Question

Categorize the actions according to wether Hayek would likely be to agree or disagree with them

Answer 1

Answer:

AGREE:

eliminate the minimum wage

decrease overall taxes

reduce import taxes on goods imported into the U.S. from japan

let prices naturally increase as resources become scarce

DISAGREE:

Increase government spending during economic turndowns to improve the economy.

increase the money supply

Pass a law requiring stricter emission standards for all cars.

Limit the price of gasoline

Government creates jobs to employ the unemployed.

Government pays for all levelsof education for every citizen

Explanation:

Hayek supported minimal government intervention. He would agree that minimum wages should be eliminated, overall taxes should be decreased, import taxes should be reduced on goods imported into the US from Japan, and prices should naturally increase as resources become scarce.

Answer 2

John Maynard Keynes and Friedrich August Hayek were two prominent economists of the Great Depression era with sharply contrasting views. The arguments they had in the 1930s have been revived in the wake of the latest global financial crisis.

The contemporary relevance of their ideas has even been debated in a rap video. More than 1,000 people attended a BBC Radio 4 debate at the London School of Economics to hear supporters of the two economists argue their case.

John Maynard Keynes and Friedrich August Hayek were two prominent economists of the Great Depression era with sharply contrasting views. The arguments they had in the 1930s have been revived in the wake of the latest global financial crisis.

The contemporary relevance of their ideas has even been debated in a rap video. More than 1,000 people attended a BBC Radio 4 debate at the London School of Economics to hear supporters of the two economists argue their case.

Unlike Keynes, Hayek believed that genuine recovery from a post-boom crash called not just for adequate spending, but for a return to sustainable production - production purged of boom-era distortions caused by easy money.

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