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Hayek, Keynesian Economics, And Planning Against Competition: A Caveat?(Essay)

History of Economics Review 2011, Wntr, 53

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Abstract: Hayek wrote The Road to Serfdom as a warning to intellectuals who were supposedly much taken with the idea of a 'planned' economy. Jeremy Shearmur (1997) makes use of unpublished material drawn from the Hayek archives to suggest that Hayek did not seemingly deem Keynesian full-employment policy to be incompatible with what Hayek would view as a free society. Our reading of the archival material invoked by Shearmur arrives at a rather different conclusion. Hayek's view of the logic supposedly inherent in Keynesian policy is markedly congruent with the general tenor of The Road to Serfdom. We demonstrate that Hayek deemed activist monetary policy incompatible with Hayek's favoured planning for competition. 1 Introduction (1)

Hayek, Keynesian Economics, And Planning Against Competition: A Caveat?(Essay)
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  • Available on iPhone, iPad, iPod touch, and Mac.
  • Category: Economics
  • Published: 01 January 2011
  • Publisher: History of Economic Thought Society of Australia
  • Print Length: 20 Pages
  • Language: English
  • Requirements: To view this book, you must have an iOS device with iBooks 1.3.1 or later and iOS 4.3.3 or later, or a Mac with iBooks 1.0 or later and OS X 10.9 or later.

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