“Fight of the Century” Keynes vs. Hayek

by Brian Costin Is it wrong that we get excited about economics rap videos? As we continue to deal with the fallout of the “Great Recession” the debate over the proper role of government in the economy is increasingly being debated in the mainstream media. Two historical figures who are increasingly relevant in this debate are...

by Brian Costin

Is it wrong that we get excited about economics rap videos?

As we continue to deal with the fallout of the “Great Recession” the debate over the proper role of government in the economy is increasingly being debated in the mainstream media.

Two historical figures who are increasingly relevant in this debate are F.A. Hayek and John Maynard Keynes, and the competing schools of economic thought, Austrian Schooland Keynesian School.

Should we embrace a bigger, more activist government with bailouts and stimulus programs? Or should we let the free-enterprise system work by restraining government spending and letting bankrupt businesses fail?

Hayek and Keynes fight it out in the new educational and entertaining rap video entitled “Fight of the Century: Keynes vs. Hayek Round Two“.

In the film there are some cameos by other economists and prominent thinkers. In Hayek’s corner are French classical liberal economist Jean-Baptiste Say, and Austrian economist Ludwig von Mises. Leading Keynes into the fight is British scholar Thomas Robert Malthus, famous for his theories on population growth, and British Economist John Hicks.

This is the second video from fellow Sam Adams Alliance Sammies Award-winner John Popola and economist Russ Roberts. The first video “Fear the Boom and Bust” has over 2 million hits on YouTube. The follow up is sure to be a viral hit as well.

Spoiler Alert:
In the video, Hayek knocks out Keynes, but Keynes is declared the winner anyway and then is applauded by the media and political class.  Then at the very end younger members of the audience step forward to congratulate Hayek.

The government’s response to the “Great Recession” has been decidedly Keynesian-like, but here’s hoping that in round three of this debate the free-market economics of Hayek, Say, and Mises wins and our economy prospers once again.

Full lyrics and story at Econstories.tv.