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

[terrycloth.livejournal.com]

Well, yeah. Neither of them is talking about a command economy or anything like that. Keynes as I learned about it in college wasn't even really about the government, it was just that Keynesian economics (which tried to explain markets in general) left a way for the government to intervene -- if you do X, then people will be encouraged to do Y.

Maybe he later went on to say that the government *should* in fact do X?

[rowyn]

I am sure his theories have been badly abused since his death. :/

[elusivetiger.livejournal.com]

I heartily recommend The Mises Institute at http://mises.org/ for a metric ton of relevant literature on the Austrian school, most free, both modern and historical.

Keynes himself was a big admirer of Hayek's, but Keynes gives government an excuse to meddle and tinker, consolidating power and an excuse for authority, while the Austrians don't.