"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

[Patrick Roux]

Yeh my boy Hayek. =D

[324wilson]

5:58: "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design." This is a surprisingly humble and Socratic maxim.

I don't care whether you are a Keynesian or Hayekian, but please read Hayek's "The Fatal Conceit." I read it, and it completely changed the way I look at economics and politics; everything started to make sense for me. Go to your library and better yet, buy it... but, READ IT NOW!

[xristos p]

China's politicoeconomic system is far form any kind of socialism. Studying some information on how the economy, the wages, living of the people etc you will find out that it is one of the biggest examples of how modern-capitalism treats to the labour and how the reach-poor contrasts are widening.

[faithick]

The countries I ment were the likes of Switzeland or Austria, after visiting these I believe their society has evolved enough to be able to function both economically and socialy in the world of capitalism. Combinations between the systems are possible, just take a look at China

[faithick]

And what would be the substitute for capitalism in the new democracy expanded society? There are few alternatives seen in history (f.e. Platon´s Republica) but I do not see these to by applicable in the 21st century. I personally view perfect capitalism as a free market and every intervention of the governing entity pushes it furhter away from the effective state..socialism is just one of the forms widening interventions can lead to.

[xristos p]

As for the last one about Africa i tottaly agree. But you know this wouldnt happen if all the slavery interests exist and imperialistic nations carry on to expand themselves. Once again sorry for my ,most probably, bad english.

[xristos p]

name some of these countries so i can look up to them. But you cannot say that the combination between the two systems exists somewhere if there is only common elements (i.e. money, welfare state, or even...people). Morality does no longer exist in the current system even the fact that it is a better one than feudalism. the system transformations are just evolution and expansion of democracy.Thatw why we should carry on to widen democracy and destroy capitalism before it destroys most of us.