The Keynes Hayek debate today





Hayek failed to deliver a knock-out blow to Keynes, and the argument about whether it is best to stimulate an economy in the face of large scale unemployment or let the market find its own solution has been going on ever since. 
    It continues to dominate not only the debate in Britain about whether growth or austerity should be the government’s guideline in forming economic policy, but is at the heart of the presidential contest between Barack Obama (in favour of stimulus) and Mitt Romney (let the market fix the problem), as well as the extraordinary political and economic gavotte taking place in Europe to save the euro.


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