Abstract
We have so far dealt with the Austrian challenge to Keynes in terms of economic theory as represented in the Hayekian theory of the trade cycle. We have concluded that this challenge cannot be shown to have succeeded. But, as noted earlier, the peculiar strength of Austrian economics, which exempts it from the tensions inherent in monetarism, lies in its successful integration of technical monetary theory into a general philosophy of society in which money is regarded as a social institution. There is, accordingly, a further challenge to Keynes based upon the broader social and political consequences of the Keynesian Revolution. It is to a consideration of these consequences that we now turn.
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Notes and References
K. J. Arrow, Social Choice and Individual Values, 2nd edn (Yale University Press) 1970.
F. A. Hayek, The Road to Serfdom (London: Routledge & Kegan Paul 1944).
W. Breit and R. L. Ransom, The Academic Scribblers, revd edn (Chicago: Dryden Press, 1982) p. 209.
J. K. Galbraith, Money (London: Pelican, 1976) pp. 237, 238. See also Galbraith’s reference to remarks by Joan Robinson.
For an explicit denial that Nazi economic policy was Keynesian, see R. J., Overy, The Nazi Economic Recovery 1932–1938 (London: Macmillan for the Economic History Society, 1982).
W. Carr, ‘Keynes and the Treaty of Versailles’, in A. P. Thirlwall (ed.), Keynes as a Policy Adviser (London: Macmillan, 1982) p. 100.
F. A. Hayek, New Studies, in Philosophy, Politics, Economics and the History of Ideas (London: Routledge & Kegan Paul, 1978) pp. 193, 196, 197–8, 203, 205.
G. Simmel, The Philosophy of Money (1900); English trans. (London: Routledge & Kegan Paul, 1978).
H. G. Wells, Outline of History (London: Cassell, 1920) p. 233.
S. H. Frankel, Money: Two Philosophies (Oxford: Blackwell, 1977).
C. A. E. Goodhart, Money, Information and Uncertainty (London: Macmillan, 1975) pp. 9–10.
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© 1987 Gordon A. Fletcher
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Fletcher, G.A. (1987). The Austrians III: Two Routes to Serfdom. In: The Keynesian Revolution and its Critics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-08736-5_21
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DOI: https://doi.org/10.1007/978-1-349-08736-5_21
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