"Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem

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Econstories.tv is a place to learn about the economic way of thinking through the eyes of creative director John Papola and creative economist Russ Roberts.

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.

Get the full lyrics, story and free download of the song in high quality MP3 and AAC files at:

http://econstories.tv

Plus, to see and hear more from the stars of Fear the Boom and Bust, Billy Scafuri and Adam Lustick, visit their site: http://www.billyandadam.com

Music was produced by Jack Bradley at Blackboard3 Music and Sound Design. It was composed and performed by Richard Royston Jacobs.
http://www.blackboard3.com

**Charging Bull© Arturo DiModica, 1998

• Category

  News & Politics

[enve71]

Watch this video 10+ more times and watch the movie Too Big Too Fail.

Its like theory + applied economics. With my notes/lectures/homework and this video helped me pass my Economics of Banking/Financial Markets/ with a GREATER understanding. Music is the really a connection to the sub conscious.

[enve71]

When Keynes said "in the long-run we are all dead", he is referencing that the LR is made up of SR & if the economy doesnt bounce back in the SR, the LR will be affected.

My personal perspective without any economic school biases is that Keynes doesn't want to the SR to deviate to an extreme level because that will affect the LR if the deviations are too wide. BUT SR will always have deviation level regardless because the SR is tied to more behavioral/emotional economics.

[wtong89]

Keynes & Hayek both have valid arguments, it just a matter of perspective on where your economic views stand

Hayek provided an economic analysis, not a policy recommendation

Keynes provided a policy recommendation to a specific economic event.

In other words, Hayek looks at long-run (LR) while Keynes looks at short-run (SR)

When Keynes said "in the long-run we are all dead", he is referencing that the LR is made up of SR & if the economy doesnt bounce back in the SR, the LR will be affected.

[tiki2188]

Maybe Im wrong here, but isnt there monetary and fiscal policy? Or to put it another way, central bank and government policy. Sure, it can make sense to have them work together, and that may be needed at times, but I hate that Austrians have a strong case for their banking theory but advocate no welfare, almost no government, gold standard etc I dont see why we can't have no Fed (or a very limited one) but still welfare and etc

[MrDtech34]

This is how I study for university

[E D Daly]

I was just going to write the same thing. It's addictive!

[ghostriderhellkid]

I've probably counted as a viewer for this video 15 times.