KEYNES AND HAYEK RAP—PART 2.

KEYNES AND HAYEK RAP—PART 2. I posted here about the Keynes-Hayek rap which commented on the financial crisis. Now there is a sequel. I have to say that I think of Keynes and Hayek as primarily addressing differ issues: Keynes, short-term aggregate economic activity (macroeconomics); Hayek, problems of long-term efficiency, with a special emphasis on knowledge in decision-making (microeconomics).