Da Hayek-Keynes Rap

Nobel laureate Paul Krugman has said that we are witnessing a “dark age” of macroeconomics. His point is that in the last 70 years there has been a lack of new knowledge and insights in the field. In other words, since the methodological debates between economists John Maynard Keynes and Friederich Hayek in the 1930s and 1940s nobody has really advanced what economists knew back then. Gratefully, economist Russ Roberts and producer John Papola got together to create one of the best educative video-clips on economics ever. Using a rap song and professional acting, the authors brilliantly illustrate the Hayek-Keynes debate. The clip’s seven minutes and 32 seconds are jam-packed with both general knowledge and subtle lessons.