Part II of the epic rap battle of the world’s greatest economists is out, and it is better than ever. The videos are a great way to learn about the two competing theories, Austrianism (Hayek) and Keynesianism (Keynes). Economists today generally follow a pseudo-Keynesian model (Keynesianism in its pure form requires much heavier expenditures, less continuous liquidity, etc.), which is now being heavily criticized for many reasons. Practically, Keynesianism has won the minds of economic schools worldwide. I am sure you have seen a few critiques of the theory here. In theory, Austrianism seems to rhetorically win (and I think its acceptance has not taken place because of the social and political side-effects of the theory, that is the absence of the state interfering in the economy – a tall order today). Austrianism is becoming more popular though, and it is probably worth your time to watch these if you know nothing of economics. No matter who is right, these videos are a stellar way to learn about the two theories and what each camp believes. Go Hayek!
The first in case you missed it:
Here is the new one!: