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12_Keynes_vs_Hayek

12_Keynes_vs_Hayek - Keynes vs Hayek Debate So far we...

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TWO SCHOOLS OF THOUGHT ON THE BUSINESS CYCLE: KEYNES VS. HAYEK Torsten Jochem Intro to Macro Keynes vs. Hayek b Debate b So far we discussed the Keynesian approach in this class. The discussion in Congress is mostly between tax cuts and government spending, but the need for a stimulus is rarely questioned by politicians. b But some economists argue that we should not have any stimulus at all! One prominent economist among them: Friedrich Hayek (“Austrian School of Thought”). John Maynard Keynes ( 1883-1946) Friedrich August von Hayek ( 1889-1992) Keynes vs. Hayek Nobel Prize in Economics: 1974 (LSE, UChicago, Freiburg) Nobel Prize in Economics awarded first time in 1969. (UCambridge, Policy Maker, Rich from trading) John Maynard Keynes ( 1883-1946) Friedrich August von Hayek ( 1889-1992) Keynes vs. Hayek Robert Shiller George Akerlof* Brad DeLong Murray Rothbard Influences of Hayek Nobel Prize in Economics: 1974 (LSE, U Chicago, Freiburg) Nobel Prize in Economics awarded first time in 1969.
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12_Keynes_vs_Hayek - Keynes vs Hayek Debate So far we...

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