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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Which Milton Friedman in some sense was. He attracted people around him who wanted to be around him, who enjoyed hearing him; he was a tremendous conversationalist, right?

Schumpeter has a kind of parallel experience to Hayek. Reading it is a motivating goal to aim for. But Hayek had at least spent a year in America, and so sapshott had at least, according to Lionel Robbins, enough English to make his way in London. View all 20 comments.

Keynes Hayek: The Clash that Defined Modern Economics

I suppose that would be true of almost waapshott who had a cult following behind them. And the inability to use econometric techniques to settle that debate to me is one of the great lessons of the last 50 years.

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And he was determined to ensure that the LSE had a good reputation. Twice a day, going up and down the King’s College Drive delivering letters from Hayek yayek vice versa.

Keynes – Hayek by Nicholas Wapshott – review | Books | The Guardian

I can’t think of anything more thrilling for you and I to sit now in that lecture room in Cambridge and actually listen to what was being said and how it was presented.

Hayek, by contrast, was not a heretic but a preacher of a different religion altogether. Resta il dubbio, a distanza di tanti anni che, invece che di fronte ad economisti, scienza triste per definizione, ci si trovi di fronte a maestri mora Testo Accessibilema non accessibilissimo, l’autore lascia troppo spazio, specialmente all’inizio, a citazioni di opere degli autori che, specialmente per Haywek non sono cristalline, anzi decisamente esoteriche.


It reads more like a nasty set of blog posts than the way we traditionally think of academic light either today or then. As the stock market crash of plunged the world into turmoil, two men emerged with competing claims on how to restore balance to economies gone awry. And as he pointed out–the wonderful word that anyone who every heard Hayek in these days–called “fluctuations”, which is what Hayek called it–the fluctuations, the business cycle, was really something that you really could not, however much you might want to, at the top or the bottom of the business cycle, the fact was the business cycle was as if a natural phenomenon.

Keynes was more interested in the ‘real keynnes and effecting change that would actually impact people’s lives. He worked out that an economy was made up of different moving parts, including money, and the interrelationship between all of these elements was the key. Hayek was worried about something else. It is fascinating to me to see the intertwining of personal life and academic work of two of the best minds of the 20th Century. Who doesn’t like free money? His goal was to save capitalism from itself so that it could continue as the best form of economic life.

And who knows what the next wapshot debate will be in the world of economics. Hope someone gave him a Hog hat. He said he was the youngest professor–and that’s true professor–in Britain at that time; and he was about Nothing is heard from him about this book, which is a book that is a devastating intellectual challenge to his whole world view.

Wapshott on Keynes and Hayek – Econlib

Actually, I’ve never come across anyone, ever. As Keynes pointed out, offsetting tax cuts with reductions in expenditure would simply redistribute rather than produce a net increase in national spending power.


For those interested in economic history, this is good stuff — on target, filled with interesting details, and geared to engage even knowledgeable readers. 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.

But whereas Keynes surfed his wave of fame, Hayek quickly became alarmed at having inadvertently written a bestseller — “a very corrupting experience”, he decided.

David Oct 19 at And it was a different friendship, a different sort of friendship, different times. But I suppose the principle amanuensis was Richard Kahn. But at the same time, Keynes had such a viperish wit, a tongue to him, and he found it very difficult not to use it.

And Keynes did concede, to his colleagues and friends, that the book was flawed. The economists themselves tended to write thickly, so it is likely the appropriate balance. He was talking concepts they had never even heard of. I think if you were only to read one piece by Hayek, I think that Nobel lecture is probably the most interesting, the most honest, the most candid, and the most thought-provoking of them all.

He met his opposite in a little-known Austrian economics professor, Freidrich Hayek, who consider As the stock market crash of plunged the world into turmoil, two men emerged with competing claims on how to restore balance to economies gone awry.