Hayek's slippery slope, the stability of the mixed economy and the dynamics of rent seeking
Autor(a) principal: | |
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Data de Publicação: | 2014 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/33592 |
Resumo: | F. A. Hayek's The Road to Serfdom continues to provoke intense scholarly debate focused on the validity of Hayek's central claim that a mixed economy is inherently unstable and economic intervention will inexorably lead to totalitarianism if pursued for a sustained period. This article presents empirical evidence which shows conclusively that it is the mixed economy that has proved remarkably stable, whereas laissez-faire and totalitarian regimes have proved inherently unstable. It is argued that this empirical outcome can be explained by the dynamics of rent seeking and Hayek's failure to anticipate that the state could control more than half of national income without requiring a totalitarian apparatus to control and direct production and consumption. The implications of the failure of Hayek's argument for our conceptualisation of freedom and power in the context of the modern democratic state and our understanding of the relationship between economic and political freedom are considered. |
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Hayek's slippery slope, the stability of the mixed economy and the dynamics of rent seekingClassical liberalismFreedomHayekInterventionismRent seekingF. A. Hayek's The Road to Serfdom continues to provoke intense scholarly debate focused on the validity of Hayek's central claim that a mixed economy is inherently unstable and economic intervention will inexorably lead to totalitarianism if pursued for a sustained period. This article presents empirical evidence which shows conclusively that it is the mixed economy that has proved remarkably stable, whereas laissez-faire and totalitarian regimes have proved inherently unstable. It is argued that this empirical outcome can be explained by the dynamics of rent seeking and Hayek's failure to anticipate that the state could control more than half of national income without requiring a totalitarian apparatus to control and direct production and consumption. The implications of the failure of Hayek's argument for our conceptualisation of freedom and power in the context of the modern democratic state and our understanding of the relationship between economic and political freedom are considered.Veritati - Repositório Institucional da Universidade Católica PortuguesaAlves, André AzevedoMeadowcroft, John2021-06-11T14:34:44Z2014-01-012014-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.14/33592eng0032-321710.1111/1467-9248.1204384905081670000344594500008info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:39:16Zoai:repositorio.ucp.pt:10400.14/33592Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:27:19.302746Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Hayek's slippery slope, the stability of the mixed economy and the dynamics of rent seeking |
title |
Hayek's slippery slope, the stability of the mixed economy and the dynamics of rent seeking |
spellingShingle |
Hayek's slippery slope, the stability of the mixed economy and the dynamics of rent seeking Alves, André Azevedo Classical liberalism Freedom Hayek Interventionism Rent seeking |
title_short |
Hayek's slippery slope, the stability of the mixed economy and the dynamics of rent seeking |
title_full |
Hayek's slippery slope, the stability of the mixed economy and the dynamics of rent seeking |
title_fullStr |
Hayek's slippery slope, the stability of the mixed economy and the dynamics of rent seeking |
title_full_unstemmed |
Hayek's slippery slope, the stability of the mixed economy and the dynamics of rent seeking |
title_sort |
Hayek's slippery slope, the stability of the mixed economy and the dynamics of rent seeking |
author |
Alves, André Azevedo |
author_facet |
Alves, André Azevedo Meadowcroft, John |
author_role |
author |
author2 |
Meadowcroft, John |
author2_role |
author |
dc.contributor.none.fl_str_mv |
Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Alves, André Azevedo Meadowcroft, John |
dc.subject.por.fl_str_mv |
Classical liberalism Freedom Hayek Interventionism Rent seeking |
topic |
Classical liberalism Freedom Hayek Interventionism Rent seeking |
description |
F. A. Hayek's The Road to Serfdom continues to provoke intense scholarly debate focused on the validity of Hayek's central claim that a mixed economy is inherently unstable and economic intervention will inexorably lead to totalitarianism if pursued for a sustained period. This article presents empirical evidence which shows conclusively that it is the mixed economy that has proved remarkably stable, whereas laissez-faire and totalitarian regimes have proved inherently unstable. It is argued that this empirical outcome can be explained by the dynamics of rent seeking and Hayek's failure to anticipate that the state could control more than half of national income without requiring a totalitarian apparatus to control and direct production and consumption. The implications of the failure of Hayek's argument for our conceptualisation of freedom and power in the context of the modern democratic state and our understanding of the relationship between economic and political freedom are considered. |
publishDate |
2014 |
dc.date.none.fl_str_mv |
2014-01-01 2014-01-01T00:00:00Z 2021-06-11T14:34:44Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/33592 |
url |
http://hdl.handle.net/10400.14/33592 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
0032-3217 10.1111/1467-9248.12043 84905081670 000344594500008 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
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reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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