One of the leading academics against collectivist thought, Friedrich von Hayek argued against central planning. Under this economic framework, he says, a select group of individuals will be tasked the allocation and distribution of resources but that these planners will never have sufficient information to carry these out reliably. You can say Hayek was the foremost icon of free-market capitalism and classical liberalism, which put him at odds with most of the world at the height of the Keynesian revolution.
Meanwhile, John Maynard Keynes, the more popular of the two, is largely credited for shaping the very basic theory and tools of modern macroeconomics. His magnum opus, The General Theory of Employment, Interest, and Money, served as the theoretical justification for government to intervene during times of high unemployment and low consumption or investment. His work shaped the policies of America, Europe and the rest of the world from 1939 to 1979; after which his work was to be undermined by criticisms from the Monetarists and Hayek's Austrian School.
And thus the battle of ideas rages on. For a more modern take on their ideas, check out the rap anthem rocking YouTube with over one and a half million hits!
Meanwhile, John Maynard Keynes, the more popular of the two, is largely credited for shaping the very basic theory and tools of modern macroeconomics. His magnum opus, The General Theory of Employment, Interest, and Money, served as the theoretical justification for government to intervene during times of high unemployment and low consumption or investment. His work shaped the policies of America, Europe and the rest of the world from 1939 to 1979; after which his work was to be undermined by criticisms from the Monetarists and Hayek's Austrian School.
And thus the battle of ideas rages on. For a more modern take on their ideas, check out the rap anthem rocking YouTube with over one and a half million hits!
