Here at the IEA, it is something of a rule that if Hayek endorsed an idea then it probably wasn’t all bad. Bearing that in mind, I’d like to bring up a policy that isn’t often heard of nowadays but that both Hayek and that other IEA luminary, Milton Friedman, thought was worthwhile. It’s called the guaranteed minimum income and if
Iain Duncan Smith
wanted to be really revolutionary, he could consider it as part of his reforms.