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Two competing visions of the economic world have engaged in a profound and often bitter struggle for more than a century. This intellectual contest, most vividly embodied by the Keynesian and Austrian schools of thought, represents more than a technical dispute over policy; it is a clash of fundamental worldviews on the nature of markets, the role of government, and the path to prosperity. The debate is not merely academic. The ascendance of one school over the other often reflects prevailing political currents, as the Keynesian call for active government and central bank intervention naturally aligns with the interests of the very institutions that would be rendered obsolete by the Austrian prescription of laissez-faire.
Two competing visions of the economic world have engaged in a profound and often bitter struggle for more than a century. This intellectual contest, most vividly embodied by the Keynesian and Austrian schools of thought, represents more than a technical dispute over policy; it is a clash of fundamental worldviews on the nature of markets, the role of government, and the path to prosperity. The debate is not merely academic. The ascendance of one school over the other often reflects prevailing political currents, as the Keynesian call for active government and central bank intervention naturally aligns with the interests of the very institutions that would be rendered obsolete by the Austrian prescription of laissez-faire.