Ohio Resource Center
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Lessons
Keynes vs. Hayek: The Rise of the Chicago School of Economics
Discipline
Social Studies
Grades
11, 12
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Professional Commentary

This resource provided by EconEdLink presents the ideas of John Maynard Keynes and Friedrich von Hayek, both of which have dominated economic theory since 1945. The article explains that each of these economists had distinct ideas about economic freedom and the role of government in the economy, ideas that were in clear opposition to each other. This lesson plan focuses on presenting the theories of these two thinkers and helping students recognize how these views have influenced economic thought ever since. The two theories are summarized in the lesson description, however a link is provided to a PBS website that presents two-minute video clips that explains the ideological differences between Keynes and Hayek. The resource presents the content in a way that is engaging to students and allows them to adequately explore these two very difficult theories. However, the lesson lacks strategies for differentiated learning and a post assessment activity.

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Ohio Social Studies Academic Content Standards (2010)
Course: Economics and Financial Literacy
Fundamentals of Economics
4. 
Different economic systems (traditional, market, command, and mixed) utilize different methods to allocate limited resources.
Government and the Economy
8. 
Economic policy decisions made by governments result in both intended and unintended consequences.
Social Studies Standards (2001)
Economics
Grade Level Indicators (Grade 10)
5.
Analyze the impact of the Great Depression and World War II on the economy of the United States and the resulting expansion of the role of the federal government.