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Fiscal Policy Information

Fiscal Policy Information - Fiscal Policy Discussion Board...

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Fiscal Policy Discussion Board Description: Economic freedom is freedom from government intervention in the production and distribution of goods and services. After World War II, governments were trying to rebuild their economies from the ground up. They looked to the ideas of the top economists of their day for guidance. These ideas have shaped economic systems and the idea of economic freedom for many years. Students will: Learn about differences between Keynes' and Hayek's economic philosophies. Describe economic freedom according to Hayek and the Chicago School of Thought, and as current economists describe it. Explain how Keynes' economic policies could limit economic freedom. Introduction: The ideas of John Maynard Keynes and Friedrich von Hayek have dominated the economic landscape since the end of World War II. Both of these influential economists had distinct ideas about economic freedom, ideas that were very clearly in opposition to each other. The following link provides a two-minute video clip that explains the ideological differences between Keynes and Hayek. Click on www.pbs.org/wgbh/commandingheights [ 1 ] ; then choose the "Battle of Ideas, The Core Debate" clip (choose the media player your computer is equipped with). In this lesson, the students will read about the different views of Keynes and Hayek on the role of government in the economy. They also will learn how their views influenced the famed “Chicago School of thought,” as well as our current economic system.
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