DOCSLIB.ORG

Keynes Vs Hayek

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Keynes Vs Hayek 1 Wapshott Nicholas Keynes Vs Hayek 2 Índice Prefacio..................................................................................................................................6 1. El héroe glamuroso..........................................................................................................9 2. Fin del imperio................................................................................................................20 3. Las líneas de combate están trazadas..........................................................................31 4. $ anle% y Livingstone.....................................................................................................## 5. El hombre que mat) a Liber % Valance.......................................................................59 7. ,espuesta a los disparos................................................................................................82 8. The Italian Job...................................................................................................................93 9. Hacia la Teoría general..................................................................................................103 10. Ha%e/ pestañea...........................................................................................................115 11. 1e%nes conquista Estados Unidos...........................................................................127 12. Desesperadamente atascado en el capí ulo 6.........................................................140 13. El camino a ning4n sitio............................................................................................153 14. Los años en la sombra................................................................................................168 15. La era de Ke%nes.........................................................................................................183 16. El contraataque de Haye/.........................................................................................200 17. La batalla se reanuda.................................................................................................215 18. Y el ganador es…........................................................................................................230 7gradecimientos..............................................................................................................239 8ibliografía seleccionada.................................................................................................241 9o as..................................................................................................................................255 3 # Para Anthony Howard ' Prefacio Puede (ue fuera el episodio más inusual del e erno duelo entre los dos gigantes del pensamiento económico del siglo XX. Durante la segunda guerra mundial, <ohn =aynard 1e%nes % Friedrich Ha%e/ pasaron muchas noches >untos, a solas, en la azo ea de la capilla del 1ing?s @ollege de @ambridge.1 Aenían (ue mirar al cielo % &igilar (ue no hubiera ning4n bombardero alemán ratando de lanzar bombas incendiarias sobre las pe(ueñas % pintorescas ciudades de Bnglaterra. En la primavera % el &erano de 1942, como represalia al bombardeo británico de la ciudad medie&al de LCbec/; refugio antiaéreo de submarinos, % de ,ostoc/; sede de la fábrica Heinkel de material bélico; los a&iones alemanes bombardearon una serie de ciudades británicas (ue no enían ning4n ipo de &alor estratégico. Exe er; 8ath % Yor/ sopor aron ráfagas (ue pusieron en peligro sus edificios más antiguos. Los periodistas británicos acuñaron la frase FAhe 8aede/er 8lit"G por(ue daba la impresión de (ue los estrategas de la LuftHafe seleccionaban sus ob>e ivos consultando la guía alemana (ue clasiEcaba las ciudades en función de su &alor cultural. 7unque @ambridge albergaba pocas industrias armamentísticas impor antes, enía asegurado un puesto en la lista de ciudades a de&astar por los nazis gracias a la universidad (ue había sido fundada en la Edad Media. 9oche ras noche; profesores % alumnos del 1ing?s, armados con palas, hacían urnos en la azo ea de la recargada capilla g) ica, cu%a primera piedra puso Enrique *B en 1441. Los (ue hacían guardia en la catedral de San Pablo; en Londres, habían descubier o (ue si bien no era posible e&itar los efec os de la explosi)n de una bomba, sí podían reducir al mínimo el daño pro&ocado por los incendios. De este modo; 1e%nes, a punto de cumplir sesenta años, % Haye/; de cuarenta % uno; se sentaban a esperar el inminente ataque alemán, apo%ando las palas contra la barandilla de piedra. 