Oxford University Press, USA
Rethinking the Keynesian Revolution: Keynes, Hayek, and the Wicksell Connection
Rethinking the Keynesian Revolution: Keynes, Hayek, and the Wicksell Connection
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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.
Author: Tyler Beck Goodspeed
Publisher: Oxford University Press, USA
Published: 07/02/2012
Pages: 216
Binding Type: Hardcover
Weight: 0.83lbs
Size: 8.20h x 5.60w x 0.70d
ISBN: 9780199846658
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.
Author: Tyler Beck Goodspeed
Publisher: Oxford University Press, USA
Published: 07/02/2012
Pages: 216
Binding Type: Hardcover
Weight: 0.83lbs
Size: 8.20h x 5.60w x 0.70d
ISBN: 9780199846658
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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