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Tradition and Discovery: The Polanyi Society Periodical

Volume 41, Issue 3, 2014/2015

Gabor Istvan Biro
Pages 42-49

Michael Polanyi and the Limits of State Intervention in the Economy: Towards a New Approach to the Keynes-Hayek Debate

This brief essay summarizes Nicholas Wapshott’s Keynes Hayek: The Clash that Defined Modern Economics and relates the early economic thought of Michael Polanyi to the dispute by raising questions for further reflection: Should we classify Polanyian economic thought as Hayekian or Keynesian, or is it something in between? How can it help us better understand the debate between these two? How is the agenda of the economist and social theorist Polanyi revealed through its connection to one of the most important episodes of the history of economic thought in the twentieth century?

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