Publisher's Synopsis
The 1930s were an exciting period in the development of economic thought. The world was gripped by the Keynesian Revolution - the development of modern macroeconomics stemming from Keynes' analysis of the Great Depression. Keynesianism remained the orthodoxy until the 1970s. The last two decades have seen the counter-revolution of monetarism and subsequently new approaches to the subject; this counter-revolution witnessed the rehabilitation of Friedrich von Hayek.;Hayek was probably the leading causality of the 1930s intellectual debate. As a professor at the LSE he was central to the research programme laid down by Lional Robbins. This programme was a counter to the earlier LSE approach and that pursued by Keynes and others at Cambridge. It focused on how choices are made between scarce means and competing ends. It thus rejected Marshall's emphasis upon the study of men in ordinary business life and it was opposed to Keynes' view that economics was a moral science which used introspection and value judgements.;Hayek was subjected to criticism both from Cambridge but also from within the LSE by the younger economists - the Young Turks. Hayek was the loser at the time but the debate has now come full circle. In this book Brian MCCormick assesses the debate of the 1930s and its aftermath to illuminate this critical period in the history-of-economic thought.
