The second hip-hop video installment from econstories.tv director John Papola and economist Russell Roberts pits legendary economists John Maynard Keynes and F.A. Hayek against each other, both in a Supreme Court style debate and in boxing ring.
In "Fight of the Century: Keynes vs. Hayek Round Two" actors playing the economists rap about the current economic policy touching on bailouts, employment, government spending and more.
Ever the intellectual underdog, Hayek argues his case for a free-market economy while an audience, which includes a Ben Bernanke look-alike credited as "Chairman of the Fed," cheers on the boom and bust macroeconomic theories of Keynes. Even as Hayek literally knocks Keynes out in the ring, the ref raises Keynes' arm in victory.
"[Hayek]: Jobs are a means, not the ends in themselves
People work to live better, put food on the shelves
Real growth means production of what people demand
That's entrepreneurship - not your central plan.
[Keynes]: My solution is simple and easy to handle
It's spending that matters, why's that such a scandal?
Money sloshes through the pipes and the sluices
Revitalizing the economy's juices."