Keynes v. Hayek: Hip-Hop Smackdown II

The guys behind "Fear the Boom and Bust" — that Keynes v. Hayek rap video that came out earlier this year — are working on a sequel.

They previewed the new song at a recent conference. There's some set-up; the song starts at about 1:30.

YouTube

For your reading pleasure, I transcribed a few stanzas from the song. I chose this particular part because:

1. It captures the economic zeitgeist (growth without jobs).

2. Equilibrate!

Hayek: I'll concede we've had growth but the reason's unclear.

Meanwhile, we're all waiting for jobs to appear.

Keynes: How do you help those unemployed?

It seems like the question that you choose to avoid.

Tell me what’s your plan, do you want us to wait

And do nothing until markets equilibrate?

Hayek: ...the question I ponder is who plans for who? ...

I like plans by the many, not by the few ...

We need to avoid what started this trouble,

I want real growth not a series of bubbles.

A new video is due in the next few months — along with "many more lyrics and an all new beat."

For more: Listen to the Planet Money podcast where Ke$ha listens to "Fear the Boom and Bust" with Russ Roberts, the economist who co-wrote the song.

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