John Maynard Keynes or Friedrich HayekBy Randell Tiongson on August 30th, 2011
For decades, two opposing theories of economics have been causing heated debates — those of John Maynard Keynes and of Friedrich Hayek.
For many years, it seems that John Maynard Keynes was more influential to economic managers. Keynes was big at the role of government in influencing the economy through spending, keeping interest low, among others. Friedrich Hayek, on the other hand is best known for free market capitalism — he argues that less government intervention is best for an economy and that an economy should be allowed to take its natural cycle of boom and bust.
With all that’s going on in the world economies, the debate between Keynes vs. Hayek is alive again, and it seems that it is more heated than it ever was before. As to whose theory will be best, only history can judge that.
To learn better about Keynes vs. Hayek, here is a ingenious video about two opposing theories… and believe it or not, in MTV style! Watch it.