Hayek And Keynes: A Retrospective Assessment

O'Driscoll, Gerald P.,

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: There has been a great deal of controversy and debate in recent years over the meaning of Keynes' message as that message was embodied in The General Theory. Professor Leijonhufvud's book on Keynes has brought out into the open the question as to how much Keynesian (i.e., of Keynes) content there is in orthodox economic theory. Those who would present us with their version of the "authentic" Keynes have in common the belief that Keynes offered us a theory that was essentially dynamic, but that in re-casting this theory in static terms (and they believe the theory has been re-cast) modern theorists have lost its radical message. Implicit in these various views, and present in varying degrees, is a criticism of macroeconomic and monetary theory that is essentially static in nature.

Date: 1975-01-01
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