Keynes v Hayek
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Speaker(s): Professor George Selgin, Professor Lord Skidelsky, Duncan Weldon, Dr Jamie Whyte Chair: Paul Mason Recorded on 26 July 2011. How do we get out of the financial mess we're in? Two of the great economic thinkers of the 20th century had sharply contrasting views: John Maynard Keynes believed that governments could create sustainable employment and growth. His contemporary and rival Friedrich Hayek believed that investments have to be based on real savings rather than fiscal stimulus or artificially low interest rates. BBC Radio 4 will be recording a debate between modern day followers of Keynes and Hayek. George Selgin is Professor of Economics at The Terry College of Business, University of Georgia. Selgin is one of the founders of the Modern Free Banking School, which draws its inspiration from the writings of Hayek on the denationalization of money and choice in currency. He has written extensively on free banking, the private supply of money and deflation. George Selgin is the author of The Theory of Free Banking: Money Supply under Competitive Note Issue (1988), Less Than Zero: The Case for a Falling Price Level in a Growing Economy (1997), and Good Money: Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage (2008). Robert Skidelsky is Emeritus Professor of Political Economy at the University of Warwick. His three-volume biography of the economist John Maynard Keynes (1983, 1992, 2000) received numerous prizes, including the Lionel Gelber Prize for International Relations and the Council on Foreign Relations Prize for International Relations. He is the author of The World After Communism (1995) (American edition called The Road from Serfdom). He was made a life peer in 1991, and was elected Fellow of the British Academy in 1994. His latest book is Keynes: The Return of the Master. Duncan Weldon is a former Bank of England economist and currently works as an economics adviser to an international trade union federation. He has a long standing interest in and admiration for Keynes but also a respect for Hayek. He blogs at Duncan's Economic Blog. Jamie Whyte was born in New Zealand and educated at the University of Auckland and then the University of Cambridge in England, where he gained a Ph.D. in philosophy. Jamie remained at Cambridge for a further three years, as a fellow of Corpus Christi College and a lecturer in the Philosophy Faculty. During this time he published a number of academic articles on the nature of truth, belief and desire, and won the Analysis Essay Competition for the best article by a philosopher under the age of 30. Jamie then joined Oliver Wyman & Company, a London-based strategy consulting firm specialising in the financial services industry, for which he still works, as the Head of Research and Publications. Jamie has published two books: Crimes Against Logic (McGraw Hill, Chicago, 2004) and A Load of Blair (Corvo, London, 2005). Jamie is a regular contributor of opinion articles to The Times (of London), the Financial Times and Standpoint magazine. In 2006 he won the Bastiat Prize for journalism.He is on the advisory board of The Cobden Centre. The debate will be chaired by Paul Mason, economics editor of BBC 2's Newsnight and author of Meltdown: The End of the Age of Greed.
Comments
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I'm confused with what the Hayekian position is on monetary policy. He says he wants monetary 'stabilisation' to prop up spending, which is the current state of things, but then says he wants to dispense with central banks for some reason.
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This moderator is a douche. He keeps cutting everyone off. He even cuts off the fucking audience questions. Waving his hands around like a mad man the whole damn time.
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The guy on the second to right looks and talks like a bar mitzvah boy making a speech
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When the economy recovers, politicans do not reduce gov spending or increase taxes to honestly pay for what they are buying.
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The us isn't doing shovel ready jobs, where the keyneans are wrong and where the austrian get it fully correct is government spending on anything isn't equal! QE is a failure and will only lead to worse issues! Because all QE is doing is inflation of stock prices! You can lead out cheap money to companies who will do stock buy backs effectively just increasing their value and the CEO take away pay and expect a true recovery! It would be smarter just hand a trillion dollars out over a few years to all citizens. However both are fairly stupid! How u do proper keyneans is a large investment over as much of the country as possible! Trillions over a decade for mass public works project 7.77 trillion is the cost of the banks in the us! We should of let the banks only be bailed out threw government take over or we should let them fail and cover checking accounts etc! That money repairing or investment in new technology like t very high speed fiber optics for internet, high speed rail, wind or solar power. Whatever would be way better than QE! Zero money aka austerity is stupid however just throwing money at banks might of help ease the issue but it only kick the problem down the road!
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We not only had a depression event in the thirties but the dust bowl. If the government did nothing you would of had a revolution in the us. History is clear on this fact! Enough people go hungry you have mass upheaval. The pure fact of how we had no massive military means revolution. If the was a powerful military as we have today means mass killings or imprisonment. If you did hayek during the depression with the add of the dust bowl it would of ended this country as we know it! Austrian Economist ignore how depression event in weak governments countries always leads to some type of civil war, revolution, or mass migration! We did hayek in 1837 in the US, we had mass migration into western territory, failed southern economies for decades,that down turn lasted threw most of the country. It's one of the major economic issues listed for the civil war! We look no further than the 21st century for answers typically no further than the great depression!
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These people have the same accents and voices as those monkey scientists from the spongebob episode where sandy had to impress them with an invention
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The Hayekian dude on the left doesn't understand banking
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MY LEFT EAR
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Austrian school of economics all the way :)
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Still waiting for that debate between Bob Murphy and Paul Krugman😴😴😴😴
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"I've taken strong notice of the genitals of these people and I dont like that so many men are asking questions, even though no women WANT to ask questions can we make them so I can feel better about my male guilt?"
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My left ear loved this.
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13:10
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Recession does not happen because a poor working man,middle class man working hard sometimes 2 jobs to put bread on table not playing with market in speculation loosing money unimaginable by poor,middle class or even upper middle class. or even mildly small rich fortune but by very rich companies and individually ultra rich people.
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So Hayek was a monetarist? That's what I get from George Selgin's explanation of his position. But I've watched a video of Hayek criticising Friedman
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I have to say , the English have political discourse down packed. Definitely more fun than typical American presentations of discourse. From the LSE, to the Parliament so much more fascinating and fun than American. Keep it up chaps!
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There is no sound?
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Just started watching this clip . . . This moderator is awesome!!! Sounds like he stumbled right out of a Monty Python sketch!!
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Keynesianism reminds me of a kid getting a present for his birthday, but his younger brother has to get one too because we don't want him upset. Wait for you own goddamn birthday!
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