Fear the Boom and Bust
|"Fear the Boom and Bust"|
|Music video by Billy Scafuri, Adam Lustick|
|Published||January 23, 2010|
|Released||January 23, 2010|
|Genre||Educational hip hop|
|Writer||John Papola and Russ Roberts|
|Composer||Richard Royston Jacobs|
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 five 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 of the George Mason University Mercatus Center. Billy Scafuri and Adam Lustick, who are comedians with the Harvard Sailing Team and Upright Citizens Brigade, 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. free market) or "more top down" (i.e. planned economy) approach.
- Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism, a 2009 book by George A. Akerlof and Robert J. Shiller, where they discuss the "animal spirits" term by Keynes, which was featured in the video.
- Kenney, Caitlin (January 25, 2010). "Watch: 'Fear The Boom And Bust'". NPR Planet Money. Retrieved September 16, 2011.
- "'Fear the Boom and Bust' a Hayek vs. Keynes Rap Anthem". Mercatus Center. January 27, 2010. Retrieved September 16, 2011.
- "Billy and Adam". Retrieved September 17, 2011.
- Perman, Cindy (February 12, 2010). "'Fear the Boom and Bust': A Rap Anthem for the Economy". There Must Be a Pony in Here Somewhere: The Lighter Side of The Economic Crises. CNBC.com. Retrieved December 29, 2012.
- Fear the Boom and Bust: a Hayek vs. Keynes Rap Anthem on YouTube
- Fight of the Century: Keynes vs. Hayek Round Two on YouTube
- Tucker, Jeffrey A. (February 5, 2010). "The Brilliance of That Hayek vs. Keynes Rap". Mises Daily. Ludwig von Mises Institute. Retrieved December 29, 2012.
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.
- EconTalk episode Russ Roberts discussion with John Papola on EconTalk
- EconTV for further information on production credits
- "Smackdown: Keynes vs. Hayek With Poll", Daily Kos, 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
- Ransom, Greg (January 25, 2010). "The Hayek vs. Keynes Rap – "Fear the Boom and Bust". Taking Hayek Seriously. The Hayek Institute. Retrieved December 29, 2012.