I’d never seen this before and was apparently first published on 29 September 2012. The notes on the Youtube clip read:
Friedrich Hayek explains to Leo Rosten that while brilliant Keynes had a parochial understanding of economics.
“Parochial” is quite a word when the clip actually speaks of Keynes’s ignorance. It is well known that Keynes had a third rate understanding of economics but was a genius at polemical writing. After Marx, Keynes is the most destructive economist who has ever lived.
It is also interesting that Hayek sees understanding the history of economics as an important part in the education of an economist. Keynes’s ignorance of the economics of the past was seen as a great failing, a failing which now besets the whole of the profession. I wonder how much any modern economist would know about the monetary economists Hayek lists assuming they even know their names.
[My thanks to Harry for sending this on.]