“When Keynes’s General Theory was published in February 1936, it obliterated all else on the scene in academic economics. Hayek was known to be working on a treatise on capital as Keynes’s work was published (the work that became The Pure Theory of Capital). While there was some anticipation in academia for this forthcoming major work, interest even by economists in Hayek’s work waned.”

—  Alan O. Ebenstein

Hayek's Journey: The Mind of Friedrich Hayek (2003)

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Alan O. Ebenstein 47
American political scientist, educator and author 1959

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“In the years after 1936, whilst Hayek was working on The Pure Theory of Capital, most economists were convinced by Keynes, whose theory had an elegance and simplicity that Hayek’s did not. Keynes’ theory lacked Hayek’s theoretical rigor in that it was not based on equilibrium (on individual rationality), and there were places in the argument where Keynes relied on loose, informal arguments, preferring to put his trust in intuition rather than formal theory. Keynesians did not solve the problems with capital theory that Hayek had identified: they just bypassed or ignored them. According to Hayek’s methodological criteria, Keynes’ theory was decidedly inferior. Against this, Keynes’ theory provided opportunities for mathematical and statistical analysis that Hayek’s did not. Indeed, though Hayek paid some attention to data, he did so only minimally: he certainly made no attempt to test his theory against statistical data. The choice of Keynesian theory was, at least in part, a methodological one.”

Roger Backhouse (economist) (1951) British economist

"Hayek on money and the business cycle", 2006

“Keynes ultimately placed his hopes for good government in exceptional men. The focus in Hayek’s work was rules.”

Alan O. Ebenstein (1959) American political scientist, educator and author

Hayek's Journey: The Mind of Friedrich Hayek (2003)

“The time component of economic production became vital in Hayek’s work in economic theory. Essentially, his economic work could be said to rest on the idea that the price system is a method for coordinating economic activity through time.”

Alan O. Ebenstein (1959) American political scientist, educator and author

Hayek's Journey: The Mind of Friedrich Hayek (2003)

“Hayek’s essential gist in capital theory was that capital is heterogeneous, that it cannot be put to many uses simultaneously or at different times. If these empirical assumptions as to capital’s heterogeneity are false, then his theoretical system of economic activity falls. Hayek never established that changes in interest rates primarily and predominantly influence capital production of goods of higher order and their prices.”

Alan O. Ebenstein (1959) American political scientist, educator and author

Hayek's Journey: The Mind of Friedrich Hayek (2003)

Jeremy Hardy photo

“Capitalism is a great idea in theory, but in practice it just doesn't work.”

Jeremy Hardy (1961–2019) British comedian

The News Quiz, BBC Radio 4, November 2008

Gary North (economist) photo

“The West never came close to proletarian revolution. The Left likes to believe that it did. They like to argue that 'Franklin Roosevelt saved capitalism from itself'. This is another way of saying that John Maynard Keynes saved capitalism from itself. Both arguments are incorrect. Roosevelt and Keynes met only once. Roosevelt correctly assessed Keynes as a mathematician, not an economist. This was true. Keynes got his degree in mathematics, not economics. Roosevelt was the source of what we call Keynesianism, 1933-36, not Keynes, whose General Theory appeared in 1936. But scholars like to believe that academic arguments shape the world. They don't. They conform what has already begun to take root in the thinking and practices of the general public. When men decided that "thou shalt not steal" means "thou shalt not steal, except by majority vote," the Keynesian worldview was born. This view is dominant today. Marxism is dead. So is " means this: it is immoral to steal, with or without majority vote. This has nothing to do with the mode of production.”

Gary North (economist) (1942) American Christian Reconstructionist and economic historian

"Cultural Marxism Is an Oxymoron" http://www.garynorth.com/public/12623.cfm (1 July 2014), Gary North.

“Alongside their work on pure economic theory, the classical political economists engaged in a parallel project: to promote the forcible reconstruction of society into a purely market-oriented system.”

Michael Perelman (1939) American economist

Source: The Invention of Capitalism: Classical Political Economy and the Secret History of Primitive Accumulation (2000), p. 2

Jimmy Wales photo

“Hayek's work on price theory is central to my own thinking about how to manage the Wikipedia project. … [O]ne can't understand my ideas about Wikipedia without understanding Hayek.”

Jimmy Wales (1966) Wikipedia co-founder and American Internet entrepreneur

Jimmy Wales, cited by Katherine Mangu-Ward, " Wikipedia and Beyond: Jimmy Wales' sprawling vision http://reason.com/archives/2007/05/30/wikipedia-and-beyond," Reason (June 2007).
Also cited by Morton Winston and Ralph Edelbach, Society, Ethics, and Technology 4th ed. (Boston, MA: Wadsworth, 2012), p. 200.

“Early in my professional life, I found that many areas of economics attracted me. I started working and publishing in price theory by 1938. In 1946, I published an early work on linear programming (The Cost of Subsistence) which solved the problem only approximately; George Dantzig soon presented the exact solution. In the 1940s, I began empirical work on price theory, starting with a test of the kinked oligopoly demand curve theory of rigid prices.”

George Stigler (1911–1991) American economist

"George J. Stigler - Biographical," 1982

Gunnar Myrdal photo

“A criticism of Keynes and Hayek would have to begin by pointing out the fact that in their theoretical systems there is no place for the uncertainty factor and anticipations.”

Gunnar Myrdal (1898–1987) Swedish economist

Source: Monetary Equilibrium (1939), p. 32; Cited in: Philip Pilkington, " Gunnar Myrdal’s Prescient Criticisms of Keynes’ General Theory http://fixingtheeconomists.wordpress.com/2013/08/10/gunnar-myrdals-prescient-criticisms-of-keynes-general-theory/" Posted on August 10, 2013

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