By Francisco Gonzalez, JMI Development Director
The very same weekend I attended this weekend seminar on F.A. Hayek with the Institute for Humane Studies, a “Hayek vs. Keynes” mock rap video was released by EconStories.TV. While I recommend opening some of Hayek’s books and diving into the philosophy of liberty he hopes to unearth for us, perhaps in the new media age it is more fun to listen to a rap anthem via a web video.In the past month, this video has earned almost a million hits on YouTube. In the video, John Maynard Keynes, a wild party animal, believes in a circular monetary flow of spending, even government intervention in the economy to help both the boom and the bust. While Keynes says, he wants to “steer markets,” Hayek responds that he wants them “set free.” He warns us to looks at the causes of the boom and the bust. Applying this philosophy certainly helps us understand the causes of the recent housing crisis and why government stimulus has not only not helped the economy, but actually made things worse.Enjoy the video as a fun introduction to Hayek’s philosophy and a real fair comparison between the philosophies of a planned society versus the philosophy of a free society: Keynes vs. Hayek. The battle is on: