//Keynes vs. Hayek: round 2 “Fight of the Century”

Keynes vs. Hayek: round 2 “Fight of the Century”

Another brilliant EconTv video from Keynes and Hayek. This time, the stage is as a Congress House Committee to analyse whether or not the US stimulus package was a good thing after all. Predictably, Keynes argues on the basis of ‘managing’ volatile markets with low information, whilst Hayek argues for more humility, saying that the economic system is complex, and so far better to let individual economic agents decide where, when and how to spend, rather than ‘the few’ in the government to do this job. Fascinating stuff:

Dr SIMON ANGUS is a computational and complexity scientist and member of the Department of Economics, Monash University. With a background across the physical and social sciences, he has diverse interests including complex systems science, data-science, networks, systems biology, evolutionary game theory and the study of technology.