| Fear the Boom and Bust | |
|---|---|
| Produced by | John Papola |
| Cinematography | Billy Scafuri, Adam Lustick |
Release date |
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Running time | 7:33 |
Fear the Boom and Bust is a 2010 hip hop music video in which 20th century economists John Maynard Keynes and Friedrich von Hayek (played by Billy Scafuri and Adam Lustick, respectively) take part in a rap battle discussing economics, specifically, the boom and bust business cycle, for which the video is named. The video has more than seven million views on YouTube.
The video was created by former Spike TV creative director and co-founder of the production company Emergent Order, John Papola, and economist Russ Roberts [1] of the George Mason University Mercatus Center. [2] Billy Scafuri and Adam Lustick, who are comedians with the Harvard Sailing Team [3] and Upright Citizens Brigade, [4] play Keynes and Hayek respectively.
In April 2011, a follow-up music video called Fight of the Century: Keynes vs. Hayek Round Two was released. This video examines the two economists' responses to the Great Recession. The central question in the video is whether a successful economy results from a "more bottom up" (i.e. totally free market) or "more top down" (i.e. Economic interventionism) approach.
The Austrian school is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with their self interest. Austrian-school theorists hold that economic theory should be exclusively derived from basic principles of human action.
Friedrich August von Hayek, often referred to by his initials F. A. Hayek, was an Austrian-born British academic who contributed to political economy, political philosophy, and intellectual history. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. His account of how prices communicate information is widely regarded as an important contribution to economics that led to him receiving the prize. He was a major contributor to the Austrian school of economics.
Jacob Viner was a Canadian economist and is considered with Frank Knight and Henry Simons to be one of the "inspiring" mentors of the early Chicago school of economics in the 1930s: he was one of the leading figures of the Chicago faculty. Paul Samuelson named Viner as one of the several "American saints in economics" born after 1860. He was an important figure in the field of political economy.
The Road to Serfdom is a book by the Austrian-British economist and philosopher Friedrich Hayek. In the book, Hayek "[warns] of the danger of tyranny that inevitably results from government control of economic decision-making through central planning." He further argues that the abandonment of individualism and classical liberalism inevitably leads to a loss of freedom, the creation of an oppressive society, the tyranny of a dictator, and the serfdom of the individual. Hayek challenged the view, popular among British Marxists, that fascism was a capitalist reaction against socialism. He argued that fascism, Nazism, and state-socialism had common roots in central economic planning and empowering the state over the individual.
Armen Albert Alchian was an American economist who made major contributions to microeconomic theory and the theory of the firm. He spent almost his entire career at the University of California, Los Angeles (UCLA), and is credited with turning its economics department into one of the country's best. He is also known as one of the founders of new institutional economics, and widely acknowledged for his work on property rights.
Criticism of socialism is any critique of socialist economics and socialist models of organization and their feasibility, as well as the political and social implications of adopting such a system. Some critiques are not necessarily directed toward socialism as a system but rather toward the socialist movement, parties, or existing states. Some critics consider socialism to be a purely theoretical concept that should be criticized on theoretical grounds, such as in the economic calculation problem and the socialist calculation debate, while others hold that certain historical examples exist and that they can be criticized on practical grounds. Because there are many types of socialism, most critiques are focused on a specific type of socialism, that of the command economy and the experience of Soviet-type economies that may not apply to all forms of socialism as different models of socialism conflict with each other over questions of property ownership, economic coordination and how socialism is to be achieved. Critics of specific models of socialism might be advocates of a different type of socialism.
The Austrian business cycle theory (ABCT) is an economic theory developed by the Austrian School of economics seeking to explain how business cycles occur. The theory views business cycles as the consequence of excessive growth in bank credit due to artificially low interest rates set by a central bank or fractional reserve banks. The Austrian business cycle theory originated in the work of Austrian School economists Ludwig von Mises and Friedrich Hayek. Hayek won the Nobel Prize in Economics in 1974 in part for his work on this theory.
