Fight of the Century: Keynes vs. Hayek Round Two

Music Video: Fight of the Century: Keynes vs. Hayek Round Two

Go to for EconStories content and materials. Produced by Emergent Order. Visit us at http "Fight of the Century" is the new economics hip-hop music video by John Papola and Russ Roberts at According to the National Bureau of Economic Research, the Great Recession ended almost two years ago, in the summer of 2009. Yet 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? 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"! Starring Billy and Adam from http Visit for the full lyrics.

Source: Fight of the Century: Keynes vs. Hayek Round Two (Youtube).

Fight of the Century: Keynes vs. Hayek Round Two Photo

Fight of the Century: Keynes vs. Hayek Round Two

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8 Responses to “Fight of the Century: Keynes vs. Hayek Round Two”

  1. TheMrSeagull says:

    Ben Bernanke at 6:06

  2. When Milton Friedman said that We are all Keynesian now he wasn’t meaning that as a shot against the political environment. He was, embarassedly admitting that even he has a little Keynes in him. While he supported the Gold Standard, he readily admitted that even the Gold Standard meant government control of the currency and he didn’t believe in the Free Currencies the same way Hayek did. In a way, while he certainly is closer to Hayek, he definitely supported Centralized Currency.

  3. Ben Bernanke around the 5 minute mark to laughing with Henry Paulson.

  4. wat
    Hayek idolized Keynes in his youth growing up in post WWII Austria.

  5. That’s how it is in real life! Keynes was enthralling, he was charismatic, he stood 6’6″, walked into a room and instantly had respect. Hayek was a geek. Hayek was less sociable. It’s that simple.

    I also love in the first video that Keynes had all the bitches because he was a very open homosex.

  6. Hayek is Mises 2.0, very well upgraded from the original.
    And these two men shaped the post war era, Mises was poorly timed in that he never saw or got the chance to speak on it.

  7. kealad1 says:

    These are pure genius.

  8. So interesting that only 2 decades after we saw a complete collapse of a planned economy and the curtain was fully pulled back on how those people lived day to day in a world with no profits, corporations, etc and we are back to arguing whether or not top down planning vs individuals and groups making their own voluntary associations is better. The famous quote about history should be abridged to, “History is doomed to repeat itself.” The end!

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