DOCSLIB.ORG

Entrepreneurship Eamonn Butler

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Entrepreneurship Eamonn Butler An introduction to ENTREPRENEURSHIP EAMONN BUTLER An Introduction to Entrepreneurship AN INTRODUCTION TO ENTREPRENEURSHIP EAMONN BUTLER First published in Great Britain in 2020 by The Institute of Economic Affairs 2 Lord North Street Westminster London SW1P 3LB in association with London Publishing Partnership Ltd www.londonpublishingpartnership.co.uk The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. Copyright © The Institute of Economic Affairs 2020 The moral rights of the authors have been asserted. All rights reserved. Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored or introduced into a retrieval system, or transmitted, in any form or by any means (elec- tronic, mechanical, photocopying, recording or otherwise), without the prior written permission of both the copyright owner and the publisher of this book. A CIP catalogue record for this book is available from the British Library. ISBN 978-0-255-36795-0 (interactive PDF) Many IEA publications are translated into languages other than English or are reprinted. Permission to translate or to reprint should be sought from the Director General at the address above. Typeset in Kepler by T&T Productions Ltd www.tandtproductions.com CONTENTS About the author viii About the AIER ix 1 Introduction 1 What this book is about 1 Who this book is for 1 Entrepreneurship and the author 2 Structure of the book 4 2 Why care about entrepreneurship? 5 The unseen factor of production 5 Innovation and economic growth 6 How to promote entrepreneurship 8 Encouraging experimentation 10 How economists neglect entrepreneurship 12 The importance of competition 14 Entrepreneurship and diversity 17 3 Different views of entrepreneurship 19 Structures, roles, personalities 19 Firm size and entrepreneurship 24 Kinds of entrepreneur 28 Entrepreneurs are unusual people 30 The entrepreneurial mind 32 Sociological factors 35 v Contents 4 The economic role of entrepreneurship 38 Economics and uncertainty 38 The textbook model 40 The entrepreneur as creative disruptor 42 The entrepreneur as discoverer 44 Entrepreneurs as information processors 46 Entrepreneurs and uncertainty 48 Entrepreneurs and judgement 49 5 The importance of entrepreneurship 51 Economic benefits 51 Rising productivity 54 Human benefits 56 Social benefits 57 The social role of profit 58 6 The spread of entrepreneurship 62 Global presence 62 Country similarities and differences 63 Developing countries 65 Entrepreneurship and migration 66 Industries suited to entrepreneurship 68 The future of entrepreneurship 69 7 Productive and unproductive entrepreneurship 72 Is entrepreneurship always productive? 72 Productive, unproductive and destructive 73 The crucial effect of rules 75 Manipulating the rules 76 Occupational licensing 77 vi Contents The rise of political entrepreneurship 80 Entrepreneurship and institutions 81 8 Can government promote entrepreneurship? 83 The Boulevard of Broken Dreams 83 Other strategies 85 Why politicians get involved 87 Public investment vehicles 88 For and against government intervention 89 Setting the right climate 94 Objective-led encouragement? 98 Lessons from experience 100 9 The entrepreneurial environment 102 Why is the US so entrepreneurial? 102 Wealth, freedom and culture 103 Permissionless innovation 105 The importance of taxation 108 The regulatory burden 113 The right conditions 116 The importance of management 119 The lessons 122 References 124 About the IEA 132 vii ABOUT THE AUTHOR Eamonn Butler is Director of the Adam Smith Institute, one of the world’s leading policy think tanks. He holds degrees in economics and psychology, a PhD in philosophy, and an honorary DLitt. In the 1970s he worked in Washington for the US House of Representatives, and taught philosophy at Hillsdale College, Michigan, before returning to the UK to help found the Adam Smith Institute. A former winner of the Freedom Medal awarded by Freedoms Foundation of Valley Forge and the UK National Free Enterprise Award, Eamonn is currently Secretary of the Mont Pelerin Society. Eamonn is the author of many books, including intro- ductions to the pioneering economists and thinkers Adam Smith, Milton Friedman, F. A. Hayek, Ludwig von Mises and Ayn Rand. He has also published primers on classical liberalism, public choice, Magna Carta and the Austrian School of Economics, as well as The Condensed Wealth of Nations, The Best Book on the Marketand School of Thought: 101 Great Liberal Thinkers. His Foundations of a Free Society won the 2014 Fisher Prize. He is co-author of Forty Centu- ries of Wage and Price Controls, and of a series of books on IQ. He is a frequent contributor to print, broadcast and online media. viii ABOUT THE AIER This book is a co-production between the Institute of Eco- nomic Affairs (see p. 132) and the American Institute for Economic Research (AIER). The AIER in Great Barrington, Massachusetts, was