Edited by Hassan Bougrine and Louis-Philippe Rochon
Sir John Hicks had a ringside seat at the combative debate between Hayek, Keynes, and Sraffa in the early 1930s. Hayek, Hicks’s colleague at the London School of Economics, had launched a scathing attack on Keynes’s A Treatise on Money in Economica, and Hicks’s ‘A Note on the Treatise’ was a significant contribution helping later readers to gain an understanding of the issues at stake. One objective of this chapter, therefore, is to reintroduce Hicks’s arguments to a modern audience. Strangely, Hayek did not offer a similar critique of Keynes’s most influential book, The General Theory. The question therefore arises about what engaged Hayek specifically about the Treatise, and not about the later and better-known book? The chapter’s second main focus is an attempt to provide the answer.
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