April 23, 2016 – Peter Harrington Rare Books is showcasing first editions of the most celebrated works of two of the world’s most distinguished 20th century economists – John Maynard Keynes and Friedrich Hayek.
Both of these economists had distinct ideas about economic freedom — ideas that were in opposition to each other.
John Maynard Keynes, an English economist, developed theories that called for a large role for government in the economy.
Keynes’s analysis focuses on government’s use of fiscal policy — spending, deficits, and tax.
To Hayek, an Austrian and British economist, less government intervention meant more economic freedom.
He believed that when people are free to choose, the economy runs more efficiently.
After receiving the Nobel Prize in Economics in 1974, Hayek returned to mainstream economics as a leading critic of Keynesianism.
Peter Harrington Rare Books is presenting first editions from the best known works of Keynes and Hayek, including Keynes’s “General Theory of Employment, Interest and Money” (1936) and Hayek’s “The Road to Serfdom” (1944.)
Written in the aftermath of the great depression, Keynes’s masterwork is seen as possibly the most influential social science treatise of the century. It quickly and permanently changed the way the world looked at the economy and the role of government in society.
“The Road to Serfdom” is Hayek’s classic polemic against centralisation and collectivism, and is among the most influential and popular expositions of classical liberalism and libertarianism.