The Fallacy of the Mixed Economy: An Austrian Critique of Recent Economic Thinking and Policy

by Stephen C. Littlechild

Book by Littlechild, S. C.

Genres: Economics

112 pages, Paperback

First published January 1, 1978

Reviews

[Josiah Edwards · Rating 4 out of 5]

A clear, concise, and down-to-earth introduction to Austrian economics, while using the backdrop of British and US government action and policy as examples (y'know, for what not to do.)

[Michael · Rating 5 out of 5]

This monograph by Stephen C. Littlechild briefly summarizes the Austrian position on economic interventionism. Littlechild starts off with a history of the Austrian school, mentioning the important ideas expressed by Menger on down to Mises, and even the British subjectivists, such as Jack Wiseman. He then proceeds to express certain arguments brought on in support of interventionism, such as theories of monopoly and externalities. After summarizing the points offered by interventionists, Littlechild offers an Austrian rebuttal. For instance, Littlechild explains how many of the neoclassical model assumptions, such as perfect knowledge and that demand plans are given are wrong and offers a market process approach in turn, where the future is uncertain, where preferences change, and where new knowledge changes plans. In all, this is an excellent summation of the Austrian position on economic intervention.

[Diego Quijano · Rating 5 out of 5]

Excelente introducción a la escuela de economía austriaca para los economistas entrenados en la tradición neoclásica. También es una recapitulación extraordinariamente bien hecha de sus principales preceptos y la aplicación de los mismos en diferentes aspectos de política económica, en este caso, del Reino Unido.