[patrickinator]

Are you a Keynesian or Hayekian?

Discuss

[SquaredCircle]

As a level economics was a long time ago for me, I just want to add this wonderful video to the discussion:

[prog2djent]

Neither, Hayek was a pseudo-economist that had some good things to say about the political economy. Keyenes work has been scewed so far out of its original intention by social democrats.

I prefer Friedman.

[Roaroaroar]

Considering this is TSR, I wouldn't be surprised to see a large support for Hayek. Even though neither of these schools (taking Hayekian to mean Austrian) are dominant in current economics, Keynesian economics is still relevant with top economist from Paul Krugman to Joseph Stiglitz to Greg Mankiw subscribing to it whereas Austrian has been forced to confined to George Mason university and Ludwig von Mises Institute.

[LETSJaM]

Bits of both, but w/ a stronger influence from Hayek.

<3 x

[chrisawhitmore]

Gonna say Friedman as well.

[MagicNMedicine]

(Original post by Roaroaroar)
Keynesian economics is still relevant with top economist from Paul Krugman to Joseph Stiglitz to Greg Mankiw subscribing to it whereas Austrian has been forced to confined to George Mason university and Ludwig von Mises Institute.

I wouldn't say Mankiw was Keynesian

In US academia it is beneficial to your career especially in financial terms to be more of the Austrian school

[Roaroaroar]

(Original post by MagicNMedicine)
I wouldn't say Mankiw was Keynesian

In US academia it is beneficial to your career especially in financial terms to be more of the Austrian school

Yeah I agree, I wouldn't say his best example of a Keynesian but he subscribes to new Keynesian model in macroeconomic theory so I just labelled him as that in a general sense.

I disagree. I'd say it's worse for your career to be Austrian. You wouldn't even be able to have a proper academic career and you can't ever expect to be accepted to prestigious institutions. Look at the current Austrian economist e.g. Robert Murphy and Walter Block they just aren't very famous. I'd say they peaked at mid-mid 20th century where they jumped on one of their proponents receiving a Nobel prize. The most famous current economist aren't really Austrian. And firms won't be backing you, it's like backing Ron Paul, sure your business might be better with less regulation but investing in Ron Paul is just a losers game, you're much better of trying to slower persuade and manipulate actual players like Obama or Romney.

[Classical Liberal]

Post Keynesian.

In this day and age the question should be, are you neoclassical?

[Classical Liberal]

(Original post by MagicNMedicine)
In US academia it is beneficial to your career especially in financial terms to be more of the Austrian school

Not sure you know what the Austrian school is?

There is a big difference between being in favour of free markets and being an Austrian by methodology, as the Austrian school is an approach to economics not a conclusion.

[Lukfisto]

I think nowadays you have to balance between both. Simply, Hayek and other austrians had made really great contribution towards economy as science. But I would choose more Keynes than Hayek.

[muddywaters51]

Obviously Hayek

[prog2djent]

(Original post by Lukfisto)
towards economy as science.

Mathematical economics is exactly what Hayek fought against.

[jesusandtequila]

Number two.

[PicardianSocialist]

Misesian.