After viewing the Commanding Heights videos, I was able to obtain a lot of information
regarding the two most “scholarly opponents” during the Great Depression. The opponents
they are referring to are known as Friedrich Hayek and John Maynard Keynes. Though
they were both considered great Hayek and Keynes both had very different approaches in
regards to the economy and how it should be ran. The clear winner of the two would have
to be Keynes and his revolutionary views. Hayek was much more on the conservative side.
Keynes believes that during that time “the government should stop spending, run deficits,
and not worry about accumulating debt,” whereas Hayek believed that “the government
should only be involved in upholding property rights and national defense.” From what I
understand Keynes views involve the government stepping in more, having more
responsibility, and fixing things. Hayek believed that the government should be limited in
their involvement that and markets could work themselves out if left well enough alone. In
my opinion of the two economists Keynes was the most rigorous.
I find that Keynes explanation to the unemployment problem during the Great Depression
is by far the most noteworthy thing to discuss. Keynes brought up a key point in supply
and demand affecting full employment. He made it very clear that he did not think that
cutting wages would solve the current economic crisis. He thought that the government