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.

What are your thoughts about this?

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