Posted on 11/27/2011 5:15:24 AM PST by OddLane
Such was the title of a debate held at the Asia Society, sponsored by Thomson Reuters, which I attended several weeks ago. Coming at a time of agonizing societal fissures arising from debates over austerity, stimulus, and the wisdom of government intervention into the economy, this event pitting the backers of a Hayekian view of economics against those who espoused a Keynesian model seemed incredibly timely.
After explaining to the audience the general structure of the debate and how it would be judged-spectators were given gadgets similar to those distributed at IQ2 debates, which they were to use to vote for the side they agreed with at the beginning and conclusion of the debate-Harold Evans and Nicholas Wapshott, author of Keynes Hayek: The Clash That Defined Modern Economics, limned the underlying philosophical division that gave rise to this debate.
As the introductory remarks made clear, the 80 year-old clash between Keynes and Hayek was “one of the most vituperative divisions in economics,” and the fact that this debate still carried resonance many years after the deaths of both men demonstrated the pertinacity of both schools, which reflected in some measure the confidence that both men had that their views reflected the definitive understanding of how economics works at an empirical level.
(Excerpt) Read more at american-rattlesnake.org ...
The only reason any “debate” goes on is because the Keynes morons continue their myths and domination of useless idiots like the young and the media.
The answers are clear.
Phelps-the lead debater for them-opened his remarks by suppporting QE1 and closed them by endorsing parts of the Obama jobs' plan!
Thanks for your work and the link. Much of Bastiat’s “The Law” I know by memory...
“It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder”.
Thanks for the ping/post...and the education (YOUR OUTSTANDING work!).
I never know how much attention these entries that are off-topic are going to get, but a lot of people seem to be interested in economics.
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