founded in 1933 as the first independ- ent voice for sound economics in the United States. Today it publishes ongoing research, hosts educational pro- grammes, publishes books, sponsors interns and scholars, and is home to the world-renowned Bastiat Society and the highly respected Sound Money Project. The Ameri- can Institute for Economic Research is a 501(c)(3) public charity. ix 1 INTRODUCTION INTRODUCTION What this book is about This is not a management book about how to make your- self a successful entrepreneur. It is a basic introduction to what entrepreneurship is, why we need it, and how we can encourage it. Accordingly, the book explains what is distinctive and important about entrepreneurship and its role in boosting innovation, progress, productivity and economic growth. That is important, because these crucial contributions of entrepreneurship are not widely understood. Indeed, they are often completely overlooked in mainstream econom- ics textbooks. Yet they make entrepreneurship vital to all of us as workers, consumers and citizens. Who this book is for Certainly, business managers may well find value in this book in terms of putting what they do into the wider eco- nomic, institutional and policy context. But the book’s main audience is ordinary people who want to understand the role of innovation and entrepreneurship in driving economic progress, and students who find the standard 1 AN Introduction to Entrepreneurship textbooks on economics mechanistic, sterile and lacking any human reality. If I had asked people what they wanted, they would have said faster horses. — Henry Ford, American carmaker It should also be of value to readers in developing coun- tries who want to make their economies less centralised and more free, open, diverse, dynamic, productive and prosperous. In developed countries, the book should be useful to those who are involved in public policy but who do not fully understand the role and importance of entre- preneurship in economic life. Entrepreneurship and the author I have seen visionary entrepreneurs give people new oppor- tunities and change their lives. In the 1970s, Freddie Laker’s Skytrain broke the old airline cartel and enabled millions of us to cross the Atlantic affordably – and to bring back new ideas as we did so. Clive Sinclair developed the pocket calculator and digital watch. The Sony Corporation creat- ed the Walkman portable music player. Bill Gates brought computers into our homes. Tim Berners-Lee linked us all to the world’s knowledge through the Web. And Steve Jobs’s iPhone put all these things, plus much else, into the pockets of two billion people (well, not the airline, but certainly the whole world’s transport schedules and booking apps). 2 Introduction Few entrepreneurs are household names, though. To some extent, we are all entrepreneurs. As a new graduate, for example, I took the opportunity to migrate and es- cape recession in my home country. I returned to set up a non-profit policy group at a time when new ideas were sorely needed. Now, I am trying to fill another niche by writing primers like this one. I am no businessperson, but I still act entrepreneurially. Being an entrepreneur simply means being someone who wants to make a difference to other people’s lives. — Sir Richard Branson, founder, Virgin Group The teaching of mainstream economics imagines the economy as a mechanism that can be predicted and con- trolled. Experience has taught me just how far this image is from reality. Real economic life is about people and the relationships between them. It is motivated by their aims and actions. Their entrepreneurship is what boosts human prosperity and progress. But entrepreneurship’s role is overlooked in mainstream thinking – and then un- wittingly smothered by bad public policy based on that view. We need to rehabilitate entrepreneurship into main- stream economics and politics. All over the world, there are courses in art, music or film appreciation. We need to appreciate the contribution of entrepreneurship to our lives as well. 3 AN Introduction to Entrepreneurship Structure of the book This book is a small contribution to that appreciation. First, it explains why we should care about entrepreneurship – what it means to innovation and prosperity, and how we might encourage it. It then looks at how we commonly talk about entrepreneurship and tries to draw out what the core idea actually is, and what really motivates entrepreneurs. The fourth chapter examines different theories of the true economic role of entrepreneurship, while the next two explore its economic and social importance and its amazing prevalence throughout the world and in different industries. Chapter 7 reveals that not all entrepreneurship is pro- ductive. It can even be damaging if it becomes focused on manipulating regulations rather than serving customers. Chapter 8 asks whether governments encourage entrepre- neurship to develop. The answer is maybe, but too often they get it completely wrong.
Load more

Recommended publications
  • Ludwig Von Mises—A Primer
    Ludwig von Mises—a Primer Eamonn Butler CIS Occasional Paper 120 2010 First published in Great Britain in 2010 by The Institute of Economic Affairs 2 Lord North Street Westminster London SW1P 3LB in association with Profi le Books Ltd Copyright © The Institute of Economic Affairs 2010 Published in December 2010 by The Centre for Independent Studies Limited PO Box 92, St Leonards, NSW, 1590 Email: [email protected] Website: www.cis.org.au The views expressed in this publication are, as in all IEA publications, those of the author and not those of the institute (which has no corporate view), its managing trustees, Academic Advisory Council members or senior staff. National Library of Australia Cataloguing-in-Publication Data: Butler, Eamonn. Ludwig von Mises : a primer / Eamonn Butler ; foreword by Steven Baker. 9781864321296 (pbk.) CIS occasional papers ; 120. Von Mises, Ludwig, 1881-1973. Economists--Austria--Biography. Austrian school of economics. Centre for Independent Studies (Australia) 330.157092 ©2010 The Institute of Economic Affairs Cover design by Ryan Acosta Cover image by Briggs from Ludwig von Mises Institute website http://mises.org Printed by Ligare Book Printer Typeset in Adobe Garamond and Frugal Sans Ludwig von Mises – a Primer EAMONN BUTLER The Institute of Economic Affairs CONTENTS The author 9 Foreword by Steven Baker 10 Summary 13 1 Why Mises is important 17 Intellectual contributions 18 2 Life, career and writings 25 Career in Europe and America 25 Writings on economics, political science and method 28 The legacy of
    [Show full text]
  • MONT PELERIN SOCIETY by Eamonn Butler Based on a History of the Mont Pelerin Society by Max Hartwell
    A SHORT HISTORY OF THE MONT PELERIN SOCIETY By Eamonn Butler Based on A History of the Mont Pelerin Society by Max Hartwell INTRODUCTION In 1995 the Liberty Fund published A History of the Mont Pelerin Society, written by the Oxford historian (and past President of the Society), Professor Max Hartwell. The book is comprehensive, but is now difficult to obtain; and much has happened since 1995. So the Board of the Society asked me to précis the History and bring it up to date, giving members and prospective members a short guide to the history and ethos of the Society and to some of the key individuals and events that have shaped it. The Society and I are very grateful to the family of our friend Max Hartwell for their permission to borrow very heavily from his work. WHAT IS THE MONT PELERIN SOCIETY? Hartwell opens his History by saying that the Mont Pelerin Society is “not well known” and has “no demonstrably proven role in world affairs.” Many of its individual members, by contrast have indeed been well known and influential. Some have become senior government ministers (such as Sir Geoffrey Howe of the United Kingdom, Antonio Martino of Italy, Ruth Richardson of New Zealand, and George Shultz of the United States) or senior officials (e.g. former Federal Reserve Chairman Arthur Burns). A few have even become presidents or prime ministers (among them Ludwig Erhard of Germany, Luigi Einaudi of Italy, Mart Laar of Estonia, Ranil Wickremasinghe of Sri Lanka and Václav Klaus of the Czech Republic).
    [Show full text]
  • Foundations of a Free Society Foundations of a Free Society
    Foundations of a Free Society Foundations of a Free Society EAMONN BUTLER The Institute of Economic Affairs First published in Great Britain in 2013 by CONTENTS The Institute of Economic Affairs 2 Lord North Street Westminster London sw1p 3lb in association with Profile Books Ltd The author 8 The mission of the Institute of Economic Affairs is to improve public understanding of the fundamental institutions of a free society, with particular Foreword by Ali Salman 9 reference to the role of markets in solving economic and social problems. Acknowledgements 12 Summary 13 Copyright © The Institute of Economic Affairs 2013 The moral right of the author has been asserted. 1 Introduction 17 The purpose of this book 17 All rights reserved. Without limiting the rights under copyright reserved above, How the book is set out 18 no part of this publication may be reproduced, stored or introduced into a retrieval system, or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise), without the prior written 2 The moral and economic benefits of freedom 20 permission of both the copyright owner and the publisher of this book. A free society 20 The moral case for freedom 24 A CIP catalogue record for this book is available from the British Library. The economic case for freedom 31 ISBN 978 0 255 36687 8 eISBN 978 0 255 36691 5 3 The institutions of a free society 44 Many IEA publications are translated into languages other than English or Society without the state 44 are reprinted. Permission to translate or to reprint should be sought from the Why government must be limited 47 Director General at the address above.
