A rap battle between two prominent economists of the Great Depression era, John Maynard Keynes and Friedrich August Hayek. Hayek unlike Keynes did not believe it was possible to spend your way out of an economic crash. Keynes on the other hand recommends spending. The economy boom and bust cycle is in these videos described as a drunk drinking and their hangover following the night before. Hayek promotes private investment rather than government spending to promote sustainable growth. Where quantitative easing failed as new government money has kept bad banks going bust, therefore, disappearing on the balance sheets of irresponsible bankers.
Fear the Boom and Bust
Source: (Papola & Roberts, 2010).
Fight of the Century
Source: (Papola & Roberts, 2011).
Featured image supplied from Unsplash.
EconStories YouTube channel. Retrieved [04/02/2016] from <http://econstories.tv/fear-the-boom-and-bust/>.
Produced by Emergent Order. Retrieved [04/02/2016] from <http://emergentorder.com>.
Econstories.tv is a place to learn about the economic way of thinking through the eyes of creative director John Papola and creative economist Russ Roberts, also find the full lyrics here. Retrived [04/02/2016] from <http://EconStories.tv>.
Get the full lyrics, story and free download of the song in high quality MP3 and AAC files. Retrieved [04/02/2016] <http://econstories.tv>.
Stars of Fear the Boom and Bust, Billy Scafuri and Adam Lustick. Retirved [04/02/2016] from <http://www.billyandadam.com>.
Music produced by Jack Bradley at Blackboard3 Music and Sound Design. Composed and performed by Richard Royston Jacobs. Retrieved [04/02/2016] from <http://www.blackboard3.com>.