Basically after the world war II when the role of government in an economy was increased then Keynes presented his economic ideas and he argued that the government should increase its spending on the public work, and to increase the purchasing power of the labor market. Because of his ideas the basis of macroeconomics got stronger and government's focus on the fiscal policy and spending increased.
On the other hand the Hayek idea was that less government intervention will lead to more freedom and according to him with the liberalism in economy there would be more efficient labor market. The supporters of Hayek's idea belonged to University of Chicago and they decided to make a group of free liberal market. Now in the economy the liberal trade is one of the best example of application of Hayek idea. I have presented a single application of the great economists ideas and there are many ideas presented by two economists. It is a very detailed topic and for complete details click on the link:
Keynes And Hayek
On the other hand the Hayek idea was that less government intervention will lead to more freedom and according to him with the liberalism in economy there would be more efficient labor market. The supporters of Hayek's idea belonged to University of Chicago and they decided to make a group of free liberal market. Now in the economy the liberal trade is one of the best example of application of Hayek idea. I have presented a single application of the great economists ideas and there are many ideas presented by two economists. It is a very detailed topic and for complete details click on the link:
Keynes And Hayek
