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The Fallacy of the Mixed Economy An ‘Austrian’ Critique of Recent Economic Thinking and Policy SECOND EDITION S. C. LITTLECHILD The Institute of Economic Affairs

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Page 1: The Fallacy of the Mixed Economy - Institute of …iea.org.uk/sites/default/files/publications/files/upldbook454pdf.pdfThe Fallacy of the Mixed Economy ... C . L I T T L E C H I L

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

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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

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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

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