which eventually creates a big problem of getting the capital back. This is due to lack of enough investments, and it was seen in the 2008blow by blow economic crisis. Terry in his film concludes that "unless the teaching of economics is overhauled and economic models factor in instability as a normal feature of capitalism, crises will keep happening." This is clear and evident as teachers and professors are no longer teaching economics to the students. The education and knowledge are of great importance to help the young generation understand where the economy started, the challenges faced and what to do at such times. The economic disasters should remain in the minds of people and not fade away. Fading of the crises will make people forget the risks involved in the economy. This will lead to people doing wrong economic things all again thus leading the previous economic and financial troubles. Human nature thus is also responsible for the economic hardships.

References

https://www.youtube.com/watch?v= hEYdS5Sur90

https://www.youtube.com/watch? v=7XtnZDNXCKM