Friedman Keynes. Friedman spent much of his intellectual energy attacking the legacy of keynes it is natural to consider them opposites. From an austrian viewpoint this sin of omission which derives from a common language and apparatus makes both keynesianism and monetarism subject to the same austrian critique.
John maynard keynes 1883 1946 was a british economist and is considered one of the founders of modern macroeconomics. From an austrian viewpoint this sin of omission which derives from a common language and apparatus makes both keynesianism and monetarism subject to the same austrian critique. The thesis of this note is that what is most important about keynes was that he called attention to staggering features of the basic structure namely the chronic insufficiency of effective demand and the chronic insufficiency of the inducement to invest.
Friedman and keynes came from opposing ends of economic ideology.
Their differences were indeed profound and so was what they shared. In an article published in 1986 friedman glorified keynes as a brilliant scholar and one of the great economists of all time he described the general theory as a great book although he considers his tract on monetary reform as his best work. Simply put the difference between these theories is that monetarist. Friedman and keynes came from opposing ends of economic ideology.
