Keynes and Hayek: The Money Economy

By G. R. Steele | Go to book overview

3

Philosophy and political economy

If a being from outer space tried to reconstruct Western civilisation from a study of the preoccupations of our philosophers through the centuries, he should certainly conclude that we are all addicted to explanations by the exercise of reason, that we have few social and personal problems, and that those few we have we solve by the application of that same reason.

(Mini 1994:149-50)

If superior creatures from space ever visit earth, the first question they will ask in order to assess the level of our civilisation, is: Have they discovered evolution yet?'

(Dawkins [1976] 1989:1)


Introduction

Although the details of the broad sweep of the respective conclusions reached by Hayek and Keynes concerning the proper relationship between government and the economy are widely documented and discussed, there is little recognition of shared precepts of political economy. Indeed, there are striking similarities between the two men. However, whereas Keynes reaches a strong philosophical position long before he gains his reputation in economics, Hayek articulates his philosophy only after his reputation as an economist was bruised by the debates with Keynes and his followers. This is not to infer that the former grew out of the latter. Hayek's philosophy, politics and economics are fully integrated and draw upon his early research into psychology; where the focus is upon 'the central problem of the nature of mental phenomena' (Hayek 1952a: vii). Nevertheless, much of Hayek's exposition is given as an explicit counter to the dirigiste systems that were encouraged by Keynesian economics and the promise of aggregate demand management.

Epistemology is an area of philosophy that poses questions about the formation of knowledge. More generally, philosophy seeks a fundamental framework within which a coherent structure of consistent knowledge can be articulated; it examines the relevance of reason (rationalism) and experience

-37-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited page

Bookmark this page
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
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this book
  • Bookmarks
  • Highlights & Notes
  • Citations
/ 227

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.