RRCC Dashboard - RRCC (26) Discussion 2: The Battle of the Philosophies: Keynes vs. Hayek Feb 12 - Feb 18
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1. In Commanding Height: The new rules episode 3, what evidence is there for a "winner" in the Battle of Ideas from Episode 1? In other words, do the events mentioned in Episode 3 suggest that Keynes had it right, or did Hayek have it right? In the end, who would you say "wins" according to Episode 3? 2. Commanding heights: the new rules of the game episode 3 reviews the most recent events of the entire documentary, events from the 1990s to 2001. In the next documentary, Shock Doctrine, we will get a different perspective on events after 2001. Nevertheless, what does Episode 3 suggest for the future of the global economy? Would you say that it accurately predicted anything? What does the final episode teach you about the challenges facing our economic future?
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Keynes developed the concept of the multiplier with the intention of arguing that extra government spending on public works which is financed by a budget deficit would have a positive effect on a demand deficient economy. However, several factors limit the application of the multiplier for an economic management. Discuss
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