Ron Paul and Paul Krugman debate economic theory

Rep. Ron Paul (R-TX) and economics professor Paul Krugman debated political economy Monday on Bloomberg TV. Paul made his case for Austrian economics, arguing for a limited government that keeps its hands off the economy. In contrast, Krugman made the case for Keynesian economics, arguing that a completely unmanaged economy would inevitably lead to a volatile boom and bust cycle.

Watch video, courtesy of Bloomberg TV, below: