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Loading... Keynes Hayek: The Clash that Defined Modern Economics (2011)by Nicholas Wapshott
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Sign up for LibraryThing to find out whether you'll like this book. No current Talk conversations about this book. Excellent chronicle of the most important intellectual clash of the 20th and 21st century, and one that will undoubtedly rage for some time. It is a battle over the size and role of government in our lives and has powerful implications for individual liberty. As we have seen, it often transcends party lines. Nixon, George W. Bush were more Keynesian while Reagan tilted toward Hayek. Interestingly, Trump may be more Keynesian (advocating a huge infrastructure package) but is considering a Hayekian (Kudlow) as his Chairman of Economic Advisors. Well written and important book and not too technical for those that lack economic training. no reviews | add a review
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As the stock market crash of 1929 plunged the world into turmoil, two men emerged with competing claims on how to restore balance to economies gone awry. John Maynard Keynes, the mercurial Cambridge economist, believed that government had a duty to spend when others would not. He met his opposite in a little-known Austrian economics professor, Friedrich Hayek, who considered attempts to intervene both pointless and potentially dangerous. The battle lines thus drawn, Keynesian economics would dominate for decades and coincide with an era of unprecedented prosperity, but conservative economists and political leaders would eventually embrace and execute Hayek's contrary vision. From their first face-to-face encounter to the heated arguments between their ardent disciples, Nicholas Wapshott here unearths the contemporary relevance of Keynes and Hayek, as present-day arguments over the virtues of the free market and government intervention rage with the same ferocity as they did in the 1930s.--Publisher description. No library descriptions found. |
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Google Books — Loading... GenresMelvil Decimal System (DDC)330.15Social sciences Economics Economics Theory SchoolsLC ClassificationRatingAverage:
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This book is written by a journalist and both gains from the emphasis on narrative craft and suffers from the emphasis on (usually biographical) colour that are the mark of books written by journalists. The (first half of the) book's methodological individualism is at once predictable and deadening - and yet also the reason why this book is good fun.
Ultimately, once the fun has been had, one is left with the beginnings of a structure for developing a history of contemporary economic thought. This is no useless thing, given a world of economics instruction that teaches theories in isolation from the context that produced them or even, indeed, competing theories. It is, of course, only a beginning. ( )