Wednesday, July 7, 2010

Hayek, Keynes and the Depression, then and now

First, a rap video -- the now famous one of course, that put what is still the fundamental political-economic debate of our times to rhyme :)

Then in that context, via a Johnathan Adler post on Volokh, a fascinating pair of Letters to the Editor of the Times, circa 1932, directly juxtaposing the two iconic economic figures (along with some famous names on backup too) debating in the early days of the Depression.

Speaking of which (the Depression), and that fateful year 1932, here's a Telegraph article from a few days ago: "With the US trapped in depression, this really is starting to feel like 1932".

Scary, no? Well, for Megan McArdle at least, Keynes -- in the sense of more spending -- is just a moot issue now anyway: "what if Lord Keynes was right . . . but only in 1932?".

And, in the context of all that, interest is rising in the fate of, of all places, Ireland, for its experiment with anti-Keynesian austerity:
We can only hope, as we wait to see history's outcome, that the suspense won't kill us.

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