John Maynard Keynes and Friedrich Hayek go toe to toe in a rap-stravagant throw down. Bring the beat as Keynes and Hayek explore the boom and the bust. Keynes held the Belief that “the government should pay people to dig holes in the ground and then fill them up.” Hayek, held the belief that people should be free to engage in economic activity that suits their needs, not only what was centrally planned. Keynes was a big spender – of other people’s money – for series of short term gains. Hayek was an advocate of saving and investing for long term gain. Big spending Keynes has many booms and busts with hangovers. Hayek has slow and steady growth with no bursting bubbles and hangovers. One of Hayek’s key works, “the Road to Serfdom” has been condensed to a five minute video. Here is Keynesian economics in 5 minutes.