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The Road To Economic Freedom

Edited by Philip Booth, Institute of Economic Affairs, London, UK and John Meadowcroft, Lecturer in Public Policy, King’s College London, UK
This pathbreaking collection brings together a selection of work by Nobel Prize winning authors from the archives of the Institute of Economic Affairs. The laureates whose work is featured made an important contribution to economists’ understanding of a market economy. Nevertheless, it is unlikely that the editors, the publishers or the authors of these outstanding articles would have predicted quite how widespread and important their influence would be. The editors have chosen works to demonstrate the challenge raised by these authors to the socialist consensus of the time amongst both academics and politicians. The volumes are organised by theme, examining issues such as monetary policy, unemployment, and government regulation, as well as considering the power of language and ideas.
In Association with the Institute of Economic Affairs
Extent: 960 pp
Hardback Price: £268.00 Online: £241.20
Publication Date: 2006
ISBN: 978 1 84542 082 6
Availability: In Stock
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  • Economics and Finance
  • Economic Psychology
  • History of Economic Thought
This pathbreaking collection brings together a selection of work by Nobel Prize winning authors from the archives of the Institute of Economic Affairs. The laureates whose work is featured made an important contribution to economists’ understanding of a market economy. Nevertheless, it is unlikely that the editors, the publishers or the authors of these outstanding articles would have predicted quite how widespread and important their influence would be. The editors have chosen works to demonstrate the challenge raised by these authors to the socialist consensus of the time amongst both academics and politicians. The volumes are organised by theme, examining issues such as monetary policy, unemployment, and government regulation, as well as considering the power of language and ideas.
‘This symposium brings together contributions of many of those who wrote for the IEA over the years and had their courage rewarded by gaining the Nobel Prize in economics. . . The writings of authors such as Hayek and Friedman are as relevant today, both to academics and politicians, as they were thirty years ago. The collection of essays brought together in The Road to Economic Freedom will therefore be welcomed as much by students of history as by all interested in understanding the contemporary political debate.’
– From the foreword by The Rt. Hon. The Baroness Thatcher
40 articles, dating from 1949 to 2001
Contributors include: H.G. Brennan, J.M. Buchanan, J. Burton, F.A. Hayek, J. Hicks, M. Friedman, J.E. Meade, D.C. North, G.J. Stigler, G. Tullock, R.E. Wagner
Contents
Volume I
Acknowledgements
Foreword The Rt. Hon. The Baroness Thatcher
Introduction Philip Booth and John Meadowcroft
PART I MONETARY POLICY AND PRICE STABILITY
1. Milton Friedman ([1970] 2003), ‘The Counter-Revolution in Monetary Theory’
2. H. Geoffrey Brennan and James M. Buchanan (1981), Monopoly in Money and Inflation: The Case for a Constitution to Discipline Government
3. F.A. Hayek ([1976] 1990), Denationalisation of Money: The Argument Refined
4. F.A. Hayek (1976), Choice in Currency: A Way to Stop Inflation
5. F.A. Hayek (1986), ‘Market Standards for Money’
6. J.E. Meade (1985), Wage-Fixing Revisited
7. James E. Meade (1975), ‘An Effective Social Contract’
8. Milton Friedman (1974), Monetary Correction
9. Milton Friedman (1974), ‘Inflation, Taxation, Indexation’
10. F.A. Hayek (1974), ‘Inflation: The Path to Unemployment’
11. Milton Friedman (1986), ‘Keynes’s Political Legacy’
PART II UNEMPLOYMENT
12. F.A. Hayek (1975), Full Employment at Any Price?
13. F.A. Hayek (1980), ‘Trade Unions – The Biggest Obstacle’
14. F.A. Hayek ([1980] 1984), 1980s Unemployment and the Unions: The Distortion of Relative Prices by Monopoly in the Labour Market
15. Milton Friedman ([1975] 2003), ‘Unemployment versus Inflation? An Evaluation of the Phillips Curve’
16. Sir John Hicks (1975), ‘The Permissive Economy’
17. Milton Friedman (1977), Inflation and Unemployment: The New Dimension of Politics. The 1976 Alfred Nobel Memorial Lecture
18. James E. Meade (1971), Wages and Prices in a Mixed Economy
Name Index

Volume II
Acknowledgements
An introduction by the editors to both volumes appears in Volume I
PART I THE ECONOMICS OF GOVERNMENT
1. James M. Buchanan (1978), ‘From Private Preferences to Public Philosophy: The Development of Public Choice’
2. James M. Buchanan (1989), ‘Post-Reagan Political Economy’
3. James M. Buchanan (1990), ‘Europe’s Constitutional Opportunity’
4. F.A. Hayek (1973), Economic Freedom and Representative Government
5. F.A. Hayek (1978), ‘Will the Democratic Ideal Prevail?’
6. James M. Buchanan and Gordon Tullock (1981), ‘An American Perspective: From “Markets Work” to Public Choice’
7. James E. Meade ([1962] 1970), UK, Commonwealth and Common Market: A Reappraisal
PART II GOVERNMENT REGULATION AND THE SIZE OF GOVERNMENT
8. James M. Buchanan (1965), The Inconsistencies of the National Health Service
9. Sir John Hicks (1966), ‘After the Boom…: Thoughts on the 1966 Economic Crisis’
10. James M. Buchanan and Richard E. Wagner (1978), ‘Democracy and Keynesian Constitutions: Political Biases and Economic Consequences’
11. J.M. Buchanan, J. Burton and R.E. Wagner (1978), ‘Constitutional Options for Fiscal Growth’
12. George J. Stigler (1982), The Pleasures and Pains of Modern Capitalism
13. F.A. Hayek (1972), ‘The Repercussions of Rent Restrictions’
14. Milton Friedman and George J. Stigler (1972), ‘Roofs or Ceilings? The Current Housing Problem’
15. Douglass C. North (1999), Understanding the Process of Economic Change
PART III THE POWER OF LANGUAGE AND IDEAS
16. F.A. Hayek (1968), The Confusion of Language in Political Thought
17. Friedrich A. Hayek ([1949] 1998), The Intellectuals and Socialism
18. Milton Friedman (1977), From Galbraith to Economic Freedom
19. George J. Stigler (1963), The Intellectual and the Market Place
PART IV SOCIALISM
20. F.A. Hayek (1982), ‘Two Pages of Fiction: The Impossibility of Socialist Calculation’
Appendix
Milton Friedman (2001), ‘The IEA’s Influence on Our Times’
Name Index