Keynes vs. Hayek Rap Video, Round 2

In the 1930s, John Maynard Keynes, the most influential economist of the last century, and future Nobel laureate Friedrich Hayek engaged in a legendary battle of ideas about the role of the government in ending and causing economic downturns.

Last year, George Mason University economist Russ Roberts and director-producer John Papola retold that debate in the form of a rap video, "Fear the Boom and Bust," in which Hayek and Keynes fight it out over the causes of the Great Recession.

In a new video, the battle continues: Should government juice spending via massive stimulus or "do nothing" once a recession is underway? And did World War II end the Great Depression? Whatever side you take, the video, which pulled over 500,000 views in its first week, is sure to entertain and edify.'s Nick Gillespie sat down with Roberts to discuss the ideas behind the latest Keynes-Hayek throwdown, and what his hopes are for the project.

Approximately 7 minutes.

Edited by Jim Epstein; shot by Epstein and Joshua Swain.

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  • ||

    Q&A with...

    Ha, the amp code strikes again.

  • ||, speak of the devil. Sneaky-bastard ampersand.

  • }||

    Too much autotune in this one.

  • Heroic Mulatto||

    Matt Welch, The gauntlet has been thrown down.

    Your response?

  • ||

    Where's shrike? Hey, fucker, listen to the video: You.Are.Wrong.


  • ||

    That's what I like about libertarians, they're so "with it"

  • Catwoman costume||

    good sharing!

  • ||

    these rap songs are super corny, but also very well done and fun.

    it seems like they realize how dorky it has to be, and are willing to go with it a bit.

  • ||

    Why do libertarians oppose overtime laws?

  • Personal Responsibility||

    Oh, I want to attempt this one.

    Is it fair then to say, if there are overtime laws saying you have to pay anyone working over 8 hours a day 150% of their hourly wage after the initial 8 then employers should be able to pay, say 75% hourly rate if the employee works under 8 hours? That's the first challenge, it's inequitable. You were hired at a certain amount per hour whether it is 4 or 6 or 8 hours, or if it was 12.

    I have half a dozen reasons I no longer support overtime laws now.

    My biggest one though, is that in a free country, you have the ability to not work there for longer than you want. Let's say you go to the extreme of the employer that demands his employees work 12 hours a day. By free choice you go to work there. You may not like it and decide not to work all those hours. You are fired or you quit. If enough employees do the same, the employer goes out of business and goes broke. His just dessert, right?! OR, he gets enough employees that don't mind or like working the long hours to get more pay and he stocks his workforce with happy, productive employees and thrives. BUT, either way, you've left the freedom to the employee as well as the employer. Where's the injustice in that?

  • ||

    Because the amount of time an employee works should be between the employee and employer. If the worker wants to work more to receive a bit more pay, then why not? If not, he can quit.

    Like the other guy said, there's a standard hourly rate you get paid no matter what your hours are. Keep it at that. I don't believe in inflated pay for working a few extra hours because it's gonna screwjob me when the business closes, due to a higher payroll and low profits.

  • sologn||

    is good


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