Fight of the Century: Keynes vs. Hayek Rap Video Round Two
By David J. Theroux • Thursday April 28, 2011 10:55 AM PST •
“Fight of the Century: Keynes vs. Hayek Round Two” is the superb and very timely sequel to the phenomenally successful and insightful, rap video pitting the views of macroeconomist John Maynard Keynes against those of Austrian School economist Friedrich A. Hayek, “Fear the Boom and Bust.” The original has attracted to date more than two million viewings on YouTube, and Round Two now addresses the bailouts and “stimulus” measures by the federal government concerning the current “Great Recession.” No doubt this new video deserves to generate an even greater viewership. As the video is described:
According to the National Bureau of Economic Research, the Great Recession ended almost two years ago, in the summer of 2009. Yet we’re all uneasy. Job growth has been disappointing. The recovery seems fragile. Where should we head from here? Is that question even meaningful? Can the government steer the economy or have past attempts helped create the mess we’re still in?
In “Fight of the Century”, Keynes and Hayek weigh in on these central questions. Do we need more government spending or less? What’s the evidence that government spending promotes prosperity in troubled times? Can war or natural disasters paradoxically be good for an economy in a slump? Should more spending come from the top down or from the bottom up? What are the ultimate sources of prosperity?
Keynes and Hayek never agreed on the answers to these questions and they still don’t. Let’s listen to the greats. See Keynes and Hayek throwing down in “Fight of the Century”!
HT: Donald Boudreaux
Tags: American History, Austrian School of Economics, Bailouts, Budget and Tax Policy, Business, Corporatism, Economics, Employment, Federal Reserve, Free Market, Friedrich A. Hayek, Government subsidies, Great Depression, Great Recession, Inflation, John Maynard Keynes, Keynesian economics, Liberty, liquidity trap, Ludwig von Mises, market process, Mercantilism, Money and Banking, multiplier, National Bureau of Economic Research, Obamanomics, pretense of knowledge, Price Control, Regulation, stimulus, Taxation, Unemployment, Video, War, warfare state