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Keynes v. Hayek and the Monetarists

In: The History and Future of Economics

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  • Robert U. Ayres

    (INSEAD)

Abstract

Was it an awakening or more like catching a cold? Wars before the Great Divide were fought by armies of anonymous foot-soldiers from the lower class led by generals who had their pictures painted or their statues created riding horses and carrying swords and flags. They rarely ended with a glorious cavalry charge, except in a poet’s imagination. The two major European wars, 1914–1918 and 1939–1945 were fought on land by armies, starting with horses but ending with motorized vehicles, often sinking in the mud. The first one ended in a surrender by the Germans when America entered the war and the German high command realized it couldn’t win. The second one ended with another total German defeat, partly because the German side “ran out of gas” (actually oil).

Suggested Citation

  • Robert U. Ayres, 2023. "Keynes v. Hayek and the Monetarists," Springer Books, in: The History and Future of Economics, chapter 0, pages 259-324, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-26208-1_16
    DOI: 10.1007/978-3-031-26208-1_16
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