When Keynes's General Theory was published in February 1936, it obliterated all else on the scene in academic economics. Hayek was known to be working on a treatise on capital as Keynes's work was published (the work that became The Pure Theory of Capital). While there was some anticipation in academia for this forthcoming major work, interest even by economists in Hayek's work waned.
Alan O. EbensteinRelated topics
academic anticipation capital economics february forthcoming general interest known major pure scene theory treatise while work working academia hayekRelated quotes
I had, to be sure, been drawn into economics when the General Theory was an exciting revelation for students hungry for explanation and remedy of the Great Depression. At the same time, I was uncomfortable with several aspects of Keynes' theory, and I sought to improve what would now be called the microfoundations of his macroeconomic relations.
James Tobin
This branch of economics has suffered from several intellectual mistakes. The major mistake has been the presumption that standard economic theory is inadequate for understanding low income countries and that a separate economic theory is needed. Models developed for this purpose were widely acclaimed until it became evident that they were at best intellectual curiosities.
Theodore Schultz
If, of course, one builds into the concept of an 'individual' all that Professor Hayek does in his Road To Serfdom, Individualism and Economic Order and many other works, which is, to put it briefly, the whole of laisser-faire economic theory, then plainly man as such a programmed predator has very little interest in being fraternal, or very little chance.
Bernard Crick
good art means the ability of any one man to pin down in some permanent and intelligible medium a sort of idea of what he sees in Nature that nobody else sees. In other words, to make the other fellow grasp, through skilled selective care in interpretative reproduction or symbolism, some inkling of what only the artist himself could possibly see in the actual objective scene itself.
H. P. Lovecraft
The general misunderstanding of a work of art is often due to the fact that the key to its spiritual content and technical means is missed. Unless the observer is trained to a certain degree in the artistic idiom, he is apt to search for things which have little to do with the aesthetic content of a picture. He is likely to look for pure representational values when the emphasis is really upon music-like relationships.
Hans Hofmann
