Liberty- for hayek liberty does not mean democracy or a commitment to a set of

liberal ideals
he believed that liberty was a policy which deliberately adopts competition,
markets and prices
as its ordering principles.
Hayeks way of thinking it was markets that guaranteed individual liberty and by
contrast it was the
interference of the state in markets which discrupted the operation of liberty and
started society
down as he famously put it the road of serfdom.

Keynes believed that governments have it in their power to solve some of the
greatest ills of
capitalism. He refused to believe in communism or int he utter wisdom of the
unfettered free market
instead, he occupied a middle course, believing that governementss could, with a
judicious injection of
money and a wise regulation will smoothen the peaks and troughs to which all
economies seem
fatefully prone. He believed that what chiefly holds back countries is corruption,
knee-jerk policies and
shortsightedness, bit that if these three ills are corrected then humanity can look
forward to an
age of incredible and longlasting wealth