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An Informative Read?

Book ReviewsPosted by David McDonagh Sat, March 08, 2014 12:39:38

Keynes/Hayek: The Clash That Defined Modern Economics (2011)

Nicholas Wapshott.
(Norton £12.99)

I would recommend this book as a well-written 400-plus page light read that seems to be quite informative, even very informative, but, oddly, it also seems not to be edited, on the whole, for it even corrects its own mistakes later on, such that the reader feels it might have been written at different times and unrevised in the light of what the author learnt later e.g. we are told that Milton Friedman was a follower of Hayek, something a Keynesian, as the author very clearly is, might well think; but then, about a hundred pages later, Friedman is quoted as saying he admired Hayek, but never on economics. The author never explicitly notes that Friedman was a Keynesian (of sorts), and he, like most monetarists, accepted the multiplier, the accelerator and the like, but Wapshott claims earlier in the book that monetarists are all Hayekians, even though he, himself, is a Tory friendly Keynesian, who likes Mrs Thatcher and Enoch Powell.

He seems to overdo the admiration that Hayek had for Keynes but generally says many things that are certainly informative as far as I can see; but maybe they are not right!

Anyway, a very enjoyable read.



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