I’ve just finished reading Nicholas Wapshott’s enjoyable book
[amazon_image id=”0393077489″ link=”true” target=”_blank” size=”medium” ]Keynes Hayek: The Clash That Defined Modern Economics[/amazon_image]
What a contrast in either case to the comparative statics, giving way to the instantaneous solving of differential equations, that has characterised modern macroeconomics. Post-crisis, we know the modern macro is wrong, a discredited intellectual framework. Who knows yet what will crystallise the new consensus – but it has something to take from Keynes and Hayek.
As it happened, as I finished the book, Tim Harford alerted his devoted Twitter followers to this blog by Greg Fisher looking at Hayek through the prism of complexity theory. Very interesting.