Keynes Hayek
The Clash That Defined Modern Economics
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Narrated by:
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Gildart Jackson
About this listen
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 TantorListeners also enjoyed...
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In the history of American politics, there are few stories as enigmatic as that of Alexander Hamilton and James Madison's bitterly personal falling out. Together they helped bring the Constitution into being, yet soon after the new republic was born, they broke over the meaning of its founding document. Hamilton emphasized economic growth; Madison the importance of republican principles. Author Jay Cost is the first to argue that both men were right - and that their quarrel reveals a fundamental paradox at the heart of the American experiment.
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Principles in Tension
- By William Ehrich on 06-13-18
By: Jay Cost
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Why Save the Bankers?
- And Other Essays on Our Economic and Political Crisis
- By: Thomas Piketty, Seth Ackerman - translator
- Narrated by: LJ Ganser
- Length: 5 hrs and 1 min
- Unabridged
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Thomas Piketty's work has proved that unfettered markets lead to increasing inequality. Without meaningful regulation, capitalist economies will concentrate wealth in an ever smaller number of hands. Armed with this knowledge, democratic societies face a defining challenge: fending off a new aristocracy. For years Piketty has wrestled with this problem in his monthly newspaper column, which pierces the surface of current events to reveal the economic forces underneath.
By: Thomas Piketty, and others
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Adam Smith
- Father of Economics
- By: Jesse Norman
- Narrated by: Jesse Norman
- Length: 13 hrs and 40 mins
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A dazzlingly original account of the life and thought of Adam Smith, the greatest economist of all time. In Adam Smith, political philosopher Jesse Norman dispels the myths and caricatures, and provides a far more complex portrait of the man. Offering a highly engaging account of Smith's life and times, Norman explores his work as a whole and traces his influence over two centuries to the present day. Finally, he shows how a proper understanding of Smith can help us address the problems of modern capitalism.
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Most excellent book!
- By Harish G. Naik on 03-02-19
By: Jesse Norman
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American Default
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- By: Sebastian Edwards
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The American economy is strong in large part because nobody believes that America would ever default on its debt. Yet in 1933, Franklin D. Roosevelt did just that, when in a bid to pull the country out of depression, he depreciated the US dollar in relation to gold, effectively annulling all debt contracts. American Default is the story of this forgotten chapter in America's history.
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Superb
- By Jean on 12-08-18
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The Great Degeneration
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- Unabridged
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Best-selling author and world-renowned historian Niall Ferguson has won widespread acclaim for thought-provoking works such as Civilization and High Financier. The Great Degeneration tackles nothing less than the decline of Western civilization. Ferguson posits that slowing growth, outrageous debt, and antisocial behavior are contributing to the erosion of the West’s once rock-solid foundations. Ferguson excavates the causes and shows how heroic leadership and radical reform are needed to right the course.
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Superb as always!
- By Ivanhoe on 08-28-17
By: Niall Ferguson
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Ill Fares the Land
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- Unabridged
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In Ill Fares The Land, Tony Judt, one of our leading historians and thinkers, reveals how we have arrived at our present dangerously confused moment. Judt masterfully crystallizes what we've all been feeling into a way to think our way into, and thus out of, our great collective dis-ease about the current state of things.
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Blah, Blah, Blah.
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A Monetary and Fiscal History of the United States, 1961-2021
- By: Alan S. Blinder
- Narrated by: Todd McLaren
- Length: 15 hrs and 12 mins
- Unabridged
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Alan Blinder, one of the world's most influential economists and one of the field's best writers, draws on his deep firsthand experience to provide an authoritative account of sixty years of monetary and fiscal policy in the United States. Spanning twelve presidents, from John F. Kennedy to Joe Biden, and eight Federal Reserve chairs, from William McChesney Martin to Jerome Powell, this is an insider's story of macroeconomic policy that hasn't been told before—one that is a pleasure to listen to, and as interesting as it is important.
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Listen for Nixon's Sake
- By Tricia on 10-26-22
By: Alan S. Blinder
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The American Political Tradition
- And the Men Who Made it
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The American Political Tradition is one of the most influential and widely read historical volumes of our time. First published in 1948, its elegance, passion, and iconoclastic erudition laid the groundwork for a totally new understanding of the American past. By writing a "kind of intellectual history of the assumptions behind American politics", Richard Hofstadter changed the way Americans understand the relationship between power and ideas in their national experience. Hofstadter was able to articulate, in a single work, a historical vision that inspired and shaped an entire generation.
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Over Here
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The Great War of 1914-1918 confronted the United States with one of the most wrenching crises in the nation's history. It also left a residue of disruption and disillusion that spawned an even more ruinous conflict scarcely a generation later. Over Here is the single most comprehensive discussion of the impact of World War I on American society.
