Saturday, June 5, 2021

Hayek vs Keynes: Two distinctly different directions

Hayek, from the prize lecture, 1974:

... the still recent establishment of the Nobel Memorial Prize in Economic Science marks a significant step in the process by which, in the opinion of the general public, economics has been conceded some of the dignity and prestige of the physical sciences.

 

Keynes, from Economic Possibilities for our Grandchildren, 1930:

... do not let us overestimate the importance of the economic problem, or sacrifice to its supposed necessities other matters of greater and more permanent significance. It should be a matter for specialists—like dentistry. If economists could manage to get themselves thought of as humble, competent people, on a level with dentists, that would be splendid!

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