Lead: Despite the advocacy of their partisans, the alleged rivalry between John Maynard Keynes and Friedrich August Hayek was more apparent than real. Hayek particularly made his greatest impact in the world of politics.

Intro.: A Moment in Time with Dan Roberts.

Content: Keynes’ greatest contribution was in the arena of macroeconomics, particularly the activity of the state in creating orderly capital markets and creation and re-stimulation of demand in time of recession. Even conservative economists and politicians recognized this insight and often insist on stimulation in order to get business activity started back up when it is down. Richard Nixon once significantly opined, “we are all Keynesians now.” Keynes’ theories have largely dominated scholarly and academic economics since the 1930s.