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The videos, Fear the Boom and Bust, and The Fight of the Century features two well-known economists in a rap battle over causes of the business cycle and the proper governmental policy response. Summarize the key arguments of Austrian (Hayek) and Keynesian schools of thoughts. Your answer should address both the causes of the business cycle and the policy prescriptions. While these economists are usually thought of as macroeconomists, their theories do have microeconomic foundations. Elaborate on this point. Your answer to this question should be about 500 words.
