Fight of the Century: Keynes vs. Hayek - Economics Rap Battle Round Two

I'm watching you lord lord kaines wow it's it it it's it's such an honor indeed sir please just go just go right on [Music] through whoa whoa identification please Heek no haek like um High explosives high high explosives we have a 1066 HQ I repeat we have a 1066 copy that Mike what is a 1066 that was just an example of how to pronounce my ladies and gentlemen members of the committee we are here today to consider the impact of government spending on our economy we're fortunate to have two world-renowned economists to offer their testimony

on the matter I see you took a detour down the road to Surf them talk about the end of La Fair she well shake it off frd I'm not pulling any punches in there I'm ready are you prepar prepare for the return of the master John mayard KES fa H round two round 2.0 same Economist same beliefs new microphones new mustaches here we are peace out Great Recession thanks to me as you see we're not in a depression recovery KNE if you follow my lesson Lord can's here I come line up for the procession we

brought out the shovels and we're still in a ditch and still digging don't you think it's time for a switch from that Hair of the Dog Friend the party is over the long run is here it's time to get so are you kidding my cure works perfectly fine have a look the Great Recession ended back in ' 09 I deserve credit things would have been worse all the estimates Pro it up chapter and verse econometricians they're ever so biased are they doing real science or affirming their bias their Keynesian models are tidy and neat but

that top down approach is a fatal conceit which way should we choose more bottom up or more T down the Fight Continues gang in High second round it's time to win in or from the to or from the ground let's listen to the gra down we could have done better had we only spent more too bad that only happens when there's a World War you can carp all you want about stats and regression do you deny World War II cut short the depression wow one data point and you're jumping for joy the last time I

checked Wars only destroy there was no multiplier consumption just shrank as we use scarce resources for every new tank pretty perverse to call that Prosperity ration meat ration butter a life of austerity when that war spending ended your friends cried disaster yet the economy thrived and grew faster faster f f f you two only see what you want to see the spending on war clearly Goose GDP unemployment was over almost down to zero that's why I'm the master that's why I'm the hero creating employment's a straightforward craft when the nation's at War and there's a

draft if every worker was staffed in the Army and Fleet we'd have full employment and nothing to eat nothing to eat nothing to eat nothing to eat which way should we choose more bottom up more down the Fight Continues Kon High ex second round it's time to win we from the to or from the ground let's listen to the high it going down jobs are a means not the ends in themselves people work to live better to put food on the shelves real growth means production of what people people demand that's entrepreneurship not your central

plan my solution is simple and easy to handle it's spending that matters why is that such a scandal money slashes through the pipes and the sloes revitalizing the economy's juices it's just like an engine that stalled and gone dark to bring it to life we need a quick spark spending's the life blood that gets the flow going where it goes doesn't matter just get spend you see slack in some sectors as a general glut but some sectors are healthy only some in a run so spending's not free that's the heart of the matter too much

is wasted as cronies get fatter the economy is not a car there's no engine to stall no expert can fix it there's no it at all the econom is us we don't need a mechanic put away the wrenches the economy is organic which way should we choose up more down the Fight Continues gon High ex second round it's time to win walk from the to or from the ground let's listen to the great s High it going down what would you do to help those unemployed this is the question you seem to avoid when we're

in a mess would you have us just wait doing nothing until markets equilibrate I don't want to do nothing there's plenty to do the question I Ponder is who plans for whom do I plan for myself or leave it to you I want Plans by the many not by the few let's not repeat what created our troubles I want real growth not a series of bubbles stop bailing out losers let prices work if we don't try to steer them they won't go berserk come on are you kidding don't Wall Street shy rations challenge a worldview

of self-regulation even you must admit that the lesson we've learned is more oversight's needed or Els will get burned oversight the government's long been in bed with those Wall Street execs and the firms that theyve led capitalism is about profit and loss you bail at the losers there's no end to the cost the lesson I've learned it's how little we know the world is complex not some circular flow the econom is not a class you can master in college to think otherwise is the pretense of [Music] knowledge down the Fight Continues gon High ex second

round it's time to win well from the to or from the crowd let's listen to the High going you get on your high horse and you're Off to the Races I look at the world on a Case by case basis when people are suffering I roll up my sleeves and do what I can to cure our disease the future's uncertain our outlooks are frail that's why free markets are so prone to fail in a volatile world we need more discretion so State intervention can counter depression people aren't Chessmen you move on a board at your

whim their dreams and desires ignored with political incentives Discretions a joke those dials are twisting just mirrors and smoke we need stable rules and real market prices so Prosperity emerges and cut short the crisis give us a chance so we can discover the most valuable ways to serve one [Music] another which way should we choose follow up more down the Fight Continues gon High ex second round it's time to W from the top or from the ground let's listen to the Bri [Applause] down which way should we choose most bottom up for more top down

the Fight Continues KS and I ex second round it's time to win more from the top or from the ground let's listen to the great s [Applause] down come get your Eon [Music] stories Make some noise yo say say what say what I don't need to be subjective but this my Austrian perspective yo where you at shout out to [Music] oh [Music]