Keynes vs. Hayek

I greatly enjoyed this item from Cafe Hayek, which is quickly becoming one of my favorite economics blogs.

Two things I normally hate: rap music and Daily Kos, yet these are well worth watching/reading:

(1) “Fear the Boom and Bust” pits Keynesian macro-economic theory vs. von Mises/Hayek’s Austrian School presented as a rap song:

(2) VA Classical Liberal at the Daily Kos does an outstanding job of annotating/explaining the two economists’ ideas referenced in the video here.

Most encouraging are these Daily Kos poll results:

Honor system here. If you read the diary, you get to vote. Who won- Keynes or Hayek?

John Maynard Keynes
3% 42 votes

F.A. Hayek
86% 1154 votes

I don’t know but I’m inspired to do more research of my own.
4% 64 votes

Are you kidding me? This damn diary is too long by 10 pages. I jumped to the bottom and voted for Keynes.
0% 11 votes

I agree with that guy, but I voted for Hayek.
4% 61 votes

That’s a conservative/classical liberal (i.e., libertarian) uber-rout of the liberal economist superhero, and it’s in a Daily Kos poll. Simply remarkable. George Soros might finally understand what von Mises meant when he coined the term malinvestment.

As the Hayek rap fellow says, in the long run, it’s [Keynes’] theory that’s dead. Obama is merely demonstrating the fallacy of trying to borrow our way out of debt and spend our way into prosperity even as we speak.


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