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[Applause]

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just like in any other field people like

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to take sides in economics the most

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important debate between Keynesian

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Economist and Austrian Economist is

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related to the role the state should

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play in society keynesians believe the

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state should intervene whenever the

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economy isn't doing well on the one hand

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it can do so through fiscal policies

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such as government spending on

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infrastructure on the other hand it can

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also intervene through monetary policy

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by reducing interest rates or even

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creating money keynesians believe

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markets aren't always efficient and that

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when the private sector stops spending

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due to fear the state needs to intervene

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and fill that Gap Austrian economics on

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the other hand revolves around the

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assumption that markets are very

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efficient and that government

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intervention does more harm than good

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Austrian economists believe that when

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the private sector stops spending it

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does so because imbalances in the system

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need to be corrected they don't

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necessarily consider a financial crisis

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something bad that needs to be stopped

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through State intervention instead they

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believe that a financial crisis is kind

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of like bitter medicine it may not taste

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great but it's good for you which side

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if any are you on