Hayek vs. Keynes P1

Born in Austria in 1899, Nobel Prize-winning economist Friedrich von Hayek was an advocate of free-market capitalism. He is known for his criticism of the prevailing economic theories of the 20th century, Keynesian economic models and socialism.

John Maynard Keynes was a British economist during the first half of the 20th century best known for his revolutionary theories on the causes of unemployment and recession, which came to be known as Keynesian economics.

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[SicMaggot5891]

the government exists for a reason. one of their duties is to take care of their citizens, it is certainly not "unnatural" for the government to try and fix the economy. In this sense, I believe that Hayek's views of that the market will fix itself are dangerous and illogical.

[TheSyndicate07]

@SicMaggot5891: While I think we can both agree that the role of government is to protect their citizens, where I think we would diagree is that what has worked 'through out history' is when the market is left to fix itself it solves the problems for the long-term, yes there is some short-term pain but that's the system cleaning itself out from mal-investments. Recently however (because of the Keynesians) the market hasn't been allowed to work to fix itself.

[erelpc]

Mises and Hayek were both great liberals.

[Thentox]

@SicMaggot5891 there is no such thing as a "dangerous" view. And in any case if there were it would be Keynes' advocation of government interference in the economy, as nowadays we can see that the social and ironically economic effects can be negative

[flynn2008]

@erelpc

Classic liberals/libertarians not the modern day liberal. The modern day liberal would make Mises and Hayek vomit.

[TheMadCrumpet]

@SicMaggot5891 The market is a not a machine, it is a all of us. I would much rather all of us make our own decesions than the government makins decesions for us. Our Revolution was made on this basis, If the colonists had deal with what we put up with, we would have had a Revolution by now. They rioted over a tea tax. We have an income tax, sales tax, inflation tax all to fund unconstitutional wars overseas, which we have because according to Keynes, war is good for the economy.

[TheMadCrumpet]

@SicMaggot5891 The market had fixed itself everytime prior to the Great Depression. No recession lasted longer than 2 years and after the recession their was strong economic growth. At the onset of the depression, the government did something very different than what it did in previous recessions... It got involved in the economy. The first time the government tries to stimulate our economy the depression lasts 20 years. The free market was far better at dealing with recessions.

[TheMadCrumpet]

@SicMaggot5891 The Constitution does not give the government the power to care for the citizens, it does give the government the power to protect libirties. Protecting a free market economic system may as well be caring for the citizens because that is where prosperity can actually grow.

[dubified89]

@SicMaggot5891 Government is violence. Government's don't govern by consent, they govern through compulsion and coercion. Abusers commonly manipulate their victims by getting them to feel dependent on them.

[migu9999]

what is good in war maybe it is not so good in peace times, Ron Paul 2012!