What is the typical keynesian critique of say law

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John Maynard Keynes and Friedrich von Hayek Study Guide Questions -

True or False -

1. John Maynard Keynes saved the world's capitalism.

2. "If you lose your job, we're in a recession; if I lose mine, we're in a depression." The saying indicates that choice of words to describe a business cycle is often biased.

3. President Reagan adopted Keynesian economics in the 1980s.

4. One of Keynes's principal ideas is the "liquidity trap". Japan has been a perfect example of the liquidity trap since its bubble burst in the early 1990s.

5. Austrian school felt the state was necessary in order to provide a strong economic foundation.

Short Answers -

1. What is Say's Law? What is the typical Keynesian Critique of Say's Law?

2. According to the video Commanding Heights: Battle of Ideas, what is the major economic-policy difference between John Maynard Keynes and Friedrich von Hayek? Whose policy prescription makes sense to you? Please support your argument.

3. From the US experience with the 2008 global recession, what do you think are the major problems with Keynes theory?

For the short answers do not write an essay. Just write the answer that is required.

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Reference no: EM131904860

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