Nicholas Wapshott > Quotes

“There was a pretext, albeit slender, that might have prompted Hayek to reach out to Keynes: Keynes had succeeded Edgeworth as editor of the Economic Journal in 1911. But”
― Nicholas Wapshott, Keynes Hayek: The Clash that Defined Modern Economics

“If an equilibrium was invariably elusive in the real world, Hayek argued, then the a priori assumptions that theoretical economists make about the operation of an economy, or a market, tending toward an equilibrium would always fall short. An equilibrium can be predicted only if the intentions of each of the participants is known, and that is impossible both in theory and in practice.”
― Nicholas Wapshott, Keynes Hayek: The Clash that Defined Modern Economics

“determined to prove that there were no simple solutions to intractable economic problems, and came to believe that those who advocated large-scale public spending programs to cure unemployment were inviting not just uncontrollable inflation but political tyranny.”
― Nicholas Wapshott, Keynes Hayek: The Clash that Defined Modern Economics

“for”
― Nicholas Wapshott, Keynes Hayek: The Clash that Defined Modern Economics

“The philosophy was nationalization, centralization, control, regulation. Now this had to end.”
― Nicholas Wapshott, Keynes Hayek: The Clash that Defined Modern Economics

“because in a socialist society the government owned the main industries—“the means of production”—and therefore set the prices of goods, the key purpose of prices, to distribute scarce resources, was made redundant.”
― Nicholas Wapshott, Keynes Hayek: The Clash that Defined Modern Economics

“When Reagan entered the White House, America was the world’s largest creditor; by the time he retired to his Santa Barbara horse ranch, it had become the world’s largest debtor, owing foreign lenders about $400 billion.”
― Nicholas Wapshott, Keynes Hayek: The Clash that Defined Modern Economics