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John Keynes Vs Hayek

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The two men who transfigured the philosophies of economic systems can be accredited to John Maynard Keynes and Friedrich Hayek. Keynes and Hayek were in fact very good friends, yet they were the epitome of the saying “opposites attract.” John Keynes was born in the United Kingdom in 1883 and was the older of the two. Friedrich Hayek was an Austrian native who later moved to London where the two would eventually meet. Keynes and Hayek both witnessed the globalization of the world with the innovations of technology such as the telegraph, the telephone, steam ships, and railroads (Commanding Heights). The two possessed entirely different perspectives on the take of politics. The major differences of their political visions were their views of government systems in economics, the roles the government should play in the economy, and the proper solutions for a crash in the economy. …show more content…

Bush and Barack Obama adopted Keynes ideas, also known as Keynesian economics; Prime Minister Gordon Brown of the United Kingdom also adopted these theories (The Famous People). Keynesian economics were the predominant theories of the government after World War II. Hayek on the other hand, a classical liberalist from the University of Vienna pushed for a laissez-faire based government. However, since the 1970’s Hayek's idea that the government must only contribute in the most limited way to our economy has gained popularity. (Keynes vs. Hayek: The Rise of the Chicago School of

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