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Hayek and Keynes on Capital

In: Hayek: Economist and Social Philosopher

Author

Listed:
  • G. R. Steele
  • Jens Hölscher
  • Victoria Chick

Abstract

Friedrich Hayek and John Maynard Keynes each produced original and highly distinctive work in economics; but although they shared a common philosophical perception (see Steele, 1993a), there was no empathy in respect of their economics. Indeed Hayek was brought to the London School of Economics in 1931, in a move that was perceived as a counter to Keynes’ influence (see Kahn, 1984, p. 181). Thereafter intermittent exchanges arose from the cross-criticism of Keynes’ policy-oriented analysis of ‘macroeconomic’ aggregates and of Hayek’s highly abstract analysis of money, capital and business fluctuations. In the event, Keynes’ star was coruscant as Hayek’s dimmed; and the acclaim of Keynes’ General Theory contrasted with the neglect of Hayek’s Pure Theory of Capital. The discussion that follows is a contribution to a much wider thesis: that each of these developments is a matter for regret.

Suggested Citation

  • G. R. Steele & Jens Hölscher & Victoria Chick, 1997. "Hayek and Keynes on Capital," Palgrave Macmillan Books, in: Stephen F. Frowen (ed.), Hayek: Economist and Social Philosopher, chapter 11, pages 237-258, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25991-5_11
    DOI: 10.1007/978-1-349-25991-5_11
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