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John Maynard Keynes and Friedrich Hayek, two prominent public figures associated with the Great Depression that started with the collapse of the stock market in 1929, both proposed different ways to restore the economy. Keynes, an economist from Cambridge, believed that the government should intervene in the situation, whereas Hayek, a professor from Austria, maintained that government involvement would be futile.Although Hayek almost singlehandedly established the distinction between microeconomics and macroeconomics, engineering the transfer from classical economics to the more practical and application-oriented methodology of mathematical economics, his solution for emerging from the Great Depression was underestimated in the light of Keynes’ contribution to economic theory. In his 2012 study Keynes Hayek: The Clash that Defined Modern Economics, famous theorist Nicholas Wapshott traces the history of the applications of both men’s theories, giving unprecedented importance to Hayek’s work. Describing how the Keynesian vision dominated Western economic analyses until the 1970s, Wapshott surmises that the primary reason for the dominance of Keynes’ theory during the Depression was that Hayek’s solutions to the issue of economic recession were not politically viable. Hayek prescribed to the belief that, when left to its own devices, the market would eventually recover from its downturn and resume its equilibrium; this position was, not surprisingly, rejected by both the US and European political organizations, each seeking to prove its worth in reestablishing the economy’s prosperity.According to the passage, which of the following was true of political parties at the time of the Great Depression?a)They wanted to speed up the process of reestablishing the economy’s prosperity.b)They believed it was futile for the government to get involved in market mechanisms.c)They believed they had a responsibility to intervene in the situation.d)They wanted to prove that they were capable of reinstating the economy’s well-being.e)They believed that Hayek's solution would undermine their future in politics.Correct answer is option 'D'. Can you explain this answer? for GMAT 2024 is part of GMAT preparation. The Question and answers have been prepared according to the GMAT exam syllabus. Information about John Maynard Keynes and Friedrich Hayek, two prominent public figures associated with the Great Depression that started with the collapse of the stock market in 1929, both proposed different ways to restore the economy. Keynes, an economist from Cambridge, believed that the government should intervene in the situation, whereas Hayek, a professor from Austria, maintained that government involvement would be futile.Although Hayek almost singlehandedly established the distinction between microeconomics and macroeconomics, engineering the transfer from classical economics to the more practical and application-oriented methodology of mathematical economics, his solution for emerging from the Great Depression was underestimated in the light of Keynes’ contribution to economic theory. In his 2012 study Keynes Hayek: The Clash that Defined Modern Economics, famous theorist Nicholas Wapshott traces the history of the applications of both men’s theories, giving unprecedented importance to Hayek’s work. Describing how the Keynesian vision dominated Western economic analyses until the 1970s, Wapshott surmises that the primary reason for the dominance of Keynes’ theory during the Depression was that Hayek’s solutions to the issue of economic recession were not politically viable. Hayek prescribed to the belief that, when left to its own devices, the market would eventually recover from its downturn and resume its equilibrium; this position was, not surprisingly, rejected by both the US and European political organizations, each seeking to prove its worth in reestablishing the economy’s prosperity.According to the passage, which of the following was true of political parties at the time of the Great Depression?a)They wanted to speed up the process of reestablishing the economy’s prosperity.b)They believed it was futile for the government to get involved in market mechanisms.c)They believed they had a responsibility to intervene in the situation.d)They wanted to prove that they were capable of reinstating the economy’s well-being.e)They believed that Hayek's solution would undermine their future in politics.Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for GMAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for John Maynard Keynes and Friedrich Hayek, two prominent public figures associated with the Great Depression that started with the collapse of the stock market in 1929, both proposed different ways to restore the economy. Keynes, an economist from Cambridge, believed that the government should intervene in the situation, whereas Hayek, a professor from Austria, maintained that government involvement would be futile.Although Hayek almost singlehandedly established the distinction between microeconomics and macroeconomics, engineering the transfer from classical economics to the more practical and application-oriented methodology of mathematical economics, his solution for emerging from the Great Depression was underestimated in the light of Keynes’ contribution to economic theory. In his 2012 study Keynes Hayek: The Clash that Defined Modern Economics, famous theorist Nicholas Wapshott traces the history of the applications of both men’s theories, giving unprecedented importance to Hayek’s work. Describing how the Keynesian vision dominated Western economic analyses until the 1970s, Wapshott surmises that the primary reason for the dominance of Keynes’ theory during the Depression was that Hayek’s solutions to the issue of economic recession were not politically viable. Hayek prescribed to the belief that, when left to its own devices, the market would eventually recover from its downturn and resume its equilibrium; this position was, not surprisingly, rejected by both the US and European political organizations, each seeking to prove its worth in reestablishing the economy’s prosperity.According to the passage, which of the following was true of political parties at the time of the Great Depression?a)They wanted to speed up the process of reestablishing the economy’s prosperity.b)They believed it was futile for the government to get involved in market mechanisms.c)They believed they had a responsibility to intervene in the situation.d)They wanted to prove that they were capable of reinstating the economy’s well-being.e)They believed that Hayek's solution would undermine their future in politics.Correct answer is option 'D'. Can you explain this answer?.

