‘They will be “martyrs by mistake” and, in their martyrdom, will be injuring others as well as themselves.’
- Keynes 1932
‘If the Government wish to help revival, the right way for them to proceed is, not expenditure, but to abolish those restrictions on trade and the free movement of capital (including restrictions on new issues) which are at present impeding even the beginning of recovery.’
- Hayek 1932
The topic of debate between Keynes and Hayek, is based on the effectiveness of capital investment and what policies the Government should adopt.
I find it suitable to discern the credibility of the writers, which is imperative to examine the influence of their words. Both gentlemen, at the time, were considered to be leading economic theorist. At the time both Hayek, and Keynes held prominent positions at leading economic institutions, and due to their economic prowess, both men were the most cited economists in ...
... middle of paper ...
...; Hayek also provides an outline of how to fulfil the role.
My planning for this assignment was a slightly stressful. The stress was induced when trying to choose what sentences to use. I had difficultly choosing a sentence that appealed culturally to me. In the end I selected sentences from economic theorist. The topic of the texts was based on the causes of the Great Depression and they’re discussing the best approach to move forward. Keynesian Economics and Neoclassical Economics have been vowing for orthodoxy through the twentieth century. In recent decades the two schools of thought, in many places create a synthesis, resulting the economic policies that are applied on the Australian economy. The economy is an integral part of our everyday living, so I find it logical to analyse sentences from two people have irrevocably shaped the world to what it is now.
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