INTERNATIONAL JOURNAL OF SOCIAL HUMANITIES SCIENCES RESEARCH (JSHSR)

Abstract


KEYNES AND HAYEK'S APPROACHES TO COMBATING ECONOMIC CRISES WITH A COMPARATIVE ANALYSIS

When viewed from a macroeconomic perspective, different theories in economics, as in all sciences, seek to find the best method and solution that will positively affect the welfare of the society and the individual with different approaches. In particular, the uninterrupted, balanced provision of scarce resources to the service of people and the optimal management of this in an economical way stands out as the primary goal of economists and managers. However, the issue of which method and policy will provide optimal benefit has been discussed throughout history and no consensus has been reached. In this context, Keynes and Hayek come to the fore as two important scientists who are at the center of this discussion. Keynes and Hayek guided the society with their theories and approaches, which are still valid today, as they did in their lifetime, contributed to the right decision-making of economic administrations, and most importantly, contributed to the development of economics. In this respect, this study aims to contribute to the understanding of economic policies by presenting a comparative analysis



Keywords
Keynes, Hayek, Crisis, Monetary policy, Fiscal Policy, Expenditures, Economic Balance



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