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Battle of Ideas - Coggle Diagram
Battle of Ideas
John Maynard Keynes
Background
Born in Cambridge, United Kingdom on June 5, 1883
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Was an economic advisor during the treaty of Versailles and was great disgusted and disappointment on what the final outcome was
Legacy
Keynes's success was all shown throughout the thirty glory years but after that the great depression hit
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Nixon is a perfect example of someone who clearly believed in Keynes ideals and had constantly shoved the governments money into the economy forcefully, this sadly failed
For thirty years Keynes ideals greatly overpowered Hayek's own but that all changed at once with both Reagan and Thatcher becoming the leaders of their respective countries
Ideals
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The belief of Keynes caused the most destructive thing to happen to the economy, stagflation
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The government controlled wages too, this was a fault of Nixon and his advisors already knew this fact
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Friedrich Von Hayek
Background
Born in Vienna, Austria on May 18, 1899
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Ideals
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Through a free market there would be no stagflation, which is what had destroyed Keynesian economy
He saw the economy as a natural order, just like tidal waves or the wind, it was always be to go with the flow of things
Legacy
In the beginning Hayek's idea was ignored for keynesism for a very long time, only around the age of 80 was Hayek's Idea prominent
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Chicago school of
economics also strongly believed in Hayek's belief of their being minimal involvement of the government
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