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“I defy anybody―Keynesian, Hayekian, or uncommitted―to read [Wapshott’s] work and not learn something new.”―John Cassidy, The New Yorker
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, Freidrich 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.
- Sales Rank: #68390 in Books
- Published on: 2012-09-10
- Original language: English
- Number of items: 1
- Dimensions: 8.30" h x 1.00" w x 5.50" l, .70 pounds
- Binding: Paperback
- 400 pages
Review
A long overdue and well-researched book that usefully gathers together much hitherto scattered information. --John Cassidy
I heartily recommend Nicholas Wapshott 's new book, Keynes Hayek: The Clash that Defined Modern Economics.... Many books have been written about Keynes, but nobody else has told the story properly of his relationship with Hayek. Nick has filled the gap in splendid fashion, and I defy anybody Keynesian, Hayekian, or uncommitted to read his work and not learn something new. --John Cassidy
Nicholas Wapshott 's new book, Keynes Hayek, does an excellent job of setting out the broader history behind this revival of the old debates. Wapshott brings the personalities to life, provides more useful information on the debates than any other source, and miraculously manages to write for both the lay reader and the expert at the same time. Virtually every page is gripping, and yet even the professional economist will glean some insight... --Tyler Cowen
Nicholas Wapshott 's Keynes Hayek is a smart and absorbing account of one of the most fateful encounters in modern history, remarkably rendered as a taut intellectual drama. Wapshott brilliantly brings to life the human history of ideas that continue to mold our world. --Sean Wilentz, The Rise of American Democracy
As we face off against the Great Recession, the only book you need to understand the debate raging in the streets today: economic freedom versus government intervention. An essential primer on the two men who shaped modern finance. "
I heartily recommend Nicholas Wapshott s new book, Keynes Hayek: The Clash that Defined Modern Economics.... Many books have been written about Keynes, but nobody else has told the story properly of his relationship with Hayek. Nick has filled the gap in splendid fashion, and I defy anybody Keynesian, Hayekian, or uncommitted to read his work and not learn something new. --John Cassidy"
Nicholas Wapshott s new book, Keynes Hayek, does an excellent job of setting out the broader history behind this revival of the old debates. Wapshott brings the personalities to life, provides more useful information on the debates than any other source, and miraculously manages to write for both the lay reader and the expert at the same time. Virtually every page is gripping, and yet even the professional economist will glean some insight... --Tyler Cowen"
Mr. Wapshott has written an important book. It is compelling not only as a history of two distinctive thinkers and their influence, but also as a narrative of political decision-making and its underlying priorities. Underlying Mr. Wapshott s analysis are vital questions for this moment in American history: What kind of society do we want? And what do we owe to our fellow citizens and our collective future? --Nancy F. Koehn"
Nicholas Wapshott s Keynes Hayek is a smart and absorbing account of one of the most fateful encounters in modern history, remarkably rendered as a taut intellectual drama. Wapshott brilliantly brings to life the human history of ideas that continue to mold our world. --Sean Wilentz, The Rise of American Democracy"
Nicholas Wapshott brings the Keynes-Hayek fight of the twentieth century back to life, making the clash both entertaining and highly relevant for understanding economic crises of the twenty-first century. --John B. Taylor, Stanford University, Getting Off Track"
In the fluency of his writing and his ability to make complex financial questions easily comprehensible, Nicholas Wapshott has done economics itself a great service, by opening the subject up to the general reader, as seen through the prism of one of the most important intellectual gladiatorial contests of modern times. --Andrew Roberts, The Storm of War: A New History of the Second World War"
From the Author
I reported the rise and reign of Margaret Thatcher at close quarters and wrote a great deal about her rejection of Keynes in favor of Hayek. Then�I wrote a book about Reagan and Thatcher, whose political marriage was founded on a shared belief that Hayek was right. So the story of Keynes and Hayek is a subject that has been long on my mind. Nicholas Wapshott - interviewed in The New York Sun
From the Inside Flap
The General Theory. The Road to Serfdom. The men responsible for these ideas -- John Maynard Keynes and Friedrich von Hayek -- peered at each other across a yawning gap that defined the most potent economic battle of our time: whether government should intervene in markets. In the ruins of World War I, both men studied the boom and bust of the business cycle and came to very different conclusions. Hayek thought altering the "natural equilibrium" of the economy would result in rampant inflation. Keynes believed the mass unemployment and misery that marked the end of a cycle could be short-circuited by government spending. They would disagree for the rest of their lives. Over twenty years, the two debated by letter, through learned articles, then in heated private conversations, and eventually through their ardent disciples, from John Kenneth Galbraith to Milton Friedman. Eloquent and charismatic, Keynes embraced an toptimistic vision of a world whether government planning and regulation would buoy the economy, a view that was soon adopted by a generation of politicians and economists on both sides of the Atlantic. In contrast, Hayek, a punctilious logician and dogged contrarian, found champions among pro-market advocates and libertarians. Both men's ideas would swing in and out of favor with politicians from Franklin Roosevelt to George W. Bush and would eventually influence the lives and livelihoods of millions. From the Great Depression to World War II, and from postwar recovery to the present dady, veteran journalist Nicholas Wapshott here examines the spirited debates between two giants of the twentieth century whose disparate visions shaped the rise and fall of economies all over the world and still hold the world in their thrall.�
Most helpful customer reviews
184 of 202 people found the following review helpful.
