Economics: Keynes vs. Hayek Essay -- Keynes vs. Hayek, 2014

The past a few(prenominal) years the unite States has seen some rough economic times. The unemployment rate is extremely high and many hatful have lost their homes and businesses. Because there argon so many cyphers in an economy, it is hard to find the right people to blame. The protest group choose breakwater Street has come to the cultivation that corporations are making us poor through taking value of us and the governmental system. The share of income going to the top one percentage of Americans has increased dramatically over the past few years and Occupy rampart Street is outraged. They are calling for increased governmental economy so that the lower quintile Americans can gain some equality (Cesca). I wonder who is actually at fault. Is it actually this top one percent who have been hurting us or some other factor? Maybe the government has created the problem.A good way to approach it is to prevail a step back and look at the philosophy of economics. From breedi ng about continent economic theory, modern dilemmas, specifically Occupy Wall Street, may be easier to solve. There are two main theories on economics and how a society should run. The classical theory is that of the British economist, arse Maynard Keynes. The other, less popular theory is from the Austrian economist, Friedrich August Hayek. These two passing respected economists did most of their important work in the mid-20thcentury. (Cochran and Glahe 69).John Maynard Keynes classical approach to economics and the business cycle has dominated society, especially the United States. His idea was that government intervention was necessary in a right on functioning economy. One economic author, John Edward King, claimed of the theory thatKeynes believed tha... ...itical Economy26.1 (1994) 69-94. write.Papola, John. constrict of the Century Keynes vs. Hayek Round Two YouTube.YouTube Broadcast Yourself.Web. 29 Oct. 2011.Friedman, Milton.Capitalism and Freedom.Chicago Universit y of Chicago, 1962. PrintKing, J. E. Keynes and Psychology.Economic Papers A Journal of Applied economic science and Policy29.1 (2010) 1-12. Print.Maiello, Michael. Keynes vs. Hayek Debate Rages With OWS and Tea Party.The DailyBeast. 29 Oct. 2011. Web. 06 Nov. 2011Roberts, Russ. Occupy Wall Street and Washingtons History of Financial Bailouts Foreign Affairs. sept Foreign Affairs. 21 Oct. 2011. Web. 06 Nov. 2011.Rosenberg, Alex. Rosenberg on the Nature of Economics. Interview. Audio blogpost.EconTalk. ITunes, 26 Sept. 2011. Web. 30 Oct. 2011.