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Author: Nicholas Wapshott Publisher: W. W. Norton & Company ISBN: 039308311X Category : Business & Economics Languages : en Pages : 400
Book Description
“I defy anybody—Keynesian, Hayekian, or uncommitted—to read [Wapshott’s] work and not learn something new.”—John Cassidy, The New Yorker 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. From their first face-to-face encounter to the heated arguments between their ardent disciples, Nicholas Wapshott here unearths the contemporary relevance of Keynes and Hayek, as present-day arguments over the virtues of the free market and government intervention rage with the same ferocity as they did in the 1930s.
Author: Nicholas Wapshott Publisher: W. W. Norton & Company ISBN: 039308311X Category : Business & Economics Languages : en Pages : 400
Book Description
“I defy anybody—Keynesian, Hayekian, or uncommitted—to read [Wapshott’s] work and not learn something new.”—John Cassidy, The New Yorker 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. From their first face-to-face encounter to the heated arguments between their ardent disciples, Nicholas Wapshott here unearths the contemporary relevance of Keynes and Hayek, as present-day arguments over the virtues of the free market and government intervention rage with the same ferocity as they did in the 1930s.
Author: Thomas Hoerber Publisher: Reaktion Books ISBN: 1780237782 Category : Business & Economics Languages : en Pages : 192
Book Description
Few thinkers better encapsulate the two polarities of economic and social thought in the twenty-first century than Friedrich Hayek and John Maynard Keynes. Wrestling with the horrors of world wars, the atrocities of fascist regimes, the hungers of the Great Depression, and the turbulence of political ideologies as they grew evermore pitted against one another, both sought a cure for modernity’s terrible problems and a safeguard against future catastrophes—a task that would leave them with completely different conclusions. In this book, Thomas Hörber offers a clear historical account of the work of these two great figures of modern economic thought. Hoerber looks at the two central works that would alter the course of economic thought: Keynes’s The General Theory of Employment, Interest, and Money and Hayek’s The Road to Serfdom. Placing them within the context of the devastation that followed World War I, he explains how the historical conditions in which these books were written help us better understand how their lessons can illuminate the economic and political phenomena of our own era, such as the recent financial crisis, globalization, and European integration. He shows how Keynes’s emphasis on government regulation through monetary and fiscal policy and Hayek’s great cautions against the tyrannies that can so easily arise from central planning have led to competing schools of economic thought. Making accessible classic economic theory and employing a qualitative method of economics, he offers an articulated account of how history has led to our current economic environment. With a broad perspective and incisive but clear examinations of important economic theories, this book places the two great economists of the twentieth-century within their historical context, illuminating how much we have learned—and can still learn—from them both.
Author: G R Steele Publisher: Routledge ISBN: 1134529937 Category : Business & Economics Languages : en Pages : 320
Book Description
John Maynard Keynes and Friedrich Hayek had serious differences of opinion when it came to assessing the fractured inter-war world. G. R. Steele picks apart this debate and argues persuasively that Hayek's outlook will prove to be the more enduring.
Author: John Paul Cochran Publisher: ISBN: 9780773479708 Category : Business cycles Languages : en Pages : 0
Book Description
This work examines the Hayek-Keynes debate 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 modelling.
Author: Tyler Beck Goodspeed Publisher: Oxford University Press ISBN: 019994279X Category : Business & Economics Languages : en Pages : 216
Book Description
While standard accounts of the 1930s debates surrounding economic thought pit John Maynard Keynes against Friedrich von Hayek in a clash of ideology, this reflexive dichotomy is in many respects superficial. It is the argument of this book that both Keynes and Hayek developed their respective theories of the business cycle within the tradition of Swedish economist Knut Wicksell, and that this shared genealogy manifested itself in significant theoretical affinities between the two supposed antagonists. The salient features of Wicksell's work, namely the importance of money, the role of uncertainty, coordination failures, and the element of time in capital accumulation, all motivated the Keynesian and Hayekian theories of economic fluctuations. They also contributed to a fundamental convergence between the two economists during the 1930s. This shared, "Wicksellian" vision of economic problems points to a very different research agenda from that of the Walrasian-style, general equilibrium analysis that has dominated postwar macroeconomics. This book will appeal to economists interested in historical perspective of their discipline, as well as historians of economic thought. The author not only deconstructs some of the historical misconceptions of the Keynes versus Hayek debate, but also suggests how the insights uncovered can inform and instruct modern theory. While much of the analysis is technical, it does not assume previous knowledge of 1930s economic theory, and should be accessible to academics and graduate students with general economics training.
Author: Peter J. Boettke Publisher: Springer ISBN: 1137411600 Category : Business & Economics Languages : en Pages : 323
Book Description
This book explores the life and work of Austrian-British economist, political economist, and social philosopher, Friedrich Hayek. Set within a context of the recent financial crisis, alongside the renewed interest in Hayek and the Hayek-Keynes debate, the book introduces the main themes of Hayek’s thought. These include the division of knowledge, the importance of rules, the problems with planning and economic management, and the role of constitutional constraints in enabling the emergence of unplanned order in the market by limiting the perverse incentives and distortions in information often associated with political discretion. Key to understanding Hayek's development as a thinker is his emphasis on the knowledge problem that economic decision makers face and how alternative institutional arrangements either hinder or assist them in overcoming that epistemic dilemma. Hayek saw order emerging from individual action and responsibility under the appropriate institutional order that itself emerges from actors discovering new and better ways to coordinate their behavior. This book will be of interest to all those keen to gain a deeper understanding of this great 20th century thinker in economics.
Author: Nicholas Wapshott Publisher: W. W. Norton & Company ISBN: 0393077489 Category : Biography & Autobiography Languages : en Pages : 399
Book Description
Provides a history of the diverging economic viewpoints that emerged after the 1929 stock market crash, one from Cambridge economist John Maynard Keynes, the other from Austrian economics professor Freidrich Hayek.
Author: G R Steele Publisher: Routledge ISBN: 1134529945 Category : Business & Economics Languages : en Pages : 237
Book Description
John Maynard Keynes and Friedrich Hayek had serious differences of opinion when it came to assessing the fractured inter-war world. G. R. Steele picks apart this debate and argues persuasively that Hayek's outlook will prove to be the more enduring.
Author: Kenneth R. Hoover Publisher: Rowman & Littlefield Publishers ISBN: 0585478902 Category : Political Science Languages : en Pages : 345
Book Description
Economics as Ideology: Keynes, Laski, Hayek and the Creation of Contemporary Politics explores the lives and thought of three powerful theorists who shaped the foundations of the center, left, and right of the political spectrum in the 20th century. Noted scholar Kenneth R. Hoover examines how each thinker developed their ideas, looks at why and how their views evolved into ideologies, and draws connections between these ideologies and our contemporary political situation. Similar in age, colleagues in academic life, and participants in the century's defining political events, the story of Keynes, Laski, and Hayek is also the story of how we in the west came to define politics as the choice between government and the market, between regulation and freedom, and between the classes and the masses.
Author: Nicholas Wapshott
Author: Nicholas Wapshott
Author: Thomas Hoerber
Author: G R Steele
Author: John Paul Cochran
Author: F.A. Hayek
Author: Tyler Beck Goodspeed
Author: Peter J. Boettke
Author: Nicholas Wapshott
Author: G R Steele
Author: Kenneth R. Hoover