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Keynes Hayek: Modern Ekonomiyi Tanımlayan Çatışma
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Keynes Hayek: Modern Ekonomiyi Tanımlayan Çatışma

3.89  ·  Rating details ·  1,783 ratings  ·  192 reviews
20. yüzyıl iktisadi düşüncesinin iki büyük kutbu olan Keynes ile Hayek arasındaki tartışma, devletin ekonomiye müdahalesi ile serbest piyasanın erdemleri arasındaki, günümüze kadar gelen ayrıma ışık tutuyor.
1929daki borsa krizinin tetiklediği Büyük Buhran yıllarında bu iki düşünürden dünya ekonomisinin nasıl toparlanacağına dair iki farklı iddia geldi. Mevcut sistemin
Paperback, 328 pages
Published April 11th 2017 by Koç University Press (first published 2011)
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Erik Graff
Jan 28, 2012 rated it really liked it  ·  review of another edition
Recommends it for: citizens
Recommended to Erik by: Erik Badger
This book is at once biography, covering the lives of J.M. Keynes and F. Hayek, and an exposition for popular consumption of their respective economic theories. On the latter score it makes for an entertaining, often informative, read. On the former there are some flaws.
Wapshott is a journalist, not an economist, not even a financial journalist. Consequently, some of his exposition of theory is inadequate. I am not an economist myself, but I've been able to read Keynes, Galbraith, Friedman,
JS Found
Apr 01, 2013 rated it it was amazing  ·  review of another edition
The enemy of this engrossing and lucid economic history is binary thinking. We have a war of ideas: between the disciples of John Maynard Keynes and government intervention in the economy vs Friedrich Hayek and classical economics where government has no role to play, and , in fact intervention makes crises worse. This war would play out through much of the Twentieth Century and to our time, as we experienced the Great Recession like a previous generation experienced the Great Depression. In ...more
Feb 23, 2012 rated it really liked it  ·  review of another edition
This is a dual intellectual biography that discusses the lives and work of Keynes and Hayek and the influence that their work has had (and continues to have) on economic policy and general policy discussions. The discussion is interesting and well informed and does not attempt to oversimplify the differences between these individuals or the nuances in each of their body of work as it developed over the course of their long lives.

For those interested in economic history, this is good stuff -- on
Oct 25, 2019 rated it really liked it  ·  review of another edition
Mr. Wapshotts commendable work does an excellent job rendering the writings of Keynes, Hayek and their followers into understandable prose. This is no easy job, for, as Mr. Wapshott notes, many economists themselves found the academic writings of Keynes and Hayek to be incomprehensible at times. I much appreciated this context, having earlier read both Keynes General Theory and Hayeks Road to Serfdom. I notice that at times, authors are more noted for what is said in their name than for their ...more
Oct 05, 2011 rated it liked it  ·  review of another edition
Very balanced, refusing to take sides until the last paragraph (Wapshott gives J.K. Galbraith the last word).

An interesting chronology of the back-and-forth between the two economists and their proteges.

It falls short in two primary ways: it's a very superficial treatment of the actual economics, and it stays in a very binary mode, never really considering hybrids or other schools of economic thought.

So I enjoyed the first half of the book (covering the era before Keynes' death), and didn't
Lauren Albert
I don't feel I learned much economics from this. Wapshott gave the "what" but not the "why" or "how." If "a" leads to "b," tell me why. That is what would help me understand the economics. If "a" sometimes leads to "b" but sometimes to "b-" there must be at least one different variable--what is it or can it be. I also would have liked to have more of the personalities of the men--my own bias towards intellectual biographies.
David Rush
Very readable introduction to Keynes and Hayek. I think it is actually more a book of the effects of the two than an economics 101 view on their actual thoughts. so I'm sure that economic geeks bemoan the simplifications of both economists. You get enough to get a feel of the economics and I'm cool with that, especially since I think I end up with more knowledge of what is involved than most people who throw their names around.

