Liberty and Equality
The 1976 Alfred Nobel Memorial Lecture
Overview of the history of monetary theory and its implications for policy
How egalitarian policies undermine personal and economic freedom
Inequality of incomes tends to arise from the preferences of consumers and voters between personal skills. Equal pay for unequal work prejudices people with less capacity by making them unemployable. Enforced equality of pay also requires direction of labour.
The central control of the means of production favoured by Western parties of the Left is likely to be less efficient than the decentralised controls of market systems.
Occasional Paper No. 52