"This book truly
is a must read."
-- Congressman Ron Paul
HAYEK ON KEYNES
Hayek on Keynes as an economist:
“His ideas were rooted entirely in Marshallian economics, which was in fact the only economics he knew.” (Collected Works, Vol. 9. p. 241)
“[H]is aim was always to influence current policy, and economic theory was for him simply a tool for this purpose.” (Collected Works, Vol. 9. p. 248)
“Keynes was not a highly trained or a very sophisticated economic theorist.” (Collected Works, Vol. 9. p. 242)
“his knowledge of nineteenth-century history and even of the economic literature of that period was somewhat meager.” (Collected Works, Vol. 9. p. 228)
“John Stuart Mill’s profound insight that demand for commodities is not demand for labour, which Leslie Stephen could in 1878 still describe as the doctrine whose “complete apprehension is, perhaps, the best test of a sound economist”, remained for Keynes an incomprehensible absurdity.” (Collected Works, Vol. 9. p. 249)
“[Keynes] was neither a highly trained economist nor even centrally concerned with the development of economics as a science.” (Collected Works, Vol. 9. p. 248)
