The stark differences between economists Friedrich A. Hayek and John M. Keynes is accurately depicted in the following video that will follow. Unfortunately for American society the Keynesian view of deficit spending won the day.
Hayek, a brilliant and studied economic theorist never was afforded the stage Keynes so successfully captured. The results being the more rational economic theories lost the day, and to the detriment of American society as a whole.
Here are some brief excerpts from the Ludwig von Mises Institute.:
The debate between J.M. Keynes and F.A. Hayek, both living and teaching in Britain in the 1930s, was one of the great debates of the century. Sadly, the charming globetrotter Keynes had the podium and the audience, to the point of influencing policy the world over even to the present day
As with the classical music show on public radio that takes apart a symphony to explain "why it is great," I want to explain why this video is great.
Via: Ludwig von Mises Institute