The contrasting duo
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?