Hayek (Selgin & Co.) vs. Keynes (Skidelsky & Co.) Broadcast Today!

by Don Boudreaux on August 3, 2011

in Seen and Unseen, State of Macro, Stimulus

Last week in London George Selgin and Jamie Whyte debated Lord Skidelsky and Duncan Weldon on – so I understand broadly – Hayek vs. Keynes.  The debate (or, George tells me, the bulk of it) will be broadcast today in the U.K. at 8pm U.K. time (which is 3pm EDT). Info here.

In addition, here’s a teaser, featuring a beautiful come-back from George to a comment by Lord Skidelsky.

And quoting the BBC: ” You can listen again via the BBC iPlayer or by downloading the Analysis podcast. Share your thoughts on the Keynes vs. Hayek debate on Twitter using #lsehvk “

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sym August 3, 2011 at 7:35 am

As of 12:34pm on the 3rd of August the recording is NOT available on the BBC site; the iPlayer mini-site displays it as “comming soon” and the Analysis podcast page makes no reference of it whatsoever.

Martin Brock August 3, 2011 at 2:35 pm

They won’t post it for download before it broadcasts. Follow the link and click Listen in the upper right at broadcast time or wait for the post.

vidyohs August 3, 2011 at 7:40 am

I am up early, smiling, ready for a good long profitable day, and then I played the linked clip.

Listening to the insanity of the keynesians is depressing to say the least.

Lionel from France August 3, 2011 at 7:52 am

Completely agree with you!

Invisible Backhand August 3, 2011 at 9:42 am

“Incidentally, those “left-wing economic ideas” are Economics 101; and try stacking up my economic predictions over the past few years against any of Gingrich’s favorites.”


Sam Grove August 3, 2011 at 1:06 pm

What does Gingrich have to do with anything?
He’s been a has-been for over 20 years.

kyle8 August 3, 2011 at 2:47 pm

I would not stack up krugmans predictions against anyones. He is as bad a prognosticator as he is an economist.

DG Lesvic August 3, 2011 at 11:57 am

I’d like to see a debate here between George Selgin and John Sullivan.

I’m putting my bet down on John right now.

Martin Brock August 3, 2011 at 1:09 pm

Great teasers. Did Selgin make the the crack about “Rothbardian loonies” at freebanking.org before or after our Lord accused him of living in a “cuckoo cloud world”.

Daniil Gorbatenko August 3, 2011 at 3:57 pm

As I feared, radio debate is not the best format to discuss economic ideas. The opponents were mostly talking past each other. The Keynesians constantly raised the flawed vicious downward spiral argument, but for some reasons Selgin and White didn’t address it.

Someone should finally demolish this argument.

Cthorm August 3, 2011 at 4:30 pm

As of 1:30 PM PST, the podcast is up on the BBC website.

Greg Webb August 3, 2011 at 7:09 pm

I just finished listening to the debate. George Selgin was fabulous!

andy August 3, 2011 at 7:41 pm

ha ha i just heard the selgin retort on the trailer…GOLD Mr Selgin!!!

Surfisto August 3, 2011 at 8:35 pm

I just saw Obama this morning or yesterday morning talk about a infrastructure bank to invest. He must talk to dead people. On a serious note, it struck me how the Keynesians need to use opinion (as if fact) and play advocates of the people in order to justify the theory. Hayekians seem to use logic and humbleness. Maybe I see this only because I agree with Hayek, but this also seems like bad news because I feel most people do not use logic.

Lee Waaks August 3, 2011 at 9:41 pm

The debate was good fun but the two sides just talked past eachother. Selgin did score some good points and Skidelsky was sloppy and resorted to the ad miseracordiam fallacy to support Keynes. I don’t think the Hayek side attacked as much as they should have the bad idea that government spending can become an effective replacement for investment that allegedly never takes place because of a spooked investor class — or where the money comes from to do this.

Josh August 4, 2011 at 9:02 am

Robert Schiller, Larry Summers, Joseph Stiglitz, Robert Reich, Ben Bernanke, Tim Geithner, Brad DeLong, Paul Krugman, Bill Gross, Greg Mankiw vs Rogoff , Greenspan, Russ and Don. I only include Russ and Don because this is their site. Who am I forgetting?

Greg Webb August 4, 2011 at 1:07 pm

I listened to the debate again this morning. I am disappointed that the podcast ended while George Selgin was making a point responding to Lord Skidelsky. I hope the BBC posts the entire unedited debate.

I liked Jamie Whyte’s comments comparing Keynesianism to religion. It is very much a religion — and it is the same one worshipped by all statists whether they call themselves liberals, progressives, democratic socialists, national socialists, fascists, international socialists, communists, etc. And, it is the worship of one’s self and what good that he or she imagines could be done (in order to receive that “applause”) if he or she controlled everything and everyone…no questions asked.

I am pleased that George Selgin made great retorts to Lord Skidelsky’s overbearing and conclusory comments that “that’s wrong.” George has a good debating style and a voice that creates interest in what he is saying. I look forward to reading and listening to more of his views. I may also try to read more of Jamie Whyte’s works.

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