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Eco 252 Writing Assignment 5: Keynes vs. Hayek (Example)

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Student’s name Course name Professor’s name Due date Keynes and Hayek view on Economic stability and business cycles A stable economy is one which does not have a huge gap in gross domestic product and the employment rates are fairly stable. On the other hand an unstable economy is characterized by depression and recession. The two: Keynes and Hayek argue on how to deal with boom and bust. They have different views on the cause of economic instability and have different opinions on what should happen to remedy the situation. Keynes suggests that the cause of the depression and the recession is the "animal spirits". To him not actually spending on these animals could affect investment and growth in a country"Fear the Boom and Bust". Hayek on the other hand blames low-interest rates to be the main cause of depression and recession."Fear the Boom and Bust". He believes that offers solutions for the long run although it has its short-term weaknesses and the problems of high prices. Hayek long-term thought has a positive influence since it means that in the long run there will be greater benefits. From my own point of view I believe that some Keynes policies are not applicable to the modern economic world since they were formulated at a time when rapid economic growth was being experienced. Today we face more of the financial crisis and Hayek's school of thought will be the way to go. Works cited John Papola and Russ Roberts ."Fear the Boom and Bust": Keynes vs. Hayek Rap Battle. Online video clip. YouTube. YouTube 23 January 2010 . Web. 11 July 2018. John Papola and Russ Roberts "Fight of the Century": Keynes vs. Hayek Rap Battle Round Two. Online video clip. YouTube. YouTube 27 April 2011. Web. 11 July 2018. [...]

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Now that we have finished the material on monetary and fiscal policy in Hubbard, it is a good time to review and reflect. Please watch the two videos below and answer the questions that follow. These videos have received wide-spread acclaim among the economics profession. I’ve watched each dozens of times and still enjoy both. They are very well-scripted and provide a great comparison of two schools of thought in Macroeconomics: Keynesian and Austrian (Hayek). They seek to explain the sources of instability in the macroeconomy and highlight alternative approaches for dealing with economic instability. I recommend watching the videos through from start to finish at least once to get an idea of the content. Invite your friends and family to watch them with you. Then, read the questions and watch the videos again (and again and again). Pause the video as necessary to take notes. Think about what the actors are saying and how it fits into what you learned this semester in Macroeconomics. • Answers must be organized and supported by the content in BOTH videos and your textbook. • Don’t just quote the video. Explain and interpret in your own words. Quoting without interpreting and explaining will not earn full credit. • Do not search the internet for answers. Do not quote or cite other sources. I want your thoughts and your words. • Do not submit your first draft. Revise and rewrite your answers. Weak answers and grammatical errors will be severely penalized. • Total length should be 4 full typed pages. At this point in the course, you should have no trouble meeting this requirement. (3 full pages plus 1 line ≠ 4 pages. Do not stretch the margins or include a ½ page heading.) "Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem Fight of the Century: Keynes vs. Hayek Round Two Questions to think about in your essay 1. How do Keynes and Hayek differ in their view on the stability of the economy and the reasons for business cycles? Explain. 2. How do Keynes and Hayek differ in their approaches for dealing with a recession? Explain. Compare their views on how fiscal and monetary policy affect the economy. (Recall the discussions in the textbook about multipliers and the automatic mechanism.) 3. In the first video, the refrain asks if we should steer markets or set them free. In the second video, the referee repeats the refrain “which way should we choose, more bottom up or more top down?” Discuss and explain the significance of these questions. 4. Based on the material in the videos, in your opinion, which school of thought does your textbook (and the mainstream view in economics) tend to support? Explain. • Please answer in essay form. Your grade will be severely penalized if you just answer the 4 questions and do not incorporate your answers into a well-written, well-organized, thoughtful essay that reflects what you learned in this course throughout the semester.

Subject Area: Economics

Document Type: Reports

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