Solutions for John Maynard Keynes and Friedrich Hayek, two prominent public figures associated with the Great Depression that started with the collapse of the stock market in 1929, both proposed different ways to restore the economy. Keynes, an economist from Cambridge, believed that the government should intervene in the situation, whereas Hayek, a professor from Austria, maintained that government involvement would be futile.Although Hayek almost singlehandedly established the distinction between microeconomics and macroeconomics, engineering the transfer from classical economics to the more practical and application-oriented methodology of mathematical economics, his solution for emerging from the Great Depression was underestimated in the light of Keynes’ contribution to economic theory. In his 2012 study Keynes Hayek: The Clash that Defined Modern Economics, famous theorist Nicholas Wapshott traces the history of the applications of both men’s theories, giving unprecedented importance to Hayek’s work. Describing how the Keynesian vision dominated Western economic analyses until the 1970s, Wapshott surmises that the primary reason for the dominance of Keynes’ theory during the Depression was that Hayek’s solutions to the issue of economic recession were not politically viable. Hayek prescribed to the belief that, when left to its own devices, the market would eventually recover from its downturn and resume its equilibrium; this position was, not surprisingly, rejected by both the US and European political organizations, each seeking to prove its worth in reestablishing the economy’s prosperity.According to the passage, which of the following was true of political parties at the time of the Great Depression?a)They wanted to speed up the process of reestablishing the economy’s prosperity.b)They believed it was futile for the government to get involved in market mechanisms.c)They believed they had a responsibility to intervene in the situation.d)They wanted to prove that they were capable of reinstating the economy’s well-being.e)They believed that Hayek's solution would undermine their future in politics.Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for GMAT. Download more important topics, notes, lectures and mock test series for GMAT Exam by signing up for free.

Here you can find the meaning of John Maynard Keynes and Friedrich Hayek, two prominent public figures associated with the Great Depression that started with the collapse of the stock market in 1929, both proposed different ways to restore the economy. Keynes, an economist from Cambridge, believed that the government should intervene in the situation, whereas Hayek, a professor from Austria, maintained that government involvement would be futile.Although Hayek almost singlehandedly established the distinction between microeconomics and macroeconomics, engineering the transfer from classical economics to the more practical and application-oriented methodology of mathematical economics, his solution for emerging from the Great Depression was underestimated in the light of Keynes’ contribution to economic theory. In his 2012 study Keynes Hayek: The Clash that Defined Modern Economics, famous theorist Nicholas Wapshott traces the history of the applications of both men’s theories, giving unprecedented importance to Hayek’s work. Describing how the Keynesian vision dominated Western economic analyses until the 1970s, Wapshott surmises that the primary reason for the dominance of Keynes’ theory during the Depression was that Hayek’s solutions to the issue of economic recession were not politically viable. Hayek prescribed to the belief that, when left to its own devices, the market would eventually recover from its downturn and resume its equilibrium; this position was, not surprisingly, rejected by both the US and European political organizations, each seeking to prove its worth in reestablishing the economy’s prosperity.According to the passage, which of the following was true of political parties at the time of the Great Depression?a)They wanted to speed up the process of reestablishing the economy’s prosperity.b)They believed it was futile for the government to get involved in market mechanisms.c)They believed they had a responsibility to intervene in the situation.d)They wanted to prove that they were capable of reinstating the economy’s well-being.e)They believed that Hayek's solution would undermine their future in politics.Correct answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of John Maynard Keynes and Friedrich Hayek, two prominent public figures associated with the Great Depression that started with the collapse of the stock market in 1929, both proposed different ways to restore the economy. Keynes, an economist from Cambridge, believed that the government should intervene in the situation, whereas Hayek, a professor from Austria, maintained that government involvement would be futile.Although Hayek almost singlehandedly established the distinction between microeconomics and macroeconomics, engineering the transfer from classical economics to the more practical and application-oriented methodology of mathematical economics, his solution for emerging from the Great Depression was underestimated in the light of Keynes’ contribution to economic theory. In his 2012 study Keynes Hayek: The Clash that Defined Modern Economics, famous theorist Nicholas Wapshott traces the history of the applications of both men’s theories, giving unprecedented importance to Hayek’s work. Describing how the Keynesian vision dominated Western economic analyses until the 1970s, Wapshott surmises that the primary reason for the dominance of Keynes’ theory during the Depression was that Hayek’s solutions to the issue of economic recession were not politically viable. Hayek prescribed to the belief that, when left to its own devices, the market would eventually recover from its downturn and resume its equilibrium; this position was, not surprisingly, rejected by both the US and European political organizations, each seeking to prove its worth in reestablishing the economy’s prosperity.According to the passage, which of the following was true of political parties at the time of the Great Depression?a)They wanted to speed up