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Keynes vs. Hayek Rap Video

Written by Gary North on November 5, 2012

You may have seen the Keynes vs. Hayek rap video. Over 3,000,000 people have.

Here is an example of a popular culture format — rap videos — being put to use for education. I would not have thought of this, but someone in the free market social order did.

The economic theories of each economist are presented accurately: government deficit spending as a stimulus vs. free market entrepreneurship as the way out of depression.

The number of hits indicates that this video struck a nerve. More people were introduced to this great debate, which sadly never took place, than all the academic papers written since 1936.

Hayek did not come out slugging against Keynes’ General Theory in 1936. He had spent a lot of time to refute Keynes’ previous book, A Treatise on Money. Then Keynes simply abandoned that book and substituted The General Theory. Hayek figured “why bother?” But the academic world was waiting for Hayek’s response. It never came in one book, although he was still writing in 1985. It was a career mistake that cost the world dearly. Keynes got a free ride.

We live in a world of Keynesian stimuli: massive government deficits. We will see Hayek’s warnings come true. As he warned in 1971, we really do have a Keynesian tiger by the tail.

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4 thoughts on “Keynes vs. Hayek Rap Video

  1. OregonMuse says:

    They put out a sequel to this that's even better, Keynes v. Hayek Round 2:

  2. I'll be sharing this with my friends who teach business and economics in high school. This was amusing, and quite good. Thanks for putting this one up.

  3. Blair Franconia, NH says:

    I believe F.A. Hayek and Adam Smith.

  4. 2WarAbnVet says:

    I actually prefer Häyhä to Hayek.