7mbos compar ían el miedo a no ser lo suEcientemente valientes o hábiles para pro eger su venerada azo ea. ,esultaba par icularmente adecuado (ue los dos economistas u&ieran (ue desafiar el peligro nazi, %a (ue ambos, en diferentes sentidos, habían anticipado la llegada de la iranía nacionalsocialista % habían presagiado el auge de Hitler. 1e%nes era un >o&en profesor de economía del 1ing?s cuando; al estallar la primera guerra mundial, fue reclu ado por el =inisterio de Hacienda, el ministerio de 6 Enanzas británico; para recaudar dinero de Wall $ ree para Enanciar los esfuerzos de los aliados. 7l erminar la guerra, en 1918, siguieron contando con 1e%nes para (ue les asesorara sobre la me>or forma de conseguir las máximas indemnizaciones de los derro ados alemanes. Lo (ue 1e%nes descubrió en las conversaciones de paz de París le sorprendió. =ientras (ue los &ic oriosos líderes aliados, mo&idos por la &enganza, soñaban con la miseria (ue esperaban pro&ocar en el país alemán mediante penas Enancieras se&eras, 1e%nes &eía las cosas de una forma ligeramente diferente. @reía (ue para pro&ocar deliberadamente la miseria de un país como 7lemania, había (ue imponer la pobreza o al a sus ciudadanos, lo cual crearía las condiciones perfec as para el eD remismo polí ico; la insurrección e incluso la re&olución. 1e%nes creía (ue el Aratado de *ersalles, en lugar de propiciar un Enal >usto para la primera guerra mundial, había preparado el erreno para la segunda guerra mundial. De &uelta a casa, escribió Las consecuencias económicas de la paz, una crí ica de&astadora a la locura de los líderes aliados. El libro fue un best seller en odo el mundo e impulsó a 1e%nes hasta lo más alto del panorama internacional, como economista que estaba en sintonía con el pueblo. La mordaz elocuencia de 1e%nes no pasó por alto a Haye/; un >o&en soldado del e>ército austríaco (ue había luchado en el frente italiano % (ue a su regreso encontr) su ciudad natal, *iena, o almente de&astada % la conEanza de sus ciudadanos absolu amente frac urada. Haye/ % su familia sufrieron la acusada inflaci)n que mu% pronto golpearía la economía austríaca. Vio c)mo los ahorros de sus padres se desvanecían, % esa experiencia le puso en contra de los (ue defendían la inflación como remedio para salvar una economía frac urada. Estaba decidido a demostrar (ue no había soluciones simples a los problemas econ)micos intratables, % (ue los (ue defendían los programas de gasto p4blico a gran escala para acabar con el desempleo acabarían pro&ocando no solo una inflación incontrolable; sino la tiranía polí ica. 7unque anto 1e%nes como .aye/ coincidían en los fallos (ue enía el Aratado de Paz de *ersalles, siguieron dedicando la ma%or par e de los años reinta a hablar del fu uro de la economía. Al poco iempo, su desacuerdo incluía el papel (ue enía (ue desempeñar el gobierno % la amenaza (ue suponía a las liber ades individuales la inter&ención del mercado. El debate fue acalorado % descor és, % adop ) el espíritu de una dispu a de ipo religioso. @uando el crac del mercado bursátil de 1929 desencadenó la Lran Depresión, cada uno dio sus propios argumentos sobre cuál era la me>or forma de de&olver la salud a la maltrecha economía mundial. 7unque e&entualmente acep aron estar en desacuerdo; sus ardientes disciplinas siguieron con su fero" batalla mucho después de su muer e. + En sep iembre de 2008, Wall $ ree &olvió a sufrir o ro colapso; % &ol&ió a estallar o ra crisis Enanciera mundial. El presidente Leorge W. 8ush, claro par idario de la postura de Ha%e/ % de las maravillas del libre mercado; u&o (ue omar una difícil decisión: (uedarse mirando; mientras el mercado se iba ralentizando % llegaba a una depresión (ue podía rivalizar con la (ue había habido casi ochenta años antes, o adop ar rápidamente las soluciones /e%nesianas % gastarse miles de billones de d)lares del gobierno para e&itar (ue la fuer emente golpeada economía sufriera más daño. La perspec iva de de>ar (ue el libre mercado hiciera de las su%as era an alarmante (ue; casi sin pensárselo dos &eces, 8ush abandonó a .aye/ % abrazó a 1e%nes. La elección de un nue&o presidente; 8arac/ Nbama, &ino acompañada de la