Keynes Hayek The Clash That Defined Modern Economics (Audible Audio Edition) Nicholas Wapshott Gildart Jackson Tantor Audio Books
Download As PDF : Keynes Hayek The Clash That Defined Modern Economics (Audible Audio Edition) Nicholas Wapshott Gildart Jackson Tantor Audio Books
As the stock market crash of 1929 plunged the world into turmoil, two men emerged with competing claims on how to restore the 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.
Keynes Hayek The Clash That Defined Modern Economics (Audible Audio Edition) Nicholas Wapshott Gildart Jackson Tantor Audio Books
This is a good book. Wapshott clearly prefers Keynes over Hayek, but he gives both men plenty of space to explain their ideas, and often in their own words. They had a very public intellectual rivalry, but Keynes and Hayek were personal friends. Wapshott might have given a bit more time explaining how such rare civility was possible. Many of us could learn as much from that as from the discussions on economics and ideology.The book also gives a good look at the birth of modern macroeconomics, how quickly and suddenly Keynesian ideas caught fire--and how quickly Keynesians became more Keynesian than Keynes himself.
One also gets a sense of how lonely Hayek must have been for much of his life. During the early 1930s, he and Keynes were two of the world's best-known economists. Once Keynes' ideas became popular, Hayek became nearly anonymous overnight. Hayek's own students turned on him en masse, often with a surprising lack of tact (Nicholas Kaldor, despite his merits as a thinker, comes off as a thoroughly unpleasant person).
Despite the success of 1944's Road to Serfdom and his founding of the Mont Pelerin Society, Hayek was a lonely and depressed man until, at age 75, he won the economics Nobel and experienced something of a late-career renaissance.
The book's final chapters are about how both men's ideas continue to clash today, though by this point Wapshott treats them more as symbols of progressivism vs. classical liberalism than referring to the Kaynes and Hayek themselves.
I have one genuine complaint about the book. Wapshott often confuses Hayek's ideas with reactionary conservatism, even when acknowledging Hayek's famous essay, "Why I Am Not a Conservative." Conservatives want stasis; they want to conserve the old ways. Hayek wants ever-changing dynamism. It's the intelligent design vs. evolution debate in a different discipline. Many conservatives, with their emphasis on top-down law-and-order and deference to tradition, have little in common with Hayek's bottom-up, emergent order philosophy. Conservatives are objective; Hayek is subjective. They have little in common.
Interested readers should further pursue Robert Skidelsky's extensive biographies of Keynes, and Bruce Caldwell's Hayek's Challenge. And while not a dual biography like Wapshott's book, Lawrence White's Clash of Economic Ideas is an excellent comparative history of 20th century economic thought, written from a Hayekian/classical liberal perspective.
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Keynes Hayek The Clash That Defined Modern Economics (Audible Audio Edition) Nicholas Wapshott Gildart Jackson Tantor Audio Books Reviews
This book represents a clash of wills and ideas between two of the great economist of the 20th century. The book is even handed in depicting the rivalry of these seminal thinkers. It's a great character study as well as an engaging account of the origins of 20th century economic theory.
I have read some of the major primary texts from both of these economists.
I lean more towards the Englishman, who is one of the top three economists ever, with Marx and Smith.
By including the Austrian, I was worried that Hayek's importance would be oversold.
Thankfully, Wapshott presents an even-handed look at the relative waning and waxing of both economist's influence in the western world in the time since their first encounters. I recommend this as a nice background read for people of all persuasions.
Prof. Wapshott does a great job of not getting too technical in this history of the two prominent types of economics. The Classical school versus the Keynsian models. I think he is fair in his handling the fact that the vast majority of the economist in the world follow the Keynes model and how this was an easy to win political battle, when one model says let them go bust and the boat will right itself and the other says, throw them money and work until the boat rights itself. Our current heads of the Fed etc are using the idea with QE policies that borrow and spend money with the intent of saving the debt burdened system with more debt.
