Where can I listen to the Keynes vs Hayek debate?

Where can I listen to the Keynes vs Hayek debate?

The Keynes vs Hayek debate will be broadcast on BBC Radio 4 on Wednesday, 3 August at 20:00 BST and will repeated on Saturday, 6 August at 22:15 BST. You can listen again via the BBC iPlayer or by downloading the Analysis podcast. Radio 4: Analysis: Yo Hayek!

What is the difference between Hayek’s and Keynes’s economic theory?

The terms of the argument are laid out very clearly. Hayek says business cycles are caused by “low interest rates” born of intervention, whereas Keynes wants to blame “animal spirits” loose in a market crying out for management. Keynes then gets his turn at explaining depression.

Why is Hayek stunned when he meets Keynes at the hotel?

Hayek is stunned because he thought they were going to seminars and meetings. They meet in the lobby and head out, Hayek with his subway ticket in hand. Keynes orders a stretch limousine, while Hayek shakes his head in disgust. The theme of the party animal vs. the sober economist continues throughout the story.

What was the Hayek-Mises debate?

Like his colleague and mentor Mises, Hayek wrote in scholarly journals and was heard only by those with skeptical minds, people who doubted the theoretical and policy conventions and looked beneath the surface. In one sense, then, the debate between these two was one of the most critical for the shape of the world over the last 75 years.

Why did Keynes write the general theory in 1936?

Keynes wrote the General Theory in 1936 to explain why the recovery was so feeble. His revolutionary proposition was that following a big shock – usually a collapse in investment – there were no automatic recovery forces in a market economy. The economy would go on shrinking until it reached some sort of stability at a low level.

What did Keynes mean by under-employment equilibrium?

Keynes called this position “under-employment equilibrium”. The reason was that the level of activity – output and employment – depended on the level of aggregate demand or spending power. If spending power shrank, output would shrink.

Do Hayek and Keynes get on well in private life?

“We get on very well in private life”, Keynes wrote. “But what rubbish his theory is.” Keynes’s magnetism made a deep impression on Hayek, but he never stopped believing that his influence on economics was “both miraculous and tragic”.