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Opposing Keynesianism: Hayek’s 1970s Volte Face—From Opposing to Supporting “Free Banking”

In: Debates in Macroeconomics from the Great Depression to the Long Recession

Author

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  • Arie Arnon

    (Ben-Gurion University of the Negev)

Abstract

Hayek was not a well-known figure within the conventional mainstream economics profession during the 1960s, nor was he publishing on economic theories as he did prior to 1941. However, a sudden and somewhat surprising change in Hayek’s intellectual life came when he was awarded the Nobel Prize in economics in 1974. His main economic writings after the mid-1970s were dedicated to advancing a novel argument in favor of free banking. Hayek’s objections to central banking came late in his life and his mature support for free banking, his late volte face, is in some senses puzzling. As outlined in The Denationalization of Money, the main argument concerned the feasibility of having competing monies. In the years following, Hayek promoted the new ideas he formulated between 1976 and 1978, arguing for many competing private issuers of money. The idea was in line with the doubts concerning the ability of gaining knowledge in economics that were shown already in his celebrated 1937 paper “Economics and Knowledge.”

Suggested Citation

  • Arie Arnon, 2022. "Opposing Keynesianism: Hayek’s 1970s Volte Face—From Opposing to Supporting “Free Banking”," Springer Studies in the History of Economic Thought, in: Debates in Macroeconomics from the Great Depression to the Long Recession, chapter 0, pages 175-189, Springer.
    • Handle: RePEc:spr:spshcp:978-3-030-97703-0_10
    DOI: 10.1007/978-3-030-97703-0_10
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