Analysis Of John Maynard Keynes And Friedrich Hayek 's ' The Hayek '

1865 Words Apr 12th, 2016 8 Pages
Tim Harben

History of Economic Thought

Feelin’ the Hayek

When contemplating the philosophies of macroeconomics, two names may come to mind, John Maynard Keynes and Friedrich Hayek. The intellectual differences between their two ideas are still being debated today. Keynes may have received a Nobel Prize for economics but he died before the Nobel prize in economics was created in 1969. Because of this fact, I have chosen to focus my attention on the intellectual competitor and antithesis of Keynes, Friedrich Hayek.

Hayek was an Austrian born economist. He held Keynes in a low regard as an economist, but considered him a friend on a personal level. “I don’t think he spent more than a year learning economics,” Hayek stated in his autobiography. (Hayek on Hayek) Hayek felt it is important to control and curb inflation.

After serving as an officer in WWI, Hayek studied at the University of Vienna where he earned a doctorate in Law and Political Science in addition to studying Economics. Afterwards, he became a research assistant for macroeconomics at New York University. In the early 1930s, Hayek joined the faculty of the prestigious London School of Economics where he would soon be recognized as one of the leading economists in the world.

Hayek held a firm belief in classical liberalism and believed that private investment into the market was a more effective measure of stimulating growth than government spending would be at a time when the world economy…

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