Keynes vs. Hayek: Late Economists' Rap Battle

PBS NewsHour 12/16/2009 length 9:11 VCB
We talk with Keynes biographer Robert Skidelsky (Return of the Master) and George Mason University economist Russell Roberts who is producing a rap video about Keynes (you might call it Return of the Grand Master) about Keynes renewed relevance.
This piece includes the rap music video as well as a debate about Keynes' cure for today's great recession.

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People & Blogs

[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.

[razerfish]

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

[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.

[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.

[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.

[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.

[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.