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 ... more »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.

ISBN-13: 9780226320656
ISBN-10: 0226320650
Publication Date: 5/1/1995
Pages: 277
Rating:

Currently 0/5 Stars.

0 stars, based on 0 rating

Publisher: University Of Chicago Press
Book Type: Hardcover
Other Versions: Paperback
Members Wishing: 6
Reviews: Amazon | Write a Review

Similar books to this author and title:

Socialism and War : Essays, Documents, Reviews (The Collected Works of F. A. Hayek)

The Fortunes of Liberalism : Essays on Austrian Economics and the Ideal of Freedom (The Collected Works of F. A. Hayek)

The Trend of Economic Thinking : Essays on Political Economists and Economic History (The Collected Works of F. A. Hayek)

Good Money, Part 2 : The Standard (The Collected Works of F. A. Hayek)

FORTUNES OF LIBERALISM, THE: ESSAYS ON AUSTRIAN ECONOMICS AND THE IDEAL OF FREEDOM (Collected Works of F. A. Hayek)

Genres:

Business & Investing >> Economics >> General
Education & Reference >> General

My Account
Post Books
Wish List
Bookshelf
Member Tools
Under the Hood
Newsletter Archive

Search for a Book
Browse My Favorite Genres
Advanced Book Search
Book Browser
Club Tag Cloud
NYT Best Sellers
Newbery Medal Winners
Pulitzer Prize Winners
Books Posted Today
Award Winning Books
Mobile / PDAs

Help Center
How to Swap Books
Ask the Librarian
Live Help
Browser Test
Feature List
Amazon Search

Community
Spread the Word
Widgets & APIs
Feeds RSS/XML
Box-O-Books
Discussion Forums
Blog
Facebook
Twitter

Company
Press & Media
Pulse of PBS
Contact Us
Careers
Privacy & Security

Sister Sites
SwapaDVD.com
SwapaCD.com

Back to the Top ↑

Tell a friend about this book...

Search - Contra Keynes and Cambridge : Essays, Correspondence (The Collected Works of F. A. Hayek)