The Hayek vs. Keynes rap anthem - Fear the Boom and Bust

Hat-tip: EconStories

Comments

[Josh]

Hayek wins every time...

''Prepare to get schooled in my Austrian perspective.''

[Mossey]

Keynes Massive in da Hiz-ouse. Man knows how to stimulate...

[Alex Deane]

That is absolutely superb.

And Hayek dominated.

[Simon Richards]

Wonderful, though I'm still rather glad that, on the one occasion I was fortunate enough to attend a lecture by the great F. A. Hayek, he didn't choose to deliver it to a rap beat.

[Millian]

Of course Hayek dominated, it's a video released by one of a handful of schools that believes in Austrian economics. Think of it as libertarian propaganda.

[Josh]

Of course Milian, Paul Krugman wouldn't release a video that shows Milton Friedman wiping the floor with Paul Samuelson (as he often did).

Austrian economics is marginalised because it does not follow the current trend of mathematical economics. It rightly states that equations and models cannot replicate human behaviour. Both monetarist and Keynesian schools rely excessively on computer models to make their decisions. The Austrians don't.

One of the most successful investors in the world, Jim Rogers, is an advocate of the Austrian School. I'll take his advice over an ivory tower academic like Krugman or DeLong anyday of the week (they don't work in the bearpit of the marketplace, so they don't know what it is like). Peter Schiff, the man who destroyed Art Laffer, is an Austrian. Friedrich Hayek was the 2nd most cited economist of the 20th century according to an academic study. Von Mises integrated macro and micro theory.

The Road to Serfdom remains the definitive anti-statist text of the 20th century, and Von Mises' Human Action is a very fine study on economics, even if it drags in places.

Austrian Economics may be marginalised as a theory, but don't assume that means it is wrong. The Keynesians didn't predict this crisis (they predicted certain things like the housing boom, but not the onset of a new depression). The monetarists were destroyed in the 1980's because they couldn't control the money supply no matter how they hard. The Austrians predicted this, and have done for years.

[Shukri Atari]

Nice video.. enjoy.

[J.]

Title: Selling Freedom

[J.]

http://www.youtube.com/watch?v=Et0YY0lw96o

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