theory, austrian, keynesianWhat are the primary differences between the Austrian and Keynesian views of economics? How do both camps feel about inflation/deflation and what other fundamental ideologies do they agree and disagree on?
The main difference is that Austrian is pro free market while Keynesian is pro government intervention.
Keynesian economists view every economic downturn as bad, and government intervention must be taken to bring the economy back to full capacity.
Austrian school views economic downturns as a necessary correction when the economy strays too far from reality, and it’s a good thing that some existing companies fail and that new companies can emerge.
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