EmptyTimCup
07-28-2012, 07:34 AM
Keynes-Hayek Comparison (http://spontaneousorder.in/keynes-hayek-comparison-books/)
We received several requests for articles which compare Keynes and Hayek head on head. Here are three recommendations.
1. ”Contra Keynes and Cambridge” (http://econ.duke.edu/~bjc18/docs/Editor%27s%20Intro%20-%20Contra%20Keyens%20and%20Cambridge.pdf) by Bruce Caldwell – Research Professor of Economics at Duke University.
“In early 1946, Hayek saw Keynes for the last time; their converation would haunt him for years. Hayek asked Keynes whether he was concerned about what certain of his followers were making of his theories. They ever-confident Keynes replied that one must not worry about such things, that should those who called themsleves ‘Keynesians’ every become dangerous, he could turn public opinion aganist them in an instant. In the closing sentences of his review of Roy Harrod’s ‘The Life of Keynes’, Hayek remembered the moment: ‘He indicated by a quick movement of his hands how rapidly that would be done. But three months later, he was dead’”
2. Keynes Hayek: The Clash That Defined Modern Economics (http://books.wwnorton.com/books/Keynes-Hayek/) by Nicholar Wapshott.
“As the stock market crash of 1929 plunged the world into turmoil, two men emerged with competing claims on how to restore balance to economies gone awry. John Maynard Keynes, the mercurial Cambridge economist, believed that government had a duty to spend when others would not. He met his opposite in a little-known Austrian economics professor, Freidrich Hayek, who considered attempts to intervene both pointless and potentially dangerous. The battle lines thus drawn, Keynesian economics would dominate for decades and coincide with an era of unprecedented prosperity, but conservative economists and political leaders would eventually embrace and execute Hayek’s contrary vision.”
3. The Hayek-Keynes Debate – Lessons for Current Business Cycle Research (http://www.acton.org/sites/v4.acton.org/files/pdf/3.1.153-157.REVIEW.Cochran,%20John,%20P.%20and%20Glahe,%20Fred,%20R.--Hayek-Keynes%20Debate.pdf) by John P. Cochran and Fred R Glahe
“This work examines the Hayek-Keynes debates on business cycle theory and argues that the key issues at the heart of the controversy in the areas of money, interest, and capital theory are much neglected in current macroeconomic modeling. A reexamination of these unsettled issues could enhance our understanding of the operation of a monetary production economy and enable economists to make better policy recommendations.”
We received several requests for articles which compare Keynes and Hayek head on head. Here are three recommendations.
1. ”Contra Keynes and Cambridge” (http://econ.duke.edu/~bjc18/docs/Editor%27s%20Intro%20-%20Contra%20Keyens%20and%20Cambridge.pdf) by Bruce Caldwell – Research Professor of Economics at Duke University.
“In early 1946, Hayek saw Keynes for the last time; their converation would haunt him for years. Hayek asked Keynes whether he was concerned about what certain of his followers were making of his theories. They ever-confident Keynes replied that one must not worry about such things, that should those who called themsleves ‘Keynesians’ every become dangerous, he could turn public opinion aganist them in an instant. In the closing sentences of his review of Roy Harrod’s ‘The Life of Keynes’, Hayek remembered the moment: ‘He indicated by a quick movement of his hands how rapidly that would be done. But three months later, he was dead’”
2. Keynes Hayek: The Clash That Defined Modern Economics (http://books.wwnorton.com/books/Keynes-Hayek/) by Nicholar Wapshott.
“As the stock market crash of 1929 plunged the world into turmoil, two men emerged with competing claims on how to restore balance to economies gone awry. John Maynard Keynes, the mercurial Cambridge economist, believed that government had a duty to spend when others would not. He met his opposite in a little-known Austrian economics professor, Freidrich Hayek, who considered attempts to intervene both pointless and potentially dangerous. The battle lines thus drawn, Keynesian economics would dominate for decades and coincide with an era of unprecedented prosperity, but conservative economists and political leaders would eventually embrace and execute Hayek’s contrary vision.”
3. The Hayek-Keynes Debate – Lessons for Current Business Cycle Research (http://www.acton.org/sites/v4.acton.org/files/pdf/3.1.153-157.REVIEW.Cochran,%20John,%20P.%20and%20Glahe,%20Fred,%20R.--Hayek-Keynes%20Debate.pdf) by John P. Cochran and Fred R Glahe
“This work examines the Hayek-Keynes debates on business cycle theory and argues that the key issues at the heart of the controversy in the areas of money, interest, and capital theory are much neglected in current macroeconomic modeling. A reexamination of these unsettled issues could enhance our understanding of the operation of a monetary production economy and enable economists to make better policy recommendations.”