# Think Tank > Austrian Economics / Economic Theory >  Hayek breaking it down on Keynes old skool stylez yo!

## erowe1

YouTube - "Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem

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## Original_Intent

Awesome! I had to link that to another forum I frequent.

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## malkusm

Hilarious! (I like how it's pretty implicit in the video that Hayek destroys Keynes.)

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## brandon

Hah I can't believe someone beat me to this. I just heard the "world premier" of this song on NPR on my drive home from work. I was just gonna post it here.

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## LibertyMage

That was badass.

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## CGeoffrion

If I watched this 2 years ago I would haven't the slightest clue what it was about or find it entertaining at all.

 I have watched it 4 times already today....

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## The Patriot

Love the video, favorited it.

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## someperson

Hayek wins. Great video

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## Epic

" the more he found himself drawn to the ideas of Friedrich von Hayek, the *intellectual founder* of what is known today as the Austrian School of Economics."

NPR = dumb  (answer is Carl Menger or the School of Salamanca)

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## malkusm

> " the more he found himself drawn to the ideas of Friedrich von Hayek, the *intellectual founder* of what is known today as the Austrian School of Economics."
> 
> NPR = dumb  (answer is Carl Menger or the School of Salamanca)


Wait, you mean a guy on NPR actually said he was drawn to the ideas of the Austrian School?! Factually correct or not, I'm amazed!

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## CasualApathy

That video is pure win.

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## CasualApathy

Is it being suppressed? It will not let me share it on facebook for some reason. This has happened to me before with videos that were pro-liberty and especially powerful...

I don't think it is unreasonable to think that it might be the case...

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## malkusm

> Is it being suppressed? It will not let me share it on facebook for some reason. This has happened to me before with videos that were pro-liberty and especially powerful...
> 
> I don't think it is unreasonable to think that it might be the case...


I had the same problem, but it's happened with plenty of other Youtube videos I've tried to post. Looks like the video was posted very recently, and the tags or whatever haven't been updated by Facebook....give it a day, and it will post with the thumbnail and info.

(I posted it anyway, and just explained what the video was as a comment)

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## malkusm

By the way, here's to having ~1,880 posts

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## axiomata

I've been waiting for this video for a while.

Russ Roberts, one of the writers, blogs at http://cafehayek.com/

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## BuddyRey

I didn't understand much of it, but the premise is great!

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## axiomata

> I didn't understand much of it, but the premise is great!


The lyrics and more info are here.




> We’ve been going back and forth for a century
> [Keynes] I want to steer markets,
> [Hayek] I want them set free
> There’s a boom and bust cycle and good reason to fear it
> [Hayek] Blame low interest rates.
> [Keynes] No… it’s the animal spirits
> 
> [Keynes Sings:]
> 
> ...

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## BuddyRey

Whoa!  This thing is really going viral!  It's already top favorited on YouTube for News & Politics vids.

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## hugolp

Go Hayek! Go Hayek! Go Hayek!

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## ronpaulhawaii

> We’ve been goin’ back n forth for a century
> [Keynes] I want to steer markets,
> [Hayek] I want them set free

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## BuddyRey

It's in the top 5 of Highest Rated and Most Favorited in its category now!

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## Matt Collins

YouTube - "Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem


http://politics.nashvillepost.com/20...-versus-hayek/





.

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## BuddyRey

It's going viral faster than I ever would have believed possible, considering the inaccessibility of the subject matter.

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## purplechoe



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## BenIsForRon

I wouldn't say hilarious, but it is a great video.  I would send it to my friends if I thought they could understand the subject matter.

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## youngbuck

The was pretty dope, w00t.  Makes me want to read another of Hayek's books.

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## axiomata

Took my 3rd view at 2:45AM to catch the bartenders' names.

Got a game for y'all.  Post all the inside jokes that you find.

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## Austrian Econ Disciple

lol, that was pretty good. Too bad they used Hayek instead of Mises though, since it was Mises who came up with the Austrian Business Cycle in 1912.

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## Bruno

Awesome!  shared on fb.  




