Keynes and Hayek: The Money Economy

By G. R. Steele | Go to book overview

Notes

1 Introduction
1
The term 'neoclassical synthesis' was coined in the third edition of Paul Samuelson's Economics1955 (see Pearce and Hoover 1995:202).
2
See Hicks 1980 for his own retrospective assessment of ISLM.
3
On acquiring British nationality in 1938, Friedrich Hayek chose to dispense with the minor title of nobility ('von') that had been bestowed upon his great-great-grandfather in 1789. Thereafter, in the UK and in the US he was simply 'F.A. Hayek' but, after his move to Freiburg in 1962, the 'von' was again used.
4
Only nine days before share prices tumbled in October 1929, Irving Fisher made the bold forecast that he expected 'to see the stock market a good deal higher than it is to-day within a few months' (Galbraith 1961:116).
5
'I am a great admirer of Professor Hayek. Some of his books ... would well be read by some honourable members' (Margaret Thatcher, 5 February 1981, cited from McCormick 1992:235). There was a mutual esteem: Hayek's best wish for the British economy in 1985 was another twenty years of Mrs Thatcher's Conservative government (see The Times, Thursday 9 May 1985:11).
6
See O'Driscoll 1977:130, n. 56 for an analogous point.

2 Vision in economics
1
The Society continues as a self-selecting body whose function is the exchange of ideas through debate. It takes no action and issues no statements.
2
With his first attempt at involvement in employment policy formation - 'Does Unemployment need a Drastic Remedy?' published in May 1924 - Keynes supports a large-scale programme of public investment. In December 1929, he submits proposals to counter the depression: the early retirement of industry leaders to allow more active successors to initiate necessary rationalisations; the Bank of England to assure businessmen of a ready supply of credit; commercial banks to announce a willingness to meet any credit demand; trade unions to forego wage increases and strikes; loan priority to be given to domestic rather than foreign purposes; building societies to announce easier terms for construction loans; rail companies to announce programmes for expansion; municipalities to accelerate public works; electricity boards, road boards and other public bodies to accelerate work in progress. (See Keynes [1929] 1981b: 18-22.)

3 Philosophy and political economy
1
O'Neill (1998) argues for two (not one) debates in the 1920s and 1930s: between von Mises and Neurath (on the necessity for commensurability through market valuations) and between Hayek and Lange (on epistemological realities).
2
This is the title of the opening chapter of Hayek (1988).

-205-

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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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