Keynes vs. Hayek: Late Economists' Rap Battle

[Bulldog22031]

Even though I disagree with one of them, it is really nice to see an eloquent debate between two opposing ideas. The political debate world these days is so inflammatory, it's refreshing to see two people acting like adults.

[Wiytithst]

Wow, does this show even pretend to be objective? Is anyone fooled?

The questions are so leading and pro-Keynes it's ridiculous, Hayek is pretty much ignored, and every critical reply is edited to hell. Ugh. Defund this mess.

[jme6141994]

Here it is a year and a half later and where are the jobs Skidelsky? Obama and Keynes-utter failures.

[jme6141994]

I'm suffering listening to Skidelsky.

[sharperguy]

Man they could totally parody Eminem's "Guilty Concience" where the government is about to inject a stimulus package, and Keynes and Hayek argue over whether he should do it. Equally for increasing regulation etc.

[NJpanther05]

the book was poorly written

[darwinsGate]

@adamimos It's you that doesn't know history. Keynes was widely discredited during the late 70's because his theories do not allow for similtaneous high inflation and high unemployment.

[Faerandur]

I'm partial for Keynesianism but I still like the rap videos a lot, even though their point was to punch holes in Keynes' theory (Hayek always gets the last word, and, in the second video, he has more lines than Keynes). As a non-economist they've really brought out my curiosity to learn more about these different schools of thought, which seem equally interesting and complex.

[Timasion]

@Faerandur One point to make, though. Most people haven't heard of F.A. Hayek. So, he needs more time to explain his theories.

[impudentdomain]

Sidelski is an wanker. The road to serfdom is paved with good intentions.

[cat1012000]

OMG this is so typical of PBS Keynes has been running our govt since 1930's...Once again PBS is twistedly wrong...Check out the writer of the Rap songs (Keynes vs Hayek) and his speech before the Mises Institute...

[SaviorOfLogic]

Did they even watch the rap that the 'comeback' is meant to be about?

And 'hero to conservatives ever since', yeah, cos we all know Bush was quoting spontaneous order as he ramped up spending...

[razerfish]

Typical Keynesian response. My policy didn't fail. You just need to spend more.

[adamimos]

Keynes is back? Whoever wrote this obviously doesn't know very much about history or economics. Keynes was never gone, he has been status quo for quite a long time now...

It's Hayek who is making a slight comeback.

[WormkeGrutman]

@adamimos Did you just forget Reagan and Thatcher's neoliberal eighties??

[tuberesponder]

@adamimos that's right, Keynes is like herpes, INFECTING economic thought with with irrationality (animal spirits) and gimmicks (confidence). Keynes never really goes away, but after financial fraudsters, corporate raiders, and politics sabotage the economic activity of millions of people through their hubris and avarice, the diseased and rotting corpse of Keynes is resurrected to blame the victims. Then they spread the disease of central planning to a new generation, and never count the cost.

[slicbro]

Not exactly, Keynes was kicked to the curb with the rise of Ronald Reagan. Remember, Keynes prescription should only be used if there is a state of emergency. Other then that, government should stay away from private market interference. And they did......up until Bush JR and the financial collapse.

[imsneaky]

@slicbro Sorry, but this isn't true. The real problem here is that his theories are correct. Government should spend and cut taxes in recessions but in a boom, they should cut back spending and raise taxes. In a way, what this is doing is acing like a pilot in an aircraft, keeping things steady as the plane tries to rise and dip. The problem? Politicians on both sides like to spend too much. Worse is the corruption.  See teachers unions and the Democrats in Wisconsin for a glimpse.

[iamsmeemo]

By executive order, the executive branch can forcibly gain control over the whole country--every road, every business, etc.--in whatever they deem to be an "emergency." The Keynesians in power are clearly liquidating the national debt by destroying the dollar. "Economic emergency," anyone?

[hamzyboy]

That has always been the flawed argument of the Keynesians, the stimulus wasn't big enough, if it doesn't take off print more and more and more . Well we will see the consequences of those policies sooner or later with the us national debt at records high ! By not letting banks go bust , governments will now go bust !

[AntiFed1791]

When the Keynesians have spent all of our money, then what? The government can't sell whores and whiskey to truckers in the desert. Why should we suppose they can manage an economy? We are going to default on all of this debt. It is impossible to pay and we shouldn't even try.

[maegov]

Well whenever China's going to decide that's it's time to shred the U.S. to pieces all you American Keynesians are probably going to pay the debt you own to them with your own work, freedom, and possibly bodies. Of course, here in Europe I could actually care less, we have other problems here... Arabic speaking problems, anyway, you had better be damned sure you're right before taking the jump.

[kidoncouncil]

I have to say, i was generally satisfied with this until it ended and I realized they weren't going to cover Hayek.

What's more repulsive is the description above.

In watching the music video, you realize the objective was to illustrate weakness in Keynes theory by Austrian refutation. To call the video "return of the grand master" due to "Keynes renewed relevance" isn't an overstatement, it's wrong.

As a Canadian, I hope this isn't the typical habits of PBS reporting.

[ThisSentenceIsFalse]

@kidoncouncil You're right (mostly). I lean towards Keynesianism, but this report didn't do justice to Hayek at all. I agree with Skidelsky that the previous stimulus was not big enough (if you go Keynes you have to go Keynes all the way). But Hayek's analysis that gov't planning leads to weak comprimises, that low interest rates and bubbles leads to busts (somehow Greenspan didn't get that memo) was spot on. And his predictions on deficit spending are being played out right now.

[figocooldude]

Well the music video wasn't fair either, Hayek got the last word. Think of Skidelsky as a response to the video 

[videoburns1]

Wait a minute..... is this a "great video" or "government sponsored propoganda PBS communist cheerleading"? Since it is a government sponsored PBS production it can't possibly be great..... can it? I would love to see FOX's version of this LOL

[factorniner]

What a stale British Keynesian fart. These idiots are what Americans tried to escape. The American is far more real. This is a great video, Fear the Boom Bust Hayek v. Keynes, despite this government sponsored propoganda PBS communist cheerleading.

[giddjalausen]

If you people actually are interested in economics I hope that you've considered the possibillity that both of these schools might can be theoretical equals when it comes to validity.

Please stop throwing around comments like "communist" and "idiots". It make you seem like people who are without enough knowledge about the two terms to try and define them.

[giddjalausen]

@giddjalausen

Oops! Almost forgot to make clear that I find "fear the boom and bust" to be awesome.

[Ilikenuman]

@giddjalausen youre a communist idiot

[DevoutSkeptic]

@Ilikenuman You're a complete moron.