Sunday, April 24, 2016

Hayek On Why Keynes Became More Popular Than Hayek

The below fascinating hour-long interview of Friedrich Hayek was conducted by Jack High in 1978.

The interview covers a broad spectrum of topics including why Hayek thought the ideas of Keynes became more popular than his own.

Austrian-lites should also take note that he admits without a gold standard to halt monetary inflation, a business cycle boom could last much longer than the 5 to 6 years he expected, He said a 20-year boom could be possible.



  1. Hasn't debt been growing without a meaningful correction for 60 years? The Great Depression was the last big clean out.

    1. Debt in and of itself is not the driving factor behind the business cycle. There can be plenty of non-business cycle debt---and indeed it is theoretically possible to have a business cycle without debt.