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Fear The Boom & Bust By John Papola and Russ Roberts

EconStories

2010 | Rap

Spotify | Amazon

"I’ll begin in broad strokes, just like my friend Keynes — His theory conceals the mechanics of change, That simple equation, too much aggregation — Ignores human action and motivation"

Trivia

  • The founders of the production company came from SpikeTV, Nickelodeon, and the WWE.
  • The company was a small Austin Based company Of about 7 people that was funded largely by think tank grants.
  • The video draws heavily on Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism by Keynes.

THE HOT TAKES

Luke Tatum

I can't tell you how much I adore this song and the video that goes with it. Truthfully, I'd enjoy it even if it was on a more conventional topic. But instead, we have a fictional rap battle between Hayek and Keynes. The more you know about economics, the more there is to pick up on here. And if you're relatively new, this can provide a catchy way to remember some core concepts. The work of Keynes is the mainstream, and provides convenient justification for all kinds of terrible ideas from politicians. Hayek, the free-market student of Mises, provides a logical takedown of these ideas. Any time I hear this tune, it ends up on repeat.

Sherry Voluntary

"This rap is a lot of fun, and is an econ nerds dream. There's so much to chew on in this, but I'd like to focus on when Hayek says of Keynes theories that they ""ignore human action and motivation."" Before I became a libertarian, I honestly thought economics was a bunch of math. Sadly, I think most people do and they miss out on the beauty of what economics really is. Human action is the application of reason to choose the best means of satisfying desired ends. Motivations are based on what individuals want and find value in, not the collective good. This may be an over-simplification, but for me, it is the foundational framework of the ideas of anarchism, and how life could operate more peacefully and with more efficiency without State intervention, that generally deals outside of reality to force specific outcomes with no regard for their consequences on people"

Nicky P

This video is probably one of the first things I saw about economics that ultimately lead to my conversion to libertarianism. I saw this video sometime around the first video I saw with Ron Paul talking about the economics of the American education system. It took a long time before these ideas blossomed in me, after all aren’t musicians supposed to be leftists? Anyways we need more of these, fun interesting educational videos about the important things literally affecting our economy on a grand scale. There are people out there who literally believe deregulation & greedy bankers are why we had a financial collapse in 2008. If you’re one of these people might I Turn you to Tom Woods’ book Meltdown or his free ebook The Deregulation Boogie Man or David Stockman’s The Great Deformation. The video is a little evenhanded in its approach and that’s its critical flaw. We’ve placated the Keynesian model and it’s justification of top down authority for too long and to disastrous effect. Strangely the obfuscation of what capitalism is has actually brought about renewed vigor for disastrous socialist policy.

Created By
Nicky P
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