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Keynesianism vs Austrian Economics. Keynesianism Explained (1/2) www.SuccessCouncil.com ep#13

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Published on Oct 21, 2012

http://www.successcouncil.com/sc/grea...

Today we are going to look at the basic differences between Austrian Economics and Keynesian Economics. We will split this episode into 2 short parts.
Lets start with Keynesianism.
Whether you know it or not, you are probably already very familiar with this philosophy. Over the last 50 years, it has become the basis for all Western economies.
Walk into any economics classroom anywhere in the world and you will probably find a Keynesian teaching it. Most Academics, politicians, and journalists today are Keynesians.
The easiest way to spot a Keynesian? Their "god" is "spending". Everything they say and think revolves around keeping people spending, and getting people to spend more.  And if they won't spend, take it off of them and spend it for them.
The way to stimulate the economy is to spend. In fact, suggesting anything else is laughable, like suggesting to any religious person that there might be another god.
{Insert Video 1}
And the bigger the problem, the more you should spend. And like any religious leader, when worshipping their god has negative consequences, you blame the people for not worshipping their god enough. 
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Now for believers in Austrian economics, their "god" is "productivity". Everything they say and think revolves around being more productive. They say the only way to stimulate the economy is to produce more with what you have.
Now everybody knows that bureaucracy kills productivity. Even Keynesians know that. But their god is spending. And governments are great at spending. Keynesians' solutions are always government spending more money in as many places as possible. The Austrian Economists are the opposite. Just kill the bureaucracy and end the government intervention. Productivity will immediately improve and the economy will get stronger.

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