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

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  • Farrant, Andrew
  • McPhail, Edward

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.

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
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    References listed on IDEAS

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    1. anonymous, 1980. "What’s wrong with macroeconomics," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 4(Sum).
    2. Hayek, F. A. & Caldwell, Bruce, 2007. "The Road to Serfdom," University of Chicago Press Economics Books, University of Chicago Press, number 9780226320557 edited by Caldwell, Bruce, December.
    3. 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.
    4. repec:ucp:bkecon:9780226320625 is not listed on IDEAS
    5. Bruce Caldwell, 1997. "Hayek and Socialism," Journal of Economic Literature, American Economic Association, vol. 35(4), pages 1856-1890, December.
    6. 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.
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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. 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. Andrew Farrant & Edward McPhail, 2011. "A Response to Caldwell on F. A. Hayek and The Road to Serfdom," Challenge, Taylor & Francis Journals, vol. 54(1), pages 98-112.
    6. Estrada, Fernando & González, Jorge Iván, 2014. "Tax Power and Economics," MPRA Paper 59075, University Library of Munich, Germany.
    7. 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.
    8. François Facchini & Mickael Melki, 2021. "Egalitarianism and the democratic deconsolidation: Is democracy compatible with socialism?," Public Choice, Springer, vol. 186(3), pages 447-465, March.
    9. Bjørnskov, Christian, 2018. "The Hayek–Friedman hypothesis on the press: is there an association between economic freedom and press freedom?," Journal of Institutional Economics, Cambridge University Press, vol. 14(4), pages 617-638, August.
    10. Estrada, Fernando, 2011. "The power to tax," MPRA Paper 33203, University Library of Munich, Germany.
    11. Andrew Farrant & Edward McPhail, 2010. "Hayek's New Popularity," Challenge, Taylor & Francis Journals, vol. 53(5), pages 78-91.
    12. Andrew Farrant & Edward McPhail, 2010. "Does F.A. Hayek's Deserve to Make a Comeback?," Challenge, Taylor & Francis Journals, vol. 53(4), pages 96-120.
    13. Estrada, Fernando, 2010. "The progressive tax," MPRA Paper 34971, University Library of Munich, Germany, revised Nov 2011.
    14. John Meadowcroft, 2016. "Commons, Anticommons and Public Choice: James Buchanan on Liberal Democracy," Economic Affairs, Wiley Blackwell, vol. 36(2), pages 224-228, June.
    15. Edward McPhail & Andrew Farrant, 2013. "Hayek and the Sorcerer's Apprentice: Whither the Hayekian Logic of Intervention?," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(4), pages 966-982, October.

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