The con­trast­ing duo

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Ti­tle: Keynes-hayek: The Clash that De­fined Modern Eco­nomics Author: Ni­cholas Wap­shott

Pub­lisher: W. W. Nor­ton & Com­pany Price: $18.28

No. of pages: 400

Wap­shott has tact­fully re­counted the clash be­tween Hayek and Keynes; epit­o­miz­ing an eco­nomic di­vide. The book holds this eco­nomic di­vide as sig­nif­i­cant to still shape the An­glo-amer­i­can pol­i­tics. The dif­fer­ences be­tween John May­nard Keynes and his neme­sis Friedrich Hayek sharply de­scribed al­ter­na­tive ap­proaches to ad­dress­ing the ebb and flow of the busi­ness cy­cle, with Keynes ar­gu­ing that to put the job­less back to work gov­ern­ments could and should in­ter­vene in the mar­ket and Hayek in­sist­ing that such ac­tions were based on an in­ad­e­quate un­der­stand­ing of how eco­nomics re­ally worked and would only de­lay the day of reck­on­ing. Thus, Wap­shott has pro­vided not only a com­pelling his­tory of two dis­tinc­tive thinkers and their in­flu­ence, but also a nar­ra­tive of po­lit­i­cal de­ci­sion-mak­ing and its un­der­ly­ing pri­or­i­ties. The book poses the ques­tion as to what kind of so­ci­ety do we want now?

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