Keynesian theorists would support the idea of government supporting welfare as supported by this quotation, “Advocated the use of fiscal and monetary measures to mitigated the adverse effects of economic recessions and depressions.” This statement supports my belief that John Keynes would be in favour of welfare in times when work was unavailable. The government has the ability to allocate a portion of taxes, or even increase taxes from the tax payers to save for the people that meet the government’s standards for welfare payment. John Keynes is in favour of taxes opposed to Friedrich Hayek who would rather have individuals make and save their own income so they don’t rely on the government for support. “Best known for his defence of classical liberalism and free market capitalism against socialist and collectivist thought.” as this quotation validates the idea of welfare in times when it’s hard to find jobs would not be supported by Hayek government. Hayek would much rather not have huge taxes for the people to pay to the government he would rather lower them so that individuals will not rely on the government for money or jobs.
Bibliography
Wikipedia. (2011, February 15). Friedrich_Hayek. Retrieved February 16, 2011, from wiki/Friedrich_Hayek: http://en.wikipedia.org
Wikipedia. (2011, February 16). John_Maynard_Keynes. Retrieved February 16, 2011, from wiki/John_Maynard_Keynes: http://en.wikipedia.org
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