> If I watched this 2 years ago I would haven't the slightest clue what it was about or find it entertaining at all.
> 
> ..


me too!

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## Stary Hickory

> By the way, here's to having ~1,880 posts


You live near my hometown

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## No1ButPaul08

> lol, that was pretty good. Too bad they used Hayek instead of Mises though, since it was Mises who came up with the Austrian Business Cycle in 1912.


Why is it that Hayek is loved by mainstream conservatives yet they've never even heard of Mises? Of course this is a generalization but I think it's quite accurate.

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## constituent

> Why is it that Hayek is loved by mainstream conservatives yet they've never even heard of Mises? Of course this is a generalization but I think it's quite accurate.


because "Mises" sounds funny.

plus, they're not really sure if it is Me-SEES, Misus, or Me-sez.

hayek is easy enough.

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## haaaylee

Keynes is pretty  hot in this video though ... .

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## Stary Hickory

> Why is it that Hayek is loved by mainstream conservatives yet they've never even heard of Mises? Of course this is a generalization but I think it's quite accurate.


Because Hayek managed to rub elbows with British elite intelligentsia while living there.

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## Matt Collins

This video reminds me of the CFL regional conferences.


And why is it that drunk girls always feel the need to take off my glasses and wear them?

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## hugolp

> Keynes is pretty  hot in this video though ... .


If you were a man then you might have had a chance with Keynes. If you are a woman only Hayek would have looked at you (in a sexual way obviously).

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## Austrian Econ Disciple

> Why is it that Hayek is loved by mainstream conservatives yet they've never even heard of Mises? Of course this is a generalization but I think it's quite accurate.


Because Hayek wasn't as Austrian as Mises. Hayek deviated a bit from the stringent no-compromise stance of Mises and Rothbard. Also, if you read Constitution of Liberty you will see what I mean. He advocated for much more intervention than any other Austrian. Most Austrians until Rothbard were pure Classical Liberals who said Governments only duty was the protection of life and property. They advocated zero intrusion into the Economy, whereas Hayek pressed for more intervention. He isn't as "radical". 

That's my take. Just like most other "conservatives" have never heard of Bastiat. Conservatives by nature reject radicalism, this is why Conservatives receive my scorn. They would rather continue tradition no matter if it is wrong or right. They place some higher sanctity to their ancestors, and don't even look at what their theories brought about or consisted of. This is why I do not like Burke and I love Locke and Voltaire.

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## jmdrake

> Why is it that Hayek is loved by mainstream conservatives yet they've never even heard of Mises? Of course this is a generalization but I think it's quite accurate.


Well I'd never heard of Hayek before this video.    And before I heard of Austrian economics through Ron Paul, I thought Milton Friedman was the only "response" to Keynes.  Chalk it up as another failure of the modern education system.  You hear about Keynes and "other economists nobody takes seriously anymore".

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## rancher89

BTW, that's Mike Munger (LP candidate for NC Gov in'08)  playing the limo driver...


WOOT for Munger!  Too bad they cut his line.

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## MurrayMe

haha awesome video!

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## Matt Collins

> Well I'd never heard of Hayek before this video.    And before I heard of Austrian economics through Ron Paul, I thought Milton Friedman was the only "response" to Keynes.  Chalk it up as another failure of the modern education system.  You hear about Keynes and "other economists nobody takes seriously anymore".


Wow dude!

I didn't know that. 
Hayek, Mises, Rothbard, and Hazlitt should be on your reading list.
http://en.wikipedia.org/wiki/Austrian_School

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## mtj458

Hayek is more popular in the mainstream, probably a lot do with him winning the nobel prize. Mises has more of a cult following though. But they've both made a lot of great contributions to economics.

Good to see this video spreading around. It's been linked to on just about every blog I read, including some mainstream ones.

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## axiomata

> Well I'd never heard of Hayek before this video.    And before I heard of Austrian economics through Ron Paul, I thought Milton Friedman was the only "response" to Keynes.  Chalk it up as another failure of the modern education system.  You hear about Keynes and "other economists nobody takes seriously anymore".


I have a hard time believing you've made it through 5000+ posts here and haven't heard of F.A. Hayek.

