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Friedrich A. Hayek
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The two leading Austrian economists of the 20th century were Ludwig von Mises and Friedrich A. Hayek. Mises (in the 1920s) and Hayek (in the 1940s) both showed that a complex economy cannot be rationally planned because true market prices are absent. As a result, the information critical for centralized planning cannot be obtained.
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Hayek imagined that a system of competing private monies would be better at providing high quality, at maintaining the value of money over time. If citizens were free to use alternative monies, he predicted that private monies would outperform central bank monies in purchasing-power stability and would dominate them in popularity.
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Hayek connected this critique of the intellectual aridity of conservatives to his condemnation of their "hostility to internationalism" and "proneness to a strident nationalism." (405) They leaned without much thought toward a sense of national superiority and outspoken imperialism. (406)
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Su enfrentamiento comenzó cuando Hayek hizo un escrito desfavorable al libro de Keynes “Tratado sobre el dinero” y Keynes le replicó. Después, Keynes tomó la iniciativa y pidió a Piero Sraffa que hiciera un informe crítico de la obra “Precios y producción” de Hayek, que este replicó. Esta situación provocó que todos los más importantes economistas del momento tomaran parte por una de las partes. La controversia acabó en 1936 con la publicación de la “Teoría general” de Keynes, que le proclamó ganador, al menos momentáneamente, e hizo que sus tesis fueran las que se impusieran.
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Friedrich A. Hayek