What Were We Before? Keynesians.

English: GFDL picture of F.A. Hayek to replace...

And still are. Keynesian economics is a macroeconomic system of a centrally planned economy. And it gives us the Fed today, along with the World Bank and the International Monetary Fund.

A decent explanation is here at the Library of Economics and Liberty. One of the most well-known of the Keynesian economists is Paul Krugman and he’s normally found at the New York Times here.

Here’s a couple of videos I dug up on it.

 

 

I’ll leave you to do more research on both Austrian and the Keynes school of thought and come to your own conclusions.

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