My condensation of this condensed fare is that there is more to
Pedro dos Santos
After reading this book I have a completely new appreciation for the body of work of both Keynes and Hayek. I have read their work before but never realized how interconnected they really were. It is fascinating to me to see the intertwining of personal life and academic work of two of the best minds of the 20th Century. The book mixes economics with history to portray the ideas of Keynes and Hayek and how they influenced each other and modern economics. I think there was just enough economic ...more
David Donaldson
Feb 27, 2017 rated it it was amazing  ·  review of another edition
Great exploration of two of the twentieth century's most influential economists. Keynes himself sounds like a fascinating and charismatic guy. Wapshott makes the case that Keynes, and not radical free marketeers like Hayek, are the real saviours of capitalism. The final quote, from John Kenneth Galbraith, is a cracker: "When capitalism finally succumbs, it will be to the thunderous cheers of those who are celebrating their final victory over people like Keynes".
CV Rick
Dec 09, 2011 rated it really liked it  ·  review of another edition
The author obviously struggled to give Hayek equal billing in this book, despite the vacancy of application, thought and proof in the Austrian's theories. There wasn't actually a clash between the two - there was some letter exchanges and a bit of reaching out by Keynes to help a newcomer to the field. But Hayek was obviously deferential to the founder of modern economic theory. It was only later in Hayek's career, after Keynes was gone that the Austrian pretended to take Keynes to task by ...more
Kirk Houghton
Sep 29, 2015 rated it really liked it  ·  review of another edition
John Maynard Keynes was the heavyweight economist of the twentieth century a Cambridge professor, Paris Peace Conference negotiator, architect of the post-war Bretton Woods system of fixed currencies, one of the brains behind the World Bank, best-selling author, and the inventor of Macro-Economics. As a member of the Bloomsbury group of progressive intellectuals, he also made a fortune speculating on the commodity markets, and in 1936 produced the most influential economic study of the last 150 ...more
Diogo Jesus
Too detailed on unimportant things. Good and different reading on the keynesianism and "hayekianism" in Reagan and Tatcher policies. Not a professional read of the different theories. Could have at least 50 pages less. Very interesting following the theory, the lives and practices around two of the major contemporaneous economical theories (with political implications).
Louis S-B
Sep 13, 2018 rated it really liked it  ·  review of another edition
Interesting to see both men's lives side by side like this, and understand the progression of economic thoughts from fringe movements to mainstream.
By Robert Cole

Since the 1930s, one clash has defined both academic macroeconomics and the economic policies of governments. On the left side are followers of John Maynard Keynes, who believe that government actions can and should smooth the destructive swings of business cycles. On the right are those who fear governments and believe in the self-correcting power of markets. They can be considered the friends of Friedrich von Hayek.

Nicholas Wapshott explores this fight in a new book. His account
Otto Lehto
A very polished, almost TOO polished, account of the intellectual battle between Keynes and Hayek.

I would recommend it, despite its obvious shortcomings (most notably its unscholarly tone and its unabashed America-centrism), as a pretty good journalistic, chronologically narrated summary of the basic elements of "John Maynard"'s and "Friedrich"'s contributions to economics - and even more of their influence on the American (and British) political debate, on which this book largely focuses.

Want to know what the current day Keynes and Hayek controversy is all about? Reading Keynes and Hayek won't help.  The American political debate has only a passing relationship with the debate between the two.  This book explains what they were talking about, and how political and economic history got us from them to the Tea Party.
For conservatives concerned over the intellectual vacuity of the Republican Party and Tea Party, this book puts one in complete despair.  How do we get from the
Jan 06, 2018 rated it really liked it  ·  review of another edition
Shelves: nonfiction
This was a difficult book as I had only one course in economics and have delved no deeper than NPR since. Some of the ideas presented were not explained to the point that I was able to grasp them but some were well presented for my level of understanding. The most amazing thing to me was watching the evolution of the two economists interpretations of why things were happening over a wide range of times and countries. I find it astonishing that any one of these transient ideas is now regarded as ...more
Valentina Salvatierra
A chronologically wide-ranging account (nearly 100 years, from 1919 to 2008, long after the deaths of both of its protagonists) of the theoretical and political clash between the ideas of two pivotal 20th century economists that suffers perhaps from being too wide-ranging. Some pivotal historical events were only summarily mentioned, and some economic concepts were likewise only broadly sketched.

I picked this book up in the hopes of acquiring some general notions of contemporary economics
Richard Bravman
Mar 03, 2012 rated it it was amazing  ·  review of another edition
Highly recommended for anyone interested in understanding, in depth, the theoretical underpinnings of much of the political, economic and sociological debate that finds us in such gridlock today. It's not easy going, rather dense in some sections actually, but Wapshott effectively uses the human dimensions of the story to keep it moving. Well worth the effort expended in getting through it.
Scott Tennican
This is a fascinating account of the expansion from Classical to Keynesian economic theory and more briefly the elaboration of monetarism and rational expectations. It is also a parallel biography of Keynes and Hayek and a history of western politics and economic policy. The sub-title is a misnomer since the clash between Keynes and Hayek occurred almost entirely during 1931 while the book covers the period from World War I to the aftermath of the recent Great Recession.

Much of the book explains
Nov 22, 2019 rated it liked it  ·  review of another edition
The history of economics is one of polemics. Smith vs the Mercantilists. Ricardo vs Malthus. Marx vs the Bourgeois Liberals. And of course, Keynes vs "Hayek".

