Draft #1
There have been many people who have impacted the world with their different economic point of views. Many of those people have made a vital impact on the world. Today I will be discussing two great economists of all time John Maynard Keynes and Friedrich Von Hayek. The beliefs for a better economy have forever changed the world of economics due to these two men.
The book General Theory of Employment, Interest and Money written by Keynes changed the course of economic thought with its questionable understanding of the reasons for unemployment (Wikipedia). Keynes’ idea for writing this book was to show the government that it was possible to manage their markets. The General Theory of Employment, Interest and Money consists of ideas on how the economy should be handled to keep unemployment rates from increasing. Keynes’ highly believed that government involvement was needed to help regulate the economy, for instance, full time employment can only be retained with the assistance of government spending because government spending creates jobs (John). Keynes’ …show more content…
For instance, a free society allows an individual to choose where he or she would like to work and the individual is free to quit their job when they want. In a government control economy an individual would not have that right, the government would choose for them because they are in control of everyone and everything. If government influenced the economy, it would result in a loss of freedom and success for everyone. Although, Hayek didn’t want government intervention he was not absolutely opposed to all government intervention he agreed with some public goods to help those in need and restraining the abuse from employers. The argument Hayek was trying to point out was that the economy will never deliver as much output and satisfaction as a free economic system and that an arranged economy to be productive is
There have been many people who have impacted the world with their different economic point of views. Many of those people have made a vital impact on the world. Today I will be discussing two great economists of all time John Maynard Keynes and Friedrich Von Hayek. The beliefs for a better economy have forever changed the world of economics due to these two men.
The book General Theory of Employment, Interest and Money written by Keynes changed the course of economic thought with its questionable understanding of the reasons for unemployment (Wikipedia). Keynes’ idea for writing this book was to show the government that it was possible to manage their markets. The General Theory of Employment, Interest and Money consists of ideas on how the economy should be handled to keep unemployment rates from increasing. Keynes’ highly believed that government involvement was needed to help regulate the economy, for instance, full time employment can only be retained with the assistance of government spending because government spending creates jobs (John). Keynes’ …show more content…
For instance, a free society allows an individual to choose where he or she would like to work and the individual is free to quit their job when they want. In a government control economy an individual would not have that right, the government would choose for them because they are in control of everyone and everything. If government influenced the economy, it would result in a loss of freedom and success for everyone. Although, Hayek didn’t want government intervention he was not absolutely opposed to all government intervention he agreed with some public goods to help those in need and restraining the abuse from employers. The argument Hayek was trying to point out was that the economy will never deliver as much output and satisfaction as a free economic system and that an arranged economy to be productive is