Thursday, April 28, 2011

Keynes vs. Hayek Rap 2.0

The first rap in my opinion did a better job in presenting very clear cut answers and a much stronger Hayek case. In the second, though there are some good rejoinders, the absolute refusal to rely on empirics and some double-talking leaves a lot of questions wide open.

The big question: is the economy an engine or is it organic?

Hayek's best line: "Jobs are the means, not the ends in themselves. People work to live better, to put food on the shelves."

His least effective line was that he doesn't want "nothing" done, he just wants individuals to do things rather than government. That (still) doesn't answer several of the fundamental questions and doesn't really respond to the question being asked.

Update: Voorhies puts it better: "Better production values, but its also a more ideological piece than the first one. It sounds less like the rap version of a conversation between a Keynesian and Austrian, and more like a conversation between an Austrian and what an Austrian thinks a Keynesian might say, which are two separate things."


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