Hayek versus Keynes rap battle

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This is geeky, hilarious, and educational. Watch it now!

Comments under YouTube videos typically read: “LOLZ!!!1!!111!!!”, “that wos grosss” and “the pimpin baby and the donkey r da gr8est!”

However, the Hayek versus Keynes rap video has provoked more thoughtful reactions:

Frankidealist35 (17 hours ago)

Although then again I guess this video is mostly based on FA Hayek’s philosophy in Economics in One Lesson… it would be neat if they could make another video comparing Keyne’s and Hayek’s view on planned vs spontaneous economies.
 
Jackcodak (18 hours ago)
 
The debate on currency seems relatively simple to me. It doesn’t matter if we have a gold standard or a fiat currency. Markets happen. If we were prisoners of war, we would trade cigarettes. If smokes weren’t available like in prisons today, we would trade mackerel. A devalued dollar helps exports in the short run but drives up the cost of inputs. A strong dollar helps us to buy more trinkets but makes our output look less attractive. Neither gold nor silver nor the Fed will “save” us…
 
mbburch06 (20 hours ago)

 
There are, of course, other factors in play with commodities. The point is that gold is mainly used as a hedge against inflation. So when you say that gold has deflated 30% for 5 years, you are confusing cause with effect. It’s the buying power of the dollar –not gold– that’s unstable.

The dollar has lost value as the Fed fires up its printing presses, and this has devalued the dollar relative to gold (and everything else). Obviously under a gold standard this would not happen.

Love it!
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One Response to “Hayek versus Keynes rap battle”

  1. Thom Says:

    awesome.

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