Norges Bank deputy pits Keynes against Hayek

Jon Nicolaisen. Photo: Norges Bank

Some European countries have heeded the lessons of John Maynard Keynes without paying sufficient attention to those of Friedrich Hayek, Norges Bank deputy governor Jon Nicolaisen said on April 12.

Both Keynes and Hayek offered ways of "curbing a crisis", said Nicolaisen during a lecture at the Norwegian Academy of Science and Letters.

While Keynes advocated government-financed stimulus, Hayek favoured deeper structural reforms, warning the "misjudged application" of stimulus could lead to credit

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