In round two of their epic rap battle, Friedrich Hayek and John Maynard Keynes pick up where round one left off in this entertaining video produced by EconStories. The video features a lyrical boxing match between the often-cited Keynes and his deficit spending approach to economics, and the Austrian economist Hayek, known for his defense of free market economics. This video is a great learning tool to understand the negative economic impact of government spending. It points out the fundamental flaws in Keynesian economics, the school of economics promoted by pro-big government politicians like President Obama – whose own follies in economic “stimulus” should be lesson enough on the shortcomings of recovery through government spending. Indeed, the rap points out that despite the massive evidence against Keynesian economics, it is still used to justify Washington’s big spending spree. Plus, this video features some fresh hip-hop beats.
Check it out below. Do you think the political class has finally come around to realizing Keynesian economics doesn’t work?