IDEAS home Printed from
   My bibliography  Save this article

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


  • Farrant, Andrew
  • McPhail, Edward


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.

Suggested Citation

  • Farrant, Andrew & McPhail, Edward, 2009. "Hayek, Samuelson, and the logic of the mixed economy?," Journal of Economic Behavior & Organization, Elsevier, vol. 69(1), pages 5-16, January.
  • Handle: RePEc:eee:jeborg:v:69:y:2009:i:1:p:5-16

    Download full text from publisher

    File URL:
    Download Restriction: Full text for ScienceDirect subscribers only

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    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.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    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. Makovi, Michael, 2016. "Labor Economics in a Planned Economy: F. A. Hayek and John Jewkes on the Impossibility of Democratic Socialism," MPRA Paper 70174, University Library of Munich, Germany.
    3. Makovi, Michael, 2016. "The Impossibility of Democratic Socialism: Two Conceptions of Democracy," MPRA Paper 70172, University Library of Munich, Germany.
    4. 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.
    5. Estrada, Fernando & González, Jorge Iván, 2014. "Tax Power and Economics," MPRA Paper 59075, University Library of Munich, Germany.
    6. Makovi, Michael, 2016. "Interest Groups and the Impossibility of Democratic Socialism: Hayek, Jewkes, and the Arrow Theorem," MPRA Paper 70173, University Library of Munich, Germany.


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jeborg:v:69:y:2009:i:1:p:5-16. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.