. Keynes & Hayek
Throughout the semester we have learned various important concepts about the economy, but by far, the most important was learning the ideologies of Keynes andHayek. These two men have had a big impact not only in the United States’ economy but also in the world’s economy. They have two very different concepts on how a country should run their economy but thereboth equally important. Some people decide to go with Keynes’ ideas but others prefer Hayek’s. In class we learned that Keynes’ believe that the best way to run a market was by a lot of governmentinterference. And that Hayek believed that the markets should be left alone. We studied both of these men and there isn’t a wrong or right way, it is subjective to each individual.
John Keynes was bornin England on June 1983, a very successful economist. During World War I , two, and the great depression he became more known. Keynes believed that the government should always interfere with themarkets. He thought that the best way to have a good economy was by being on the markets back, which is basically central planning. Keynes ideas were somehow based on communism. He believed that thegovernment should not be left alone that the government should help them if they’re having problems and even if they are running well. Keynes wrote a book about these ideologies named The General Theoryof Employment,
Another important economist that has influence a lot the world’s economy is Fredric Hayek. Hayek was from Austria Germany, and had a strong accent which made him infamous since it wasthe time when Germany was going through hard times with the dictators and everything. He was also a great philosopher who made many contributions to the world of economy. Hayek had a strong believein free market. He had the idea that the best way for a market to be successful was by letting it fix their selves. Hayek thought that the government interference in time of crisis just made the...
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