Hayek vs. Keynes

Bruce Caldwell, INET Conference, King’s College, Cambridge University, April 8-11, 2010.


Tonight I will talk briefly about the Keynes-Hayek relationship, then will focus on some of Hayek’s insights that may be of relevance today. In the process I hope to clear up some misconceptions about Hayek, who is a frequent subject of caricature by friend and foe alike.

Keynes and Hayek are typically portrayed as intellectual rivals, and the differences between them juxtaposed in rather simplistic terms. Now though there are certainly elements of truth in such broad-brushed accounts, the actual history of their relationship is much more complicated and nuanced, and as an historian I am obliged to add, much more interesting.