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Hayek’s Hidden Critique of The General Theory

Author

Listed:
  • David Sanz

    (School of Social Science and Law of the Catholic University of Avila, Spain)

  • Juan Morillo

Abstract

Hayek is seen as one of the main opponents of Keynes because of the debate about macroeconomics that they had in the early thirties. A few years after this controversy, Keynes published The General Theory ([1936] 1973), and Hayek was expected to criticize Keynes’ new model. But, surprisingly, Hayek decided to remain silent and let his opponent go unchallenged. He regretted it ever after. However, this paper argues that in Hayek’s work after 1936, there is a criticism of The General Theory that to a certain extent has remained unnoticed. Thus, this approach reopens the great debate between Hayek and Keynes just where they had apparently left it, that is, after the publication of The General Theory.

Suggested Citation

  • David Sanz & Juan Morillo, 2015. "Hayek’s Hidden Critique of The General Theory," Journal of Reviews on Global Economics, Lifescience Global, vol. 4, pages 212-224.
    • Handle: RePEc:lif:jrgelg:v:4:y:2015:p:212-224
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    More about this item

    Keywords

    Keynes; prices; business cycles; macroeconomic policy; unemployment;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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