In the early and mid-20th century, John Maynard Keynes’ economic theory was the predominant school of thought to explain economic behavior. Advocating government interventions and financial stimuli in order to avoid economic downturn, Keynesianism became very popular by politicians and many economists. While Hayek and his concepts were nearly forgotten in this time, Austrian School economics became more visible through the prudent economic policy of politicians such as Margret Thatcher in the UK and Ronald Reagan in America (who was influenced by Milton Friedman).
The following rap song is dealing with the struggle of both economists and the success of their theories:
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