Keynes Hayek

The Clash That Defined Modern Economics

By: Nicholas Wapshott

Narrated by: Gildart Jackson

As the stock market crash of 1929 plunged the world into turmoil, two men emerged with competing claims on how to restore the 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, Friedrich 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.

©2011 Nicholas Wapshott (P)2011 Tantor

Critic reviews

"Wapshott offers a colorful look at a bygone period and the theories that epitomize the economic divide still shaping Anglo-American politics today." ( Publishers Weekly)

Riveting

This is how economics should be taught: Reflecting on the history of choices made and their impacts really helps us to understand various economic terms and scenarios.

The author created a masterful presentation on capitalism, its value, and its vulnerability.

Gilbert Jackson delivered the message with a perfect accent.

If there were any weaknesses in the presentation of Hayek and Keynes, it would be that there could have been more material covering Hayek’s vision for economics and society. However, it is understandable that this cannot be the case since there are no cases in history of societies implementing anything truly close to what Hayek proposed.

Lastly, character-wise, in spite of the author’s desire to present a balanced account of both men, readers will put two and two together and conclude that Keynes was a great man and Hayek was not.

[Even though the author calls them both “exceptional men”.]

I found this book very enlightening and I wish everyone had the time to enjoy it. It’s fundamental to understanding our present economic and social circumstances.

Authors bias spoils an interesting story.

This is a promising book about a pivotal ideological difference on economics, the role of the state and individual freedom. Unfortunately the promise is hollowed by an author unable to hide his own ideology and preference.

Objectivity by the author would have made for a far better book.

Dense for a non-Economist, but worth it

A great mix of history, tension, and economic thinking, anchored in 2 men. I had to listen to a number of parts twice, but upon finishing I’m astonished by how much my appreciation for economics has grown.

Good expo of 20th century economics and politics

This book does a good job of covering the battle between the theories of Keynes and Hayek, and reveals some insights into our 20th century presidents' economic ideas, successes and failures.

A good insight to the history of fiscal policy

Good insights to fiscal policy that will get you reaching for more books on the matter.