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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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    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

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    Keywords: Hayek Samuelson Planning Welfare state Mixed economy;

    References

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    1. 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.
    2. 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.
    3. E. Roy Weintraub & Evelyn L. Forget, 2007. "Introduction," History of Political Economy, Duke University Press, vol. 39(5), pages 1-6, Supplemen.
    4. anonymous, 1980. "What’s wrong with macroeconomics," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum.
    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.
    2. Estrada, Fernando & González, Jorge Iván, 2014. "Política tributaria y economía fiscal en los enfoques de Hayek y Brenann/Buchanan
      [Tax policy and fiscal economy approaches Hayek and Brennan / Buchanan]
      ," MPRA Paper 57123, University Library of Munich, Germany.

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