An entertaining rap video about two views of economics john maynard keynes, who originated a theory promoting deficit spending and f. Keyneshayek rap video wfinnish subtitles cafe hayek. A few years after this controversy, keynes published the general theory 1936, and hayek was expected to criticize keynes new model. Hayeks persona costarred with his old sparring partner john maynard keynes in a rap video fear the boom and bust that has been viewed. If you enjoyed this video, you should watch this one next. British journalist nicholas wapshotts new book, keynes hayek. What is the difference between hayeks beliefs and keynes. Hayek sequel video reducing the two hyperintellectuals to prize fighters. In masters of money, produced in partnership with the open university, bbc economics editor stephanie flanders examines how three extraordinary thinkers, keynes, hayek and marx, helped shape the 20th century and continue to exert a huge influence on our world today. More resources including lyrics and a free download of the song are here.
Making the rounds on youtube is fear the boom and bust, a sevenminute rap videofeaturing actors playing two of the most prominent economists of the. Lse library the clash between keynes and hayek defined modern economics nicholas wapshott discusses the groundbreaking ideas presented by freidrich hayek in response to john maynard keyness positions on government intervention and the free market. Hayek for short, identified three areas of contention. Round 2 of the great economics smackdown is now available on video. The essential hayek deep ones like the great depression, can easily be cured by greater government spending. To prompt readers of nicholas wapshotts previous books. A taste of russ robertss forthcoming hiphop video, which features a rap battle between john maynard keynes and friedrich hayek, courtesy of pbs newshour. Health care nightmare the young cons fight of the century. Hayek, both living and teaching in britain in the 1930s, was one of the great debates of the century. Keynes was more realistic, his approaches mandated some government control to help the economy when it is doing poorly, and to get it started. I defy anybodykeynesian, hayekian, or uncommittedto read wapshotts work and not learn something new. Keyneshayek rap video with chinese subtitles cafe hayek. Before the conference begins, and at the insistence of lord keynes, they go out for a night on the town and sing about why theres a boom and bust cycle in modern economies and good. John cassidy, the new yorker as the stock market crash of 1929 plunged the world into turmoil, two men emerged with competing claims on how to restore balance to economies gone awry.
Hassan shirvani conservatives tend to idolize the austrian economist friedrich hayek 18991992 in the same way that liberals like to lionize the british economist john maynard keynes 18831946. Hayek, two of the great economists of the 20th century, come back to life to attend an economics conference on the economic crisis. A battle of ideas offers a clear historical account of the works of the two great totems of modern economic thought. The video has more than six million views on youtube. Keynes was probably the twentieth centurys best known economist, and an advocate of government control of the economy, through a. The economics of friedrich hayek cameron school of. Hayek rap video, and then came the even more vulgar and tasteless keynes v. The biggest difference between keynes and hayek was that keynes seemed to treat money as the most important fundamental of the economy, as if it was the goal of economics to get more money, as if money itself was wealth. Keynes v hayek rap battle worksheet teaching resources. Hayek who more than 50 years later would win the nobel prize in economics. Thus, keynes no doubt had some criticisms of hayeks vision of free market economics. The accuracy of the representations signaled in its portrayal of hayek as bald and keynes with a full head of hair when in real life it was the other way around.
Indeed, during the great depression of the 1930s, the debate between the supporters of hayek and keynes dominated much of the academic economic scene. The clash that defined modern economics is about a heated debate, eight. To mark publication of nicholas wapshotts book keynes hayek. Video that poses question of how john maynard keynes and friedrich hayek would weigh in on the current economy in a rap battle. To encourage those who are interested in taking part in the debate concerning mises free market economics versus keynesian stimulus intervention to better understand the economic theories behind the debate. John maynard keynes, wrote the book on modern macro. During world war two, john maynard keynes and friedrich hayek spent all night together, alone, on the roof of the chapel of kings college, cambridge. Regulation is only needed to insure a competitive and fair marketplace, and should not be for the purpose of price controls, or manipulating market factors. Theres a boom and bust cycle and good reason to fear it. But the keynesian and hayekian schools of thought are generally polar opposites of one another. En fear the boom and bust, john maynard keynes y f. A worksheet devised around the infamous kaynes v hayek rap battle video. Hayek perform a gangsta rap about their competing economic theories.
Friedrich hayek, on the 50th anniversary of his first lecture at lse, 1981. The fit between hayeks theory and recent events is why we see the revival of interest in hayek o its why theres a hayekkeynes rap video fear the boom and bust with 3 million views. Just a little reminder that theres more agreement about the value of hayeks book, the road to serfdom, than is often appreciated. But, surprisingly, hayek decided to remain silent and let his opponent go. Hayek is seen as one of the main opponents of keynes because of the debate about macroeconomics that they had in the early thirties. He was a medical doctor employed by the municipal ministry of health with a passion for botany, about which he wrote a number of monographs. Introduction to keynes hayek i t was, perhaps, the most unusual episode in the long running duel between the two giants of twentieth century economic thought.
Sadly, the charming globetrotter keynes had the podium and the audience, to the point of influencing policy the world over even to the present day. The road to serfdom was written by hayek in 1944 and is among the most influential and popular expositions of libertarianism. His father, from whom he received his middle name, was born in 1871 also in vienna. Hayek rap battle hayek, because i firmly believe, and have observed, that government intervention in the economy screws up more than it resolves. Also, keynes realized that the individual worker was the backbone of the economy, so if you dont keep employment up, the bottom falls out.
Keynes rap anthem created by john papola and russ roberts. Weve been going back and forth for a century i want to steer markets, i want them set free. Stephanie begins by looking at john maynard keynes. In the impressively produced rap video fight of the century by the economist russ roberts and the producer and director john papola, friedrich hayek and john maynard keynes square off to argue over such questions as whether the government should spent less or more, the source of prosperity, and whether war or. John maynard keynes, the mercurial cambridge economist, believed that government had a duty. In february 1945 a picturebook version was published in look magazine and later made into a pamphlet and distributed by general motors. You can get the full lyrics, story and free download of the song in. His great good fortune was to outlive keynes for almost 50 years, and thus to claim a posthumous victory over a rival who had. An economics debate was john maynard keynes correct, can government fix the mass unemployment generated by a financial slump. Hayek, two of the great economists of the 20th century go out for a night on the town and sing about why theres a boom and bust cycle in modern economies and good reason to fear it. Among professional economists, hayeks theory went quickly from being celebrated to being scorned.
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