I defy anybody—Keynesian, Hayekian, or uncommitted—to read [Wapshott’s] work and not learn something new.”—John Cassidy, The New. The confrontation between John Maynard Keynes, and his Austrian born free market adversary and friend, Friedrich August von Hayek, is one. Keynes – Hayek by Nicholas Wapshott – review Maynard Keynes, on the grounds that this was “the clash that defined modern economics”.

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As others have pointed out, the problem with it, as with economics in general and other fields, toois binary thinking. Policymakers need to cherish the microeconomic power of individual agents — workers, executives, entrepreneurs, investors and companies.

The political uses of these ideas will make your head spin, but this is a persuasive demonstration that politicians, at least with respect to economic theory, use ideas to support the use of their power regardless of whether they understand or agree A clear, readable narrative of some of the major ideas of free market champion Hayek and government activist Keynes and the far less intellectual or consistent implementations by the politicians in power from the end of WWI to the recession of His popular book The Road to Serfdompublished insuddenly gave the austere Austrian a degree of name-recognition in the same league as Keynes, not least in the US.

John Maynard Keynes, the mercurial Cambridge economist, believed that government had a duty to spend when others would not. We not only get to read about the personal histories of Keynes and Hayek and the interactions between the two, but we also get a review of economic thinking through the 20th century.

Keynes – Hayek by Nicholas Wapshott – review

I think there was just enough economic te After reading this book I have a completely new appreciation for the body of work of both Keynes and Hayek. I think it is actually more a book of the effects of define two than an economics view on their actual thoughts. Summarising the difference of opinion between derined two great intellectual behemoths is no easy task, and Wapshott does a marvellous job of framing both sides of the debate in a concise, intelligible language that often eludes economists.

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In Britain, the Conservatives took control under Margaret Thatcher and opted to defeat the first by allowing the latter to rise above 3 million. Republicans starting with Economic appear particularly intellectually flexible and even duplicitous, perfidious and guileful. View all 20 comments.

Keynes – Hayek by Nicholas Wapshott – review | Books | The Guardian

Keynes had succeeded Edgeworth as editor of the Economic Journal in Lists with This Book. Very readable introduction to Keynes and Hayek. Hayek, by contrast, with his background in the Austrian school, was absorbed in a quest to understand the abstract beauties of the price mechanism, with some impatience for restless advocates of quick-fix solutions.

We might well call the contest a draw, although I suspect the author is keeynes sympathetic to Hayek than the great Keynes. You get enough to get a feel of the economics and I’m cool with that, especially since I think I end up with more knowledge of what economiics involved than most people who throw their names around.

This may be why he would later become disillusioned with his classic anti-Socialist polemic, The Road to Serfdom, econnomics a big-seller in America to this day. One star subtracted comes from some conceptual confus A nice biographic econmoics of the clash between thoughts of Keynes and Hayek or more broadly speaking, between the thoughts of government intervention into macroeconomy and lasseiz-faire market economy.

Here I suspect that Wapshott didn’t ken the material either. Keynes and Hayek exemplified two different approaches. The enemy of this engrossing and lucid economic history is binary thinking.

But his most influential policy recommendations are to be seen in The General Theory of Employment, Interest and Moneyincluding his most innovative interpretation of interest rates. On the latter score it makes for an entertaining, often informative, read. If “a” sometimes leads thay “b” but sometimes to “b-” there must be at least one different variable–what is it or can it be.

This poses a problem for an account of the eighty years war that polarises it between Keynesians and Hayekians. economisc

In fact, up to the end it just seemed to favor Keynes, maybe simply because he was an eminently oeynes personality and had an or Great intro to the life and works of these essential thinkers. Very interesting following the theory, the lives and practices around two of the major contemporaneous economical theories with political implications. Want to Read saving…. Keynes came from the heart of a Cambridge tradition later continued in that other Cambridge in Massachusetts that saw economics as a humane discipline or moral science, providing tools for earnest attempts to do good in the world.


Oct 19, Nadim Karmoussa rated it really liked it Shelves: The motivation for the book is clearly looking backwards from the current policy debates between liberals and conservatives, socialists versus devined market people, socialists versus tea partiers, etc.

Feb 27, David Donaldson rated it it was amazing. Everything is picked from the collective memory of cultural wikipedia. TWO End of Empire.

Nicholas Wapshott is a British journalist who has written before about Economics. They were both highly intelligent, but they came at the study of the ‘dismal science’ from very different perspectives.

It thhe also be on the basic terms of economic discussion – whether one is pursuing a “macro economic” or a “micro economic” tbe. It is a point that Wapshott well recognises. I liked how it almost, almost refused to take sides.

It may be too even-handed: Published September 10th by W. Hence the inevitable pairing, in the other half of his book, of Hayek with John Maynard Keyneson the grounds that this was “the clash that defined modern economics”.

In fact, since economics is a science, pure black or white thinking doesn’t compute. Description Can government fix a broken economy? This book is at once biography, covering the lives of J.

They can be considered the friends of Ketnes von Hayek. For example, the books shows how Milton Friedman was supportive of Hayek’s approach to the role of government, but was closer to Keynes in his actual economics.