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Hayek's The Road to Serfdom Revisited: Government Failure in the Argument against Socialism


  • Peter J. Boettke

    (New York University)


Karl Marx perhaps the most astute student of economic doctrine, once made the famous and apposite observation that in substantial passages of "The Wealth of Nations" Adam Smith "was very copiously infected with the conceptions of the Physiocrats." In parallel fashion this paper agues that in substantial portions of "The General Theory," J. M. Keynes was a mere Gesellist, particularly but not uniquely, in his expressions of political philosophy vis-a-vis the relationship between state and economy.

Suggested Citation

  • Peter J. Boettke, 1995. "Hayek's The Road to Serfdom Revisited: Government Failure in the Argument against Socialism," Eastern Economic Journal, Eastern Economic Association, vol. 21(1), pages 7-26, Winter.
  • Handle: RePEc:eej:eeconj:v:21:y:1995:i:1:p:7-26

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    References listed on IDEAS

    1. George J. Stigler, 1951. "The Division of Labor is Limited by the Extent of the Market," Journal of Political Economy, University of Chicago Press, vol. 59, pages 185-185.
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    Cited by:

    1. Shruti Rajagopalan, 2015. "Incompatible institutions: socialism versus constitutionalism in India," Constitutional Political Economy, Springer, vol. 26(3), pages 328-355, September.
    2. Anthony Evans, 2009. "Constitutional moments in Eastern Europe and subjectivist political economy," Constitutional Political Economy, Springer, vol. 20(2), pages 118-138, June.
    3. Bruce Caldwell, 2011. "Ten (Mostly) Austrian Insights for These Trying Times," CAE Working Papers 90, Aix-Marseille Université, CERGAM.
    4. Anthony Evans, 2014. "A subjectivist’s solution to the limits of public choice," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(1), pages 23-44, March.
    5. Michael Wohlgemuth, 2002. "Democracy and Opinion Falsification: Towards a New Austrian Political Economy," Constitutional Political Economy, Springer, vol. 13(3), pages 223-246, September.

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    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals


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