KH - Keynes vs. Hayek By Andrew Northcutt Who was John...

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Keynes vs. Hayek By Andrew Northcutt
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Who was John Maynard Keynes? British Economist Widely considered to be one of the founders of modern macroeconomics and the most influential economist of the 20th century
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What is Keynesian Economics? Argues that that private sector decisions can lead to inefficient macroeconomic outcomes Calls for action through the central bank monetary policy and government fiscal policy actions by the government to stabilize output over the entire business cycle Says when GDP growth is decreasing, best way to stimulate growth is for government to spend, with the anticipation that government spending will stimulate aggregate demand *Whoever can give Drew the best compliment at the end gets a candy bar
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Who was Friedrich Hayek? German economist Nobel prize for economics in 1974 Considered one of most important economists and political philosophers of 20th century
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What is Hayek economics? Main voice countering Keynesian Economics
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This note was uploaded on 12/29/2011 for the course BUS 453 taught by Professor Jerrynelson during the Fall '11 term at BYU.

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KH - Keynes vs. Hayek By Andrew Northcutt Who was John...

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