inyección de enormes cantidades de dinero prestado en la economía. Pero antes de (ue los fondos se hubieran gastado o almente; se produ>o una reacción &iolenta en contra de incurrir en estos niveles de deuda p4blica sin precedentes. El mo&imiento del Aea Par % exigió un cambio de rumbo a la administración. FHank; a los americanos no les gusta estar endeudados»,2 reprendió la máxima representante del Aea Par %; Sarah Palin, al secre ario del Tesoro en oc ubre de 2008. Glenn Bec/; comentarista polí ico, reaviv) la repu ación de Haye/ llamando la atención de los americanos hacia su Camino de servidumbre % hacia su olvidado ascenso a los primeros puestos de libros más &endidos de Austria. Ahora Ke%nes estaba fuera y Haye/ dentro. En este momento; las discusiones sobre las
Load more

Recommended publications
  • Walter Heller Oral History Interview II, 12/21/71, by David G
    LYNDON BAINES JOHNSON LIBRARY ORAL HISTORY COLLECTION LBJ Library 2313 Red River Street Austin, Texas 78705 http://www.lbjlib.utexas.edu/johnson/archives.hom/biopage.asp WALTER HELLER ORAL HISTORY, INTERVIEW II PREFERRED CITATION For Internet Copy: Transcript, Walter Heller Oral History Interview II, 12/21/71, by David G. McComb, Internet Copy, LBJ Library. For Electronic Copy on Compact Disc from the LBJ Library: Transcript, Walter Heller Oral History Interview II, 12/21/71, by David G. McComb, Electronic Copy, LBJ Library. GENERAL SERVICES ADNINISTRATION NATIONAL ARCHIVES AND RECORDS SERVICE LYNDON BAINES JOHNSON LIBRARY Legal Agreement Pertaining to the Oral History Interviews of Walter W. Heller In accordance with the provisions of Chapter 21 of Title 44, United States Code and subject to the terms and conditions hereinafter· set forth, I, Walter W. Heller of Minneapolis, Minnesota do hereby give, donate and convey to the United States of America all my rights, title and interest in the tape record- ings and transcripts of the personal interviews conducted on February 20, 1970 and December 21,1971 in Minneapolis, Minnesota and prepared for deposit in the Lyndon Baines Johnson Library. This assignment is subject to the following terms and conditions: (1) The edited transcripts shall be available for use by researchers as soon as they have been deposited in the Lyndon Baines Johnson Library. (2) The tape recordings shall not be available to researchers. (3) During my lifetime I retain all copyright in the material given to the United States by the terms of this instrument. Thereafter the copyright in the edited transcripts shall pass to the United States Government.
    [Show full text]
  • Kermit Gordon and Walter W
    Kermit Gordon and Walter W. Heller Oral History Interview –JFK #2, 9/14/1972 Administrative Information Creator: Kermit Gordon and Walter W. Heller Interviewer: Larry J. Hackman and Joseph A. Pechman Date of Interview: September 14, 1972 Place of Interview: Washington, D.C. Length: 50 pp. Biographical Note Gordon, Kermit; Economist, Member, Council of Economic Advisers (1961-1962). Heller, Walter W.; Economist, Chairman, Council of Economic Advisers (1961-1964). Gordon and Heller discuss wage-price guideposts, the steel crises in 1962 and 1963, John F. Kennedy’s [JFK] relationship with the business community, and their efforts regarding tax reform and a tax cut bill, among other issues. Access Restrictions No restrictions. Usage Restrictions Copyright of these materials have passed to the United States Government upon the death of the interviewees. Users of these materials are advised to determine the copyright status of any document from which they wish to publish. Copyright The copyright law of the United States (Title 17, United States Code) governs the making of photocopies or other reproductions of copyrighted material. Under certain conditions specified in the law, libraries and archives are authorized to furnish a photocopy or other reproduction. One of these specified conditions is that the photocopy or reproduction is not to be “used for any purpose other than private study, scholarship, or research.” If a user makes a request for, or later uses, a photocopy or reproduction for purposes in excesses of “fair use,” that user may be liable for copyright infringement. This institution reserves the right to refuse to accept a copying order if, in its judgment, fulfillment of the order would involve violation of copyright law.
    [Show full text]
  • What Have We Learned Since October 1979?