Maybe it is not just a failure of your public school but also a failure of the forum.

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## fahayek

> I have a hard time believing you've made it through 5000+ posts here and haven't heard of F.A. Hayek.
> 
> Maybe it is not just a failure of your public school but also a failure of the forum.


It's amazing it takes a youtube video to influence people when book lists have been posted on these forums hundreds of times.

I am more than willing to share my library with people and I am also willng to pay the shipping.  Austrian theory has been around for a century but has been supressed by anti free market ideology.  It's imperative for people who are aware and willing to learn, to read the ideas so they are prepared to spread the knowledge.  This is an idea movement that needs educated soldiers.

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## jmdrake

> I have a hard time believing you've made it through 5000+ posts here and haven't heard of F.A. Hayek.
> 
> Maybe it is not just a failure of your public school but also a failure of the forum.


Mises and Rothbard get tossed around here the most.  If you understand what they are talking about (and I do) does Hayek add that much?  (And for the record I've never attended public school unless you count university).

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## jmdrake

> It's amazing it takes a youtube video to influence people when book lists have been posted on these forums hundreds of times.
> 
> I am more than willing to share my library with people and I am also willng to pay the shipping.  Austrian theory has been around for a century but has been supressed by anti free market ideology.  It's imperative for people who are aware and willing to learn, to read the ideas so they are prepared to spread the knowledge.  This is an idea movement that needs educated soldiers.


If you sent them I wouldn't have time to read them.  The youtube video didn't "influence" me so much as it gave another name.

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## Austrian Econ Disciple

> Mises and Rothbard get tossed around here the most.  If you understand what they are talking about (and I do) does Hayek add that much?  (And for the record I've never attended public school unless you count university).


Hayek did some good work on international trade and production and prices. His Production and Prices book is very good. Other than that, Mises and Rothbard is all you need

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## axiomata

> Hayek did some good work on international trade and production and prices. His Production and Prices book is very good. Other than that, Mises and Rothbard is all you need


Mises and Rothbard are great, but encouraging people not to read anything outside their canon makes you sound like an intellectual growth stunted cultist. 

Heck, read Rothbard's praise of Hayek's work here:

http://mises.org/daily/4082

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## Austrian Econ Disciple

> Mises and Rothbard get tossed around here the most.  If you understand what they are talking about (and I do) does Hayek add that much?  (And for the record I've never attended public school unless you count university).


Hayek is very good in Prices and Production (Expands ABCT), and he is quite good on International Trade. Other than that, you can find everything from Mises and Rothbard.

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## Austrian Econ Disciple

> Mises and Rothbard are great, but encouraging people not to read anything outside their canon makes you sound like an intellectual growth stunted cultist. 
> 
> Heck, read Rothbard's praise of Hayek's work here:
> 
> http://mises.org/daily/4082


Non-sense. If one is only interested in Austrian Economics outside of these contributions of Hayek, you can find most everything by Mises and Rothbard. Sure, there are some good works by Hazlitt, Bohm-Bewark, and Fetter, but they are encompassed in the works of Rothbard and Mises. Now, if you want specific issues, this is where the likes of Stephen Kinsella, Walter Block, HH Hoppe, Woods, Lew, Kirzner, et. al. are very good. I also take a keen interest in Classical Economics so I also highly recommend Say, Turgot, Rau, Salamanca Theologians, Bastiat, Molinari, Cobden & Bright, and the rest of the French Laissez-Faire tradition.

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## StudentForPaul08

Love this video to death! Hayek! <3

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## USAFCapt

This video is going viral on facebook, sent it to a few folks myself.

Glad he mentioned the Broken Glass Theory...

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## Austrian Econ Disciple

> This video is going viral on facebook, sent it to a few folks myself.
> 
> Glad he mentioned the Broken Glass Theory...


Broken Window Fallacy. I forgive  Yah, this video is awesome.

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## JVParkour

I emailed it to one of my professors, and he emailed it to EVERY SINGLE business prof... lol. It was shown to at least 200 kids.

Woo Hoo!

