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Hayek vs. Keynes Sequel Sneak Peek at The Economist Buttonwood Gathering

On October 25th, an audience of financial managers and CEOs, politicians, central bankers and nobel prize winning economists at The Economist Magazine’s Buttonwood Gathering were treated to an unusual experience: a live rap battle between John Maynard Keynes and FA Hayek. Following a presentation by Nassim Taleb, the lights went down in the auditorium and Fear the Boom and Bust blasted onto the screen. This video picks up at the end of that special presentation, where Keynes and Hayek stepped onto the stage to give a preview of the next EconStories music video. In the final new video, which will be completed in the months ahead, expect many more lyrics and an all new beat. Lastly, Russ Roberts and John Papola took the stage with John Micklethwait, editor-in-chief of The Economist for a brief Q&A about the origins of FTBB and the resurgence of Hayek in the global debate over the economy. The complete set of presentations are available at buttonwood.economist.com
Video Rating: 4 / 5

Comments

  1. arminord says:

    Just what Ron Paul Says! Ron Paul 2012

  2. speedytwo3 says:

    testman you miss the point completely. Heyaks philosophy is that there the few should not “run” the economy like you suggest. It is too hard for one mind or even a set of minds to determine what is necessary to fulfill the demand of everyone. “Just spending” and “pumping” money into the economy is just like me coming over to your house and writing checks out of your family checkbook. Do i know better how to invest your money? No I don’t, because I don’t know whats important to you!

  3. Ermal8711 says:

    Having The Economist hosting a debate between Keynes and Hayek is like having George Bush host a debate between Neo-Cons and Multilateralists.

  4. testman2 says:

    @popemister THANK YOU!
    I get that the creators have a big bias for Hayek, and that’s fine.
    But to pretend that the global economy can be run like a family checkbook is slightly demented.
    Keynas wasn’t trying to help YOUR pocketbook, his philosophy is based on making sure an entire economy runs. That means you AND your neighbor.

  5. FWYGINOND says:

    That’s my Austrian persepective!

  6. VallornDeathblade says:

    Economic Theory in rap form. so powerful it can make Mervin Kings head bob…

    fantastic :D
    i have been a Hayekian by instinct all my life but i didnt know who originally had these ideas about freed markets and the boom and bust cycle’s.

    thank you now im gonna go read some of Hayeks books :)

  7. edwinorc says:

    lol definetly

  8. evangrogers says:

    @EconStories Hey, the vid rocks – It’s better than the original in EVERY way. It’s smoother, better produced, catchier, much easier on the eyes and brain, and easier to follow.

    I’m sorry that I’ll always think the firs one was the best, though – it was just such a shock to encounter Hayek in a rap with Keynes that it will always have a special place in my heart.

  9. evangrogers says:

    @Randomnameezz That sitcom would be really boring to watch.

  10. evangrogers says:

    I bet that the Hayek book that Reagan took notes in was given to him by Ron Paul

  11. Surfwtw says:

    We have a new website up. It is a business dictionary with all sorts of other cool financial tools. subjectmoney com

  12. theleemeister says:

    The Ames, Iowa Straw poll is scheduled to take place on August 13, 2011. Because of this, it is imperative to catapult Ron Paul to victory in the straw poll. On July 19, 2011, we will hold an online money bomb in support of Ron Paul for President 2012, with the goal to win the Ames, Iowa straw poll.

    Please invite all your friends and help Ron Paul end our costly military involvements overseas, shrink the size of our government and restore the republic

    JULY 19, 2011 – Ames Straw Poll Moneybomb!

  13. fauxmocracy says:

    Hayek FTW Every Time

  14. Randomnameezz says:

    Please PLEASE…do this sitcom!!!

  15. WestMI6970 says:

    These videos are fantastic. No more important topic to present and what a great way to do it!

  16. bsgipson says:

    @sakidd1 Really? Whos ass did he save exactly? cuz 9.2% of the population still have asses that need saving.

  17. nhwapshott says:

    My Keynes Hayek: The Clash That Defined Modern Economics is published in October by W.W.Norton. See website: sites.google.com/site/wapshottkeyneshayek/
    Nicholas Wapshott

  18. sakidd1 says:

    nice video but Keynes pretty much saved our asses… again.

  19. LBFallon says:

    the wheel of economy has to keep spinning, which means money need to be always flowing from hand to hand, BUT ONLY to produce a good or service capable of satisfying a human need / human want. It`s absurd to think that you can produce anything just to keep the wheel spinning. It`s just waste of labour and resources.

  20. Hostile says:

    “Don’t call it a comeback, I’ve been here for years!”
    I love how apparently NO-ONE at The Economist gets that LL Cool J reference. Brilliant!

  21. michealfowler says:

    This song go hard check out Crack City DVD channel

  22. ReverendsChannel says:

    @Mackinews Agreed! A Ron Paul cameo in one of their videos would be epic!

  23. Esoparagon says:

    Keynesian just make the numbers look good on paper when they are wasting resources and wrecking the economy. It’s not numbers, it’s true wealth creation. It’s not mathematics, it’s people! Mal-investments look good in the short term because you think you’re creating wealth when you’re not. It’s not producing stuff, it’s producing stuff of value. You can’t create wealth without producing but you CAN produce without creating wealth.

  24. Motive11331 says:

    @popemister I say spending and providing incentives to invest/hire are the ways to get us out of our situation, followed by sensible investments and saving to prevent another large slump.

  25. popemister says:

    @RobbieGordon93 Ever heard of the paradox of thrift? The fact that saving is a leakage from the circular flow of income? Saving is advantageous to the individual but detrimental to the general population!

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