Hayek vs. Keynes 2013

 

 

"To act on the belief that we possess the knowledge and the power which enable us to shape the processes of society entirely to our liking, knowledge which in fact we do not possess, is likely to make us do much harm."

                                                          -F.A. Hayek

"Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone."

                                                       -John Maynard Keynes

Who would have thought that the ideas of these two economists would still be relevant over 100 years after ther they were born?  Furthermore the central arguments are still being discussed today on Television and in the newspapers.  What exactly is the role of government: a dangerous servant or a fearful master?  Should markets drive the economy, or should government drive the markets? 

Where do you stand on the issue?  What are the best reasons to support your side? Identify the main flaws in the opposing argument.  In addition to posting your opinion, you will also be responding to one of your classmates' posts.

Check out the articles below as you develop your arguments.

http://welkerswikinomics.com/blog/2011/10/31/keynes-versus-hayek-101-the-debate-continues/

http://www.soundmoneyproject.org/?p=2085

http://www.reuters.com/subjects/keynes-hayek - Watch the Debate!

http://online.wsj.com/article/SB10001424052748704738404575347300609199056.html