It has been a week now with a new book in hand. Unlike previous book on these two men, this one has many many interesting facts about their life and works which is nothing but quite contrasting and that may be the truth for their ideas which is living so long. OK, I am talking about the new book "Keynes Hayek The Clash That Defined Modern Economics" by Nicholas Wapshott.
The book has 18 chapters dividing the life and works of Keynes and Hayek. You don't need to go through all the 18 chapters to judge about the quality of book. I dare say, its enough for to judge after crossing third or forth chapters.
But I must confess that if you have already read so much about their works and life separately. Well, I am sure that you will find this book some what irritating to read in non-stop.
I better suggest you should read some of the below reviews (also some excerpts) of this book before you buy your copy:
In the author’s view, Hayek’s influence was seen in the 1994 “Contract With America,” the Republican pledge to shrink big government; in the later balanced-budget legislation of President Bill Clinton; and in the operations of the Federal Reserve under Alan Greenspan.
Classical economists and conservatives don’t fare much better than socialists and communists in Hayek’s stark analysis.
At the height of the crisis, there were few in the short run who countered this resurgence of Keynesianism, even fewer who with a straight face promoted the Hayekian solution, to let the market find its own level.
Hayek took an absolutist position, that because noone could know what was in the minds of every member of society, and that thebest indicator of their conflicting needs was market prices, all attempts todirect an economy were misplaced.
"...according to Stanford economist John B. Taylor, bring the “Keynes-Hayek fight of the 20th century back to life, making the clash both entertaining and highly relevant for understanding economic crises of the 21st century.”
Keynes’ economic theory was more mechanistic, as economies could be manipulated in a machine-like fashion to behave according to the wishes of economic planners.