Back in January, I posted a hilarious, timely and educational video which pitted two classical economists from the mid 20th century, John Maynard Keynes and F. A. Hayek, against each, rapping their polar-opposite worldviews.
Now they're back, and they're facing off with a rap battle on the state of economic growth, 2010.
In the first video, Keynes, advocate of government intervention to steer and fine-tune the economy, was shown partying until he dropped, suffering a massive hangover the next morning. Hayek, the uptight spendthrift, was chiding Keynes about his lack of restraint in spending, and urging that markets should be free to run their course -- good or bad.
On October 25th, before an audience of financial managers and CEOs, politicians, central bankers and Nobel Prize-winning economists at The Economist Magazine's Buttonwood Gathering, Keynes and Hayek performed another updated, live rap battle, focusing on the recent recession, and fiscal and monetary policies that have been put in place over the past two years.
Keynes and Hayek stepped onto the stage to give a preview of the next EconStories music video. In the final new video, which producers say will be completed in a few months, will include more lyrics and "an all new beat."
Keynes: "I had a real plan any fool could understand... They took my advice and boosted demand... We didn't allow free-market dogma to blind us. Now Two years have passed, and the worst is behind us...
Hayek: "Two years have passed and we're still in a ditch... and still digging. Don't you think it's a time for a switch... From the hair of the dog, the party is over..."
The video producers, Russ Roberts, economist at George Mason University, and producer John Papola, then took the stage with John Micklethwait, editor-in-chief of The Economist for a brief Q&A about the origins of "Fear the Boom and Bust" and the resurgence of Hayek in the global debate over the economy. (Hayek's book, The Road to Serfdom, is currently at the top of the Amazon bestselling list.)