Keynes vs Hayek FIGHT!

[rowyn]

This is an awesome video: Keynes and Hayek (two of the greatest minds in economics from the 20th century) in a rap performance about their competing economic models. No, really, it's better than it sounds. OK, so I'm an economics nerd but STILL. It's also surprisingly informative, serving as a good introduction to both philosophies, and pretty well-balanced. Give it a listen. :)

Watch on YouTube

(h/t level_head, who pointed it out in this post).

Comments

[level-head.livejournal.com]

One of the points of the video seemed to be to illustrate that, although "Hayek" clearly knocked "Keynes" down (and almost out), Keynes was declared the winner anyway. The referee, then the adoring reporters, crowded around Keynes much to his own surprise, and Hayek was pushed out. (Notice Keynes' surprised and almost apologetic look at Keynes as the reporters are crowding around.)

I'm with you; Hayek's approach is much better, and actually works in practice.

There is a lot of philosophical overlap between libertarianism (leaving people free to make their own decisions) and Hayek's free market (leaving people free to make their own purchase choices).

Keynes was fairly volatile in his ideas, changing what he thought was a good way for government central planning to work from moment to moment. He died in 1946, freezing his last ideas as "the Keynes system" -- and was later discredited during the 1970s as various governments (including the US) tried to implement Keynesian centrally planned economies. They did not work; Nixon, then Carter, proved this with wage and price controls and hiring freezes and so on.

But governments like controlling things, whether central planning works or not; it wasn't long before we forgot the 1970s, Keynes' was restored as the governments' hero, and, well, here we are again.

===|==============/ Level Head

[rowyn]

Poor Hayak has not gotten nearly the exposure.

I didn't read the video as being that biased towards Hayak, but your interpetation makes sense and matches Terry's, so I am clearly being cleueless. :)