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Fall 2011

ISSN 0890-913X

Volume 27, Number 1

Categories: Economics | Fall 2011

Hayek and Keynes: What Have We Learned?

Gerald P. O'Driscoll, Cato Institute

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TheJournalofPrivateEnterprise27(1),2011,29–38HayekandKeynes:WhatHaveWeLearned?GeraldP.O’Driscoll,Jr.*CatoInstituteAbstractIn1932,therewasanexchangeofletterstotheTimesbetweenagroupofCambridgeandOxfordeconomists,includingJ.M.Keynes.AgroupofUniversityofLondoneconomists,includingF.A.Hayek,responded.ItwasapublicmanifestationoftheHayek/Keynescontroversiesthatwouldroiltheeconomicsprofession.TheHayek/Keynesdebatebothrepeated19thcenturycontroversiesandanticipateddifferencesoftheoryandpolicythatspilledintothe21stcentury.Theseincludedtheroleofsaving,publicspending,privateinvestment,andbudgetdeficits.Thefinancialcrisisandtheemergenceoflargestructuraldeficitsmakethedebaterelevantonceagain.JELCodes:B22,B25,B31,E21Keywords:Keynes;Hayek;Deflation;Knowledgeproblem;Investment;Deficits;Say’sLaw“ThegreatdebateisstillKeynesversusHayek.Allelseisfootnote.”–MarioJ.Rizzo,NewYorkUniversityI.IntroductionBy1932,theworldwasengulfedindepression,andtheeconomicsprofessionwasenlivenedbythedebatebetweenJohnMaynardKeynesandFriedrichA.Hayekonthecausesandcuresforthatdepression.ThedebateisconventionallydatedtohavebegunwithHayek’stwo-partreviewofKeynes’TreatiseonMoney(Caldwell,2004,p.177).ThedebatewasaimedattheprofessionandcarriedchieflyoutinprofessionaljournalssuchasEconomicaandEconomic*PaperpreparedfortheApril2011MeetingsofAPEEinNassau,theBahamas.IthankBruceCaldwellandMaraleneMartinforhelpfulcomments.IalsobenefitedfromCharlesBaird’spreparedcommentsatthemeetings.DavidM.Levyprovidedimportanthistoricaldetails.29

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Metadata [hide]

Title	Hayek and Keynes: What Have We Learned?
Authors/Creators:	Gerald P. O'Driscoll, Cato Institute
Year:	2011
Volume:	27
Number:	1
Pages:	29 - 38
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Keynes, Hayek, Deflation, Knowledge problem, Deficit, Say’s Law, Investment

Citation:
O'Driscoll, Gerald P. / 2011. "Hayek and Keynes: What Have We Learned?." The Journal of Private Enterprise, 27(1): 29-38.