The boom and the bust – Keynes vs Hayek
Our human brain seems to be especially adapted to understand the world through stories. Most of us remember and has learned important things just because we could associate something with a story or simply because we remember the story
. Those of us that struggled with the economic theories of Keynes and the Austrian school during long boring lectures at the university, wished that the professors could have been better story tellers
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. But there’s hope for us; a video made by producer John Papola and economist Russ Roberts, and backed by the Mercatus Center of George Mason University is really describing the differences between Keynes and Hayek in a simple, straight forward and brain friendly way of learning. It’s a rap and within 5 minutes one understands what differ the economic theories, something some professors couldn’t explain during a whole term. To enhance the experience it can be good to read Jeffery A Tucker’s article (editor at http://mises.org/ ), where you also can watch the video.
Wild and good ideas struck each and everyone of us. The combination of good ideas and how to carry them out distinguish if things become a success or if things become something ordinary or commonplace. Judge for yourself if Papola and Roberts have succeeded – however we find this video and the story intriguing.
[…] Keynes vs Hayek video by producer John Papola and economist Russ Roberts. The video presenting Round 1 ‘The boom and the bust’ was released in early 2010. Now they have made a new and even […]
Unlike Keynes, Hayek believed that genuine recovery from a post-boom crash called not just for adequate spending, but for a return to sustainable production – production purged of boom-era distortions caused by easy money.