Interesting Reading – October 16, 2016

Note to readers:  In this series, we suggest worthwhile reading material on a variety of topics, not all of which are directly related to investing.  Some of the articles are behind pay walls.  However, it is often possible to read

Debating the Economic Theories of Keynes and Hayek

As we discussed in September, much of the response to the global economic crisis of the past two years was based, at least in part, on the economic theories of John Maynard Keynes. Broad based government intervention in the economy has been defended as essential to avoid a complete systemic collapse. However, as the economy emerges from this period of crisis, the views of F. A. Hayek have been cited by many who wish to see government intervention promptly reversed. Read this article for more details and a video.

The Enduring Influence of J. M. Keynes

Much of the response to the global economic crisis of the past two years has been based on the economic theories of John Maynard Keynes. No other economist of the past century has had such a profound influence on modern policy makers. The success or failure of the monetary and fiscal stimulus applied in the United States and elsewhere will depend on whether Keynesian policy prescriptions are effective.

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