Fight of the Century: Keynes vs. Hayek Round Two

Go to http://econstories.tv for EconStories content and materials.

Produced by Emergent Order. Visit us at http://emergentorder.com.

"Fight of the Century" is the new economics hip-hop music video by John Papola and Russ Roberts at http://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 http://www.billyandadam.com

Visit http://www.econstories.tv for the full lyrics.

• Category

  News & Politics

[belthoff444]

I want a round 3

[chicacherry82]

In addition to what azapota1 said (and not just any old men - the same old men from the cronyism-backroom-dealings scenes were the ones crowding around Keynes) it is obvious Keynes was only "declared the winner", not that he actually won.

In the boxing ring scene, he was down, the ref helped him up and then declared him the winner out of nowhere. You could say he got a bailout :P lol.

[Levan Eliashvili]

It seems that you are unaware of recent elections that rendered the so called dictator powerless. Watch more news mate.

What about insulting people, you are the one who called me an idiot for saying that the video is fake, you'd better shut the fuck up. :)

[Cyrus255]

You're funny for a Georgian. Maybe you're sore that America didn't save your country from getting beat down by Russia?

Way to bite the hand that feeds you. Saakashvili bows down to America and constantly tries to beg to join NATO/EU to become a puppet of the USA.

Perhaps, you should focus your efforts against the dictator in your country instead of insulting random people.

[Levan Eliashvili]

You are acting like one.

[Joeraine11]

That awkward moment when your insulting someone who's not American, better luck next time mate ^^

[Levan Eliashvili]

You missed the whole point, what else should I expect from another idiotic american. Go sodomize yourself with a dry baseball bat.

[xlr8442]

I think it would be an interesting way of urbanizing these kinds of things :P

[Joeraine11]

Your such an idiot if they thought they were trying to pretend this was real. Since when do economists rap instead of debating?

[ShadowofaDistantStar]

As your nickname suggests, Marx was similar to Malthus in his pessimism about capitalist economies. The theory was that all wages would converge to subsistence and excess value captured only by owners of capital. This particular strain of economic thought wasn't considered to be all that radical at the time and built on works of many established economists. He did diverge in his promotion of radical revolution rather than gradual reform but the failure of the latter does not discredit the former