Two of the 20th century's most famous economists have come back to life (well sort of) to create a rap video debating the causes of the boom and bust cycle.“Fear the boom and bust” is a YouTube clip from website Econstories.tv and it features
Two of the 20th century’s most famous economists have come back to life (well sort of) to create a rap video debating the causes of the boom and bust cycle.
“Fear the boom and bust” is a YouTube clip from website Econstories.tv and it features John Maynard Keynes (played by Billy Scafuri) and F. A. Hayek (Adam Lustick) arguing the merits of the Keynesian and Austrian schools of economic thought.
Lord Keynes, who we can thank (or curse) for deficit spending, stimulus packages and government-sponsored make-work projects, spends much of the video getting drunk (a metaphor for the credit-induced boom).
He raps, “I had a real plan any fool can understand; the advice, real simple—boost aggregate demand! C, I, G, all together gets to Y. Make sure the total’s growing, watch the economy fly.”
Hayek responds, “The place you should study isn’t the bust; it’s the boom that should make you feel leery, that’s the thrust. Of my theory, the capital structure is key. Malinvestments wreck the economy.”
Of course, he also has to assist JMK, who is having a bit of a rough morning.
Watch it here.
