Keynes vs Hayek
A cute little video, even if it seems to strawman Keynes a bit. For those of you not familiar with Hayek, here is a wikipedia article. He basically was one of the founders of the laissez-faire Austrian school now commonly associated with Ron Paul and the libertarian bunch. At the same time, he also wrote “probably nothing has done so much harm to the liberal cause as the wooden insistence of some liberals on certain rules of thumb, above all of the principle of laissez-faire capitalism.” According to Wikipedia, there is a term for the kind of limited governmental interference into the market, and that is ordoliberalism. Basically in ordoliberalism, the government’s role is to set the rules by which the market can operate, and those rules should be designed to encourage competition.
For more musical love letters to Hayek, please see:
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