Abstract
We have so far dealt with the Austrian challenge to Keynes in terms of economic theory as represented in the Hayekian theory of the trade cycle. We have concluded that this challenge cannot be shown to have succeeded. But, as noted earlier, the peculiar strength of Austrian economics, which exempts it from the tensions inherent in monetarism, lies in its successful integration of technical monetary theory into a general philosophy of society in which money is regarded as a social institution. There is, accordingly, a further challenge to Keynes based upon the broader social and political consequences of the Keynesian Revolution. It is to a consideration of these consequences that we now turn.
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Notes and References
The most accessible account is in C. K. Rowley, ‘Liberalism and Collective Choice’, National Westminister Bank Quarterly Review, (May 1979) pp. 11–22.
K. J. Arrow, Social Choice and Individual Values, 2nd edn (Yale University Press) 1970.
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For an explicit denial that Nazi economic policy was Keynesian, see R. J. Overy, The Nazi Economic Recovery 1932–1938 (London: Macmillan for the Economic History Society, 1982).
W. Carr, ‘Keynes and the Treaty of Versailles’, in A. P. Thirlwall (ed.), Keynes as a Policy Adviser (London: Macmillan, 1982) p. 100.
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C. A. E. Goodhart, Money, Information and Uncertainty (London: Macmillan, 1975) pp. 9–10.
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© 1989 Gordon A. Fletcher
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Fletcher, G.A. (1989). The Austrians III: Two Routes to Serfdom. In: The Keynesian Revolution and its Critics. Keynesian Studies. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-20108-2_21
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DOI: https://doi.org/10.1007/978-1-349-20108-2_21
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