Essays on Liberalism and the Economy

F. A. Hayek (1899–1992), recipient of the Presidential Medal of Freedom in 1991 and cowinner of the Nobel Memorial Prize in Economics in 1974, was a pioneer in monetary theory and a leading proponent of classical liberalism in the twentieth century. Paul Lewis is professor of political economy at King’s College London and an affiliated fellow with the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University.

Editor’s Introduction Editorial Foreword 1. Liberalism 2. The Transmission of the Ideals of Economic Freedom 3. The Prospects of Freedom 4. The Webbs and Their Work 5. Closing Speech to the 1984 Mont Pèlerin Society Meeting 6. ‘Free’ Enterprise and Competitive Order 7. The Economic Conditions of Inter-state Federalism 8. The Meaning of Government Interference 9. The Economics of Development Charges 10. Effects of Rent Control 11. Economics 12. The Uses of ‘Gresham’s Law’ as an Illustration of ‘Historical Theory’ 13. The Dilemma of Specialisation 14. Full Employment, Planning and Inflation 15. Inflation Resulting from the Downward Inflexibility of Wages 16. Unions, Inflation, and Profits 17. The Corporation in a Democratic Society: In Whose Interest Ought It to and Will It Be Run? 18. The Non Sequitur of the ‘Dependence Effect’ 19. What Is ‘Social’? What Does It Mean? 20. The Moral Element in Free Enterprise 21. The Principles of a Liberal Social Order 22. The Constitution of a Liberal State 23. The Confusion of Language in Political Thought 24. Economic Freedom and Representative Government 25. The Campaign against Keynesian Inflation 26. The New Confusion about ‘Planning’ 27. The Atavism of Social Justice 28. Whither Democracy? 29. Socialism and Science 30. Two Pages of Fiction: The Impossibility of Socialist Calculation 31. Letters to The Times, 1931–1981