Shout out to all the Finance/Economics majors. Here’s a rap battle between John Maynard Keynes and F.A Hayek. The two were major rivals when it came to economic theory and, judging by the video, picking up girls as well.
According to the video, drinking is very similar to a boom and bust cycle. The actual drinking being the boom, and the hangover being the bust. If drink prices are artificially set-low (credit is available to all), over spending on those drinks will come back to bite you in the morning in the form of a hangover (a bust, as people can not repay their debt from spending).
Keynes’ theory revolves around massive government intervention while Hayek’s is based around a “laissez faire” or a hands off economy with little to no government intervention.
It’s an age old question that is still being furiously debated today, so what do you think?
Should today’s economy feature more or less government intervention? Why?