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Hayek and the General Theory

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  • Nicolo De Vecchi
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    Abstract

    Hayek did not review the General Theory, but he criticized it in Profits, Interest and Investment (1939) and in part IV of The Pure Theory of Capital (1941). First, he showed that only exceptionally does greater consumption favour investment and employment. Second, he rejected Keynes's liquidity preference and maintained that only in an 'extreme case' might it be said that Keynes's theory of the rate of interest is valid. Although he correctly identified the gist of Keynes's theoretical innovation, his criticisms were already implicitly answered in the General Theory.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/09672560600708284
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal The European Journal of the History of Economic Thought.

    Volume (Year): 13 (2006)
    Issue (Month): 2 ()
    Pages: 233-258

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    Handle: RePEc:taf:eujhet:v:13:y:2006:i:2:p:233-258

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    Keywords: Hayek; 'General Theory'; Keynes; liquidity preference; consumption; investment;

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    1. Hayek, F A, 1969. "Three Elucidations of the Ricardo Effect," Journal of Political Economy, University of Chicago Press, vol. 77(2), pages 274-85, March/Apr.
    2. Kohn, Meir, 1986. "Monetary Analysis, the Equilibrium Method, and Keynes's "General Theory."," Journal of Political Economy, University of Chicago Press, vol. 94(6), pages 1191-1224, December.
    3. Harald Hagemann & Hans-Michael Trautwein, 1998. "Cantillon and Ricardo effects: Hayek's contributions to business cycle theory," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 5(2), pages 292-316.
    4. Hayek, F. A., 1995. "Contra Keynes and Cambridge," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226320656 edited by Caldwell, Bruce, March.
    5. Anna Carabelli & Nicolo De Vecchi, 2001. "Hayek and Keynes: From a common critique of economic method to different theories of expectations," Review of Political Economy, Taylor & Francis Journals, vol. 13(3), pages 269-285.
    6. Hicks, J. R., 1979. "Critical Essays in Monetary Theory," OUP Catalogue, Oxford University Press, number 9780198284239.
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