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Contra Keynes and Cambridge

Editor

Listed:
  • Caldwell, Bruce

Author

Listed:
  • Hayek, F. A.

Abstract

In 1931, when the young F. A. Hayek challenged the economic theories of John Maynard Keynes, sixteen years his senior, and one of the world's leading economists, he sparked a spirited debate that would influence economic policy in democratic countries for decades. Their extensive exchange lasted until Keynes's death in 1946, and is reprinted in its entirety in this latest volume of The Collected Works of F. A. Hayek . When the journal Economica published a review of Keynes's Treatise on Money by Hayek in 1931, Keynes's response consisted principlally of an attack on Hayek's own work on monetary theory, Prices and Production. Conducted almost entirely in economics journals, the battle that followed revealed two very different responses to a world in economic crisis. Keynes sought a revision of the liberal political order—arguing for greater government intervention in the hope of protecting against the painful fluctuations of the business cycle. Hayek instead warned that state involvement would cause irreparable damage to the economy. This volume begins with Hayek's 1963 reminiscence "The Economics of the 1930s as Seen from London," which has never been published before. The articles, letters, and reviews from journals published in the 1930s are followed by Hayek's later reflections on Keynes's work and influence. The Introduction by Bruce Caldwell puts the debate in context, providing detailed information about the economists in Keynes's circle at Cambridge, their role in the acceptance of his ideas, and the ways in which theory affected policy during the interwar period. Caldwell calls the debate between Hayek and Keynes "a battle for the minds of the rising generation of British-trained economists." There is no doubt that Keynes won the battle during his lifetime. Now, when many of Hayek's ideas have been vindicated by the collapse of collectivist economies and the revival of the free market around the world, this book clarifies Hayek's work on monetary theory—formed in heated opposition to Keynes—and illuminates his efforts to fight protectionism in an age of economic crisis. F. A. Hayek (1899-1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economics in 1974, was a pioneer in monetary theory and the principal proponent of classical liberal thought in the twentieth century. He taught at the University of London, the University of Chicago, and the University of Freiburg.

Suggested Citation

  • 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, July.
  • Handle: RePEc:ucp:bkecon:9780226320656
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    Cited by:

    1. William Butos, 2003. "Knowledge Questions: Hayek, Keynes and Beyond," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 16(4), pages 291-307, December.
    2. Pitruzzello, Salvatore, 2004. "Trade Globalization, Economic Performance, and Social Protection: Nineteenth-Century British Laissez-Faire and Post World War II U.S.-Embedded Liberalism," International Organization, Cambridge University Press, vol. 58(04), pages 705-744, October.
    3. T. W. Hutchison, 2009. "A formative decade: methodological controversy in the 1930s," Journal of Economic Methodology, Taylor & Francis Journals, vol. 16(3), pages 297-314.
    4. Steven Horwitz, 2010. "The Microeconomic Foundations of Macroeconomic Disorder: An Austrian Perspective on the Great Recession of 2008," Chapters,in: Macroeconomic Theory and its Failings, chapter 6 Edward Elgar Publishing.
    5. Hansjorg Klausinger, 2005. "'Misguided monetary messages': The Austrian case, 1931 - 34," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 12(1), pages 25-45.
    6. Anna Carabelli & Nicolo De Vecchi, 1999. "'Where to draw the line'? Keynes versus Hayek on Knowledge, ethics and economics," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 6(2), pages 271-296.
    7. Hansjoerg Klausinger, 2011. "Hayek's Geldtheoretische Untersuchungen : New insights from a 1925--29 typescript," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 18(4), pages 579-600, October.
    8. Nicolo De Vecchi, 2006. "Hayek and the General Theory," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(2), pages 233-258.

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