    Panel Discussion I Moderation.” Recessions have become less fre- What Have We Learned Since quent and milder, and quarter-to-quarter volatility October 1979? in output and employment has declined signifi- cantly as well. The sources of the Great Moderation Ben S. Bernanke remain somewhat controversial, but, as I have argued elsewhere, there is evidence for the view he question asked of this panel is, that improved control of inflation has contributed “What have we learned since October in important measure to this welcome change in 1979?” The evidence suggests that we the economy (Bernanke, 2004). Paul Volcker and have learned quite a bit. Most notably, his colleagues on the Federal Open Market Com- Tmonetary policymakers, political leaders, and mittee deserve enormous credit both for recogniz- the public have been persuaded by two decades ing the crucial importance of achieving low and of experience that low and stable inflation has stable inflation and for the courage and persever- very substantial economic benefits. ance with which they tackled America’s critical This consensus marks a considerable change inflation problem. from the views held by many economists at the I could say much more about Volcker’s time that Paul Volcker became Fed Chairman. In achievement and its lasting benefits, but I am sure 1979, most economists would have agreed that, that many other speakers will cover that ground. in principle, low inflation promotes economic Instead, in my remaining time, I will focus on growth and efficiency in the long run. However, some lessons that economists have drawn from many also believed that, in the range of inflation the Volcker regime regarding the importance of rates typically experienced by industrial countries, credibility in central banking and how that credi- the benefits of low inflation are probably small— bility can be obtained.
    [Show full text]
  • The Transformation of Economic Analysis at the Federal Reserve During the 1960S
    The Transformation of Economic Analysis at the Federal Reserve during the 1960s by Juan Acosta and Beatrice Cherrier CHOPE Working Paper No. 2019-04 January 2019 The transformation of economic analysis at the Federal Reserve during the 1960s Juan Acosta (Université de Lille) and Beatrice Cherrier (CNRS-THEMA, University of Cergy Pontoise) November 2018 Abstract: In this paper, we build on data on Fed officials, oral history repositories, and hitherto under-researched archival sources to unpack the torturous path toward crafting an institutional and intellectual space for postwar economic analysis within the Federal Reserve. We show that growing attention to new macroeconomic research was a reaction to both mounting external criticisms against the Fed’s decision- making process and a process internal to the discipline whereby institutionalism was displaced by neoclassical theory and econometrics. We argue that the rise of the number of PhD economists working at the Fed is a symptom rather than a cause of this transformation. Key to our story are a handful of economists from the Board of Governors’ Division of Research and Statistics (DRS) who paradoxically did not always held a PhD but envisioned their role as going beyond mere data accumulation and got involved in large-scale macroeconometric model building. We conclude that the divide between PhD and non-PhD economists may not be fully relevant to understand both the shift in the type of economics practiced at the Fed and the uses of this knowledge in the decision making-process. Equally important was the rift between different styles of economic analysis. 1 I.
    [Show full text]
  • What Have We Learned Since October 1979? by Alan S. Blinder Princeton
    What Have We Learned since October 1979? by Alan S. Blinder Princeton University CEPS Working Paper No. 105 April 2005 “What Have We Learned since October 1979?” by Alan S. Blinder Princeton University∗ My good friend Ben Bernanke is always a hard act to follow. When I drafted these remarks, I was concerned that Ben would take all the best points and cover them extremely well, leaving only some crumbs for Ben McCallum and me to pick up. But his decision to concentrate on one issue—central bank credibility—leaves me plenty to talk about. Because Ben was so young in 1979, I’d like to begin by emphasizing that Paul Volcker re-taught the world something it seemed to have forgotten at the time: that tight monetary policy can bring inflation down at substantial, but not devastating, cost. It seems strange to harbor contrary thoughts today, but back then many people believed that 10% inflation was so deeply ingrained in the U.S. economy that we might to doomed to, say, 6-10% inflation for a very long time. For example, Otto Eckstein (1981, pp. 3-4) wrote in a well-known 1981 book that “To bring the core inflation rate down significantly through fiscal and monetary policies alone would require a prolonged deep recession bordering on depression, with the average unemployment rate held above 10%.” More concretely, he estimated that it would require 10 point-years of unemployment to bring the core inflation rate down a single percentage point,1 which is about five times more than called for by the “Brookings rule of thumb.”2 In the event, the Volcker disinflation followed the Brookings rule of thumb rather well.
