Is Hayek or Keynes the Spirit of this Age of Economic Policy?

The Austrian method starts with humans as they actually arepurposeful, choosing, acting beings, with imperfect knowledge and heterogeneous goals. In this world of material and temporal scarcity, no-one has ever managed to avoid choosing and acting. Economics is the study of human action: the weighing up of costs and benefits; setting aside one course of action in order to undertake another, whether successfully or not. Costs and benefits are defined in their broadest sense—not just the financial kind, and not just those accruing to the actor themselves. Humans are not one-dimensional calculating machines—our moral judgments inform our choices.”

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