The IEA announcement explains:

The great Austrian economist Hayek was the principal defender of the classical policies of Adam Smith and Keynes‘s chief antagonist. The classical model of Adam Smith, his “system of natural liberty,” favoured saving, balanced budgets, sound money (gold standard), free trade and laissez faire. Keynes’s “new” economics sought to turn the classical model upside down during economic downturns such as the Great Depression, in favour of consumption, deficit spending, easy money (paper money), protectionism and big government/welfare state. Both models have fought numerous wars since World War II, each winning battles —and both are in contention to fight for another day.  After each crisis, Keynes makes a comeback. During times of prosperity, Hayek and Smith’s model recovers. Keynesians and policy officials could learn from Hayek: Inflation is a tiger by the tail, and creates dangerous imbalances and asset bubbles in the economy.

Speaker, professor and author, Mark Skousen will delievr a talk asking Who is on Top? at the IEA on 30 May 2012 at 6.30pm.

The IEA are at 2 Lord North Street, London, SW1.