Hayek v. Keynes: The Rap Battle Rematch


John Papola and Russ Roberts have come out with a new rap video pitting the economic theories of Keynes against those of Hayek.

Papola and Roberts describe the background behind the video at the Youtube post.

Fight of the Century” is the new economics hip-hop music video by John Papola and Russ Roberts at https://EconStories.tv.

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”!

Starring Billy and Adam from https://www.billyandadam.com

Russ Roberts released the first Hayek v. Keynes rap in January 2010. View it here if you haven’t seen it yet.

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April 29, 2011 4:53 pm

By what measure did the Great recession end two years ago? Did it end because we had a quarter of plus GDP? I have asked in other forums why, even though we were still in plus GDP territory through the second quarter of ’08, everybody went back and marked the end of 07 as the beginning of the recession. Everybody, even economists, says “Well, there are other factors.” Okay, if we used other factors to mark the beginning of the recession besides two straight quarters of negative GDP, what factors besides GDP have indicated we went out of the recession… Read more »

April 29, 2011 11:26 pm

It’s been far worse that I imagined it might be. I didn’t know Bama would so blatantly defy the law.

Brian Hibbert
May 1, 2011 7:29 am

Thanks for posting this Beagle.

I think I liked the first video better, but this one is more specific to our current situation.

I did notice that the end of this story had all the Press surrounding Keyes, but Hayek still had an equal number of people around him. Pretty much fits the story in real life, the press is dominated by Keyesian’s and ignores Hayek though there are plenty of us that think Hayek was correct (I actually lean more towards Friedman, but Hayek’s close enough).