In the modern economic question of central planning (Keynesian economics) versus market determination (Hayek) our government's filled with Keynesians, both among Republicans and Democrats. The problem with Keynesian economics stems from several areas:
1) Central planning cannot take into account all the complexities of the market and must, therefore fail to provide even adequate control.
2) Planned economies need strong, centralized government, which, when given enough power, runs the risk of authoritarianism and despotism.
3) Large deficit spending doesn't produce wealth. Wealth must be produced for growth to occur....
This rapidly gets too dull an argument for most people. Instead of going on, here are Keynes and Hayek in a new video, explaining their views. In rap.
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