(Cross-posted on the Mises Blog)
This is brilliantly done. Topic for discussion: what is Papola (who, it is clear now, is a creative genius) trying to say by structuring the outcome of the fight the way he does? The way Hayek’s “Who plans for whom?” question is worked in as a lyric is superb. The question is the topic of an entire chapter in Road to Serfdom, which is the subject of an upcoming Mises Academy course.
I noticed Russ Roberts in the crowd. It’s hard recognizing Salerno as Mises, but even harder recognizing Papola as Bernanke.
It’s gonna be interesting to see how well this one does. It’s very good and they innovated a lot, but the general concept is no longer new. Nobody knows, just have to wait and see.
The Fed Chairman is credited as John Papola MD. I figured he’s Papola’s father.
The Fight of the Century, created by Spike TV executive producer John Papola and George Mason University economist Russ Roberts, is the sequel to Fear the Boom and Bust which has economists Friedrich Hayek and John Keynes rapping about alternative business cycle theories. The rap video currently has over 2 million views. It was the highlight of the 2010 Austrian Scholars Conference
The Fight of the Century is about the same economists rapping about whether government intervention helps economic recovery. The sequel has been expected at least since October 2010 when a sneak peak of future lyrics was demonstrated in front of a live audience. The Fight of the Century originally referred to the 1971 boxing match between Joe Frazier and Muhammad Ali, but while that fight ended that fight between Hayek and Keynes continues.
The Fight of the Century will likely be the highlight of the 2012 Austrian Scholars Conference.
Hayek-splosives ftw.
Here’s a criticism of the video that I’m mostly sympathetic to.
Daniel Kuehn is by far my favorite Keynesian: a gentleman and a scholar. The crudity, snideness, and partisanship of Krugman brings out the worst in our side. By not caricaturing our positions, and not letting us caricature his without calling us on it, Kuehn brings out the best.
Kuehn also seems to be very, very wrong. Is that right? lol He seems to argue a lot that we need more aggregate demand. That’s very indicative of the top-down approach he says he does not entertain. It seems to me the fight is individualism vs. aggregate this or that. I don’t see how Kuehn can really believe the things he said, his criticism is very shallow and non-substantive.
I am an extra in this. It was a very fun shoot, Papola is a really down to earth guy. Big Ben really looks like Bernanke.
The lyrics are brilliant. As you guys can see, he purposely sent younger folks to flock to Hayek, and the media and government to flock to Keynes. Also the fact that Hayek won the fight literally as in he knocked Keynes out, but he still lost the fight.
Obviously there is a bias towards Hayek. This isn’t a fair and balanced video, and it’s not trying to be.
Someone should tell Andrew Napolitano to play this video in its entirety on Freedom Watch. Maybe Ron Paul can play this in one of his future monetary hearings.
Well done. Bravo.
Aggregate demand is not antithetical to ‘individualism’ or ‘bottom-up’ processes. I’m not convinced aggregate demand means much, but I don’t think it means nothing either. If aggregate demand could be stimulated from individuals and businesses regaining confidence, increasing investment, etc., without any prompting from the state (that is, from the bottom-up instead of the top-down), I’m sure Keuhn (and Keynes) would be happy. And I think Keuhn is right that it is disingenuous to depict Keynes as some major advocate of central planning. “Spend money on anything under certain conditions” is itself a far cry from central planning.
Another great, if long, video. I was wondering what was taking them so long, and why they apparently needed so much money to make it, but now I understand. This was quite a production. Great work all around and I hope this gets around as much as the last one did.
Hans Hoppe begs to differ.
I want to grow a mustache now.
They need to make a speedmetal song by Mises covering the Economic Calculation Problem. :3
Also, I sorta wonder why anyone hasn’t made a graphic novel from the perspective of a modern economist.
Ironically, Ih ad the first song stuck in my head when I woke up earlier. What seems to be going over my head though is why Hayek is portrayed as kind of weak-ish. I understood the significance of declaring Keynes the winner even though he got KTFO as an allegory of media bias, but what’s the deal with Keynes being presented as more fluid and dynamic?
I keep laughing my head off at seeing Malthus helping Keynes out. Do you think we’ll ever get the sitcom they discussed in the last scholar’s conference?
Ripple, Keynes was known to have a flamboyant demeanour, while Hayek was the skinny bald jewish guy.
There is The Cartoon Introduction to Economics: Volume One: Microeconomics. I don’t think it’s that bad at all (definitely pales in comparison to even most “principles of economics” textbooks, though). Of course, if you’re an Austrian, you’ll find much to disagree with.
Hayek wasn’t Jewish (see “Hayek on Hayek”).