He makes a pretty good argument that these two systems have to be held in tension and not followed blindly, a'la the 1970-80's with stagflation. Cured by the Classic school, you have to take the pain to gain.
Short answer is he does not waste all of your energy on mathematical models and charts.
Keynes Hayek is not an easy book to write, nor, for a lay audience, an easy book to fully understand. The early discussions between the two economists often centre on the definition of concepts if they didn't understand each other imagine the non-specialist reader!
In fact this perhaps is the principal defect of the book much more space should have been dedicated to explaining both the technical terms and the concepts they dealt with. I am still unclear, for example, what exactly is meant by “saving” and “investment” and what the precise relationship between them is. Happily these problems become less important as the book develops and takes a broader view.
The “clash” between Keynes and Hayek is a useful lens to describe the evolution of economic thought over the last century and permits a certain lightness of touch when discussing the “dismal science”. In general, in spite of some repetition and the odd irritating use of a hackneyed phrase, the book is a profitable read
Here is the review of a student, who really wants to understand, but has no economics background whatsoever.
I read about half of the book and I stopped reading it. It felt like I was confused because of the constant switches between Hayek and Keynes and overwhelmed with the amount of information, which in my opinion, I did not retain. I felt like I had more questions than before I started reading, so i decided to downgrade the harness of books I read for the moment.
That's when my new semester was starting and I enrolled in an econ class. The professor would talk about lots of stuff, and topic after topic I could explain in detail what he was referring to, what are the possible solutions to it and give historical examples on when it has already happened. It was ALL knowledge from this book. It turned out I had no idea the immense amount of information I got from this book. I felt so...adequate! And yet, there is surely a lot that I missed.
Since then I read a few other highly recommended econ books, but this one is by far the most informative one. I am planning to reread it very soon.
I recommend it very strongly to both beginners like myself and more advanced economist. There is no way you don't learn SOMETHING new.
This is a good book. Wapshott clearly prefers Keynes over Hayek, but he gives both men plenty of space to explain their ideas, and often in their own words. They had a very public intellectual rivalry, but Keynes and Hayek were personal friends. Wapshott might have given a bit more time explaining how such rare civility was possible. Many of us could learn as much from that as from the discussions on economics and ideology.
The book also gives a good look at the birth of modern macroeconomics, how quickly and suddenly Keynesian ideas caught fire--and how quickly Keynesians became more Keynesian than Keynes himself.
One also gets a sense of how lonely Hayek must have been for much of his life. During the early 1930s, he and Keynes were two of the world's best-known economists. Once Keynes' ideas became popular, Hayek became nearly anonymous overnight. Hayek's own students turned on him en masse, often with a surprising lack of tact (Nicholas Kaldor, despite his merits as a thinker, comes off as a thoroughly unpleasant person).
Despite the success of 1944's Road to Serfdom and his founding of the Mont Pelerin Society, Hayek was a lonely and depressed man until, at age 75, he won the economics Nobel and experienced something of a late-career renaissance.
The book's final chapters are about how both men's ideas continue to clash today, though by this point Wapshott treats them more as symbols of progressivism vs. classical liberalism than referring to the Kaynes and Hayek themselves.
I have one genuine complaint about the book. Wapshott often confuses Hayek's ideas with reactionary conservatism, even when acknowledging Hayek's famous essay, "Why I Am Not a Conservative." Conservatives want stasis; they want to conserve the old ways. Hayek wants ever-changing dynamism. It's the intelligent design vs. evolution debate in a different discipline. Many conservatives, with their emphasis on top-down law-and-order and deference to tradition, have little in common with Hayek's bottom-up, emergent order philosophy. Conservatives are objective; Hayek is subjective. They have little in common.
Interested readers should further pursue Robert Skidelsky's extensive biographies of Keynes, and Bruce Caldwell's Hayek's Challenge. And while not a dual biography like Wapshott's book, Lawrence White's Clash of Economic Ideas is an excellent comparative history of 20th century economic thought, written from a Hayekian/classical liberal perspective.
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