Keynesianism vs. The Austrian School.

F. A. Hayek — “The coordination of men’s activities through central planning and through voluntary cooperation are roads going in very different directions: the first to serfdom and poverty the second to freedom and plenty”.

This quote by Hayek sums up the ideological battle being waged around the globe today, but especially here in America. This is not a new fight. The Revolutionary War was fought over freedom of the individual to order his life as he sees fit, versus the power of a King to take those decisions from him and make him a subject. Library shelves can be filled with the volumes of books that deal with this ideological battle, summed up so brilliantly in one sentence by Hayek.

This Keynes vs. Hayek rap video deals with Keynesian intervention, vs. the Austrian Business Cycle Theory.

The rest of the above quote by Hayek is —  “The battle for freedom must be won over and over again, the socialists of all parties must be persuaded or defeated if they and we are to remain free men.”

The Fight of the Century Keynes vs. Hayek Round Two is better. Click on it when it pops up after the first video finishes playing.

Explore posts in the same categories: Econ. 101, Econ. 201, Hall of Fame

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One Comment on “Keynesianism vs. The Austrian School.”

  1. eileen Says:

    I wish more music videos were this educational. Imagine how intelligent our youth would be if offered these types of videos instead of being dumbed down by the entertainment industry.

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