Some stories never get old. Some stories never really get told. Since most of us are inundated with quick little snapshots of reality as it once may have occurred, it is nice to get the whole picture. Unfortunately, when it comes to the great debate of the Keynesians against Friedrich Von Hayek it is still very much a machine versus man sort of scenario.
Being that eyes are opening to the cyclopsian perspective of big government economics and centralized planning for the second time in recent economic history, I thought it would be a good idea to revisit this often scaled battle and weigh some of the merits which are rarely put to measure. Nicholas Wapshott's "Keynes Hayek: The Clash That Defined Modern Economics" will soon be dissected and shredded by economists, partisans and special interests alike. Here are parts 1 and two in the four part excerpt series intended to whet beaks just prior to the book's release on October 11th.
I always find it poignant that Hayek was very much a rookie greenhorn economist and philosopher challenging the status quo. Looking back at this time in history it is easy to forget how much time, money and effort was spent on pointing the downward gaze of society onto the young Austrian and his all too logical and righteous perspectives.
Though many of us have learned to appreciate the wisdom, wit, pithiness and candor of Hayek's views and prose it bares reminding that he was and in many ways still is, an outsider.
I greatly look forward to the book and to the flame of this debate being constantly rekindled. It is always amusing to me, how the one thing all Keynesians would like to have us forget...is Keynes vs. Hayek. Enjoy the rest of your weekend folks.