Strengths and Weaknesses of Economic Policies Based on the Theories of 20th-Century Economic Masters

"An alley filled with mothers selling their bodies, a ‘big shot’ emerges from a miserable street [Hikonomi]"

• "Hayek, who participated in World War I as a soldier, witnessed a city suffering from extreme inflation and shortages. The suffering of war led him to distrust politics and human behavior."
• "Having studied under Austrian scholar Mises, he saw the principle of the ‘free market’ as the fundamental solution to economic problems."
• "During the global economic crisis of the 1970s, the United States' Reagan and Britain's Margaret Thatcher utilized Hayek's prescriptions."
• "Hayek's ideology was to rein in an overreaching government. It may be the name our politically addicted society should most remember."

"(Source: An alley filled with mothers selling their bodies... A ‘big shot’ emerges from a miserable street [Hikonomi] Maeil Business Newspaper, reporter Kang Young-un, 2024.11.23)"

https://v.daum.net/v/20241123091201554

"The sharp conflict between the political and social phenomena that occurred in Europe and the United States during the 20th century and the arguments of Keynesian economist (born in Cambridge, England in 1883, studied at Eton and King's College, Cambridge) and Nobel laureate Hayek (Friedrich Hayek, CH, 1899-1992, an Austrian-born British economist and political philosopher) is highly significant."

"Following Keynes' theory that the government should actively intervene to save the poverty and collapsing economy during the Great Depression in the United States, the world economy, including the United States, recovered until the 1970s. Therefore, Hayek's theory did not gain traction."

"As a result of this global economic boom, the excessive intervention of the national economy resulted in severe side effects, marked by enslavement."

"Following the rise of Hayek's economic theory, British Prime Minister Thatcher and U.S. President Reagan established economic policies called ‘Thatcherism’ and ‘Reaganomics.’ Thus, they reflected it in political policies by advocating a small government and a large market."

"In Korea, since the Lee Myung-bak administration, conservative governments have established neoliberal economic policies, which also activated the market. While government intervention decreased, side effects such as wealth polarization and hereditary wealth led society into another turmoil."

"Ultimately, the economic theories of Keynes and Hayek, two giants in the economic world over the past 100 years, played their roles, but they also had significant side effects."

"To resolve this, it is necessary to seek biblical truth. God's plan in Genesis was to ‘be fruitful and multiply,’ but there is a question of whether humanity followed the words, ‘Ask, and it will be given to you; seek, and you will find; knock, and it will be opened to you.’ (Matthew 7:7, 8)."

"1 Corinthians 1"
"27. But God chose the foolish things of the world to shame the wise; God chose the weak things of the world to shame the things which are mighty;"
"28. And God chose the base things of the world, and the things which are despised, and the things that are not, to bring to nothing things that are:"
"29. That no flesh should glory in his presence."

"Jesus said through the Apostle Paul that the wisdom of this world is foolishness in the eyes of God. No matter how clever the ideas and theories that come from the human mind, they are nothing more than scraps of paper in the face of God's truth."

"By relying on the discernment, wisdom, and intelligence given by the Lord, while illuminating politics, economics, society, culture, art, and history, we can resolve the side effects that have arisen from Keynesian and Hayekian economic theories over the past 100 years; namely, the subjugation or enslavement of individuals by state power, the uneven distribution of wealth, and the serious conflicts between different social strata, as well as the alienation of the poor and the weak."

"Humanity has operated somewhat efficient states for a while, relying on the abilities of experts and elites in various fields, but by prioritizing Jesus’ truth and planning life with His guidance, we will truly experience the grace of being fruitful and multiplying."

"2024 11 24 Cham Gil"