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## axiomata

> Non-sense. If one is only interested in Austrian Economics outside of these contributions of Hayek, you can find most everything by Mises and Rothbard. Sure, there are some good works by Hazlitt, Bohm-Bewark, and Fetter, but they are encompassed in the works of Rothbard and Mises. Now, if you want specific issues, this is where the likes of Stephen Kinsella, Walter Block, HH Hoppe, Woods, Lew, Kirzner, et. al. are very good. I also take a keen interest in Classical Economics so I also highly recommend Say, Turgot, Rau, Salamanca Theologians, Bastiat, Molinari, Cobden & Bright, and the rest of the French Laissez-Faire tradition.


Even sticking to the broad swath of knowledge known as economics, there is much to learn outside of Austrian economics strictly defined.  Just some example's include Higg's regimen uncertainty, public choice theory, game theory, Friedman's work on the catalyst effect of an increase in interest rate after a low rate (though he is wrong to say this causes recessions, rather it can initiate recessions inevitable from low rates in the past).  Sticking to Hayek, there's his work on competing currencies and the denationalization of money which RP supports, there's his more popular work on socialism as a road to serfdom and his restating of the importance of the rule of law over the rule of men.

Why recommend reading classical economists and other Austrians if it true, as you said, that "Mises and Rothbard is all you need."

Seeing you latest post I not even sure you watched the video before commenting.

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## Matt Collins

> I emailed it to one of my professors, and he emailed it to EVERY SINGLE business prof... lol. It was shown to at least 200 kids.
> 
> Woo Hoo!


Several legislators in TN got a copy of it sent to them too

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## FrankRep

Wimp.com now has the "Hayek vs. Keynes" rap

http://www.wimp.com/economistbattle/

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## disorderlyvision

http://mises.org/daily/4095




> The debate between J.M. Keynes and F.A. Hayek, both living and teaching in Britain in the 1930s, was one of the great debates of the century. Sadly, the charming globetrotter Keynes had the podium and the audience, to the point of influencing policy the world over even to the present day. Meanwhile, the quiet and studious Hayek never really did gain an audience. Like his colleague and mentor Mises, Hayek wrote in scholarly journals and was heard only by those with skeptical minds, people who doubted the theoretical and policy conventions and looked beneath the surface.
> 
> In one sense, then, the debate between these two was one of the most critical for the shape of the world over the last 75 years. In another sense, however, this debate never really occurred, for the Hayekian point of view has been systematically marginalized and kept at bay by the political and economic establishment ever since Keynes was prematurely declared the victor in the late 1930s.
> 
> The beauty of new media is its capacity for showing us what we otherwise might miss. Fear the Boom and Bust, a YouTube video made by producer John Papola and economist Russ Roberts, and backed by the Mercatus Center of George Mason University, turns this advantage to the point of genius, pitting Keynes and Hayek against each other in a rap that captures a reality few have fully understood until now.
> 
> Already, the video has been viewed a half million times and has made international news. Aside from its high production values, what's remarkable about it is its theoretical accuracy and transparency. It has brought Austrian business-cycle theory from the background to the forefront of debate.
> 
> It is true that in 1974, Hayek received the Nobel Prize and thereby gained attention for work that had been long forgotten. The Nobel committee specifically cited Hayek's work on business-cycle theory. But the Hayek revival that occurred in the years following did not focus on that aspect of his work. Instead, it centered on elaborations of his evolutionary social theory, his process-based conceptions of the market order, and his studies on law.
> ...

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## Knightskye

It was by "Econstories", which is apparently part of the Mercatus Center, where Veronique de Rugy works.  She sometimes writes for Reason magazine.

The donate link at their site links to Mercatus:
https://mercatus.org/donate-econstories/

$5 from me.  I'd like to see more viral free market videos.

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## JohnG

http://cafehayek.com/2010/02/swedish...html#more-8337

I translated it to Swedish Could someone here who knows computing please subtitle it? I don't know how to do that. I saw that it had been subtitled to many other languages already.

/John

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## hugolp

The video has won the Sammie award: http://thesammies.com/2010/03/30/201...ers-announced/

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