Planet Money

SUMMER SCHOOL 1: Recessions & Rap Battles

Jul 14, 2022

Luigi Zingales, a finance professor at the University of Chicago, explores the evolution of macroeconomics and the dramatic debate between Keynes and Hayek. The conversation dives into economic concepts using a clever rap battle to dissect their differing views on government intervention and market dynamics. Expect insights on the paradox of thrift and how emotions shape economic decisions. Plus, a fun connection with pop culture shows how economics can resonate beyond the classroom!

31:07

Creator website

Episode guests

Luigi Zingales

AI Chapters

Episode notes

Intro

2min

Dark Origins of Macroeconomics: A Rap Battle of Ideas

2min

Economic Rivalry: Keynes vs. Hayek

8min

Economic Rhyme: A Battle of Theorists

4min

Emotions and Economic Decision-Making

7min

Economics Meets Pop Culture

3min

Economic Rhythms: Money and Music

7min

It's macro time! Today: Keynes vs. Hayek.

Season 3 of summer school is here asking the biggest economic questions about what makes an entire economy grow or contract? Things like, is there a "right" level of unemployment? Who gains from trade? What rhymes with 'paradox of thrift'? Also, inflation, we'll get to inflation.

Episode 1 begins with the rise of macroeconomics as a field, with one of the great economic debates of the 20th century: what causes booms and busts, and what can the government do about it? How free should a free market be?

It's a debate (over beats and with an actual rap battle) between John Maynard Keynes and F.A Hayek.

Watch this Tik Tok to learn more. | Subscribe to our weekly newsletter here. | Listen to past seasons of Summer School here. | Listen to our econ songs of the summer on Spotify. |

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