Harry Reid, Sharron Angle opposites on economic philosophies - Sunday, Aug. 22, 2010 | 2 a.m. - Las Vegas Sun

Harry Reid, Sharron Angle opposites on economic philosophies - Sunday, Aug. 22, 2010 | 2 a.m. - Las Vegas Sun: "With the economy looming as the 1,000-pound gorilla in voting booths this election, voters may be casting their ballots in the U.S. Senate race based not so much on the attraction of the candidate as the economic philosophy he or she embraces.

Senate Majority Leader Harry Reid, the Democrat, believes government should step in and spend taxpayer money to keep the economy afloat, create jobs and reinvigorate commerce. Most mainstream economists credit this “Keynesian” approach with sparing the nation an even deeper recession during the past three years.

Sharron Angle, the Republican, favors a laissez-faire, free-market approach in which government wouldn’t directly intervene to save or create jobs. Angle’s “Chicago School” philosophy maintains that an unfettered market, coupled with government spending cuts and tax breaks, would allow the listing economy to right itself.

Economists have disagreed for almost 100 years on the best economic approach during a recession. Although most favor Keynesian intervention, it’s far from unanimous.