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On the Application of Keynsian Economics in the US

In: Keynes, Investment Theory and the Economic Slowdown

Author

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  • Michael Perelman

    (California State University)

Abstract

Hayek’s understanding of the nature of the market was totally at odds with that of Keynes. Unlike Keynes, who ‘had no fear of bureaucrats and officials, provided they had the appropriate moral outlook’ (Moggridge, 1976, p. 39; see Ch. 1), the Austrians detested the bureaucracy. Their opposition to the bureaucracy was so absolute that it dictated their adoption of the methodology of subjective individualism. According to Becker: ‘The Austrians had found empiricism, in the guise of historicism, an ideological foe embodied in the professional civil servant — part of a rationale for an administration inflexible and unresponsive to the entrepreneurial needs of a rapidly growing bourgeoisie’ (Becker, 1979, p. 43). Keynes was concerned with the problem of the distortions introduced by wild swings in expectations about general economic conditions.

Suggested Citation

  • Michael Perelman, 1989. "On the Application of Keynsian Economics in the US," Palgrave Macmillan Books, in: Keynes, Investment Theory and the Economic Slowdown, chapter 5, pages 215-243, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-19940-2_5
    DOI: 10.1007/978-1-349-19940-2_5
    as

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