Quotation of the Day…

by Don Boudreaux on August 7, 2011

in Hayek, Hubris and humility, Myths and Fallacies, State of Macro, Video

… is from this short clip of a 1977 interview that my GMU colleague Tom Hazlett (then a student at UCLA) did with Hayek:

Keynes was very capable of rapidly changing his opinion….  He has been so much an intuitive genius, but not much a strict logical reasoner…. I regard him as a real genius, but not as a great economist, you know.  He was not a very consistent or logical thinker.

UPDATE: Tom Hazlett e-mailed me to say that the date of his interview with Hayek likely wasn’t 1977; it more likely was conducted in 1978 or 1979.

And I should have added earlier that in August 1983 Sandy Ikeda, George Selgin, and I interviewed Henry Hazlitt at Mr. Hazlitt’s home in Wilton, CT.  (I recall that he had a vanity license tag on his car that read “HAZ.”)  At one point during the interview, Hazlitt went on a little riff praising Keynes’s genius and intellect and sharpness of wit; Hazlitt paused in the middle of his praise for Keynes to say something like (I forget his exact words) “Of course, Keynes was a poor economist.”

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