close
MENU
Hot Topic NBR Focus: GMO
Hot Topic NBR Focus: GMO
1 mins to read

Keynes v Hayek in boom and bust rap battle

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

NBR staff
Fri, 29 Jan 2010

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.

NBR staff
Fri, 29 Jan 2010
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Keynes v Hayek in boom and bust rap battle
2017
false