Tuesday, February 5, 2019
Economics: Keynes vs. Hayek Essay -- Keynes vs. Hayek, 2014
The knightly few eld the United States has seen some rough economic times. The unemployment grade is extremely high and many people have lost their homes and businesses. Because thither are so many factors in an economy, it is hard to find the skillful people to blame. The protest group satisfy Wall Street has come on to the conclusion that corporations are making us poor through winning advantage of us and the political system. The share of income going to the top 1 percent of Americans has increased dramatically over the past few years and withdraw Wall Street is outraged. They are calling for increased governmental regulation so that the lower quintile Americans can gain some equation (Cesca). I wonder who is actually at fault. Is it actually this top ace percent who have been hurting us or some different factor? Maybe the government has created the problem.A good way to come near it is to take a step back and look at the school of thought of economics. From learning about classical economic theory, modern dilemmas, specifically Occupy Wall Street, may be easier to solve. There are 2 main theories on economics and how a society should run. The classical theory is that of the British economist, stern Maynard Keynes. The other, less popular theory is from the Austrian economist, Friedrich August Hayek. These two highly respected economists did most of their important work in the mid-20thcentury. (Cochran and Glahe 69).John Maynard Keynes classical approach to economics and the business cycle has dominated society, peculiarly the United States. His idea was that government intervention was necessary in a properly functioning economy. One economic author, John Edward King, claimed of the theory thatKeynes believed tha... ...itical sparing26.1 (1994) 69-94. Print.Papola, John. Fight of the Century Keynes vs. Hayek Round Two YouTube.YouTube Broadcast Yourself.Web. 29 Oct. 2011.Friedman, Milton. capitalism and Freedom.Chicago University of Chi cago, 1962. PrintKing, J. E. Keynes and Psychology.Economic Papers A Journal of use Economics and Policy29.1 (2010) 1-12. Print.Maiello, Michael. Keynes vs. Hayek Debate Rages With OWS and Tea Party.The DailyBeast. 29 Oct. 2011. Web. 06 Nov. 2011Roberts, Russ. Occupy Wall Street and Washingtons History of Financial Bailouts impertinent Affairs.Home Foreign Affairs. 21 Oct. 2011. Web. 06 Nov. 2011.Rosenberg, Alex. Rosenberg on the Nature of Economics. Interview. Audio web logpost.EconTalk. ITunes, 26 Sept. 2011. Web. 30 Oct. 2011.