Hey, this is pretty cool

28 04 2011

Way back in the day (early 2010, though I thought it was a bit further back), EconStories.tv released a brilliant music video entitled “Fear the Boom and the Bust (A Hayek vs. Keynes Rap Anthem).

In just a few minutes the piece probably did more to expose people my age to the ideas of F.A. Hayek and the free-market Austrian School of economics than years of college econ classes ever would. If you missed it, here it is (it’s well worth the time):

Fortunately the group responsible for the first video didn’t rest on their laurels (not that 2 million-plus YouTube views for a free-market economic video is anything to scoff at) and released an awesome followup, “Fight of the Century: Keynes vs. Hayek Round Two”:

And a timely release it is. Thought the Great Recession officially ended in 2009, it sure doesn’t feel like boom times. Failed attempts at Keynesian stimulus and bizarre free money Federal Reserve policies have done little to nothing to alleviate long-term unemployment or spark genuine growth-and now a rapidly devaluing dollar revving up inflation, the public has to spend more and more of its already reduced income to get less and less.

Were he still alive, Hayek wouldn’t be surprised by what’s going on today. The burgeoning contingent of young, free-market supporting scholars and activists on campuses and in think-tanks across the country today certainly aren’t surprised, either.

Perhaps the Keynes vs. Hayek videos, and others like them, will help open more eyes to the obvious: statist economic planning isn’t merely bad for “big business” or “bankers”; instead, it destroys wealth and limits opportunity for all.

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