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Economy Title: Fight of the Century: Keynes vs. Hayek - Round Two (Economic Rap Music) According to the National Bureau of Economic Research, the Great Recession ended almost two years ago, in the summer of 2009. Yet were 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? In "Fight of the Century", Keynes and Hayek weigh in on these central questions. Do we need more government spending or less? What's the evidence that government spending promotes prosperity in troubled times? Can war or natural disasters paradoxically be good for an economy in a slump? Should more spending come from the top down or from the bottom up? What are the ultimate sources of prosperity? Keynes and 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! And, if youre interested in learning more about the ideas debated in the video, check out additional content and references that will help you get the story behind Fight of the Century. Fight of the Century Lyrics Written by John Papola and Russ Roberts KEYNES Here we are... peace out! great recession thanks to me, as you see, were not in a depression HAYEK KEYNES Are you kidding? my cure works perfectly fine... HAYEK But that top down approach is a fatal conceit REFRAIN its time to weigh in... more from the top or from the ground KEYNES Do you deny World War II cut short the Depression? HAYEK Pretty perverse to call that prosperity When that war spending ended your friends cried disaster KEYNES HAYEK When the nations at war, and theres a draft REFRAIN REPEATS HAYEK KEYNES its just like an engine thats stalled and gone dark HAYEK The economys not a car, theres no engine to stall Put away the wrenches, the economys organic REFRAIN REPEATS KEYNES HAYEK The question I ponder is who plans for whom? Lets not repeat what created our troubles KEYNES Challenge your world view of self-regulation? HAYEK the lesson Ive learned? Its how little we know, the world is complex, not some circular flow REFRAIN REPEATS KEYNES And do what I can to cure our disease The future's uncertain, our outlooks are frail HAYEK With political incentives, discretion's a joke We need stable rules and real market prices FINAL REFRAIN Which way should we choose? its time to weigh in... ...lets listen to the greats You can dive deeper into the ideas debated here when you Get the Story behind Fight of the Century.
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#1. To: hondo68 (#0)
I despise rap music with a purple passion. Having said that, this song/video is brilliant in the way the authors are able to incorporate the beliefs (albeit simplified) of Keynes and Hayek into rhyme. They are gifted lyricists. Thank you for posting it.
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