Keynes was really one of a kind, as Hayek admitted in later interviews. The entire debate over economics was framed by Keynes from 1919 until his death in 1946, and beyond to at least 1974 and at most until 1981. Hayek wasn't exactly a reactionary defending neo-classical economics. However, he was part of the Austrian School, with its own
Reza Amiri Praramadhan
Both successes and failures in modern economic history can be traced down to the thoughts of two men: John Maynard Keynes and Friedrich (von) Hayek (let us just ignore the communists). In search for the coveted equilibrium, they crossed paths. Keynes believes that in times of economic crisis, government should intervene by spending money, even to the point of increasing the inflation, in order to achieve full employment. This was countered by Hayek, who argued that the solution to the crisis is ...more
Aug 21, 2017 rated it really liked it  ·  review of another edition
Keynes and Hayek both won the Nobel Prize in Economics. They were both highly intelligent, but they came at the study of the 'dismal science' from very different perspectives.
Keynes was active earlier in the 20th century and was instrumental in the thinking of those who created the programs of FDR's administration that dealt with the after-effects of the Crash of 29. Keynes was more interested in the 'real world' and effecting change that would actually impact people's lives. His ideas were
Frank Peters
This is a book covering a topic that I knew virtually nothing about, and had no previous interest in. Given this unfavourable starting point, the book was surprisingly interesting, especially toward the end. The book describes the intellectual conflict between the two (apparently) most significant modern economists, and then follows the historic results of this conflict as played out in western (mostly US) economies. The historical part of the book was very interesting, and often enjoyable. The ...more
Apr 05, 2018 rated it really liked it  ·  review of another edition
A nice biographic description of the clash between thoughts of Keynes and Hayek (or more broadly speaking, between the thoughts of government intervention into macroeconomy and lasseiz-faire market economy. While Keynesian Economics has been standard in most macroeconomics textbook, Hayek has been left aside by many economists currently. So this book is a vivid reminder of the impact of Hayeks thoughts on the development of modern economics. One star subtracted comes from some conceptual ...more
Dec 19, 2018 rated it really liked it  ·  review of another edition
Great intro to the life and works of these essential thinkers. As others have pointed out, the problem with it, as with economics in general (and other fields, too), is binary thinking. There is stuff in between Keynes and Hayek, after all.
However, this was extremely interesting and added lots of context and detail. I liked how it almost, almost refused to take sides. In fact, up to the end it just seemed to favor Keynes, maybe simply because he was an eminently likable personality and had an
Chris Leuchtenburg
A clear, readable narrative of some of the major ideas of free market champion Hayek and government activist Keynes and the far less intellectual or consistent implementations by the politicians in power from the end of WWI to the recession of 2008. The political uses of these ideas will make your head spin, but this is a persuasive demonstration that politicians, at least with respect to economic theory, use ideas to support the use of their power regardless of whether they understand or agree ...more
Jan 26, 2020 rated it it was amazing  ·  review of another edition
This is an excellent book. I do admit you need some background on the subject before reading it, but despite this, its an excellent read. It reads like a great biography of two of the most different but persistant characters of the history of our current economic system. I admit I am bias for Keynes, but its because of the economic crisis of 2008 and its deadly effects on world economy. I used to be, without knowing about the subject, more incline to Hayeks theories, but it was because of my ...more
Luke Kanies
Apr 16, 2018 rated it really liked it  ·  review of another edition
A very good primer on the fundamental debate between Keynes and Hayek. If youre wondering what the whole debate is about, this is a good place to start.

Its low on direct quotes, and instead prioritizes meaning over wording. The economists themselves tended to write thickly, so it is likely the appropriate balance.

The book itself is approachable as a result, and provides a good summary of both the economic debate and the context in which it was being had. It weirdly oscillated between being too
Oct 11, 2018 rated it it was amazing  ·  review of another edition
Really fascinating. I'm a big fan of books that compare two opposed philosophies (which helps me come to a conclusion on which side to support or merely the pros and cons of each side). This book is a paragon of that genre. We not only get to read about the personal histories of Keynes and Hayek and the interactions between the two, but we also get a review of economic thinking through the 20th century.

Interesting tidbit: Hayek actually supported government-supported universal health care and
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Nicholas Wapshott is a journalist and the author of Ronald Reagan and Margaret Thatcher: A Political Marriage. A former senior editor at The Times of London and the New York Sun, he lives in New York.

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“There was a pretext, albeit slender, that might have prompted Hayek to reach out to Keynes: Keynes had succeeded Edgeworth as editor of the Economic Journal in 1911. But” 0 likes
“If an equilibrium was invariably elusive in the real world, Hayek argued, then the a priori assumptions that theoretical economists make about the operation of an economy, or a market, tending toward an equilibrium would always fall short. An equilibrium can be predicted only if the intentions of each of the participants is known, and that is impossible both in theory and in practice.” 0 likes
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