In history, there have been various economic theories which have come and gone. In general, the modern economic theorist falls into one of two camps; those who follow the work of Dr Frederich Hayek and those who follow the work of John Maynard Keynes. Hayek argued for government restraint while Keynes promoted for government engagement in the economy.

The problem comes in that Hayek’s work — in particular the form of his economics promoted by Milton Freidman and his Chicago School of Economics — when it was tried, has never worked. While it produces a strong short-term surge, over the long period the underlying foundations of the economy erode and a systemic collapse is inevitable, such as you found in Argentina and Chile during the last century. Akin to taking a shot of adrenalin or steroid for a short term athletic boost, the long term damage is never worth the short term gain.