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The Great Depression - Essay Example

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The essay "The Great Depression" presents the differences in between the ideas of two prominent economists John Maynard Keynes and Fredrick August Hayek. In light of the great depression, they held different views and options that could be used by the economy to recover from the recession…
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The Great Depression

Download file to see previous pages... As opposed to the belief of Keynes, Hayek had the belief that in order to recover from a booming crash the solution was not just adequate spending but also a return to the sustainable production at the same time. The production that had been purged by distortions in the boom era due to the availability of easy money needed to return to the level of sustainable levels so as to recover financially. The theory of Hayek was dismissed as many held the belief that he tried to liquidate labor, stocks and the farmers. However, it seems that the Hayek was right due to the fact that after there has been unsustainable boom period it is really required to liquidate the thinks so that the distortions can be removed. For instance, after the financial crisis of 2008, the recipe for straightforward revival would be to liquidate all the assets which led to the subprime bubble due to the easy monetary policy. In short, Keynes gave a recovery that seems painless for the economy by giving the economy extra money. The believers of Hayek’s theory understand that there is no painless recovery option that is available for recovering from an unsustainable boom. The only way an economy can recover from such a period is to try and avoid the boom itself. In light of the great depression, the two economists Keynes and Hayek held different views and options that could be used by the economy to recover from the recession. The views of the two economists differ substantially and offer different explanations for the cause of the economic crisis. ...Download file to see next pagesRead More
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