    [Show full text]
  • This PDF Is a Selection from a Published Volume from the National Bureau of Economic Research
    This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Supplement to NBER Report Six Volume Author/Editor: NBER Volume Publisher: NBER Volume ISBN: Volume URL: http://www.nber.org/books/unkn70-2 Conference Date: Publication Date: June 1970 Chapter Title: National Bureau of Economic Research Fiftieth Anniversary Dinner: Transcript of Proceedings Chapter Author(s): NBER Chapter URL: http://www.nber.org/chapters/c4232 Chapter pages in book: (p. 1 - 30) NATIONAL BUREAU OF ECONOMIC RESEARCH FIFTIETH ANNIVERSARY DINNER Transcript of Proceedings A Supplement to National Bureau Report 6 NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. 261 MADISON AVENUE, NEW YORK, N.Y. 10016 JUNE 1970 National Bureau Report and supplements thereto have been exetn pied from the rules governing submission of manuscripts to, and critical review by, the Board of Directors of the National Bureau. Each issue, however, is reviewed and accepted for publication by the Research Committee of the Bureau and a standing committee of the Board. Copyright ©1970by National Bureau of Economic Research, Inc. All Rights Reserved Printed in the United States of America NATIONAL BUREAU OF ECONOMIC RESEARCH FIFTIETH ANNIVERSARY DINNER Starlight Roof —Waldorf-AstoriaHotel New York, New York February 27, 1970 PRESIDING: MR. THEODORE 0. YNTEMA: Honored guests, ladies and gentlemen: We are here to celebrate the Fiftieth Anniversary of the National Bureau of Eco- nomic Research and to honor Arthur Burns for his distinguished leadership of the Bureau for so many years. This is also an occasion on which we are happy to greet new friends and to recognize and thank all of you, literally hundreds of you here, who have supported the Bureau and participated in its work.
    [Show full text]
  • Inside the Economist's Mind: the History of Modern
    1 Inside the Economist’s Mind: The History of Modern Economic Thought, as Explained by Those Who Produced It Paul A. Samuelson and William A. Barnett (eds.) CONTENTS Foreword: Reflections on How Biographies of Individual Scholars Can Relate to a Science’s Biography Paul A. Samuelson Preface: An Overview of the Objectives and Contents of the Volume William A. Barnett History of Thought Introduction: Economists Talking with Economists, An Historian’s Perspective E. Roy Weintraub INTERVIEWS Chapter 1 An Interview with Wassily Leontief Interviewed by Duncan K. Foley Chapter 2 An Interview with David Cass Interviewed jointly by Steven E. Spear and Randall Wright Chapter 3 An Interview with Robert E. Lucas, Jr. Interviewed by Bennett T. McCallum Chapter 4 An Interview with Janos Kornai Interviewed by Olivier Blanchard Chapter 5 An Interview with Franco Modigliani Interviewed by William A. Barnett and Robert Solow Chapter 6 An Interview with Milton Friedman Interviewed by John B. Taylor Chapter 7 An Interview with Paul A. Samuelson Interviewed by William A. Barnett Chapter 8 An Interview with Paul A. Volcker Interviewed by Perry Mehrling 2 Chapter 9 An Interview with Martin Feldstein Interviewed by James M. Poterba Chapter 10 An Interview with Christopher A. Sims Interviewed by Lars Peter Hansen Chapter 11 An Interview with Robert J. Shiller Interviewed by John Y. Campbell Chapter 12 An Interview with Stanley Fischer Interviewed by Olivier Blanchard Chapter 13 From Uncertainty to Macroeconomics and Back: An Interview with Jacques Drèze Interviewed by Pierre Dehez and Omar Licandro Chapter 14 An Interview with Tom J. Sargent Interviewed by George W.
