Friday, April 02, 2010

Hayek Vs. Keynes Rapping

Okay, proof I am a policy geek, as if any more documentation was required. I think the rap video is hilarious. It features guys pretending to be the economists John M. Keynes and F.A. Hayek. Keynes won the debate among politicians- R's and D's both subscribe to his theory that it is all about spending and it does not matter what the spending is. Hayek countered that this may work in the short run, but it will lead to an exaggerated boom-bust cycle. The video portrays Keynes as a wild party guy and Hayek as a responsible nerd, albiet one who can rap.

Keynes was telling the politicians exactly what they wanted to hear- that their grandiose plans to spend OPM were good for the economy. That's why they have already committed to spend, what, the projected lifetime earnings of the next three generations? Hey, if those unborn babies didn't like us spending their money, they should have voted us out, right?


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