Elgar Companion to Hayekian Economics PDF
Preview Elgar Companion to Hayekian Economics
ELGAR COMPANION TO HAYEKIAN ECONOMICS In Memory of Norman Barry 1944-2008 Elgar Companion to Hayekian Economics Edited by Roger W. Garrison Emeritus Professor of Economics, Auburn University, USA Norman Barry Professor of Social and Political Theory, University of Buckingham, UK Edward Elgar Cheltenham, UK • Northampton, MA, USA ©Roger W. Garrison and Norman Barry 2014 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher. Published by Edward Elgar Publishing Limited The Lypiatts 15 Lansdown Road Cheltenham Glos GLSO 2JA UK Edward Elgar Publishing, Inc. William Pratt House 9 Dewey Court Northampton Massachusetts 01060 USA A catalogue record for this book is available from the British Library Library of Congress Control Number: 2014941543 This book is available electronically in the ElgarOnline.com Economics Subject Collection, E-ISBN 978 0 85793 111 5 ISBN 978 0 85793 110 8 Typeset by Servis Filmsetting Ltd, Stockport, Cheshire Printed and bound in Great Britain by T.J. International Ltd, Padstow Contents List of contributors Vll Acknowledgments V111 A tribute to Norman Barry by Martin Ricketts IX Int rodu cti on Roger W. Garrison 2 Hayek in the history of economic thought 11 Denis O'Brien 3 Hayek and economic theory in the 1930s 47 Martin Ricketts 4 Hayek's Pure Theory of Capital 71 Gerald R. Steele 5 Hayek and Keynes 94 Roger E. Backhouse 6 Hayek and Friedman 116 Roger W. Garrison 7 Hayek and Mises 138 Richard M. Ebeling 8 Hayek and Lachmann 165 Peter Lewin 9 Hayek: from economics as equilibrium analysis to economics as social theory 195 Paul Lewis 10 Hayek and spontaneous order 224 Craig Smith 11 Hayek on socialism 246 Mark Pennington 12 Hayek versus the neoclassicists: lessons from the socialist calculation debate 278 Peter J. Boettke, Christopher J. Coyne and Peter T. Leeson v VI Elgar companion to Hayekian economics 13 Spontaneous order, free trade and globalization 294 Steven G. Horwitz 14 Hayek on labor unions 314 Charles W. Baird 15 Hayek and economic policy (the Austrian road to the third way) 343 Enrico Colombatto 16 What remains of Hayek's critique of 'social justice'? Twenty propositions 364 Robert Nef Index 381 Contributors Roger E. Backhouse, University of Birmingham, UK Charles W. Baird, California State University-East Bay, USA Peter J. Boettke, George Mason University, USA Enrico Colombatto, University of Turin, Italy Christopher J. Coyne, George Mason University, USA Richard M. Ebeling, The Citadel, USA Roger W. Garrison, Auburn University, USA Steven G. Horwitz, St. Lawrence University, USA Peter T. Leeson, George Mason University, USA Peter Lewin, University of Texas at Dallas, USA Paul Lewis, King's College, University of London, UK Robert Nef, Liberales Institut, Switzerland Denis O'Brien, University of Durham, UK Mark Pennington, King's College, University of London, UK Martin Ricketts, University of Buckingham, UK Craig Smith, University of Glasgow, UK Gerald R. Steele, University of Lancaster, UK vii Acknowledgments The editors of this volume- Norman Barry until his untimely death in 2008, and myself afterward - are grateful for the efforts of all those who have written chapters on the various aspects of Friedrich A. Hayek's con tribution to economics: Roger E. Backhouse, Charles W. Baird, Peter J. Boettke, Enrico Colombatto, Christopher J. Coyne, Richard M. Ebeling, Steven G. Horwitz, Peter T. Leeson, Peter Lewin, Paul Lewis, Robert Nef, Denis O'Brien, Mark Pennington, Martin Ricketts, Craig Smith and Gerald R. Steele. Each with his own special expertise, these economists have offered critical assessments of Hayek's contributions in the various fields of the discipline and, collectively, have produced an enlightening mosaic ofHayekian economics. We are also grateful to the personnel at Edward Elgar Publishing, especially to Megan Ballantyne, Jo Betteridge, Laura Mann and Francine O'Sullivan, all of whom have been exceedingly patient in seeing this pub lication effort through to completion. The mid-project change in editorial responsibility entailed a time-consuming recovery effort which required the patience of both the publisher and the contributors. Martin Ricketts, a close colleague of Norman Barry's, is to be thanked for timely help in making the transition. We gratefully acknowledge the permission granted by the University of Chicago Press (Grant No. 107705) in coordination with Taylor & Francis Books UK (Routledge) to use the excerpts in Charles W. Baird's Chapter 14 taken from Friedrich A. Hayek's Constitution of Liberty (1960). We also acknowledge the permission granted by the Institute for Economic Affairs to use excerpts from Friedrich A. Hayek's 1980s Unemployment and the Unions, 2nd edition (1984). Finally, it should be noted that Baird's Chapter 14, 'Hayek on labor unions', though originally drafted for inclu sion in the present volume, was subsequently withdrawn and published as two separate articles in the Journal of Private Enterprise, 2007, 23 (1) and 2008, 23 (2). We gratefully acknowledge JPEs permission to publish the now recombined articles as Chapter 14. viii A tribute to Norman Barry (25 June 1944 - 21 October 2008) Martin Ricketts Delivered on 6 November 2008 It is my sad task today to address the congregation at the funeral of a great scholar, a close colleague and a staunch personal friend. I first met Norman when he took up his post at Buckingham in 1982 and for the next 25 years we shared the ups and downs oflife here as well as many overlap ping interests. It turned out that we had much in common and had a similar intellectual outlook, even though Norman's background was in politics and mine was in economics. Having read and studied Hayek, Norman had a grasp of economics that was very rare among political theorists, while as a student of Stanley Dennison, John Jewkes, Jack Wiseman and Alan Peacock, I had been schooled in political economy and public finance, and had been introduced to the history of economic thought. I would not like to calculate how many hours we must have sat in pubs, offices and seminar rooms discussing questions of common interest. To be able to spar with Norman over such an extended period with the utmost good humor was one of the most formative experiences of my life. It helped that we came from differing disciplines because it reduced our perception of personal rivalry to very manageable proportions. We questioned and tutored one another out of mutual interest. The education that he provided in politi cal theory, constitutional law and social philosophy did not threaten him. My attempts to help with Austrian economics, public choice and the economics of social policy did not threaten me. It was a pure form of intel lectual barter that strengthened us both. It must say something about us, however, that we did not write a single joint paper. Norman graduated from the University of Exeter and arrived at Buckingham after stints at Queens Belfast (where he met the economist George Shackle) and Birmingham Polytechnic. He was immensely proud to be a member of the University of Buckingham. Of course, like all things that are important to us, it could occasionally be the object of criticism. Indeed we are more inclined to voice our disappointments over things we care about than over things that we can take orleave. But, for Norman, the University of Buckingham became a central feature in his life and career. It was not just a place where he happened to have a job. The University ix
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