Summary: Created by John Papola and Russ Roberts, this clip produced by EconStories compares and contrasts Keynesian and Hayekian economic theories in the rap song and video, "Fear the Boom and Bust." EconStories sets the stage for the video's narrative on their website: "In 'Fear the Boom and Bust,' John Maynard Keynes and F. A. Hayek, two of the great economists of the 20th century, come back to life to attend an economics conference on the economic crisis. Before the conference begins, and at the insistence of Lord Keynes, they go out for a night on the town and sing about why there’s a 'boom and bust' cycle in modern economies and good reason to fear it." This clip is a fun and entertaining way to engage students in discussions around two dominant and competing economic philosophies, and the relationships between these perspectives and the current economic crisis. In the clip, the two economic giants-turned-rappers go back and forth, advancing their perspectives on such core economic issues as: their approach to markets (e.g., to regulate or "set free"), consumer and government spending (including the stimulus), the role of savings, considerations of human action and motivation, and the power of investments. The video is an excellent way to illustrate for students the philosophical differences behind these two preeminent economic perspectives of modern capitalism. For more information, see a transcript of the lyrics, as well as an NPR story about the video. Also, check out another fun and engaging rap video featured on The Sociological Cinema that is great for the sociology classroom.
Submitted By: Valerie Chepp