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Hayek and the General Theory

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Author Info
Nicolò De Vecchi
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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Publisher Info
Article provided by Taylor and Francis Journals in its journal European Journal of the History of Economic Thought.

Volume (Year): 13 (2006)
Issue (Month): 2 (June)
Pages: 233-258
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Handle: RePEc:taf:eujhet:v:13:y:2006:i:2:p:233-258

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

References listed on IDEAS
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  1. 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. [Downloadable!] (restricted)
  2. Anna Carabelli, Nicolò De Vecchi, 2001. "Hayek and Keynes: from a common critique of economic method to different theories of expectations," Review of Political Economy, Taylor and Francis Journals, vol. 13(3), pages 269-285, July. [Downloadable!] (restricted)
  3. 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. [Downloadable!] (restricted)
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This page was last updated on 2009-12-10.

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