The Hayek-Keynes Debate - Lessons for Current Business Cycle Research
About a year ago, the Mises Institute began looking for a way to bring the important book by John P. Cochran and Fed R. Glahe into print. It is one of the few original narratives in book form that focuses on what is in fact a crucial if not central debate in 20th-century economic thought: The debate between Keynes and Hayek and its lessons for our time. This 240-page book explores all the literature, much of it forgotten but all of it extremely important. What they show is that Hayek was right on point after point. They show how and why, and where Keynes went wrong.
As for that cover, which is pathetic, this edition was put together solely for the Mises Institute to make available to its members. We sought the release of the book so that we could make it as attractive as possible. But the publisher wouldn't budge. This is what they came up with.
On the other hand, they were previously going to mark up the retail price by twice what it is, so given the way publishing works, we should be grateful for this at least.
In any case, what matters is that this very important book is once again in circulation. The prize fight between Keynes and Hayek is back on, and Hayek delivers the knock-out blow.