    [Show full text]
  • Browse the Program from the Conference
    Research and Policy: A Golden Minnesota Partnership ound economic research is the bedrock of solid economic policy. A CELEBRATION Great research, in turn, is often inspired by confronting key policy Sissues in a supportive and independent environment. This conference OF INTELLECTUAL honors an intellectual revolution galvanized by bringing these elements to- gether a half century ago and launching a remarkable relationship between INDEPENDENCE the Federal Reserve Bank of Minneapolis and the University of Minnesota. This alliance transformed how economists conduct research and how AND COLLEGIAL policy is made. In a sense, it was modeled on the close bond between Walter Heller, the COOPERATION policy-oriented chair of the Council of Economic Advisers under President John F. Kennedy, and Leonid Hurwicz, the brilliant theoretician and future Nobel laureate. They built the University’s world-class economics department that joined with Fed policymakers in the late 1960s to develop better forecasting models, an effort soon usurped by the then-radical theory of rational expectations. What followed were research and policy ranging from time consistency to early childhood education, from sovereign debt to distributional inequality, from real business cycles to too big to fail. And, along the way, improvements in forecasting—the spark that began it all. We’ve convened to review lessons learned over the past 50 years about successful policy-academia collaboration and to explore current research that will shape the theory and practice of economics over the next 50 years. This is a celebration of all involved, past and present, and of the spirit of intellectual independence and collegial cooperation that lies at the heart of the partnership.
    [Show full text]
  • Interview with Walter Heller
    .. TV SCRIPT SENATOR HUBERT H. HUMPHREY AND DR. WALTER HELLER BOB COAR: This is Washington and this is Senator Hubert H. Humphrey of Minnesota. Today the Assistant Majority Leader has as his guest, Dr. Walter Heller, Chairman of the Council of Economic Advisers. Now, here is Senator Humphrey. SENATOR HUMPHREY: Well, ladies and gentlemen, my guest for today is a very distinguished Minnesotan and a very able public servant. He is on leave from the University of Minnesota, so to speak, on loan to the President of the United States. He's Dr. Walter Heller, the Chairman of the President's Council of Economic Advisers. This is a very important position in our government. And as the chief economic adviser to President Johnson, he has figured prominently in the news here this week--n~vs that relates, of course, to the preparation of both the Economic Message, the Economic Report and the Budget Message that have been submitted by President Johnson to the Congress. Dr. Heller was chairman of the Economics Department of our University before being brought here by the late President Kennedy in 1961 as the head of the Council of Economic Advisers. He's serving in the same role with President Johnson and I might add that he is doing an unusually fine and good job. I was with the President and Dr. Heller just this past week and I know how much President Johnson relies upon him and admires him. I can stand witness to that fact. Nmr, the first question I have,Dr. Heller, concerns the impact of the President's budget proposal-for our viewers and listeners here--just a few facts.
    [Show full text]
  • BURNS, ARTHUR F.: Papers, 1928-1969
    DWIGHT D. EISENHOWER LIBRARY ABILENE, KANSAS BURNS, ARTHUR F.: Papers, 1928-1969 Accessions A66-6, 82-7, 83-6 Processed by: JRB, JAW, HLP Date Completed: May 1986 The papers of Arthur F. Burns, economist, educator, and chairman of the council of Economic Advisers, were deposited in the Eisenhower Library in January 1966, December 1981, and December 1982, by Mr. Burns. Linear feet shelf space occupied: 85 Approximate number of pages: 169,600 Approximate number of items: 50,000 In January 1965, Mr. Burns executed an instrument of gift for these papers. Literary property rights in the unpublished writings of Arthur F. Burns in these papers and in other collections of papers in the Eisenhower Library are reserved to Mr. Burns during his lifetime and thereafter pass to the people of the United States. By agreement with the donor the following classes of documents will be withheld from research use: 1. Papers relating to private business affairs of individuals and to family and personal affairs. 2. Papers relating to investigations of individuals or to appointments and personnel matters. 3. Papers containing statements made by or to the donor in confidence unless in the judgement of the Director of the Dwight D. Eisenhower Library the reason for the confidentiality no longer exists. 4. All other papers which contain information or statements that might be used to injure, harass, or damage any living person. SCOPE AND CONTENT NOTE The papers of Arthur F. Burns span the years 1928 through 1969. Although the bulk of the materials tend to be concentrated in the 1950's and 1960's, a significant exception is the file of drafts to several manuscripts which Burns worked on in the 1930's and 1940's.
