The Road to Economic Freedom



A condensed version of the 19th-century classic

Monetary Policy

The Bank of England should be privatised

A major new collection of classic IEA papers written by Nobel Laureates

To watch a short video with clips from some of the authors please click here .

Published in association with Edward Elgar, this major new collection is published in two hardback volumes.

This collection brings together a selection of work by Nobel Prize winning authors from the archives of the Institute of Economic Affairs. The laureates whose work is featured made an important contribution to economists’ understanding of a market economy. Nevertheless, it is unlikely that the editors, the publishers or the authors of these outstanding articles would have predicted quite how widespread and important their influence would be. The editors have chosen works to demonstrate the challenge raised by these authors to the socialist consensus of the time amongst both academics and politicians. The volumes are organised by theme, examining issues such as monetary policy, unemployment, and government regulation, as well as considering the power of language and ideas.

40 articles, dating from 1949 to 2001 Contributors include: H.G. Brennan, J.M. Buchanan, J. Burton, F.A. Hayek, J. Hicks, M. Friedman, J.E. Meade, D.C. North, G.J. Stigler, G. Tullock, R.E. Wagner


Volume 1
Part I: Monetary Policy and Price Stability
1 Milton Friedman ([1970] 2003), The Counter-Revolution in Monetary Theory
2 H Geoffrey Brennan and James M Buchanan (1981) Monopoly in Money and Inflation: The Case for a Constitution to Discipline Government
3 F A Hayek ([1976] 1990), Denationalisation of Money: The Argument Refined
4 FA Hayek (1976), Choice in Currency: A Way to Stop Inflation
5 F A Hayek (1986), Market Standards for Money , ‘Economic Affairs’
6 J E Meade (1985), Wage-Fixing Revisited
7 James E Meade (1975), An Effective Social Contract
8 Milton Friedman (1974), Monetary Correction
9 Milton Friedman (1974), Inflation, Taxation, Indexation
10 F A Hayek (1974), Inflation: The Path to Unemployment
11 Milton Friedman (1986), Keynes’s Political Legacy

Part II: Unemployment
12 F A Hayek (1975), Full Employment at any Price?
13 F A Hayek (1980), Trade Unions – The Biggest Obstacle
14 F A Hayek (1980), 1980s Unemployment and the Unions
15 Milton Friedman ([1975], 2003), Unemployment versus Inflation?
16 Sir John Hicks (1975), The Permissive Economy
17 Milton Friedman (1977), Inflation and Unemployment: The New Dimension of Politics
18 James E Meade (1971), Wages and Prices in a Mixed Economy

Volume 2
Part I – The Economics of Government
1 James M Buchanan (1978), From Private Preferences to Public Philosophy: The Development of Public Choice
2 James M Buchanan (1989), Post-Reagan Political Economy
3 James M Buchanan (1990), Europe’s Constitutional Opportunity
4 F A Hayek (1973), Economic Freedom and Representative Government
5 F A Hayek (1978), Will the Democractic Ideal Prevail?
6 James M Buchanan & Gordon Tullock (1981), The Emerging Consensus?
7 James E Meade (1970), UK, Commonwealth and Common Market: A Reappraisal

Part II – Government Regulation and the Size of Government
8 James M Buchanan (1965), The Inconsistencies of the NHS
9 Sir John Hicks (1966), After the Boom… :Thoughts on the 1966 Economic Crisis
10 James M Buchanan and Richard Wagner (1978), Democracy and Keynesian Constitutions: Political Biases and Economic Consequences
11 J Buchanan, J Burton & R Wagner (1978), Constitutional Options for Fiscal Control
12 George J Stigler (1982), The Pleasures and Pains of Modern Capitalism
13 F A Hayek (1972), The Repercussions of Rent Restrictions
14 Milton Friedman & George Stigler (1972), Roofs or Ceilings? The Current Housing Problem
15 Douglass C North (1999), Understanding the Process of Economic Change

Part III – The Power of Language and Ideas
16 F A Hayek (1968), The Confusion of Language in Political Thought
17 F A Hayek ([1949] 1998), The Intellectuals and Socialism
18 Milton Friedman (1977), From Galbraith to Economic Freedom
19 George J Stigler (1963), The Intellectual and the Marketplace

Part IV – Socialism
20 F A Hayek (1982), Two Pages of Fiction: The Impossibility of Socialist Calculation