Fight of the Century: Keynes vs. Hayek Round Two

"Fight of the Century" a new economics hip-hop music video by John Papola and Russ Roberts, was a highlight of an opening general session of the Investment Management Consultants Association, held at the Marriot Marquis in New York City, January 30-31. It was a novel way to address a long-running economic argument, especially pertinent because the Great Recession supposedly ended in the summer of 2009, yet the recovery seems fragile and job growth has been disappointing. Where do we head from here? 

Can the government steer the economy or have past attempts helped create the mess we're still in? In "Fight of the Century", Keynes and Hayek weigh in on these central questions. Do we need more government spending or less? What's the evidence that government spending promotes prosperity in troubled times? Can war or natural disasters paradoxically be good for an economy in a slump? Should more spending come from the top down or from the bottom up? What are the ultimate sources of prosperity?

Keynes and Hayek never agreed on the answers to these questions and they still don't. What do you think?