Sunday, 26 August 2012

F A Hayek on Keynes

Hayek offers some fascinating insights on Keynes in this interview including why he didn't criticise Keynes publicly in the 1940s. Click the CC button for subtitles. 

He especially criticises Keynes's General Theory idea that there is a single relation between aggregate demand for final products and employment, an idea Hayek says had been clearly refuted in the 19th century. Hayek also says that Keynes would not have approved of the Keynesianism that came to dominate policy after his death, namely more expansion and that Keynes would have fought inflationary policies.

 

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