Ep. 1: Hayek Destroys Keynes: The Critique of the "Treatise" | The Austrian Challenge
Автор: Gustavo Gesualdo
Загружено: 2025-12-30
Просмотров: 14
Описание:
"Mr. Keynes's book... bypasses the real problem of capital." — F.A. Hayek.
Welcome to our new series: The Austrian Challenge. We just spent 8 episodes mastering Keynes's Treatise on Money. We thought we had the answers. But in 1931, Friedrich Hayek published a review so devastating it forced Keynes to rethink his entire life's work.
In this episode, the counter-attack begins:
The Fundamental Flaw: Hayek accuses Keynes of focusing on surface "Price Levels" while ignoring the underlying relative prices.
Capital Blindness: The core argument that Keynes ignores the time-structure of production.
Wicksell Reloaded: How Keynes misunderstood the Natural Rate of Interest. The Verdict: Why Hayek called Keynes's masterpiece a step backward into mercantilism.
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SOURCE: Hayek, F.A. (1931). Reflections on the Pure Theory of Money of Mr. J.M. Keynes.
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