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Fall 2011

ISSN 0890-913X

Volume 27, Number 1

Categories: Economics | Fall 2011

Keynes and Hayek: Some Commonalities and Differences

Bruce Caldwell, Duke University

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TheJournalofPrivateEnterprise27(1),2011,1–7KeynesandHayek:SomeCommonalitiesandDifferencesBruceCaldwell*DukeUniversityAbstractInthispaperIwillreflectontherelationship,bothpersonalandintellectual,betweenJohnMaynardKeynesandFriedrichHayek.Althoughtheywereintellectualrivals,thehistoryoftheirrelationshipismorecomplexandnuancedthantheusualcharacterizationssuggest.JELCodes:B2,B31,B53Keywords:Keynes;Hayek;Relationship;Businesscycle;GovernmentinterventionInthispaperIwillreflectontherelationship,bothpersonalandintellectual,betweenJohnMaynardKeynesandFriedrichHayek.Thetwoaretypicallyportrayedasintellectualrivals,andthedifferencesbetweenthemjuxtaposedinratherbroadterms:Keynesasfavoringgovernmentregulationoftheeconomy,inparticularcontrolofthebusinesscyclebydeficitspendingduringadownturn;Hayekasfavoringafreemarketeconomywithminimalinterventionbythegovernment.Nowthoughtherearecertainlyelementsoftruthinsuchbroadportrayals,partofmygoalinthispaperistoestablishthattheactualhistorywas(asisusuallythecase)morecomplicated,morenuanced,andasanhistorianIamobligedtoadd,moreinteresting.SowhatabouttheactualKeynes-Hayekrelationship?ThefirstperhapssurprisingfacttonoteisthatwhenHayekwasacollegestudentinViennaafterWorldWarI,Keyneswasoneofhisheroes,ashewastomanycentralEuropeansafterthewar.ThiswasbecauseofKeynes’condemnationoftheharshtermsoftheVersaillesPeaceTreatyinhisEconomicConsequencesofthePeace(Keynes,[1919]1971).Keynes’criticismsofthetreatyhadlittleeffect,andHayekwas*ThispaperisaslightlyrevisedversionofatalkthatIgaveonFebruary17,2009,tocommemoratethecreationoftheCenterfortheHistoryofPoliticalEconomyatDukeUniversity.1

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Title	Keynes and Hayek: Some Commonalities and Differences
Authors/Creators:	Bruce Caldwell, Duke University
Year:	2011
Volume:	27
Number:	1
Pages:	1 - 7
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Keynes, Relationship, Hayek, Business cycle, Government intervention, Role of government

Citation:
Caldwell, Bruce / 2011. "Keynes and Hayek: Some Commonalities and Differences." The Journal of Private Enterprise, 27(1): 1-7.