Rethinking the Keynesian Revolution: Keynes, Hayek, and the Wicksell Connection

Hardcover | July 16, 2012

byTyler Beck Goodspeed

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While standard accounts of the 1930s debates surrounding economic thought pit John Maynard Keynes against Friedrich von Hayek in a clash of ideology, this reflexive dichotomy is in many respects superficial. It is the argument of this book that both Keynes and Hayek developed their respectivetheories of the business cycle within the tradition of Swedish economist Knut Wicksell, and that this shared genealogy manifested itself in significant theoretical affinities between the two supposed antagonists. The salient features of Wicksell's work, namely the importance of money, the role ofuncertainty, coordination failures, and the element of time in capital accumulation, all motivated the Keynesian and Hayekian theories of economic fluctuations. They also contributed to a fundamental convergence between the two economists during the 1930s. This shared, "Wicksellian" vision ofeconomic problems points to a very different research agenda from that of the Walrasian-style, general equilibrium analysis that has dominated postwar macroeconomics.This book will appeal to economists interested in historical perspective of their discipline, as well as historians of economic thought. The author not only deconstructs some of the historical misconceptions of the Keynes versus Hayek debate, but also suggests how the insights uncovered can informand instruct modern theory. While much of the analysis is technical, it does not assume previous knowledge of 1930s economic theory, and should be accessible to economists, political scientists, and historians with general economics training, as well as to graduate students in these fields.

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While standard accounts of the 1930s debates surrounding economic thought pit John Maynard Keynes against Friedrich von Hayek in a clash of ideology, this reflexive dichotomy is in many respects superficial. It is the argument of this book that both Keynes and Hayek developed their respectivetheories of the business cycle within the tr...

Currently a Ph.D. candidate at Harvard University, Tyler Beck Goodspeed was previously a Gates Scholar at the University of Cambridge, earning Class I* Honours for his dissertation on Keynes and Hayek. He received an A.B. with highest honors in economics and history from Harvard.

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Format:HardcoverDimensions:144 pages, 8.25 × 5.5 × 0.98 inPublished:July 16, 2012Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199846650

ISBN - 13:9780199846658

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Table of Contents

Introduction: Rethinking the Keynesian Revolution1. The Wicksell Connection1.1. Wicksell's Monetary Theory1.2. Wicksell's Capital Theory1.3. The Wicksell Connection2. A Treatise vs. Prices and Production2.1. A Treatise on Money2.2. Prices and Production2.3. The Wicksell Connection3. The Sraffa Connection3.1. Hayek on Keynes3.2. Keynes on Hayek3.3. Sraffa on Hayek4. The General Theory4.1. Own-Rates of Interest and the Marginal Efficiency of Capital4.2. Liquidity Preference4.3. The Cumulative Process5. Pure Theory of Capital5.1. Rates of Increase of the Product5.2. Marginal Value Product of Investment5.3. The Cumulative Process6. Keynes, Hayek, and the Wicksell ConnectionBibliography