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The Ideas Of Keynes And Hayek

Hi all,

Earlier this year, The University Economics Group showed the Hayek vs

Keynes rap video, in which the two schools of economic thought

debated their respective ideas through music. In this Tuesday’s

seminar, we are pleased to present a discussion involving leading

advocates of each economist and they will do so making reference to

the music video.

First, the ideas of John Maynard Keynes are presented by Lord Robert

Skidelsky, Keynes most famed biography. Lord Skidelsky explores the

foundations of Keynesian economics. Is our prosperity derived from a

continual circular flow of spending? Is it impossible for a society

to increase its total savings? Can deficit spending by a government

step in to replace private activity in order to maintain full

employment and restore lasting economic growth? What is a liquidity

trap and what does it mean for the economy? What did Keynes really

mean by “in the long run, we’re all dead”?

We will then hear from Hayek scholar Lawrence H. White. Dr White

provides an overview of the Mises/Hayek “Austrian” theory of Boom and

Bust presented in the video. This is the view that the bust is driven

by the unsustainability of a boom driven by artificially low interest

rates and credit expansion by the central bank (the Fed) beyond the

supply of genuine savings. Lawrence H. White is a professor of

economics at George Mason University.

This promises to be an enlightening discussion especially in these

interesting times.

Date: Tuesday 21 June

Time: 6pm

Room: University of Auckland Business School, Owen G Glenn Building,

Room 260-325

Look forward to seeing you there.

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