Hayek and His Overcoat
Geoffrey Hawthorn, 1 October 1998
The Wealth and Poverty of Nations
by David Landes.
Little, Brown, 650 pp., £20, April 1998,0 316 90867 3 Show More
by David Landes.
Little, Brown, 650 pp., £20, April 1998,
The Commanding Heights
by Daniel Yergin and Joseph Stanislaw.
Simon and Schuster, 457 pp., £18.99, February 1998,0 684 82975 4 Show More
by Daniel Yergin and Joseph Stanislaw.
Simon and Schuster, 457 pp., £18.99, February 1998,
“... the Sixties have refined it. Hayek’s argument, as Yergin and Stanislaw do not quite say, but as Keynes saw clearly and said very colourfully, strains credulity. He claimed that there is a ‘natural’ rate of interest. This is determined by the balance between people’s decisions to spend or to save. The more they save, the higher it is. Banks interfere ... ”