Fear the Boom and Bust

If you want to understand two different ideologies within economics watch this rap video about Hayek vs. Keynes. It is accurate and the rap is pretty funny.  And if you already understand the differing economic ideologies and haven’t seen this video yet, you’ll love it!

 

From the video: In Fear the Boom and Bust, John Maynard Keynes and F. A. Hayek, two of the great economists of the 20th century, come back to life to attend an economics conference on the economic crisis. Before the conference begins, and at the insistence of Lord Keynes, they go out for a night on the town and sing about why there’s a “boom and bust” cycle in modern economies and good reason to fear it.

 

 

 

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3 thoughts on “Fear the Boom and Bust

  1. Looks like I have found something that I can show my econ class (if I ever have to teach economics, that is). I know little about both of these economists, but this video helped me understand a little more about the differences between the two. Keynes seems to want more government involvement in the economy in order to control boom/bust cycles. Hayek, on the other hand, is ideologically opposite. He wants markets to be “set free,” claiming that increasing credit and government stimulus money both have a negative impact on the economy.

    • Yes, there are follow-ups to this video, too (i.e. Part 2). It is a fun way to teach, because students often like rap or poetry!

  2. Pingback: F.A. Hayek: In Memoriam, Part 1 | Economics & Institutions

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