‘Fear the Boom and Bust’

January 26, 2010

The video “Fear the Boom and Bust – a Hayek vs. Keynes Rap Anthem” presents the ideas of 20th century economists Friedrick Hayek and John Maynard Keynes that are still shaping much of the debate on the current economic crisis and how to deal with it.

The video produced by Econstories.tv has gone viral – over 122,000 views on Youtube just three days after it was published. According to the website, Econstories.tv “is a place to learn about the economic way of thinking through the eyes of creative director John Papola and creative economist Russ Roberts.”

Based on the number of views, Papola and Roberts have found an innovative way of making economic ideas accessible to a wider audience. The video features the following quotes by Keynes and Hayek on the importance of economic ideas:

“The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.”

John Maynard Keynes
The General Theory of Employment, Interest and Money

“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.”

F A Hayek
The Fatal Conceit

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