the fallacy of the mixed economy - institute of...

Post on 27-Apr-2018

218 Views

Category:

Documents

2 Downloads

Preview:

Click to see full reader

TRANSCRIPT

The Fallacy of the Mixed Economy An ‘Austrian’ Critique of Recent Economic Thinking and Policy

sECond EdiTion

S . C . L I T T L E C H I L D

The Institute of Economic Affairs

IEA Fallacy of Mixed Economy.indd 1 05/02/2009 18:39

First published in Great Britain in 1978 by The Institute of Economic Affairs

2 Lord North StreetWestminster

London sw1p 3lb

Second edition (with postscript) published in 1986

This reissued edition published in 2009 byThe Institute of Economic Affairs

in association with Profile Books Ltd

The mission of the Institute of Economic Affairs is to improve public understanding of the fundamental institutions of a free society, by analysing and expounding the role of

markets in solving economic and social problems.

Copyright © The Institute of Economic Affairs 1978 & 1986

The moral right of the author has been asserted.

All rights reserved. Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored or introduced into a retrieval system, or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise), without the prior written permission of both the copyright

owner and the publisher of this book.

A CIP catalogue record for this book is available from the British Library.

ISBN 978 0 255 36633 5

Many IEA publications are translated into languages other than English or are reprinted. Permission to translate or to reprint should be sought from the Director General at the

address above.

Printed and bound bound by Digital Book Print Ltd

IEA Fallacy of Mixed Economy.indd 2 05/02/2009 18:39

The institute is a research and educational charity (no. CC 235 351), limited

by guarantee. its mission is to improve understanding of the fundamental

institutions of a free society by analysing and expounding the role of markets in

solving economic and social problems.

The iEA achieves its mission by:

• ahigh-qualitypublishingprogramme

• conferences,seminars,lecturesandotherevents

• outreachtoschoolandcollegestudents

• brokeringmediaintroductionsandappearances

The iEA, which was established in 1955 by the late sir Antony Fisher, is

an educational charity, not a political organisation. it is independent of any

political party or group and does not carry on activities intended to affect

support for any political party or candidate in any election or referendum, or

at any other time. it is financed by sales of publications, conference fees and

voluntary donations.

in addition to its main series of publications the iEA also publishes a

quarterly journal, Economic Affairs.

The iEA is aided in its work by a distinguished international Academic

Advisory Council and an eminent panel of Honorary Fellows. Together with

other academics, they review prospective iEA publications, their comments

being passed on anonymously to authors. All iEA papers are therefore subject to

the same rigorous independent refereeing process as used by leading academic

journals.

iEA publications enjoy widespread classroom use and course adoptions

in schools and universities. They are also sold throughout the world and often

translated/reprinted.

since 1974 the iEA has helped to create a worldwide network of 100

similar institutions in over 70 countries. They are all independent but share the

iEA’s mission.

Views expressed in the iEA’s publications are those of the authors, not

those of the institute (which has no corporate view), its Managing Trustees,

Academic Advisory Council members or senior staff.

Members of the institute’s Academic Advisory Council, Honorary Fellows,

Trustees and staff are listed on the following page.

The institute gratefully acknowledges financial support for its publications

programme and other work from a generous benefaction by the late Alec and

Beryl Warren.

About the IeA

IEA Fallacy of Mixed Economy.indd 110 05/02/2009 18:39

Director General & Ralph harris Fellow John Blundell

editorial Director Professor Philip Booth

Managing trustees

Chairman: Professor d R Myddelton Kevin Bell Professor Patrick MinfordRobert Boyd dr Mark PenningtonMichael Fisher neil Record Michael Hintze Professor Martin RickettsMalcolm McAlpine Linda Whetstone

Academic Advisory Council

Chairman: Professor Martin RickettsGraham Bannock dr Eileen Marshalldr Roger Bate Professor Antonio MartinoProfessorAlbertoBenegas-Lynch,Jr DrJohnMeadowcroftProfessor donald J Boudreaux dr Anja MerzProfessor John Burton Professor Julian MorrisProfessor Forrest Capie Professor Alan Morrison Professor steven n s Cheung Paul ormerodProfessor Tim Congdon Professor david ParkerProfessor n F R Crafts Professor Victoria Curzon PriceProfessor david de Meza Professor Colin RobinsonProfessor Kevin dowd Professor Charles K RowleyProfessor Richard A Epstein Professor Pascal salinnigel Essex dr Razeen sallyProfessor david Greenaway Professor Pedro schwartzdr ingrid A Gregg Professor J R shackletonWalter E Grinder Jane s shawProfessor steve H Hanke Professor W stanley siebertProfessor Keith Hartley dr Elaine sternbergProfessor david Henderson Professor James TooleyProfessor Peter M Jackson Professor nicola Tynandr Jerry Jordan Professor Roland Vaubeldr Lynne Kiesling dr Cento VeljanovskiProfessor daniel B Klein Professor Lawrence H WhiteProfessor Chandran Kukathas Professor Walter E WilliamsProfessor stephen C Littlechild Professor Geoffrey E Wood honorary Fellows

Professor Armen A Alchian Professor Chiaki nishiyamaProfessor Michael Beenstock Professor sir Alan Peacocksir samuel Brittan Professor Ben RobertsProfessor James M Buchanan Professor Anna J schwartzProfessor Ronald H Coase Professor Vernon L smith dr R M Hartwell Professor Gordon TullockProfessor david Laidler Professor Basil s Yamey

The institute of Economic Affairs2 Lord north street, Westminster, London sW1P 3LBTel: 020 7799 8900Fax: 020 7799 2137Email: iea@iea.org.uk internet: iea.org.uk

IEA Fallacy of Mixed Economy.indd 111 05/02/2009 18:39

other IeA publicationsComprehensive information on other publications and the wider work of the IEA can be found at www.iea.org.uk. To order any publication please see below.

Personal customersOrders from personal customers should be directed to the IEA:Bob LaysonIEA2 Lord North Streetfreepost lon10168London sw1p 3yzTel: 020 7799 8909. Fax: 020 7799 2137Email: blayson@iea.org.uk

trade customersAll orders from the book trade should be directed to the IEA’s distributor:Gazelle Book Services Ltd (IEA Orders)freepost rlys-eahu-ysczWhite Cross MillsHightownLancaster la1 4xsTel: 01524 68765, Fax: 01524 53232Email: sales@gazellebooks.co.uk

IeA subscriptionsThe IEA also offers a subscription service to its publications. For a single annual payment (currently £42.00 in the UK), subscribers receive every monograph the IEA publishes. For more information please contact:Adam MyersSubscriptionsIEA2 Lord North Streetfreepost lon10168London sw1p 3yzTel: 020 7799 8920, Fax: 020 7799 2137Email: amyers@iea.org.uk

IEA Fallacy of Mixed Economy.indd 112 05/02/2009 18:39

top related