The Mercatus Center is an American libertarian, free-market-oriented non-profit think tank. The Mercatus Center is located at the George Mason University campus, however the organization is privately funded and its employees are independent of the university. It is directed by Benjamin Klutsey and its board is chaired by American economist Tyler Cowen. The Center works with policy experts, lobbyists, and government officials to connect academic learning with real-world practice. Taking its name from the Latin word for market, the center advocates free-market approaches to public policy. During the George W. Bush administration's campaign to reduce government regulation, The Wall Street Journal reported, "14 of the 23 rules the White House chose for its 'hit list' to eliminate or modify were Mercatus entries".
Lawrence Henry White is an American economics professor at George Mason University who teaches graduate level monetary theory and policy. He is considered an authority on the history and theory of free banking. His writings support the abolition of the Federal Reserve System and the promotion of private and competitive banking.
George Selgin is an American economist. He is Senior Fellow and Director Emeritus of the Cato Institute's Center for Monetary and Financial Alternatives, where he is editor-in-chief of the center's blog, Alt-M, Professor Emeritus of economics at the Terry College of Business at the University of Georgia, and an associate editor of Econ Journal Watch. Selgin formerly taught at George Mason University, the University of Hong Kong, and West Virginia University.
Peter Joseph Boettke is an American economist of the Austrian school. He is currently a professor of economics and philosophy at George Mason University; the BB&T Professor for the Study of Capitalism, vice president for research, and director of the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University.
EconTalk is a weekly economics podcast hosted by Russ Roberts. Roberts, formerly an economics professor at George Mason University, is a research fellow at Stanford University's Hoover Institution. On the podcast, Roberts typically interviews a single guest—often professional economists—on topics in economics. The podcast is hosted by the Library of Economics and Liberty, an online library sponsored by Liberty Fund. On EconTalk Roberts has interviewed more than a dozen Nobel Prize laureates including Nobel Prize in Economics recipients Ronald Coase, Milton Friedman, Gary Becker, and Joseph Stiglitz as well as Nobel Prize in Physics recipient Robert Laughlin.
Russell David "Russ" Roberts is an American-born Israeli economist. He is currently a research fellow at Stanford University's Hoover Institution and president of Shalem College in Jerusalem. He is known for communicating economic ideas in understandable terms as host of the EconTalk podcast.
Michael Curtis Munger is an American economist and a former chair of the political science department at Duke University, where he continues to teach political science, public policy, and economics. He is a prolific writer, and his book Analyzing Policy: Choices, Conflicts, and Practices is now a standard work in the field of policy analysis. In 2008 he was the Libertarian candidate for Governor of North Carolina.
Daniel Bruce Klein is an American professor of economics at George Mason University and an Associate Fellow of the Swedish Ratio Institute. Much of his research examines the works of Adam Smith, public policy questions, libertarian political philosophy, and the sociology of academia. He is the chief editor of Econ Journal Watch and director of the Adam Smith Program at George Mason University's Department of Economics.
A Treatise on Money is a two-volume book by English economist John Maynard Keynes published in 1930.
Throughout modern history, a variety of perspectives on capitalism have evolved based on different schools of thought.
Dorian Electra Fridkin Gomberg is an American singer and songwriter. Electra is known for their non-conforming fashion, queer aesthetics, and experimental pop sound. Their debut studio album, Flamboyant, was released in 2019, followed by their second studio album, My Agenda, in 2020. They released their third studio album, Fanfare, in 2023. Electra is genderfluid and uses they/them pronouns.
John Papola is the co-founder, CEO, and creative director of Emergent Order, a creative studio based in the Austin, Texas, area. He is an American video producer and director who has worked for Spike TV, Nickelodeon, and MTV as well as for creative ad agencies such as Crispin Porter, Razorfish and JWT.
Tyler Beck Goodspeed is an American economist and economic historian who was the acting chairman of the Council of Economic Advisers from June 2020 to January 2021.
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In one sense, then, the debate between these two was one of the most critical for the shape of the world over the last 75 years.