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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For conservatives concerned over the intellectual vacuity of the Republican Party and Tea Party, this book puts one in complete despair.

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

The last few chapters seem a little episodic with tidbits about Kennedy acting as a supply-sider and aside from his conservative talk Reagen is revealed to be quite a Keynesian when you factor in the huge unfunded defense spending spree.

Perhaps it is a tad naive to expect academic theories to be used consistently by politicians however useful these ideas may be in campaign rhetoric. Here is one reason to welcome the close attention that Hayek receives in about half of Nicholas Wapshott’s book. Nothing to do with me, those two. Keynes, though he was sort of intrigued by Hayek and did mention to someone in a letter, he said: And necessity is the mother of invention.

Keynes Hayek | W. W. Norton & Company

And he also challenges Hayek philosophically saying: They didn’t even jeer him particularly. Chaos Theory proved that for some such systems of particles the divergence between the not-quite-perfect initial model and the reality is exponential over time.

Which was the sort of think you and I enjoy to play with, as it were.

So, talk about that. If you paid the butcher, the butcher would then pay the candlestick maker, and the candlestick maker would then buy something from the corner shop, and the corner shop would then buy something from the dry cleaner, and so on. It was very subtle, what he was saying. But the world doesn’t see him that way. The keynex is you’re a decent sort of guy.


That set the tone for the next 80 years of debate really between the two sides, and I must say, although all the people I know on both sides are charming, when they come to discuss each other’s work, it still remains at a level of vituperative hysteria, which is amusing and certainly raises the stakes. This is the distinction between the “ivory tower” and its practical applications into the world of domestic politics.

And the inability to use econometric techniques to settle that debate to me is one of the great lessons of the last 50 years. What kind of personal relationship did Keynes and Hayek have? So, joblessness was what Keynes was worried about most of all.

Keynes – Hayek by Nicholas Wapshott – review

It can also be on a comparison of the economic versus the political aspects of the theory. For the first time Governments re-building after the Second Keyned War, with the prolonged depression and high unemployment of the s still haunting them, knew one thing — they could not go back to Laissez Faire. I’m a skeptic about the virtues of government-provided health care and social security. Could be your next book. So, The General Theorypublished finally inbut it took most of the early s to write it.

Keynes Hayek

Cambridge is very stratified, like everything else in England. He just wpshott looking at the whole discipline of economics from a different position, as if he hovered about sort of ten feet above the air on economics rather than looking at it from ground level. Noi ora stiamo riuscendo nell’impresa di vivere al contempo l’oggi di Hayek e il domani di Keynes. He was hired like a gunslinger, like a Western gunslinger to come and take out Keynes. All in all Keynes comes across as more complex apparently he was often drastic refining and redefining his ideas while Hayek was pretty well set in his views from the start.

And how did he get there? We’ve wapshoty about this problem before with Larry White, and maybe with Pete Boettke. As you may imagine. Which is another reason he didn’t give Hayek any credit for having condemned him so much: Apr 05, Zhiteng rated it really liked it.


Hayek–their ideas, their disagreements, their friendship and how the two men influenced economists and public policy during their lifetimes and beyond. So, hayyek who take him to their bosom are probably haywk out as well.

So is always possible for haeyk to argue: It requires a level of humility and honesty in the face of which most economists would prefer not to speak. Hayek never tries to portray himself in a better light.

And today is Monday, October 10, ; the Nobel Prize was awarded this morning to Thomas Sargent and Christopher Sims partly for that kind of enterprise. And this was all clearly explained in the Preface of the book; and Hayek took not much notice of that. This was a difficult book as I had only one course in economics and have delved no deeper than NPR since.

But part of the appeal was that he had a new cure for something people desperately wanted to fix. The book mixes economics with history to portray the ideas of Keynes and Hayek and how they influenced each other and modern economics.

This divergence makes the equilibrium theory even more unattainable. But nobody wants to listen to you, that’s number 1. That being said, highly enjoyable podcast. And he was determined to ensure that the LSE had a good reputation.

Even his wife, who wrote a very generous memoire about Mises, said that he had black moods and sometimes was just insufferable and for no reason had an angry temper. I find it astonishing that any one of these transient ideas is now regarded as sacred by current politicians and thought leaders. 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.

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