Friday, February 05, 2010

Hayek vs. Keynes Rap

I wasn't expecting this! A "rap" about economics. And it for the most part accurately sums up a century of argument. Does the government need to control the economy as Keynes thought, or is that a "fatal conceit" as Hayek thought?

I'll give you one hint though, for the last half century or so, America has been dominated by Keynesian thought (under both Republican and Democratic rule). The "bailouts," the TARP, the "stimulus" are all Keynes ideas. But for brief periods In the past, the economy has flourished under Hayekian free market ideas.

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