John Maynard Keynes v.s. FA Hayek

A Rapping Video

By Staff Reporters

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Is the Great Recession over?



How is prosperity best created? By government spending or free, unencumbered markets!




John Maynard Keynes and FA Hayek rap it out on this YouTube video, released last week by collaborators John Papola and Russ Roberts.


Video Links:

  • Check out the very hilarious and brilliant video here.
  • Round 1 here.
  • And here’s a podcast about Papola and Hayek’s collaboration.



In any case, early planning is the key to supporting both your kids’ futures and your retirement. Making logical college funding decisions, rather than emotional ones, creates a win/win for everyone.

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6 Responses

  1. Double Reduex

    Double dip may be back. It has been three decades since the United States suffered a recession that followed on the heels of the previous one.

    But, it could be happening again as the markets plunge after the S&P downgrade and even Obama’s reaction to it.

    Dr. David Edward Marcinko MBA


  2. The Austrian Business Cycle Theory [ABCT]
    [Here … and Now?]

    According to Wikipedia, the Austrian business cycle theory (“ABCT”) attempts to explain business cycles through a set of ideas held by the heterodox Austrian School of economics. The theory views business cycles as the inevitable consequence of excessive growth in bank credit, exacerbated by inherently damaging and ineffective central bank policies, which cause interest rates to remain too low for too long, resulting in excessive credit creation, speculative economic bubbles and lowered savings.

    The main proponents of the Austrian business cycle theory historically were Austrian School economists Ludwig von Mises and nobel laureate Friedrich A. Hayek. Hayek won a Nobel Prize in economics in 1974 (shared with Gunnar Myrdal) in part for his work on this theory.

    The Austrian theory of the business cycle is now rarely discussed by mainstream economists, but was more actively debated in the mid-20th century. More recently, mainstream economists Gordon Tullock, Bryan Caplan, and Nobel laureates Milton Friedman and Paul Krugman have stated that they regard the theory as incorrect.


    But, with the current state of events in the economy today, is the ABCT really correct after all, or going to make a comeback?



  3. Does Keynes Offer Solutions for Today?

    Dr. Marcinko – The controversy over the validity of John Maynard Keynes’ economic theory is as poignant today as any previous time in its 75-year history–because we are living in the worst economic times since the Great Depression, to which Keynesian economics was a response.

    Dr. Victor Gurlich


  4. FA Hayek

    Hayek from The Road to Serfdom:

    “Economic control is not merely control of a sector of human life which can be separated from the rest; it is the control of the means for all our ends.

    And whoever has sole control of the means must also determine which ends are to be served, which values are to be rated higher and which lower, in short, what men should believe and strive for.”

    Dr. David Edward Marcinko MBA


  5. “Keynesian” Myths And Misunderstandings
    [Pragmatic Capitalism

    As an entrepreneur and capitalist, the author and I read this critique of “Keynesianism” by John Mauldin with great interest.

    John is a tremendous macro market thinker and someone who I’ve learned a lot from over the years.



  6. Keynes’s Way To Wealth

    One of the best-known economists offers timeless principles for financial advisors.

    Who would have thought?



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