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As the stock market crash of 1929 plunged the world into turmoil, two men emerged with competing claims on how to restore balance to economies gone awry. John Maynard Keynes, the mercurial Cambridge economist, believed that government had a duty to spend when others would not. He met his opposite in a little-known Austrian economics professor, Friedrich Hayek, who considered attempts to intervene both pointless and potentially dangerous. The battle lines thus drawn, Keynesian economics would dominate for decades and coincide with an era of unprecedented prosperity, but conservative economists and political leaders would eventually embrace and execute Hayek's contrary vision. From their first face-to-face encounter to the heated arguments between their ardent disciples, Nicholas Wapshott here unearths the contemporary relevance of Keynes and Hayek, as present-day arguments over the virtues of the free market and government intervention rage with the same ferocity as they did in the 1930s.--Publisher description.

ECONOMISTS -- 330.1 --- Free enterprise. --- Subsidies. --- Economists. --- Social scientists --- Business subsidies --- Corporate subsidies --- Corporate welfare --- Government subsidies --- Grants --- Subventions --- Vouchers (Subsidies) --- Welfare, Corporate --- Government aid --- Foreign trade promotion --- Trade adjustment assistance --- Free markets --- Laissez-faire --- Markets, Free --- Private enterprise --- Economic policy --- Keynes, John Maynard, --- Hayek, Friedrich A. von --- Hai-yeh-kʻo, --- Hayek, Friedrich August von, --- Hayek, F. A. von --- Haiekʻŭ, Pʻŭridŭrihi A., --- Khaĭek, F. A., --- Hayek, Frederich August von, --- Von Hayek, Friedrich A. --- Hayeke, --- 哈耶克, F.A. 冯, --- 哈葉克, --- 海耶克, --- Keĭns, Dzhon Maĭnard, --- Kʻai-yin-ssŭ, --- Kʻai-en-ssu, --- Keynes, J. M. --- Kenis, C. M., --- Keyns, C. M., --- Free enterprise --- Subsidies --- Economists --- economie (algemeen) --- economie (leerstelsels) --- Keynes, John Maynard --- Keynes, J. Maynard --- Keynes, J.M.