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The Fallacy of the Mixed Economy

In: A Critique of Keynesian Economics

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  • S. C. Littlechild

Abstract

In 1974, Professor Friedrich Hayek was (jointly) awarded the Nobel Prize in Economics.1 Hayek is nowadays accepted as the leader of the so-called ‘Austrian School of Economics’. Over the last three years there has been an increasing number of references, in the press and the economics literature, to this school of thought. The influential American magazine Business Week, for example, has run two feature articles on the implications of Austrian ideas for macroeconomic policy. There have been several sessions on leading Austrians at professional economics meetings in the USA and, more recently, in Britain. A series of introductory weekend seminars in London and major American cities has attracted over a thousand participants. Exponents of the Austrian approach have themselves been on lecture tours to many universities, and a series of reprints and original papers in Austrian economics is now under way, sponsored by the Institute for Humane Studies.

Suggested Citation

  • S. C. Littlechild, 1993. "The Fallacy of the Mixed Economy," Palgrave Macmillan Books, in: Walter Allan (ed.), A Critique of Keynesian Economics, chapter 7, pages 169-224, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-22481-4_7
    DOI: 10.1007/978-1-349-22481-4_7
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