John Maynard Keynes
I think that Keynes policies are better for public services sauch as education, health and general welfare. While Hayek liberalism is better for the private sector.
The General Theory, although discounted and by most means obsolete today was the unofficial handbook of FDR's New Deal, besides the massive government stimulus and war spending (which Keynes also predicted would raise us out of our slump) Mr. Keynes led the way to the acceptance of government intervention in capitalist economies, saving them for the decay of social inequality and inescapable monetary/fiscal issues of any era. A biased tip of the hat to Lord Keynes.
They're really apples and oranges. Hayek is best known for a timely and refreshing retort to German National Socialism that led to total central government control to support a military objective. Keynes is a practical macro policy has been proved more than once. I think it is easy to confuse them as being contradictory but Keynes is more of an economical position while Hayek''s is political.
Keynes is better with Macroeconomics and Hayek is better with Microeconomics. Overall Hayek is better, because Keynes is logically inconsistent. There is a reason mainsteam economics uses Keynesianism for Macroeconomics and neoliberalism for microeconomics. Macroeconomics depends on Microeconomics, and many of Keynes models ignores microeconomics. Some of Keynes' theories I find hard to support, because they are not reflective of the real world. The Austrian school uses real world thought experiments, whereas Keynesianism stresses complex mathematical models. The problem with Keynesianism is that there are too many unknown variables. There is a reason economic models often state ceteris paribus; economic models assume all the unknown variables are constant. Assuming the unknown variables are constant is useful when examining economic behavior, but it is horrible for predicting the outcome of public policies. For example; assuming the frequency of rain remains constant, it may be good to start a farm. Now imagine the frequency of rain changes; the farm may turn into a bad investment.
Obvious. Hayek's theories is far more logically sound and consistent with what has actually happened in the economy. Keynes's theories are based on strawmen and have no real world support.