Length
This case is 15 pages in length.

Abstract

The dispute between John Maynard Keynes and Milton Friedman over economic theory has established many of the parameters for current economic discussion and political action. This case examines their differing perspectives on the Great Depression, placing these viewpoints within a broad theoretical context. The case outlines Keynes' and Frieman's analyses of the origins of the Depression and their prescriptions for overcoming the economic crisis. It was designed to be used as a vehicle to discuss the question of the relationship between theory and the theorist, between his/her postulates and his/her experience. The cases are useful in illuminating both the relevance of life experience to theory and, at the same time, the dangers inherent in relying too much on the personal to explain the development of ideas.

Key Words

economics, economic theory, Great Depression, economic crisis, theorists

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