Summary of Nicholas Wapshott's Keynes Hayek , livre ebook

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44 pages

English

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Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 The debate between Keynes and Hayek, two of the greatest economists of their time, was sparked by a simple request for a book. Hayek asked Keynes for Edgeworth’s Mathematical Psychics, which Keynes had already used all of.
#2 Keynes was not just a fellow of King’s College, Cambridge, but he was also famous worldwide because of his role as a British Treasury negotiator at the Paris Peace Conference, which brought the cataclysm of World War I to an end.
#3 The war was the most destructive in history. It was fought over territory and world trade, and it marked the end of a chivalrous age and the dawn of the modern era. Keynes was a hero to many Central Europeans because of his criticism of British, French, and American leaders for levying crippling reparations on those in the remnants of the defeated alliance.
#4 Keynes was not handsome, but he had a commanding physical presence. He was six foot six inches tall and had a slight stoop, which he had acquired as a lofty schoolboy. He was not slow to notice the magnetism of the brilliant conversationalist Hayek.

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Economic history

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Publié par	Everest Media LLC
Date de parution	09 mars 2022
Nombre de lectures	0
EAN13	9781669351993
Langue	English
Poids de l'ouvrage	1 Mo

Informations légales : prix de location à la page 0,0150€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

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Insights on Nicholas Wapshott's Keynes Hayek
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3 Insights from Chapter 4 Insights from Chapter 5 Insights from Chapter 6 Insights from Chapter 7 Insights from Chapter 8 Insights from Chapter 9 Insights from Chapter 10 Insights from Chapter 11 Insights from Chapter 12 Insights from Chapter 13 Insights from Chapter 14 Insights from Chapter 15 Insights from Chapter 16 Insights from Chapter 17
Insights from Chapter 1

#1

The debate between Keynes and Hayek, two of the greatest economists of their time, was sparked by a simple request for a book. Hayek asked Keynes for Edgeworth’s Mathematical Psychics, which Keynes had already used all of.

#2

Keynes was not just a fellow of King’s College, Cambridge, but he was also famous worldwide because of his role as a British Treasury negotiator at the Paris Peace Conference, which brought the cataclysm of World War I to an end.

#3

The war was the most destructive in history. It was fought over territory and world trade, and it marked the end of a chivalrous age and the dawn of the modern era. Keynes was a hero to many Central Europeans because of his criticism of British, French, and American leaders for levying crippling reparations on those in the remnants of the defeated alliance.

#4

Keynes was not handsome, but he had a commanding physical presence. He was six foot six inches tall and had a slight stoop, which he had acquired as a lofty schoolboy. He was not slow to notice the magnetism of the brilliant conversationalist Hayek.

#5

Keynes was prepared to lend his intellect to the war effort, less because he was patriotic than because he became intrigued by the wartime public policy conundrums. He played a more important role in the war effort than any other unelected official.

#6

The Allies were concerned about the compensation that Germany must provide to the civilian populations of the Allies and their property. However, they were also concerned about the spread of communism in the defeated nations if they demanded too much compensation.

#7

In 1918, Keynes made a plea on behalf of the starving women and children of Austria. He believed the reparations would be disastrous for the prospect of permanent peace in Europe, and resigned in protest.

#8

After the war, Keynes wrote The Economic Consequences of the Peace, which detailed the absurdities of the peace treaty that Germany had to abide by. He believed that the industrial future of Europe was black, and the prospects of revolution very good.

#9

Keynes’s book, Economic Consequences of the Peace, was highly critical of the treaty, and was quickly translated into many languages. It changed his life, as he was now in high demand by newspapers around the world.
Insights from Chapter 2

#1

Hayek’s wartime experience was very different from that of Keynes. While Keynes was extremely intelligent, Hayek was a poor student who was twice removed from school because of his laziness.

#2

After the war, Vienna was transformed from a sophisticated and confident city to one that was full of poverty and begging children. The depradations inflicted on the Austrian people during the war became even more acute in peacetime.

#3

After the war, German families like the Hayeks were not immune to the ravages of inflation. Their savings and possessions became worthless as the price of essentials skyrocketed.

#4

The end of the war meant that Hayek had to change careers. He began studying economics at the University of Vienna, where he was taught by Friedrich von Wieser, who believed that prices are the key to understanding how the market works.

#5

Hayek’s first job after graduating from the University of Vienna was with the Austrian government, where he worked to settle war debt. He experienced the country’s hyperinflation firsthand, and in just eight months was awarded two hundred pay raises.

#6

In The Economic Consequences of the Peace, Keynes had warned of the dangers of inflation running out of control. He had also warned that the undermining of currencies was a invitation to revolution.

#7

Keynes was a brilliant and original thinker, but he was also obstinate and self-centered. He convinced many prominent people to contribute to the Guardian supplements, including H. H. Asquith, the British wartime prime minister, Ramsay MacDonald, the future British Labour prime minister, and Léon Blum, who was to become prime minister of France three times.

#8

Keynes began testing the logic behind the notion that over time an economy would come to rest at a point where everyone was employed, a truth he learned from Alfred Marshall. However, he found that the long run was an elusive timescale that was always set at some indeterminate time in the future.

#9

Hayek was a researcher for a book about the Central European nations’ war-ravaged economies. He was intrigued by the secretive workings of the Federal Reserve Board, which Keynes had addressed at length.
Insights from Chapter 3

#1

Hayek was a central planner in Austria, and he believed that the government should not ignore the price mechanism that he believed was essential for an economy to function efficiently.

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