Keynesian vs. Austrian Economics Reader's Theater Script | ECON 101.5 Series

This readers’ theater script, Keynesian vs. Austrian Economics, spans 12 scenes in a modern high school classroom. Students debate government spending versus free markets with teachers Mr. Carter and Ms. Lopez, joined by four students—Mia, Jay, Sara, and Liam. Historical economists John Maynard Keynes (1930s), Ludwig von Mises (1940s), Paul Samuelson (1960s), and Friedrich Hayek (1970s) appear as guests, alongside Ray Dalio’s modern cycle view. From post-Depression booms to today’s $31 trillion debt, it explores why Keynesian policies ruled then stumbled, and why Austrians push back. With 10 speaking roles, it’s built for grades 9-12, offering flexible casting for any class size.

The worksheet helps students unpack the script’s lessons with varied questions.

• Short-Answer Questions (5): These test script basics. Examples include “What does Mia blame for her dad’s joblessness?” and “Why does Jay support Keynesian spending?” Students use quotes to explain spending’s limits and benefits, like job losses versus store sales.
• Long-Format Questions (5): These tie concepts to life. Examples include “How might Keynesian history affect your view on a new stimulus plan?” and “How could Hayek’s idea shape your stance on a factory closing?” Students apply script debates to modern choices, like stimulus or jobs.
• Economic Concept Questions (5): These add research depth. Examples include “Research U.S. unemployment 1933-1950—how does it show Keynesian success?” and “How does U.S. debt 2000-2020 match Dalio’s cycle?” Students connect script ideas to data, with hints like “Search ‘U.S. debt 2000-2020.’”
• Themes and Discussion Questions (4): These spark talks on short-term versus long-term and control versus freedom. Examples include “How does Jay show spending benefits?” and “Where do you see control versus freedom at home?” Students debate script trade-offs in their worlds.
• Application Focus: Questions make students cite evidence (e.g., Mises on inflation), link history to today (e.g., stimulus votes), and reflect on policies, building analysis and reasoning skills.

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What's included?

(a single PDF with links to Google Docs/Slides, if print format is preferred you can download from your Google Drive to word/pdf/ppt/etc)

1) Teacher's Guide & Answer Key

• Standards Alignment (CCSS Grades 9~12, CCRA)
• Teacher Tips
• Answer Keys for all worksheet sections
• Themes & Discussion Question Prompts
• Format: Google Doc (7 pages)

2) Readers Theater Script

• ~10 Characters, 3000 words,
• Format: Google Doc (6 pages)

3) Script Worksheet

• 10 Vocabulary Words
• 10 Short-Answer Questions
• 5 Economic Concept Research & Extension Questions
• Format: Google Slides (22 Slides)

Teaching Tips for Using the Script:

• For More Students: Main character can be read by multiple students.
• For Less Students: Minor characters can be read by just one student.
• This script should take about 50 minutes
• Depending on your classroom's level it may be suitable for other grade levels.

Script Summary:

• Scene 1: Mr. Carter touts stimulus for jobs, but Mia questions its cost, framing the Keynesian-Austrian clash.
• Scene 2: Ms. Lopez traces Keynesian rise post-Depression, its decades of success, and Liam asks why it falters now.
• Scene 3: Jay defends spending for growth, Sara warns of debt, spotlighting the theories’ split.
• Scene 4: John Maynard Keynes justifies government boosts, facing Mia’s doubts on lasting effects.
• Scene 5: Mia links her dad’s job loss to spending’s limits, hinting at Austrian critiques of recent years.
• Scene 6: Ludwig von Mises slams government meddling, clashing with Jay’s spending faith, emphasizing Austrian views.
• Scene 7: Sara pushes market solutions, Jay backs stimulus, debating fixes amid Keynesian struggles.
• Scene 8: Paul Samuelson defends fine-tuning, with Liam probing its modern cracks.
• Scene 9: Ms. Lopez ties Ray Dalio’s boom/bust cycle to Keynesian debt, with Mia spotting local fallout.
• Scene 10: Friedrich Hayek critiques spending’s distortions, leaving Sara weighing market cures.
• Scene 11: Students vote on spending versus markets, balancing personal stakes in today’s economy.
• Scene 12: Teachers connect the debate to stimulus votes, urging Liam to see roots in current policy fights.

Will this meet your classroom's needs?

Try this FREE Globalization & Tariffs script from the ECON 101.5 series first :)