Keynes vs. Hayek

Keynes vs. Hayek uncovers the origins and legacy of the greatest economic duel in history, between John Maynard Keynes and Friedrich von Hayek.

Two of history's greatest economists, John Maynard Keynes and Friedrich von Hayek, were on opposite sides of the greatest economic battle of all time: whether governments should intervene in markets. In the aftermath of World War I, both studied the rise and fall of the business cycle, reaching very different conclusions: Hayek believed that upsetting the economy's "natural equilibrium" would result in runaway inflation, while Keynes believed that the mass unemployment and misery that marked the end of a cycle could be shortened with government spending.

The two would disagree for the rest of their lives. And their ideas would gain and lose the support of politicians—from Franklin Roosevelt to George W. Bush—and influence the lives and livelihoods of millions. From the Great Depression to World War II, and from the postwar recovery to the present day, veteran journalist Nicholas Wapshott examines, in this book Keynes v. Hayek , the lively debates between these two 20th-century giants whose divergent views shaped the rise and fall of economies around the world.