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Hayek, Samuelson, and the logic of the mixed economy?

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  • Farrant, Andrew
  • McPhail, Edward
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    Abstract

    In 1980 Friedrich Hayek wrote to Paul Samuelson complaining about the role that Economics had played in discrediting the thesis of Hayek's The Road to Serfdom. In the 11th edition of Economics, Samuelson had written that "each step away from the market system and towards the social reform of the welfare state is inevitably a journey that must end in a totalitarian state." Given the apparent prevalence of this reading of Hayek's thesis, we assess the dispute over Hayek's 'inevitability thesis' and whether Hayek's complaints were justified.

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    File URL: http://www.sciencedirect.com/science/article/B6V8F-4SX9FV6-1/2/873a4d123e27a0befcae72685bc0cf98
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

    Volume (Year): 69 (2009)
    Issue (Month): 1 (January)
    Pages: 5-16

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    Handle: RePEc:eee:jeborg:v:69:y:2009:i:1:p:5-16

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    Web page: http://www.elsevier.com/locate/jebo

    Related research

    Keywords: Hayek Samuelson Planning Welfare state Mixed economy;

    References

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    1. E. Roy Weintraub & Evelyn L. Forget, 2007. "Introduction," History of Political Economy, Duke University Press, vol. 39(5), pages 1-6, Supplemen.
    2. Rosser, J. Jr., 2005. "The Road to Serfdom and the world economy: 60 years later," European Journal of Political Economy, Elsevier, vol. 21(4), pages 1012-1025, December.
    3. anonymous, 1980. "What’s wrong with macroeconomics," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum.
    4. Boettke, Peter J., 2005. "On reading Hayek: Choice, consequences and The Road to Serfdom," European Journal of Political Economy, Elsevier, vol. 21(4), pages 1042-1053, December.
    5. Bruce Caldwell, 1997. "Hayek and Socialism," Journal of Economic Literature, American Economic Association, vol. 35(4), pages 1856-1890, December.
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    Cited by:
    1. Lawson, Robert A. & Clark, J.R., 2010. "Examining the Hayek-Friedman hypothesis on economic and political freedom," Journal of Economic Behavior & Organization, Elsevier, vol. 74(3), pages 230-239, June.

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