Austrian Economics

• Free market are efficient.
• Companies should be allowed to fail to eliminate least efficient business. Also alocate more resources to most efficient business.
• Inflation is a negative event because it destroys savings and devalues currencies.
• Support convertible currency which is backed by gold or other hard assets, or sound money.
• Book by Carl Menger: "Principles of Economics".
• Figures: Carl Menger, Ludwig von Mises and Friedrich Hayek.

Keynesian Economics

• Free market are inefficient and volatile.
• Government should implement policies to stabilize economy and mitigate recessions.
• Support fiat currencies, which can be manipulated by central banks to adjust the money supply and stabilize the economy.
• Book by John Maynard Keynes: "The General Theory of Employment, Interest and Money".
• Figure: John Maynard Keynes.