Keynesian solution a better coronavirus cure than vaccine

Several weeks back, I had a discussion about the ideological divide, in the United States, between the Eastside (salty water) schools of economic thought, famously led by Cambridge and Princeton Universities, and the more inland schools of thought, notably led by the University of Chicago. Among the Eastside’s most popular voices is economist John Maynard Keynes.

The inland’s leading voice is economist Milton Friedman who advanced the idea of free markets. In his book, Capitalism and Freedom, which remains a major revolution of 20th century economics and political philosophy, Friedman argues governments are often wrong in seeking to protect citizens from all sorts of things, and failing to see how the ‘invisible hand’ operating in free and markets for goods, labour and information-somehow manages to offer much greater protection of personal liberty.