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

—  Alan O. Ebenstein

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

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Alan O. Ebenstein47
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

“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 (1959) American political scientist, educator and author

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

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

“Hayek’s practical political thought was flawed not where he postulated too small a role for government, but where he sanctioned too great a role. In his late work, Hayek the classical liberal became Hayek the libertarian.”

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

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

“Stemming from the Germanic philosophical heritage, Hayek was likely to place more emphasis on the act of knowing than on objects themselves. Hayek ultimately followed Kant in his ontological conception of reality—he thought that mind impresses order on existence.”

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

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

Cesare Lombroso photo

“Unfortunately, goodness and honor are rather the exception than the rule among exceptional men, not to speak of geniuses.”

Cesare Lombroso (1835–1909) Italian criminologist

Die Welt (1909); also in A Treasury of Jewish Quotations (1985) by Joseph L. Baron.

Jeffrey Tucker photo

“Here we have the heart of the difference between Hayek and Keynes: one knew that markets work to give us the best of all possible worlds, while governments create and exacerbate malfunctions; the other imagined that governments were somehow capable of both perceiving and correcting malfunctions by means of the printing press, provided the right technocrats are in charge.”

Jeffrey Tucker (1963) American writer

“Both Hayek and Locke thought that this is best achieved by limiting government’s potential actions and restricting these potential actions to known general rules applicable to all. Both sought a government of rules rather than commands, the latter of which, by their nature, are not known in advance and may be arbitrary—not applicable to all. Hayek’s goal was the society of law.”

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

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

Basil Hume photo

“The great gift of Easter is hope - Christian hope which makes us have that confidence in God, in his ultimate triumph, and in his goodness and love, which nothing can shake.”

Basil Hume (1923–1999) Catholic cardinal

Basil Hume, in Easter 2014: Best Quotes and Poems to Commemorate the Resurrection of Jesus (18 April 2014) http://www.ibtimes.co.uk/easter-2014-best-quotes-poems-commemorate-resurrection-jesus-1445306

“A good teacher must know the rules; a good pupil, the exceptions.”

Martin H. Fischer (1879–1962) American university teacher (1879-1962)

Fischerisms (1944)

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