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Good HISTORY AWFUL READING
- By Magyar on 02-05-20
By: David M. Kennedy
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What listeners say about Keynes Hayek
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Amazon Customer
- 08-09-18
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.
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2 people found this helpful
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- Munair
- 09-03-21
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.
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1 person found this helpful
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- George
- 10-04-12
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.
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3 people found this helpful
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- Mark
- 03-15-16
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.
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- Marc Grosz
- 07-29-16
Must listen
Any additional comments?
The way the author chose to present the information I found to be the best part of the book. I felt it was quite fair to both sides and stayed as factual as possible considering hayek vs keynes is like an economic religious war (which the author touched on even). By presenting the data in the way chosen, it helps explain why Keynesianism took hold as well as it did and why it came to be. It also did a good job going a little further in how Keynes and Hayek influenced the economic debate and influence other economists that have carried on the "war". Recommend to all.
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- Studio Royale
- 07-06-20
Well done...
I’ve spent more than my share of time reading and studying economics and public policy of the 20th century. This book caught hold of me in a way that I have never experienced before. The fight for the mind of public policy thinkers is on display with this book. This is a fabulous political and economic history lesson that will push me on to read more and is the jolt that I needed in the age of the great pandemic. Thank you!!
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- John
- 03-11-24
A balanced as can be
From a 10,000 foot view, this is balanced. In terms of whether we defend a market capitalist system or revert to communism or mercantilist policies, both Keynes and Hayek stand in the market capitalist camp. However, of the two, it is to Keynes we owe the most for maintaining the status quo. Hayek’s thoughts aren’t thrown out either, but there impact on our current system are limited since politicians merely give lip service to his policy positions. Personally, I don’t think most Americans would truly be able to stomach what Hayek truly wanted. He’s about as far out there as Noam Chomsky’s Anarcho Syndicalism. Anyway, the books is good for its historical overview, and places both men in their context. If you want to know their economic ideas alone, read their writings.
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- Anand
- 03-17-12
An unbiased evaluation of both the major economist
** Disclaimer - Am a classical economist and prefer Austrian economics to Keynes remedies. ***
Unlike many economist authors, this author is unbiased and lays it out factually.
His ability to separate opinion from facts makes the book easy to digest. Hats off to the author.
His first brilliant assessment that Keynes talks about Macro while Hayek talks about Micro economics sets the stage and expectations that the two shall never compete on an equal platform.
Next, he walks us through each personal life, although i feel he explored and criticized Hayek's personal life more than Keynes.
The success of Keynes and how governments devoured his advice of intervention is elucidated clearly. I can now see how the world fell into his enthrall (and his ability of public speak).
Hayek's greatest weakness and the classical school's weakness was its extreme insistence on laissez faire to the point of being cruel.
Add to that, Hayek's inability as a public speaker. If probably Hayek were like President Reagan, we would have seen a Hayekian world now. Sadly Keynes was a better preacher.
The first Great conflict between Hayek and Keynes as criticism of Keynes's first book makes for interesting reading, anecdotally.
Keynesian economics assumes that the economy is a fragile thing, one that involves constant tweaking by the State. This automatically assumes that entrepreneurship is guided by the hand of the State. Keynes does not explain business cycles and why they happen. Instead he talks about how to spend yourself out of recession. However, the Great Depression was becoming a past thing by 1936 as the author noted, before keynes remedies were fully applied.
Hayek assumes that the economy is a living, breathing sentient being which can find its own path through the judgements and decisions of millions of entrepreneurs who make them. Much like the millions of cells in a human body.
Hayek proves that State intervention skews up the investment judgements made by individual investors and thus forces them to make bad judgements.
That may be true, but when an economy is in a slump, Hayek prescribes doom and despair to Keynes's optimistic approach.
In short, a book worth reading.
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13 people found this helpful
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- Hyrum
- 05-21-12
Solid history, weak discussion of issues
What made the experience of listening to Keynes Hayek the most enjoyable?
I was primarily interested in a discussion of the economic issues, where the economists agreed, where they disagreed, and how Hayek and Keynes changed their opinions over time.The book assumed more knowledge of the issues than I have, and while, making the positions of the economists clear, it did not help me understand the reasoning behind their conclusions. Nor did I get a clear understanding of how - and why- their positions changed over time.On the other hand, the biographies of not only Hayek and Keynes, but of their contemporaries - and the setting of their lives in the events of their times - were fascinating. I was especially impressed with the portrayal of Herbert Spencer, the Webbs, and Alfred Lord Marshall. The portrayal of the Austrian school was weaker but still made profitable listening.This work was both enjoyable and profitable. I expect to listen to it again.
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5 people found this helpful
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- Amazon Customer
- 03-02-22
Great Read!
This is an excellent summation. I'm sure I'll be referencing this text for many years.
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