Keynes Hayek: The Clash That Defined Modern Economics

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9781452604930: Keynes Hayek: The Clash That Defined Modern Economics

As the stock market crash of 1929 plunged the world into turmoil, two men emerged with competing claims on how to restore the 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, Friedrich 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.

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From the Author:

I reported the rise and reign of Margaret Thatcher at close quarters and wrote a great deal about her rejection of Keynes in favor of Hayek. Then I wrote a book about Reagan and Thatcher, whose political marriage was founded on a shared belief that Hayek was right. So the story of Keynes and Hayek is a subject that has been long on my mind. Nicholas Wapshott - interviewed in The New York Sun

From the Inside Flap:

The General Theory. The Road to Serfdom. The men responsible for these ideas -- John Maynard Keynes and Friedrich von Hayek -- peered at each other across a yawning gap that defined the most potent economic battle of our time: whether government should intervene in markets. In the ruins of World War I, both men studied the boom and bust of the business cycle and came to very different conclusions. Hayek thought altering the "natural equilibrium" of the economy would result in rampant inflation. Keynes believed the mass unemployment and misery that marked the end of a cycle could be short-circuited by government spending. They would disagree for the rest of their lives. Over twenty years, the two debated by letter, through learned articles, then in heated private conversations, and eventually through their ardent disciples, from John Kenneth Galbraith to Milton Friedman. Eloquent and charismatic, Keynes embraced an toptimistic vision of a world whether government planning and regulation would buoy the economy, a view that was soon adopted by a generation of politicians and economists on both sides of the Atlantic. In contrast, Hayek, a punctilious logician and dogged contrarian, found champions among pro-market advocates and libertarians. Both men's ideas would swing in and out of favor with politicians from Franklin Roosevelt to George W. Bush and would eventually influence the lives and livelihoods of millions. From the Great Depression to World War II, and from postwar recovery to the present dady, veteran journalist Nicholas Wapshott here examines the spirited debates between two giants of the twentieth century whose disparate visions shaped the rise and fall of economies all over the world and still hold the world in their thrall. 

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Book Description Tantor Media, Inc, United States, 2011. CD-Audio. Book Condition: New. Unabridged edition. Language: English . Brand New. As the stock market crash of 1929 plunged the world into turmoil, two men emerged with competing claims on how to restore the 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, Friedrich 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. Bookseller Inventory # AAC9781452604930

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