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Economics

Fight of the Century: Keynes vs. Hayek Round Two

John Papola and Russ Roberts, of EconStories, gave themselves a difficult problem when they created their first incredible Keynes vs. Hayek video.

It was like your first girlfriend being Miss World, your first rugby match being the World Cup final between England and Australia, or your first cricket match being an Ashes decider starring Freddie Flintoff.

How do you top that?

Well, it’s just about impossible. But you can at least attempt to match it, and in doing so, you may even surprise yourself, sneak up on the outside, and outdo the original without really meaning to.

So, here’s the latest video in the sequence.

While you decide if Mr Papola and Mr Roberts have matched (or even possibly bettered?) their first contest between Keynes and Hayek, look out for the Chairsatan himself, the Ben Bernank, whose dissembling conference yesterday pushed gold up to new record heights:

Here’s the EconStories description of the video above:

Fight of the Century

According to the National Bureau of Economic Research, the Great Recession ended almost two years ago, in the summer of 2009. But we’re all uneasy. Job growth has been disappointing. The recovery seems fragile. Where should we head from here? Is that question even meaningful? Can the government steer the economy or have past attempts helped create the mess we’re still in.

John Maynard Keynes and F. A. Hayek never agreed on the answers to these questions and they still don’t. Let’s listen to the greats. See Keynes and Hayek throwing down in “Fight of the Century”.

Economics

The Austrian Theory of Boom and Bust with Lawrence H. White

Professor Lawrence H. White from George Mason University explains the Austrian theory of the boom and bust over three linked YouTube videos produced by EconStories, by discussing the position he thinks Hayek would have taken if he had still been around today:

  1. Fear the Boom
  2. The Bust
  3. The Cluster of Errors

For those interested in the production of the original Keynes vs. Hayek rap used in the three above videos, here is John Papola, co-producer of “Fear the Boom and Bust,” explaining his production of that original video at the 2010 Austrian Scholars Conference, held in Auburn, Alabama:

[I’ll be very interested to see if Mr Papola does indeed eventually make the ‘Bastiat Window’ video that he promises to look at, in the above YouTube.]