Steele, G.R. (2007) The Economics of Friedrich Hayek (new edition) 
(New York: Palgrave Macmillan)

The broad thrust of the exposition of The Economics of Friedrich Hayek is unchanged. An early chapter on Hayek’s psychology is the most notable addition with this new edition. By count of words, chapters 1 (Introduction) and 5 (Economic and Social Science) are longer by about one-fifth, while chapters 8 (Business Cycles) and 12 (Hayek’s Legacy) are reduced and increased respectively by about one-tenth. Of course (as Hayek would be quick to point out), such aggregates are misleading as indicators of the relevant microcosmic changes.

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Steele, G.R. (2006) Keynes and Hayek: The Money Economy
(London and New York: Routledge Paperbacks Direct)

In the recent history of economics: Who are the most significant economists? What are the most significant events? Which are the biggest theoretical and policy issues? Prime candidates are: John Maynard Keynes and Friedrich Hayek The New York Stock Exchange crash and the Great Depression Capital theory and problems of the money economy Keynes and Hayek inspired the economic controversy of the twentieth century: the role of the state, and of money and interest rates in an advanced capitalist industrial economy. In his work, Keynes points to high interest rates, low asset values and a negative wealth effect as the principle causes of a slump. By contrast, Hayek points to a system extended beyond its full-capacity by low interest rates and high investment yields. Where Keynes argues that under used capacity is symptomatic of deficient aggregate demand, Hayek viewed under used capacity as symptomatic of inappropriate investments and of a demand for consumption goods that is too pressing to allow the completion of investments in current gestation.

Steele, G.R. (2001) Keynes and Hayek: The Money Economy
(London and New York: Routledge)

In the recent history of economics: Who are the most significant economists? What are the most significant events? Which are the biggest theoretical and policy issues? Prime candidates are: John Maynard Keynes and Friedrich Hayek The New York Stock Exchange crash and the Great Depression Capital theory and problems of the money economy Keynes and Hayek inspired the economic controversy of the twentieth century: the role of the state, and of money and interest rates in an advanced capitalist industrial economy. In his work, Keynes points to high interest rates, low asset values and a negative wealth effect as the principle causes of a slump. By contrast, Hayek points to a system extended beyond its full-capacity by low interest rates and high investment yields. Where Keynes argues that under used capacity is symptomatic of deficient aggregate demand, Hayek viewed under used capacity as symptomatic of inappropriate investments and of a demand for consumption goods that is too pressing to allow the completion of investments in current gestation.

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Steele, G.R. (1993) The Economics of Friedrich Hayek
(New York: St. Martin’s Press)

 

‘If one were to read only one book about Hayek, this should be it’ (Karen I. Vaughan, Journal of Economic Literature)

‘Many books have been published about various aspects of F.A. Hayek’s ideas, but this one is a standout’ (Jim Powell, Laissez Faire Books, San Francisco)

Margaret Thatcher, the Conservative British prime minister from 1979 to 1990, was an outspoken devotée of Hayek’s writings. Shortly after Thatcher became Leader of the Conservative Party, she “reached into her briefcase and took out a book. It was Friedrich von Hayek’s The Constitution of Liberty. Interrupting, she held the book up for all of us to see. ‘This’, she said sternly, ‘is what we believe’, and banged Hayek down on the table.”
Ranelagh, J. (1991) Thatcher’s People: An Insider’s Account of the Politics, the Power, and the Personalities (London: HarperCollins)


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Steele, G.R. (1989) Monetarism and the Demise of Keynesian Economics
(New York: St. Martin’s Press)

 

An examination of the role of money in a dynamic economy within the context of theoretical developments both within, and in opposition to, the Quantity Theory tradition. The book aims to integrate the most important contributions to understanding the money economy dealing with market competition and the impact of attempts to manipulate the economy towards high levels of employment and output. The author emphasizes the dangers of basing economic policy upon macroeconomic analysis and stresses the relevance of the market process within a dynamic theory. Steele also shows the relevance of Hayek’s work to Keynesian/monetarist controversies and examines the impact of inflation upon economic activity, which arises from distortions caused to relative prices. He also explains the importance of the Ricardo effect to the business cycle and indicates the monetarist sentiment in Keynes’ early work. The author considers that the legacy of the Keynesian era has been costly in terms of human welfare and that Keynes was wrong to deny the link between money and prices as established by the Quantity Theory of money. While the most dubious aspects of Keynes’ General Theory received close attention, contributions within the Quantity Theory tradition were neglected until drawn upon in the development of a modern Quantity Theory - monetarism.


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