A Stunning Book
By Warren Miller
Anyone who wants to know how the United States and Europe got into the financial mess that we're all in should read this book. It tells the story of the 1930s debates between two great economists: John Maynard Keynes ('Maynard' to his friends) and Friedrich August Hayek (called 'Fritz' by friends and family). These two giants of economics had diametrically opposed views of how things worked. They debated, argued, and took pot shots at one another in academic journals and through proteges, colleagues, and graduate students. That we in the U.S. have had to contend with the top-down hand of Keynesian economics for most of the last seventy-five years is due in no small part to telling differences in the personal styles of the two protagonists. Keynes was tall (6'6"), urbane, gregarious, and articulate. Hayek was short, bookish, introverted, and, shall I say, English-challenged - he spoke English with an accent so thick that listeners found him almost unintelligible. Except for his classic, "The Road to Serfdom," his writing is also tough going, even for those with a high tolerance for abstract turgidity. Author Nicholas Wapshott does his readers a favor by not citing chapter and verse from Hayek's literary pantheon.
Keynes's ideas prevailed, at least until the "stagflation" of 1973-74. They came out on top not only because of Keynes's winning persona but also because Hayek's prescription for curing the Great Depression--a "bottom up" approach for government to do nothing and to let the market work its will, find bottoms, and regain an upward path--were politically untenable. Doing nothing is often perceived as not caring. However, it beats doing the wrong thing. As some sage once said, "Don't just do something. Stand there." Keynes was a relentless and effective salesman for his ideas to boost a sagging economy--heavy public spending, cutting taxes, and reducing interest rates by increasing the money supply. If the names of Messrs. Obama and Bernanke come to mind, you're connecting the dots. Though he died an early death at 63 in 1946, Keynes's ideas had legs that persist to the present.
It's worth noting that, before Keynes, there was no division between microeconomics and macroeconomics. There was only economics--it was called "classical liberalism" in the day. Before Keynes, math economics was not a big deal. After him, it was, and that torch was carried from the late 1940s to the first decade of the twenty-first century by Nobelist Paul Samuelson, probably the most prominent and influential of Keynes's intellectual disciples.
Drawing extensively on primary and secondary sources, Mr. Wapshott paints the scene in London with an eye for the telling detail as "the great debates" began in the 1930s. Keynes and his minions dug in at Cambridge, while Hayek and his were encamped at the London School of Economics. These chapters are riveting reading; he even tells of two economists (one of whom was married to yet another economist) being caught in flagrante on the floor of the unmarried economist's apartment. Who said if you laid all the economists in the world end to end, they'd never reach a conclusion?!
He continues with Hayek's 1947 founding of the Mont Pelerin Society (a.k.a. "Friends of Hayek"). He moved to the United States in 1950 where he was turned down for employment, first, by the Institute for Advanced Studies at Princeton and then by the faculty of the Department of Economics at the University of Chicago. Nonetheless, Hayek was hired at the University's Committee on Social Thought, where he stayed until 1960; his salary was privately funded. The Society later bogged down in internal conflict, causing Hayek pain and discomfort in the early 1960s. That was at a time when his first heart attack was misdiagnosed by physicians.
He then returned to Europe, first at the University of Freiburg in Germany and then to the University of Salzburg in his native Austria. Along the way he produced books and papers that are still in wide circulation today. Winning the Nobel Prize in 1974, as he did (ahead of Friedman in 1976), was the best revenge of all. The rise of Margaret Thatcher in Great Britain and Ronald Reagan in the U.S. a few years later further boosted Hayek's stock with the public praise both heaped upon him. In characteristic fashion, he was less enamored of them. He died in 1992 six weeks shy of his 93rd birthday.
It helps that Mr. Wapshott writes well because a reader needs no background or interest in economics to understand and enjoy this book. Not to worry about getting bogged down in the arcane vernacular of economics. In fact, the book is so well done that I'm amazed that more in the media haven't (yet) picked up on it because it explains so much of where we are today, how we got here, and, by implication, why a non-Keynesian veer in our current economic trajectory may be worth considering; BusinessWeek carried a five-installment serialization, however.
The author is not an advocate for either combatant. He is a journalist who does a whale of job doing what the best journalists do: find the information, tell a great story, and let the facts speak for themselves. And here's a great audio interview with him:[...]
