Okay, so there's this long-standing philosophical conflict in the world of economics between John Maynard Keynes (author of The General Theory of Employment, Interest, and Money), the most famous economist of the twentieth century and possibly of all time, and F.A. Hayek (author of The Road to Serfdom and The Fatal Conceit), a relatively obscure, but highly influential figure who is mostly only well-known among economists. Well, Spike TV executive John Papola and George Mason University economics professor Russ Roberts teamed up to produce a rap video titled Fear the Boom and Bust that gives a surprisingly comprehensive account of the two contrasting views of the economy. The video, in which Hayek clearly wins the debate (this should be unsurprising, as Roberts is a proponent of the Austrian school of economic thought, which stems from Hayek's writing) shows Keynes engaged in a wild night of partying and drinking and Hayek serving up some harsh reality during the inevitable hangover the next morning. The video includes several nice small touches, including Hayek showing up with a metro pass while Keynes hires a limo, and the bartenders' name tags showing as Ben (and in Bernake) and Tim (as in Geithner). There is also a pretty good clip where John Papola discusses how the video was made at a meeting of the Mises Institute.
|John Maynard Keynes|
"Prepare to get schooled in my Austrian perspective." - F.A. Hayek
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