Download Keynes and Hayek: The Money Economy (Foundations of the by G R Steele PDF

April 5, 2017 | Money Monetary Policy | By admin | 0 Comments

By G R Steele

John Maynard Keynes and Friedrich Hayek had critical changes of opinion whilst it got here to assessing the fractured inter-war international. G. R. Steele alternatives aside this debate and argues persuasively that Hayek's outlook will end up to be the extra enduring.

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Sample text

The linkage between this more recent interpretation and classical rationalism was alluded to by Charles Darwin: in ‘[c]ommenting on the claim that Plato thought our “necessary ideas” arise from the pre-existence of the soul, Darwin wrote: “read monkeys for pre-existence”’ (Dennett 1995: 130). Our innate knowledge is genetically – not spiritually – determined. The deficiency of instinctive adaptations – those that evolve by natural selection – is that they cannot accommodate non-recurrent events.

However, they were unwilling (or sufficiently uninformed) to use Hayek in support: [i]n order to arrive at an aggregate figure of the amount of waiting involved in each process we have to assign different weights to the different units of input, and these weights must necessarily be expressed in terms of value. But the relative values of the different kinds of input will inevitably depend on the rate of interest, so that such an aggregate Vision in economics 33 cannot be regarded as something that is independent of, or as a datum determining the rate of interest.

Hayek condemns egalitarianism: ‘that different treatment which is necessary in order to place people who are individually very different into the same material position seems to me not only incompatible with personal freedom, but highly immoral’ (Hayek 1978b: 157–8). Just rules can determine legitimate behaviour but not legitimate outcomes; they cannot secure entitlements. Just laws are abstract, general, prospective, known, certain, and equitable; they are beyond time and place and their enforcement involves no coercion for, in observing them, ‘we do not serve another person’s end, nor can we properly be said to be subject to his will’ (Hayek 1960: 152).

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