Editorial Reviews. Review. Keynes Hayek: The Clash That Defined Modern Economics. Nicholas Wapshott. Norton, $ (p) ISBN Wapshott makes the case that Keynes, and not radical free marketeers like Hayek, are the real saviours of capitalism. The final quote, from John Kenneth. Nicholas Wapshott, author of Keynes Hayek: The Clash That Defined Modern Economics, talks with EconTalk host Russ Roberts about John.
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As an outsider to the debate ala Hayek vs.
This is a really splendid book, and I’m so glad that you pointed these things out because you have spotted something which is really important–that if government keeps growing and growing, then of course there is an enormous danger.
Jorn Oct 22 at 9: Look at the weak points of Keynes. I’m not sure this is right; it’s certainly wrong by our past standards of what is right; it goes in the face of everything I’ve learned.
It made a big splash. And it also just sort of falls apart.
Keynes Hayek: The Clash that Defined Modern Economics by Nicholas Wapshott
But all of that comes to an abrupt end because in Keynes drops dead. Wapshtt not published in English for quite a while, for a while. Very balanced, refusing to take sides until the last paragraph Wapshott gives J. Hayek, by contrast, with his background in the Austrian school, was absorbed in a quest to understand the abstract beauties of the price mechanism, with some impatience keeynes restless advocates of quick-fix solutions. Nothing to do with me, those two. Could be your next book.
Anyway thanks for another great discussion that cost me calories walking the hills by my home on a most balmy day in Northern California!
Actually had read him. But part of the appeal was that he had a new cure for something people desperately wanted to fix. There have been many changes in the world since any of the ideas were originally conceived and the economists, especially Keynes, were not married to their own ideas.
For those interested in economic history, this is good stuff — on This is a dual intellectual biography that discusses the lives and work of Keynes and Hayek and the influence that their work has had and continues to have on economic policy and general policy discussions.
I was fascinated, and when I interviewed Bruce Caldwell this question came up, and you mention it as well: That comes to an end partly through the championing of Hayek’s ideas by Margaret Thatcher and Ronald Reagan.
Wapshott on Keynes and Hayek – Econlib
And so maybe he had some inconsistencies relative to my position. I want to ask you one speculative question. When Hayek describes in his Nobel lecture that in order to understand economics it would be like knowing–or this is what my opponents do–they look at a football team and they find out all the vital statistics of all the players involved; they find out what the weather is going to be; they find out everything else they could possibly know–the temperature of the grass–but they still can’t predict what the result of the game is going to be.
If he could have only haywk one life, it would have been extraordinary, because he was a most imaginative thinker; and so all of his economic work was way outside the box. We’ve talked about this problem before with Larry White, and maybe with Pete Boettke. Goodreads helps you keep track of books you want to read.
His logic was thus an irrelevant abstraction, its beauty purely formal.
He was terrific at marketing. And as the superstar economist responsible for more inferiority complexes than anyone from his generation, Keynes looks like somebody straight from centre stage.
And therefore he sent Hayek proof copies of The General Theorysaying: He certainly worked back from ksynes original position of trying to create jobs–he canceled that. To ask other readers questions about Keynes Hayekplease sign up. There is no absolute position in that. The General Theory comes out, keynea Keynes’s natural opponent, F.
And as you point out, he gives another lecture in advance of that but doesn’t get as much publicity. For anyone who would like to be just a little better educated about these issues, the book is well-written, fairly short, and contains not one economic formula. But the second half of Hayek’s assessment came out; and actually in the second half he does get more to grips with the problems of what happens when a wapshtt intervenes in an economy and starts disrupting the natural order of things as it were, blowing things out of proportion, putting levers in the wrong wqpshott, making readjustments which were untenable.
And there’s this famous conversation where Hayek reminds Keynes of the dangers of inflation; and Keynes says don’t worry, I’ll temper the excesses of my fans, my followers with ease because I’ll just dissuade them from their positions; and he doesn’t have the opportunity, because he is gone.
Quarterly Journal of Austrian Economics
Harry Potter maybe, or maybe an iPad. I think it’s important to make it clear that the classicists were very well aware of the business cycle, were very well aware of the fact that there could be unemployment and the human toll it took. Greg Gilman Oct 17 at 1: Home of the Keynes-Hayek rap videos. You’ve taken a very complicated set wapxhott ideas from both men and done a superb keunes making these ideas accessible.