Rethinking the Keynesian Revolution: Keynes, Hayek, and the Wicksell Connection
Tyler Beck Goodspeed
While standard accounts of the 1930s debates surrounding economic
thought pit John Maynard Keynes against Friedrich von Hayek in a clash
of ideology, this reflexive dichotomy is in many respects superficial.
It is the argument of this book that both Keynes and Hayek developed
their respective theories of the business cycle within the tradition of
Swedish economist Knut Wicksell, and that this shared genealogy
manifested itself in significant theoretical affinities between the two
supposed antagonists. The salient features of Wicksell's work, namely
the importance of money, the role of uncertainty, coordination failures,
and the element of time in capital accumulation, all motivated the
Keynesian and Hayekian theories of economic fluctuations. They also
contributed to a fundamental convergence between the two economists
during the 1930s. This shared, "Wicksellian" vision of economic problems
points to a very different research agenda from that of the
Walrasian-style, general equilibrium analysis that has dominated postwar
macroeconomics.
This book will appeal to economists interested in historical perspective of their discipline, as well as historians of economic thought. The author not only deconstructs some of the historical misconceptions of the Keynes versus Hayek debate, but also suggests how the insights uncovered can inform and instruct modern theory. While much of the analysis is technical, it does not assume previous knowledge of 1930s economic theory, and should be accessible to academics and graduate students with general economics training.
This book will appeal to economists interested in historical perspective of their discipline, as well as historians of economic thought. The author not only deconstructs some of the historical misconceptions of the Keynes versus Hayek debate, but also suggests how the insights uncovered can inform and instruct modern theory. While much of the analysis is technical, it does not assume previous knowledge of 1930s economic theory, and should be accessible to academics and graduate students with general economics training.
"This is a fascinating book that
will have a major impact. Goodspeed's idea of linking Keynes and Hayek
(via Wicksell) is counter-intuitive at first sight, but it turns out to
unlock a major and productive discussion of the theory of uncertainty,
including uncertainty about financial markets, that is central to many
present day discussions in the aftermath of the financial crisis. The
account is original and uses a nice set of completely new archival
materials on Keynes' relationship with Hayek."--Harold James, Professor
of History and International Affairs, Princeton University
"Tyler Goodspeed does an excellent job in this intriguing work to explain the debate that raged in the middle of the twentieth century between two of its then most prominent economists, J.M. Keynes and the too long ignored Friedrich von Hayek. Goodspeed perceptively opens up for the reader's examination the pivotal issues surrounding their significant differences and the theoretical principles they shared, as well the behind-the-scenes role played by Piero Sraffra in fueling their debate and forcing these two interlocutors to refine their respective positions. This is highly recommended reading for scholars involved in this field of study."--Donald J. Oswald, Professor of Economics, California State University, Bakersfield
"Tyler Goodspeed does an excellent job in this intriguing work to explain the debate that raged in the middle of the twentieth century between two of its then most prominent economists, J.M. Keynes and the too long ignored Friedrich von Hayek. Goodspeed perceptively opens up for the reader's examination the pivotal issues surrounding their significant differences and the theoretical principles they shared, as well the behind-the-scenes role played by Piero Sraffra in fueling their debate and forcing these two interlocutors to refine their respective positions. This is highly recommended reading for scholars involved in this field of study."--Donald J. Oswald, Professor of Economics, California State University, Bakersfield
About the Author
Currently a Ph.D. candidate at Harvard University, Tyler Goodspeed
was previously a Gates Scholar at the University of Cambridge, earning
Class I* Honours for his dissertation on Keynes and Hayek. He received
an A.B. with highest honors in economics and history from Harvard.
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