Keynes and Hayek: The Money Economy

By G. R. Steele | Go to book overview

1

Introduction

John Maynard Keynes and Friedrich Hayek differed profoundly in their responses to the interwar world that they inhabited. Both observed a world gone mad. Keynes saw salvation in a thorough revision of the liberal order. Hayek saw it in the rediscovery of one. Their debate over this question continues to this day; it is perhaps the most important issue that democratic regimes, old or new, must address.

(Caldwell 1995:48)


This book

In the recent history of economics: (1) who are the most significant economists; (2) what are the most significant events; and (3) which are the biggest theoretical and policy issues? Prime candidates are: (1) John Maynard Keynes and Friedrich Hayek; (2) the New York Stock Exchange crash and the Great Depression; and (3) capital theory and problems of the money economy. This book is about: Keynes and Hayek; investment decisions and the business cycle; and the nature of the money economy. Most obviously, no such book would claim to be comprehensive: The Collected Writings of John Maynard Keynes are contained in thirty volumes; and The Collected Works of F.A. Hayek are provisionally scheduled to cover nineteen volumes. Further, a vast literature has amassed since the mid-1960s on reinterpretations of Keynes's work and, more recently, on the evaluation of Hayek's contributions.

Among the recommendations on the dust-cover to volume I of the Collected Works, Roger Scruton describes Hayek as 'one of the great political thinkers of our time' and Sir Karl Popper refers to his 'work as a new opening of the most fundamental debates in the field of political philosophy'. For Keynes, the claim of the publishers of the Collected Writings is nothing less than '[n]o other writer in this century has done more … to change the ways in which economics is taught and written. No other economist has done more to change the ways in which nations conduct their economic and financial affairs'. In respect of each, this book attempts to show what lies behind such high esteem; and it looks for common ground between two minds that are seemingly opposed.

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Keynes and Hayek: The Money Economy
Table of contents

Table of contents

  • Title Page v
  • Contents ix
  • Figures and Tables x
  • Preface xi
  • 1 - Introduction 1
  • 2 - Vision in Economics 19
  • 3 - Philosophy and Political Economy 37
  • 4 - Money Issues 61
  • 5 - Macrodisequilibrium 78
  • 6 - Keynes and Senie Macromodels 101
  • 7 - Value Theory and Monetary Theory 117
  • 8 - Capital, Money and Cycles 140
  • 9 - Austrians and Post-Keynesians 160
  • 10 - Economic Guidance 183
  • Notes 205
  • Bibliography 208
  • Index 219
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