It was a battle of the titans that still roils the world of ideas and the world of politics. Think New York Yankees vs Boston Red Sox; think Google vs Apple. It was (and is) of course John Maynard Keynes vs Friedrich Hayek.
Keynes is beloved of mainly liberal-leaning economists who think that the government can and should interfere in the economy to support aggregate demand and bring an ailing economy back to health. Hayek is the darling of right-leaning economists who think that government is more likely to make a muddle than make a positive difference. For a great discussion of the two men and their ideas check out this episode of one of my favorite podcasts, NPR’s Planet Money.
Planet Money is a light-hearted look at the economic news of the day, and often has fascinating excursions into the deeper ideas of economics. It’s also good on quirky topics like the invented currency Bitcoin, and how crooks sell credit card numbers on an online black market.