Today we started the class by me asking what you would do if you were a government during a depression. The large majority of you said that you would assist - you would DO SOMETHING. We then launched in to a detailed discussion of economic theories: Keynes and Hayek. Hayek believed that the government needed to stay out of the economy and let it heal itself, while Keynes believed that it was the government's responsibility to get involved during times of depression or resession to stimulate the economy. We then watched a Rap - Keynes vs. Hayek. Check out the rap by clicking the link below. It is a great way to remember the differences between the two economic thoughts!
http://www.youtube.com/watch?v=d0nERTFo-Sk
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