    [Show full text]
  • Monetary Vs. Fiscal Policy
    Monetary v s . Fiscal Policy Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The Seventh Annual Arthur K. Salomon Lecture THE GRADUATE SCHOOL OF BUSINESS ADMINISTRATION NEW YORK UNIVERSITY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Monetary vs. Fiscal Policy Milton Friedman & Walter W. Heller W • W • Norton & Company • Inc • NEW YORK Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Copyright © 1969 by The Graduate School of Business Administration, New York University FIRST EDITION Library of Congress Catalog Card No. 79-80110 ALL RIGHTS RESERVED Published simultaneously in Canada by George J. McLeod Limited, Toronto PRINTED IN THE UNITED STATES OF AMERICA 1234567890 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Contents Foreword 7 Is Monetary Policy Being Oversold? / 13 Walter W. Heller Has Fiscal Policy Been Oversold? / 43 Milton Friedman Reply / Walter W. Heller 63 Reply / Milton Friedman 7i NOTES 8l GLOSSARY OF TERMS AND REFERENCES 89 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Foreword The Graduate School of Business Administration of New York University considers that one of its important mis­ sions is to provide a forum for the exchange of new ideas and knowledge which may affect the community and the country. As we prepared for the Seventh Annual Arthur K. Salo­ mon Lecture on November 14, 1968, we decided to vary our format in an election year by having two speakers on the program instead of one as in previous years.
    [Show full text]
  • Keynes X Hayek [Recurso Eletrônico] : a Origem E a Herança Do Maior Dueloeconômico Da História / Nicholas Wapshott ; Tradução Ana Maria Mandim
    Tradução de Ana Maria Mandim 1ª edição 2016 CIP-BRASIL. CATALOGAÇÃO NA PUBLICAÇÃO SINDICATO NACIONAL DOS EDITORES DE LIVROS, RJ W225k Wapshott, Nicholas Keynes x Hayek [recurso eletrônico] : a origem e a herança do maior dueloeconômico da história / Nicholas Wapshott ; tradução Ana Maria Mandim. - 1. ed. - Rio de Janeiro: Record, 2016. recurso digital Tradução de: Keynes x Hayek: the clash that defined modern economics Formato: epub Requisitos do sistema: adobe digital editions Modo de acesso: world wide web Inclui bibliografia e índice Sumário, nota ISBN 978-85-01-0918-0 (recurso eletrônico) 1. Keynes, John Maynard, 1883-1946 . 2. Hayek, Friedrich A. von (Friedrich August von), 1899-. 3. Economia. 4. Política econômica. 5. Livros eletrônicos. I. Mandim, Ana Maria. II. Título. 16-33984 CDD: 306.4 CDU: 392.6 Copyright © Nicholas Wapshott, 2011 Título original em inglês: Keynes x Hayek: the clash that defined modern economics Todos os direitos reservados. Proibida a reprodução, armazenamento ou transmissão de partes deste livro, através de quaisquer meios, sem prévia autorização por escrito. Texto revisado segundo o novo Acordo Ortográfico da Língua Portuguesa. Direitos exclusivos de publicação em língua portuguesa para o Brasil adquiridos pela EDITORA RECORD LTDA. Rua Argentina, 171 – Rio de Janeiro, RJ – 20921-380 – Tel.: (21) 2585-2000, que se reserva a propriedade literária desta tradução. Produzido no Brasil ISBN 978-85-01-0918-0 Seja um leitor preferencial Record. Cadastre-se e receba informações sobre nossos lançamentos e nossas promoções. Atendimento e venda direta ao leitor: [email protected] ou (21) 2585-2002. A Anthony Howard Sumário Prefácio 1.
    [Show full text]