Thursday, June 30, 2011

Hayek vs. Keynes

If you don't know these names, you should. They are the names of two economists whose theories are dominating the economic debate of our times. Liberals generally prefer the Keynesian model, conservatives and libertarians the Hayekian.

So, which one is better applied in the circumstance in which we currently find ourselves? That is the crux of the debate.

John Stossel explains that we don't have to look very hard to see some examples of both theories in practice. With the examples of Canada and Japan for us to look to, there really shouldn't be much of a debate.

And, just for fun, check out this great video where Keynes and Hayek (or actors playing them, since they're dead) duke it out in the ring.

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