Wednesday, April 14, 2010

Do you think "Fear the Boom and Bust" accurately portrays the Austrian Business Cycle Theory?

“Fear the Boom and Bust” video is about as accurate an explanation of ABCT as you could expect in a few minutes of hip-hop. It gives a concise thumbnail sketch of the key points of the respective Keynesian and Hayekian views of the causes and effects of the business cycle. The entertainment aspect and the quality of the poetry is sound, and it sticks in your head. My kids run around the house singing it, and, in spite of their very young ages (6, 4, 3 and 17 months), are asking me about Keynes and Hayek. Many colleagues and clients have also seen the video and this has yielded several opportunities to convert Keynesians into Austrians. The most amazing thing is that over a million people have viewed the video, and now a whole new bloc of individuals is starting to challenge the Keynesian dogmas that distort the market economy. The creators of this video have created an updated and innovative way to convey the ideas of ABCT. 

1 comment:

Phil said...

Yes, yes it does. Love the Hayekian Triangles in the background during hayek's rap.