Hayek and Keynes on Capital

G. R. Steele, Jens Hölscher and Victoria Chick

Chapter 11 in Hayek: Economist and Social Philosopher, 1997, pp 237-258 from Palgrave Macmillan

Abstract: Abstract Friedrich Hayek and John Maynard Keynes each produced original and highly distinctive work in economics; but although they shared a common philosophical perception (see Steele, 1993a), there was no empathy in respect of their economics. Indeed Hayek was brought to the London School of Economics in 1931, in a move that was perceived as a counter to Keynes’ influence (see Kahn, 1984, p. 181). Thereafter intermittent exchanges arose from the cross-criticism of Keynes’ policy-oriented analysis of ‘macroeconomic’ aggregates and of Hayek’s highly abstract analysis of money, capital and business fluctuations. In the event, Keynes’ star was coruscant as Hayek’s dimmed; and the acclaim of Keynes’ General Theory contrasted with the neglect of Hayek’s Pure Theory of Capital. The discussion that follows is a contribution to a much wider thesis: that each of these developments is a matter for regret.

Keywords: Interest Rate; Central Bank; Capital Stock; Consumer Good; Final Good (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-25991-5_11

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DOI: 10.1007/978-1-349-25991-5_11

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