KEYNES HAYEK WAPSHOTT PDF

Wapshott argues the debate which started just two years after the stock market crash of , both defined, and still resonates within, present-day economic policymaking. For instance, the Old Theatre at the London School of Economics, where I gave a talk the other day on the same stage that Friedrich Hayek made his first and most devastating assault upon the ideas of John Maynard Keynes. It is an eerie feeling, knowing you are standing in a spot where history was made. I kept picturing the scene in when the young Hayek, at the invitation of the LSE Professor of Economics Lionel Robbins, gave four short lectures on why if a government tries to stimulate a flagging economy, it may end up causing more job losses than gains. Hayek failed to deliver a knock-out blow to Keynes, and although he returned to the fight in the LSE learned journal Economica in the autumn of , the argument about whether it is best to stimulate an economy in the face of large scale unemployment or rather, let the market find its own solution, has been going on ever since. For once, history is a perfect guide to the present.

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Share via Email Keynes: the debates in which he engaged continue today. He knew that in Arkansas the state laws made divorce easy — and cheap. But his real love, previously married herself, had told him that she was now free to remarry. So the economist got a job at the University of Arkansas and, once resident, also got a divorce, quickly and efficiently, all at a very reasonable price.

Many former friends, however, took the view that his behaviour was deplorable. Such cross-cutting standards of judgment are still on display today, not least in the United States. Glenn Beck has rediscovered Hayek as a hero, but the great prophetess of libertarianism, Ayn Rand , privately scourged him as a "total, complete, vicious bastard". Such opinions cannot all be right.

Hence the inevitable pairing, in the other half of his book, of Hayek with John Maynard Keynes , on the grounds that this was "the clash that defined modern economics". Again, the author has done his homework in getting on top of the vast literature about Keynes — some of it of recent vintage.

Keynes and Hayek exemplified two different approaches. Keynes came from the heart of a Cambridge tradition later continued in that other Cambridge in Massachusetts that saw economics as a humane discipline or moral science, providing tools for earnest attempts to do good in the world. 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 for restless advocates of quick-fix solutions.

Little wonder that there was a clash, in temperament as much as doctrine, between the two. Wapshott brings out their mutual attraction in personal relations and intellectual interests, while structuring his book around a prolonged duel between the two men, each with supporters ready to act as seconds in a more combative spirit than the principals.

His logic was thus an irrelevant abstraction, its beauty purely formal. Interestingly, as Wapshott notes, Hayek applied the same phrase, in the same pejorative tone, to his own most famous publication.

His popular book The Road to Serfdom, published in , suddenly gave the austere Austrian a degree of name-recognition in the same league as Keynes, not least in the US. With the New Deal and subsequent wartime prosperity as object lessons, liberals on both sides of the Atlantic adopted the Keynesian mantra that full employment could only be guaranteed by government.

But whereas Keynes surfed his wave of fame, Hayek quickly became alarmed at having inadvertently written a bestseller — "a very corrupting experience", he decided. Hayek was not always the fastidious scholar. As Wapshott notes, he was guilty of "misappropriating" the aphorism with which Keynes had reproached the sterility of orthodox inertia in policy-making — "in the long run we are all dead".

Hayek refused to come up with any policy option, preferring to trust the market, however long it took to show its self-correcting tendency. Yet everyone recognises this dimension as macro-economic today, even those who are strongly opposed to Keynesian policies for stimulating and regulating effective demand.

This poses a problem for an account of the eighty years war that polarises it between Keynesians and Hayekians. For in policy terms, it was surely Milton Friedman who, in the s and 70s, seized the moment to proclaim a counter-revolution against Keynesianism.

It is a point that Wapshott well recognises. Friedman, an ardent new dealer in his youth, was an economist who fought with same macro-economic weapons as the Keynesians, but sought to substitute manipulation of monetary policy, through interest rates, for that of fiscal policy, through taxing and spending.

This statement reads like that of a Protestant heretic who defies the Pope, only to insist on his own variant reading of Christian doctrine. Hayek, by contrast, was not a heretic but a preacher of a different religion altogether.

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Share via Email Keynes: the debates in which he engaged continue today. He knew that in Arkansas the state laws made divorce easy — and cheap. But his real love, previously married herself, had told him that she was now free to remarry. So the economist got a job at the University of Arkansas and, once resident, also got a divorce, quickly and efficiently, all at a very reasonable price.

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Readers are led from the outset. As the exchange value of sterling came under pressure, many European sovereign debt auctions are shunned. With business investments, resources are redirected to create desirable goods and services with desirability signalled by revenue that conserves value through capital amortisation. With deficit-financed investment, sovereign debt ever accumulates. These are fundamental objections to the income multiplier which, in the depths of the Great Depression, Keynes believed might be set aside. Implicitly, the author has no view of the impact of that loss, because Keynes and Keynesianism are conflated throughout.

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