Keynesian vs. Austrian Economics

John Maynard Keynes and Frederick von Hayek arguing in an economic debate.

AP Economics project

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Film & Animation

Tags:

• xtranormal

[yakyakyak69]

Liberty is IMPOSSIBLE while a Central Bank Monopoly with Fiat Debt-Currency & Fractional Reserve Banking promotes Corruption.

The Fed corrupts crony politicians with power to borrow, debase & spend to buy “support” from Special Interest Groups, Unions, “Too Big to Fail” Corporations, the Military-Industrial Complex & Wall Street Cartels.

Central Banking = the Despotism of Central Economic Planning, Political Bribery & Cronyism!

Watch: “Money as Debt" here on YouTube.

END THE FED!

[anyelina1111]

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[blastsummit]

@Andersll11 i hate to be the one to rain on your parade, but you are NO economist.

[TheManiacalSatanist6]

@ssj3jarrod Yeah, that is a problem, but it's even worse on the Keynesian side of the isle. How many people have actually read the writings of John M. Keynes, Irving Fisher, Leon Walras, and the like? Next to none of them, and yet they continue to argue for Keynesian economics. It's silliness on both sides of the isle.

[ssj3jarrod]

I'm wondering how many here have actually read; Human Action a treatise on economics  ? ? ? ?

Then they summarize Austrian economics, laughable...

[TheFORBEZZZ]

Did I hear "Let Smith's hand" take over. I feel cool actually getting this. School did teach me something. But, i think that if you do leave the free market alone, it will eventually heal.

[DAngelo136]

@Andersll11 Hey don't take my word for it. Google: "Bankers panic" and you will get articles for 1907 and 2008. One article for it in the Harvard Business School "Historical Collections" website as a matter of fact. I guess the cannon's aim is pretty good.

[Andersll11]

@DAngelo136 Ok, then wouldn't it be a bit bold to jump to the conclusion that the 1907 crisis was caused by the market, and not by trying to control the market? Maybe some fractional reserve banking was involved? That's like pointing a shit loaded cannon at a fan.

[DAngelo136]

@Andersll11 Then please explain the "Bankers Panic of 1907" which led the Congress to the Federal Reserve Act of 1913. Hayek and Freidman ignore politics. Economic conditions don't happen in a vacuum; there are real people and populations that are affected. To an extent all economists operate from an "ivory tower" and their thoughts are theoretical models with numerous assumptions. Every theory advanced by economists should be taken with a grain of salt as it were.

[adsfasdkjfh]

This was amazing. Thank you, sir.

[d3ltadrive]

"for the last time we are not going to exterminate the jews"

made my day

[itsthekush]

@Andersll11 There is still disagreement on what caused the great depression, so looking it up will lead to an argument between keynesians and austrians similar to the one you and dave just had.

Depends where you place your faith, in an economic *system* that has been used (and improved upon) during the last century, or an economic *theory* that has had little (if any) pragmatic application during the same period of time. Either way, both choices have their ups and downs.