''Fear the Boom and Bust'' is a 2010 hip hop music video in which 20th century economists

John Maynard Keynes John Maynard Keynes, 1st Baron Keynes, ( ; 5 June 1883 – 21 April 1946), was an English economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in ...

and

Friedrich von Hayek Friedrich August von Hayek ( , ; 8 May 189923 March 1992), often referred to by his initials F. A. Hayek, was an Austrian–British economist, legal theorist and philosopher who is best known for his defense of classical liberalism. Hayek ...

(played by Billy Scafuri and Adam Lustick, respectively) take part in a

rap battle Battle rap (also known as rap battling)Edwards, Paul, 2009, p. 25. is a type of rapping performed between two or more performers that incorporates boasts, insults and wordplay. Battle rap is often performed or freestyled spontaneously in live ...

discussing economics, specifically, the

boom and bust Business cycles are intervals of expansion followed by recession in economic activity. These changes have implications for the welfare of the broad population as well as for private institutions. Typically business cycles are measured by examini ...

business cycle Business cycles are intervals of Economic expansion, expansion followed by recession in economic activity. These changes have implications for the welfare of the broad population as well as for private institutions. Typically business cycles are ...

, for which the video is named. The video has more than seven million views on

YouTube YouTube is a global online video platform, online video sharing and social media, social media platform headquartered in San Bruno, California. It was launched on February 14, 2005, by Steve Chen, Chad Hurley, and Jawed Karim. It is owned by ...

Overview

The video was created by former

Spike TV Paramount Network is an American basic cable television channel owned by the MTV Entertainment Group unit of Paramount Media Networks. The network's headquarters are located at the Paramount Pictures studio lot in Los Angeles. The channel was o ...

creative director and co-founder of the production company Emergent Order,

John Papola 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 ...

, and economist

Russ Roberts Russell David "Russ" Roberts (born September 19, 1954) is an American economist, who is currently a research fellow at Stanford University's Hoover Institution and president designate of Shalem College in Jerusalem. He is known for communicating e ...

of the

George Mason University George Mason University (George Mason, Mason, or GMU) is a public research university in Fairfax County, Virginia with an independent City of Fairfax, Virginia postal address in the Washington, D.C. Metropolitan Area. The university was origin ...

Mercatus Center The Mercatus Center is an American Libertarianism in the United States, libertarian, free-market-oriented non-profit think tank. Located at George Mason University and directed by the American economist Tyler Cowen, the Mercatus Center works with ...

. Billy Scafuri and Adam Lustick, who are comedians with the Harvard Sailing Team and

Upright Citizens Brigade The Upright Citizens Brigade is an improvisational and sketch comedy group that emerged from Chicago's ImprovOlympic in 1990. The original incarnation of the group consisted of Matt Besser, Amy Poehler, Ian Roberts, Matt Walsh, Adam McKay, Ri ...

, play Keynes and Hayek respectively.

Sequel

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 Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At ...

. The central question in the video is whether a successful economy results from a "more bottom up" (i.e. totally

free market In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any o ...

) or "more top down" (i.e.

Economic interventionism Economic interventionism, sometimes also called state interventionism, is an economic policy position favouring government intervention in the market process with the intention of correcting market failures and promoting the general welfare of ...

) approach.

References

External links

* * * *
''EconTalk'' episode
Russ Roberts discussion with John Papola on ''

EconTalk ''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 ...

''
EconTV for further information on production credits

"Smackdown: Keynes vs. Hayek With Poll"

Daily Kos Daily Kos ( ) is a group blog and internet forum focused on the U.S. Democratic Party and liberal American politics. The site includes glossaries and other content. It is sometimes considered an example of "netroots" activism. Daily Kos was f ...

, March 1, 2010
C-SPAN ''Q&A'' interview with Russ Roberts and John Papola about ''Fear the Boom and the Bust'' and ''The Fight of the Century'', June 26, 2011
* {{cite web, last=Ransom, first=Greg, title=The Hayek vs. Keynes Rap – "Fear the Boom and Bust, url=http://hayekcenter.org/?p=1954, work=Taking Hayek Seriously, publisher=The Hayek Institute, accessdate=December 29, 2012, date=January 25, 2010 Works about economics Internet memes 2010 works Friedrich Hayek John Maynard Keynes

Overview

Sequel

See also

References

External links