the process of reestablishing the economy’s prosperity.b)They believed it was futile for the government to get involved in market mechanisms.c)They believed they had a responsibility to intervene in the situation.d)They wanted to prove that they were capable of reinstating the economy’s well-being.e)They believed that Hayek's solution would undermine their future in politics.Correct answer is option 'D'. Can you explain this answer?, a detailed solution for John Maynard Keynes and Friedrich Hayek, two prominent public figures associated with the Great Depression that started with the collapse of the stock market in 1929, both proposed different ways to restore the economy. Keynes, an economist from Cambridge, believed that the government should intervene in the situation, whereas Hayek, a professor from Austria, maintained that government involvement would be futile.Although Hayek almost singlehandedly established the distinction between microeconomics and macroeconomics, engineering the transfer from classical economics to the more practical and application-oriented methodology of mathematical economics, his solution for emerging from the Great Depression was underestimated in the light of Keynes’ contribution to economic theory. In his 2012 study Keynes Hayek: The Clash that Defined Modern Economics, famous theorist Nicholas Wapshott traces the history of the applications of both men’s theories, giving unprecedented importance to Hayek’s work. Describing how the Keynesian vision dominated Western economic analyses until the 1970s, Wapshott surmises that the primary reason for the dominance of Keynes’ theory during the Depression was that Hayek’s solutions to the issue of economic recession were not politically viable. Hayek prescribed to the belief that, when left to its own devices, the market would eventually recover from its downturn and resume its equilibrium; this position was, not surprisingly, rejected by both the US and European political organizations, each seeking to prove its worth in reestablishing the economy’s prosperity.According to the passage, which of the following was true of political parties at the time of the Great Depression?a)They wanted to speed up the process of reestablishing the economy’s prosperity.b)They believed it was futile for the government to get involved in market mechanisms.c)They believed they had a responsibility to intervene in the situation.d)They wanted to prove that they were capable of reinstating the economy’s well-being.e)They believed that Hayek's solution would undermine their future in politics.Correct answer is option 'D'. 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In his 2012 study Keynes Hayek: The Clash that Defined Modern Economics, famous theorist Nicholas Wapshott traces the history of the applications of both men’s theories, giving unprecedented importance to Hayek’s work. Describing how the Keynesian vision dominated Western economic analyses until the 1970s, Wapshott surmises that the primary reason for the dominance of Keynes’ theory during the Depression was that Hayek’s solutions to the issue of economic recession were not politically viable. Hayek prescribed to the belief that, when left to its own devices, the market would eventually recover from its downturn and resume its equilibrium; this position was, not surprisingly, rejected by both the US and European political organizations, each seeking to prove its worth in reestablishing the economy’s prosperity.According to the passage, which of the following was true of political parties at the time of the Great Depression?a)They wanted to speed up the process of reestablishing the economy’s prosperity.b)They believed it was futile for the government to get involved in market mechanisms.c)They believed they had a responsibility to intervene in the situation.d)They wanted to prove that they were capable of reinstating the economy’s well-being.e)They believed that Hayek's solution would undermine their future in politics.Correct answer is option 'D'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice John Maynard Keynes and Friedrich Hayek, two prominent public figures associated with the Great Depression that started with the collapse of the stock market in 1929, both proposed different ways to restore the economy. Keynes, an economist from Cambridge, believed that the government should intervene in the situation, whereas Hayek, a professor from Austria, maintained that government involvement would be futile.Although Hayek almost singlehandedly established the distinction between microeconomics and macroeconomics, engineering the transfer from classical economics to the more practical and application-oriented methodology of mathematical economics, his solution for emerging from the Great Depression was underestimated in the light of Keynes’ contribution to economic theory. In his 2012 study Keynes Hayek: The Clash that Defined Modern Economics, famous theorist Nicholas Wapshott traces the history of the applications of both men’s theories, giving unprecedented importance to Hayek’s work. Describing how the Keynesian vision dominated Western economic analyses until the 1970s, Wapshott surmises that the primary reason for the dominance of Keynes’ theory during the Depression was that Hayek’s solutions to the issue of economic recession were not politically viable. Hayek prescribed to the belief that, when left to its own devices, the market would eventually recover from its downturn and resume its equilibrium; this position was, not surprisingly, rejected by both the US and European political organizations, each seeking to prove its worth in reestablishing the economy’s prosperity.According to the passage, which of the following was true of political parties at the time of the Great Depression?a)They wanted to speed up the process of reestablishing the economy’s prosperity.b)They believed it was futile for the government to get involved in market mechanisms.c)They believed they had a responsibility to intervene in the situation.d)They wanted to prove that they were capable of reinstating the economy’s well-being.e)They believed that Hayek's solution would undermine their future in politics.Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice GMAT tests.