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View this article online at http://citywire.co.uk/money/article/a379200

Hayek and Keynes clash in economics rap video

Yes honestly they do, and it’s quite, quite brilliant, too.

by Tony Bonsignore on Jan 27, 2010 at 14:32

Are we all followers of John Maynard Keynes now? Was rescuing the financial system, slashing interest rates and boosting aggregate demand through government spending the only way out of our current predicament?

Or is there something to be said for a more brutal response to the financial crisis? Should we just let firms fail, in the process letting the market economy sort itself out and agreeing with the great Austrian economist Friedrich von Hayek that ‘the curious task of economics is to demonstrate to men how little they really know about what they imagine they can design’?

This fundamental question of political economy is the rather unlikely subject of a new rap video called ‘Fear the Boom and Bust’, by a new outfit called econstories.tv, and it’s superb.

The professionally-shot video is the brainchild of creative director John Papola and academic and creative economist Russ Roberts, and is already a YouTube hit. You can read the full lyrics at the official website here - economics has never been so much fun.

1 comment so far. Why not have your say?

Stephen Phillips

Jan 27, 2010 at 17:13

Absolutely brilliant.

I have always been doubtful Keynes and his "spend your way out of a recession" strategy. But what can you expect from a former chaiman of National Mutual Life, whose endowment returns must be amongst the worst in the UK?

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