Keynes vs Hayek – The Ultimate Economics Debate
You have to watch these videos for the entertainment factor. alone, however, there is an underlying lesson of the opposing sides in the economics debate.
Interventionist economics with the associated stimulus and demand-driven economic thrust which dragged the west out of the depression was led by Keynesian thought.
Contrasting that with Hayek’s prospectus proffered by Margaret Thatcher which dragged Britain out of the 1970’s gloom into the modern world. These videos are funny, educational and really cool, at least for us stock market buffs.
Part 1 – Hayek vs Keynes – Fear the Boom & Bust
One thing is for sure the direction of the market, as highlighted in my book and training course, is dictated by the business climate, which is dictated by the economic principles practiced during the era.
The modern era of the west is driven by Keynsian economics, which leads to boom and bust. But who is to say the Heyekan prospectus would yield riper fruit.
The day when economists agree and find the right path will be the day hell freezes over.
One thing is for sure, the power and wealth of nations are dictated by the success of the economies that drive them and the technologies they develop.
Boom and bust details are highlighted in a previous post. Boom and Bust
Part 2 – Hayek vs Keynes- Fight of the Century
"Fight of the Century": Keynes vs. Hayek Rap Battle Round Two
Video Courtesy of Youtube
All credit to the folks at http://econstories.tv for a top video.
p.s. Keynes was British, not American and Hayek was Austrian.