I defy anybody—Keynesian, Hayekian, or uncommitted—to read [Wapshott’s] work and not learn something new.”—John Cassidy, The New. The confrontation between John Maynard Keynes, and his Austrian born free market adversary and friend, Friedrich August von Hayek, is one. Keynes – Hayek by Nicholas Wapshott – review Maynard Keynes, on the grounds that this was “the clash that defined modern economics”.
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Refresh and try again. Apr 16, Luke Kanies rated it really liked it. 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.
Hayek thought individual choices were central to the economy. I am not an economist myself, but I’ve been able to read Keynes, Galbraith, Friedman, Marx, Smith, Hume and others with little difficulty. Very balanced, refusing to take sides until the last paragraph Wapshott gives J. A nice biographic description of the clash between thoughts of Keynes and Hayek or more broadly speaking, between the thoughts of government intervention into macroeconomy and lasseiz-faire market economy.
Di parte ma non per questo inutile. For those interested in economic history, this is good stuff — on This is a dual intellectual biography that discusses the lives and work of Keynes and Hayek and the influence that their work has had and continues to have on economic policy and general policy discussions. I think there was just enough economic terminology you may want to have a little background before reading the book, but then again I am not sure why you would want to read this book if you do not know the academic work of Keynes and Hayek in the book, and a perfect combination of such terminology with historical and biographical information.
Keynes, unlike what the ignorant talk radio and network mob will tell you, was not a socialist. Noi ora stiamo riuscendo nell’impresa di vivere al contempo l’oggi di Hayek e il domani di Keynes. All Governments had assumed that unemployment would go down when interest rates rise; instead they got the worst of all worlds in — more joblessness, higher inflation, and a slump in demand.
The book does a good job at taking fairly detailed and abstract discussions and presenting them so that nonspecialists can follow and know what issues were at keynnes. Perhaps it is a tad naive to expect academic theories to be used consistently by politicians however useful these ideas may be in campaign tne. The final quote, from John Kenneth Galbraith, is a cracker: My condensation of this condensed fare is that there is more to Keyne Very readable introduction to Keynes and Hayek.
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. To ask other readers questions about Keynes Hayekplease sign up. It can also be on a comparison of the economic versus the political aspects of the theory.
The men themselves were not one way or another. On the latter score it makes for an entertaining, often informative, read. View all 20 comments. That is unless, people read entertaining histories like this one, and read the bios and words of these titans found ecnoomics, and maybe learn from them what to do about the future next recession.
Keynes Hayek: The Clash that Defined Modern Economics
He lives in New York City. Oct 11, Charles rated it it was amazing. As the stock market crash of plunged the world into turmoil, two men emerged with competing claims on how to restore balance to claah gone awry. Nicholas Wapshott presents us here with an impressive study of how a Micro-Economic debate between Cambridge University and the LSE in the late s concerning the equilibrium between savings and investment eventually cascaded into the wider world until, bythe future of capitalism seemed dependent on which side of the Keynes-Hayek camp you belonged to.
So if the men were more nuanced and economkcs then history remembers them, why did the Western World lurch back and forth from one one-size-fits-all policy to another? Strangely the only exception was public health care which is the one area I wish the author of this book would have explained a bit more. We use technologies, such as cookies, to customise content and advertising, to provide social media thaf and to analyse traffic to the site. As Keynes pointed out, offsetting tax cuts with reductions in expenditure would simply redistribute rather than produce a net increase in national spending power.
Topics Business and finance books. But perhaps the best referee in the Keynes-Hayek clash is Milton Friedman, the Nobel Laurette who is most associated with the free-market resurgence of the s. This may be why he would later become disillusioned with his classic anti-Socialist polemic, The Road to Serfdom, still a big-seller in America to this day. Overall, a very good book. On the left side are followers of John Maynard Keynes, who believe that government actions can and should smooth the destructive swings of business cycles.
Keynes – Hayek by Nicholas Wapshott – review | Books | The Guardian
Wapshott doesn’t really answer the question–because there is no answer, or there is a very simple one he is too tactful to point out but which runs throughout the text–no need to hammer it home. Dec 19, Ilinca rated it really liked it. Not a professional read of the different theories. This was one economicx the reason why Hayek fell into a deep depression in the early 60s, especially after the commercial disappointment of his masterpiece, The Constitution of Liberty now, of course, a bestseller.
I find economcs astonishing that any one of these transient ideas is now regarded as sacred by current politicians and thought leaders. The most amazing thing to me was watching the evolution of the two economists interpretations of why things were happening over a wide range of times and countries. Hayek, ecohomics not a hater of government and he was not a conservative.
Nicholas Wapshott The Sphinx: There is no doubt that some of Keynes innovations in thinking have now been discredited, yet plenty of his theories are still correct. Outside the socialist and Fabian camps, nobody did more to challenge Classical Economics than Keynes, and some of his most iconoclastic theories are still intriguing. As Hayek, himself acknowledged, his policy prescriptions are not exactly appealing compared with Keynes ambitious and monumental attempts to provide intellectual justification for government intervention in the economy.
Great intro to the life and works of these essential thinkers.
Preview — Keynes Hayek by Nicholas Wapshott. For conservatives concerned over the intellectual vacuity of the Republican Party and Tea Defkned, this book puts one in complete despair.
Keynes Hayek: The Clash that Defined Modern Economics – Nicholas Wapshott – Google Books
Keynes was more interested in the ‘real world’ and effecting change that would actually impact people’s lives. Hence the inevitable pairing, in the other half of his book, of Hayek with John Maynard Keyneson the grounds that this was “the clash that defined modern economics”. And every industrialised nation lapped it up from towhile Hayek looked like a hopeless relic kenes a nineteenth-century creed.
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He refused, too, to take seriously the general theory’s insistence that the outcome for the economy as a whole, in aggregate, may defy analysis purely in terms of the behaviour of individuals.