Articles tagged: keynes

The World Keynes Built: How One Theory Became the Operating System of Every Government, What It Cost, and What Today's Economy Looks Like Through Austrian Eyes

Keynes did not win the argument about theory; he won the argument about consequences, and his conclusions were absorbed into the machinery of every government that was being built anyway — including the negotiation at Bretton Woods that he himself lost, the welfare state and the full-employment commitment, and a synthesis that won rather than the General Theory. This examination then reads today's zombie firms, empty offices, private credit, debt-financed computing build-out and equity valuations through the three tools Mises and Hayek left behind, and states plainly what would have been better and what would have been worse under their system.

economics hayek keynes macro

The Two Economists: Mises, Hayek and Keynes — What the Austrian School Argued, What Keynes Argued Instead, and Why the Debate Never Ended

In the nineteen thirties Vienna and Cambridge gave two rival answers to the same question — what is an economy, and what should be done about it — and this examination sets out both in their own terms, from Mises on money that is never neutral and the impossibility of calculating without capital goods, to Hayek on dispersed knowledge and the price system as an information technology, to Keynes on an economy that can rest at an equilibrium with willing workers unemployed. It then follows the fight itself, Hayek's review and Keynes's reply and Sraffa on the natural rate, and asks why one side became the language of every government while the other spent decades in the wilderness — and why what actually won was a synthesis, not the General Theory.

economics hayek keynes macro