Keynes vs F.A. Hayek Duke It Out In (Economic) Fight Of The Century


Keynes vs F.A. Hayek Duke It Out In The (Economic) Fight Of The Century

Keynes vs F.A. Hayek Duke It Out In The (Economic) Fight Of The Century

F.A. Hayek’s eye opening economic book The Road to Serfdom appears to have Keynes hackneyed spending theories on the ropes and down for the count as the Fight of The Century delivers one uppercut after another. But things aren’t always as they appear on the surface.

Casual viewers watching the talking heads on mainstream news networks might think that our country faces a choice between two kinds of economics, that of stimulus spending and trickle-down tax cuts on the other. However, the real debate among many economists doesn’t break down along those obscured political lines that television seems to relay.

With the US and world economic situations teetering, the Keynesian and Austrian economic models have surfaced to take up the debate once again. Keynesian followers believe that the Great Depression-era economist John Maynard Keynes in thinking of the economy as a machine of sorts in constant need of fuel while the Austrian devotees follow economists like F.A. Hayek, a Nobel laureate who viewed the economy as more decentralized.

It all can be pretty dry and complicated but anyone can be brought up to speed with a basic understanding of both models in minutes by simply watching a fresh and lively music video in which Keynes and Hayek take each other on in an epic economics rap video that is fit for viewers of all ages.

The Fight of the Century video is actually the sequel to the pair’s highly successful “Fear the Boom and Bust”, displaying Keynes and Hayek as they battle it out at while appearing on stage at a economics conference.

Created by by EconStories, a non-profit collaboration between John Papola, former creative director at SpikeTV and Russell Roberts, an economics professor at George Mason University. Both videos boast stellar production nuances as they deliver hard hitting shots to their opponent’s economic theories.

Underdog F.A. Hayek appears to come out on top as his theories are becoming more accepted in light of today’s economic tribulations but Keynes isn’t going down quietly. Expect to hear more from these two heavyweights as their messages are relayed via the magnificent talents of  the EconStories crew.

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Posted by on May 4 2011. Filed under Business, Entertainment, Featured News, Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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