Hayek, Keynes and How to Prevent Economic Crises: Sylvia Nasar

September 15, 2011

Bloomberg has an excerpt from Sylvia Nasar’s new book on the history of economics. It deals with the years when Hayek and Keynes were considered rivals. The two men were not as far apart as many believe, in fact Keynes was a hero of Hayek’s and this short piece illustrates that:

“One year after Bretton Woods, the Cold War had started,“The Road to Serfdom” was on American best-seller lists, and Hayek went on a wildly successful book tour around the U.S. Along the way, to the annoyance of his conservative sponsors, he spoke up in favor of the Bretton Woods treaty and the framework of international government cooperation that Keynes had done so much to bring about.”

Murray Rothbard would be horrified.

If you missed the 4 minute history of economic ideas I posted earlier here it is again:

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