This is an excellent video produced by EconStories explaining the struggle between the followers of Keynesian Economics that the Liberals Progressives (like Obaba) subscribe to and the Austrian Economic model of free markets without heavy handed government intervention preferred by Friedrich Hayek. From to the EconStoried site:
According to the National Bureau of Economic Research, the Great Recession ended almost two years ago, in the summer of 2009. Yet we’re all uneasy. Job growth has been disappointing. The recovery seems fragile. Where should we head from here? Is that question even meaningful? Can the government steer the economy or have past attempts helped create the mess we’re still in?
In “Fight of the Century”, Keynes and Hayek weigh in on these central questions. Do we need more government spending or less? What’s the evidence that government spending promotes prosperity in troubled times? Can war or natural disasters paradoxically be good for an economy in a slump? Should more spending come from the top down or from the bottom up? What are the ultimate sources of prosperity?
Keynes and Hayek never agreed on the answers to these questions and they still don’t. Let’s listen to the greats. See Keynes and Hayek throwing down in “Fight of the Century”! And, if you’re interested in learning more about the ideas debated in the video, check out additional content and references that will help you get the story behind “Fight of the Century.”