The Great Debate over the Great Depression: Keynes vs. Hayek (HOM 34-D)

History of Money, Lecture 34, Pt. D: in this video, first, we take a look at Marriner Stoddard Eccles, Federal Reserve chairman from 1934 to 1948. We then compare and contrast three economic theories regarding the causes of the Depression: those of John Maynard Keynes (the Keynesian school); the monetarists (led by Milton Friedman and Anna Schwartz); and the Austrian school (led by Friedrich Hayek). Keynes and F.A. Hayek were the chief rivals in the 1930s: Keynes appeared to have won the battle after the 1930s, though Hayek enjoyed a resurgence of popularity decades later, particularly with his theories on the price system, knowledge, information, and spontaneous order. To this day, economists greatly disagree on the causes of the Great Depression, and on the causes of the boom-bust cycle more generally.
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Dr. Jonathan Barth received his PhD in history from George Mason University in 2014. He specializes in the history of money and banking in the early modern period, with corollary interests in early modern politics, empire, culture, and ideas. Barth is Associate Professor of History at Arizona State University and Associate Director of the Center for American Institutions at Arizona State University.
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