Very enjoyable, but not particularly rigorous compare and contrast of Keynesian and Austrian economics here and sequel.
My favorite quote (put in the mouth of Hayek in the second video around 3:40): “If every worker was staffed in the Army and Fleet, we’d have full employment—and nothing to eat.” (This is aimed at the Keynesian argument that WWII ended the Great Depression.)
Personally, I’m doubtful either theory is better—they both run on fundamental assumptions about what is happening in the market. But if the actual market resembles neither assumption, both predictions will be very misleading.
Very enjoyable, but not particularly rigorous compare and contrast of Keynesian and Austrian economics here and sequel.
My favorite quote (put in the mouth of Hayek in the second video around 3:40): “If every worker was staffed in the Army and Fleet, we’d have full employment—and nothing to eat.” (This is aimed at the Keynesian argument that WWII ended the Great Depression.)
Personally, I’m doubtful either theory is better—they both run on fundamental assumptions about what is happening in the market. But if the actual market resembles neither assumption, both predictions will be very misleading.