The Hayek-Friedman-Keynes synthesis
Milton Friedman, John Maynard Keynes and Friedrich Hayek: the three great famous economists from the middle decades of the 20th century.
What were the similarities and differences between them, and how do they stand in the discipline of economics as it develops in the 21st century?
All three believed that the business cycle was extremely difficult to predict and control.
Hayek’s insights go much deeper and offer a better framework for the research programmes of the 21st century.
By Paul Ormerod, Prospect December 2006