I found the book highly readable and mostly accurate. Aside from some minor typographical errors, the only mistake that I caught was Mr. Wapshott labeling the great Austrian economist, Joseph Schumpeter, a member of "the Austrian School of Economics." Though he was born in what was then part of the Austro-Hungarian empire, Schumpeter didn't subscribe to the Austrian School of Menger, Wieser, Bohm-Bawerk, Mises, and Hayek.
A complaint, however: the index is poor. Reference-like books, which is how I see this one, need first-rate indexes. Serious readers often go to the Index before we go to the Table of Contents. As one who has indexed two of his own books because I refused to entrust that crucial job to someone chosen by penurious publishers, I know first-hand that indexing, done right, is a non-trivial undertaking. But when, for instance, twenty-odd page numbers are cited beneath a single main heading, as happens in "Keynes Hayek," well, that's just plain unhelpful. Worse, it disses the reader. For those with more interest in indexing, Nancy Mulvaney's book, "Indexing Books," is, for my money, the best there is. The 15th edition of the Chicago Manual of Style had a first-rate section in it that quoted heavily from Mulvaney. CMS16 does not, however, and that's a huge disappointment in an otherwise seminal reference work for writers. Mulvaney's book is organized, easy to read, and helpful in executing a task that is far more difficult and challenging that I ever thought it could be. Computerized searching of a manuscript is a help, but it's also a crutch on which one should not lean hard because it's made of balsa wood.
Still and all, this is a superb and timely book. I recommend it without hesitation or qualification.
P.S. If you want to see a latter-day parody of Keynes and Hayek in rap videos that have gone viral, check out econstories(dot)tv. They are hilarious.
20 of 20 people found the following review helpful.
Exceptionally Readable and Eminently Important
By C. Wayne Swenson
Having considered each of the nine (9) previous reviews, I am frankly very impressed with the points that every reviewer makes concerning this book. All too often, political economy brutally divides emotions and opinion, much like religion. Kudos to every previous reviewer for staying within the bounds of decency, for the most part, and providing very valuable insights!
My review is quite simple. I awarded five stars because the author takes a very difficult, yet critically important philosophical debate, and makes it intellectually available to just about everyone! This book is dream for the average reader unwilling to commit to wading through the difficult and deep waters of Keynes, Hayek, Smith, Friedman, etc. etc. And at the same time, Mr. Wapshott provides solid research and reasonably reliable scholarship. A grand accomplishment, indeed. I hope others will consider reading this very valuable introduction to the political economy philosophies espoused by both these two fascinating economists.
120 of 146 people found the following review helpful.
Entertaining but Over-Interpreted
By Herbert Gintis
This book is quite nicely written and has little trouble engaging the attention of the reader. The two eminent economists certainly had extremely divergent ideas, Keynes representing modern liberal interventionist social policy, and Hayek representing the classical laissez-faire position so characteristic of the Austrian school. The problem with the book is that the two figures really did not much interact, either in words or in real life, and each was preoccupied with a major battle that did not involve the other. Keynes' polemic was against the received wisdom in British and American economics, which held that economic downturns are self-correcting, provided the monetary authority maintained the value of the currency and did not run exorbitant deficits. Of course the Austrian school believed this too, but this school was practically unknown in Anglo-American circles. Hayek was concerned with business cycle theory, but his contributions were exceeding arcane and unpersuasive. Rather, Hayek was the dedicated enemy of central planning of the state socialist variety.
Hayek's major clash with the socialists occurred in the mid-1930's in the so-called economic calculation debates with the market socialists, most notably Oskar Lange. The market socialists clearly won this debate, in which all parties assumed the validity of neoclassical economic theory. Curiously, the great Josef Schumpeter concluded that socialism was inevitable (he develops this theme in Capitalism, Socialism, and Democracy, 1942), while Hayek concludes (correctly) that it is neoclassical theory that is wrong. Hayek spent the next decade developing his own extremely cogent critique of central planning, writing his most important article: F. A. Hayek, "The Use of Knowledge in Society", American Economic Review 35,4 (1945):519-530. This is one of the greatest pieces of economic analysis of all time.
The Road to Serfdom, which Wapshott interprets as a diatribe against the Keynesians, is to my mind nothing of the kind. Rather it is a "slippery slope" argument against centralized socialist planning.
I think the world of both Keynes and Hayek, the former as a wise practitioner whose economic theory is completely ridiculous (it took Hicks, Samuelson, and other serious economists to "make sense" of Keynes' impenetrable prose---"make sense" not by clarification of Keynes' ideas, but rather by offering an alternative analytical framework in which underemployment equilibrium is possible), and the latter as brilliant intellectual who was almost destroyed (despite his Nobel prize) by his adherence to the bizarre and irrelevant doctrines of the Austrian school, whose economic theory was dogmatically dictated by its paranoid fear of state intervention.
Read this for fun, dear reader, the same way you read People magazine. Don't think you will get some deep insights in the the nature of modern political economy. You won't.
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