    [Show full text]
  • Issue 3, September 2015
    Econ Journal Watch Scholarly Comments on Academic Economics Volume 12, Issue 3, September 2015 COMMENTS Education Premiums in Cambodia: Dummy Variables Revisited and Recent Data John Humphreys 339–345 CHARACTER ISSUES Why Weren’t Left Economists More Opposed and More Vocal on the Export- Import Bank? Veronique de Rugy, Ryan Daza, and Daniel B. Klein 346–359 Ideology Über Alles? Economics Bloggers on Uber, Lyft, and Other Transportation Network Companies Jeremy Horpedahl 360–374 SYMPOSIUM CLASSICAL LIBERALISM IN ECON, BY COUNTRY (PART II) Venezuela: Without Liberals, There Is No Liberalism Hugo J. Faria and Leonor Filardo 375–399 Classical Liberalism and Modern Political Economy in Denmark Peter Kurrild-Klitgaard 400–431 Liberalism in India G. P. Manish, Shruti Rajagopalan, Daniel Sutter, and Lawrence H. White 432–459 Classical Liberalism in Guatemala Andrés Marroquín and Fritz Thomas 460–478 WATCHPAD Of Its Own Accord: Adam Smith on the Export-Import Bank Daniel B. Klein 479–487 Discuss this article at Journaltalk: http://journaltalk.net/articles/5891 ECON JOURNAL WATCH 12(3) September 2015: 339–345 Education Premiums in Cambodia: Dummy Variables Revisited and Recent Data John Humphreys1 LINK TO ABSTRACT In their 2010 Asian Economic Journal paper, Ashish Lall and Chris Sakellariou made a valuable contribution to the understanding of education in Cambodia. Their paper represents the most robust analysis of the Cambodian education premium yet published, reporting premiums for men and women from three different time periods (1997, 2004, 2007), including a series of control variables in their regressions, and using both OLS and IV methodology.2 Following a convention of education economics, Lall and Sakellariou (2010) use a variation of the standard Mincer model (see Heckman et al.
    [Show full text]
  • Hayek His Contribution To
    First published in Great Britain in 1983 by Maurice Temple Smith Ltd Jubilee House, Chapel Road Hounslow, Middlesex, TW3 ITX © 1983 Eamonn Butler This edition is copyright under the Berne Convention. All rights are reserved. Apart from any fair dealing for the purpose of private study, research, criticism or review, as permitted under the Copyright Act 1956, no part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means whatsoever, without the prior permission of the copyright owner. Butler, Eamonn Hayek. 1. Hayek, F.A. 2. Economics—History I. Title 330.1 HB103.H3 ISBN 0–85117–233–4 (hardback); 0–85117–234–2 (paperback) Printed in Great Britain by Billing and Sons Ltd, Worcester Contents Preface 3 3 Introduction: Hayek's life and work 4 Chapter 1: Understanding how society works 13 Chapter 2: The market process 31 Chapter 3: Hayek's critique of socialism 49 Chapter 4: The criticism of social justice 64 Chapter 5: The institutions of a liberal order 78 Chapter 6: The constitution of a liberal state 89 Epilogue: Sense and sorcery in the social sciences 97 Notes 111 Select bibliography 127 Index 129 2 Preface At a recent meeting of the Carl Menger Society (a group devoted to the understanding of the ‘Austrian School’ of economics), the words of F.A. Hayek were being discussed. As usual, the Alternative Bookshop had brought along a wide selection of the works of Hayek and other members of the school. But as the many people present who had no background in economics or political science looked over the books, some were intimidated by the technical content of several of them, and the remainder had to ask where the general reader should start.
    [Show full text]
  • Denmark,Liberalism
    Discuss this article at Journaltalk: http://journaltalk.net/articles/5895 ECON JOURNAL WATCH 12(3) September 2015: 400–431 Classical Liberalism and Modern Political Economy in Denmark Peter Kurrild-Klitgaard1 LINK TO ABSTRACT Over the last century, classical liberalism has not had a strong presence in Danish social science, including economics. Several studies have shown that social scientists in Denmark tilt leftwards. In a 1995–96 survey only 7 percent of political scientists and 3 percent of sociologists said they had voted for (classical-)liberal or conservative parties, whereas support for socialist parties among the same groups were 51 percent and 78 percent. Lawyers and economists were more evenly split between left and right, but even there the left dominated: 31 percent and 25 percent for at least nominally free-market friendly parties and 38 percent and 36 percent for socialist parties.2 Very vocal free-market voices in academia have been rare. This marginalization of liberalism was not always the case. Denmark was among the first countries to see publication of a translation of Adam Smith’s Wealth of Nations (Smith 1779/1776; see Rae 1895, ch. 24; Kurrild-Klitgaard 1998; 2004). Throughout the 19th century the emerging field of economics at the University of Copenhagen was visibly inspired not only by Smith and David Ricardo but also the “Manchester liberals” and French classical liberal economists Jean Baptiste Say and Frédéric Bastiat, of whose works timely translations were made. The university had professors of economics who today would be termed classical liberals, e.g., Oluf Christian Olufsen (1764–1827), Christian G.
    [Show full text]
  • Ludwig Von Mises – a Primer Ludwig Von Mises – a Primer
    Ludwig von Mises – a Primer Ludwig von Mises – a Primer EAMONN BUTLER The Institute of Economic Affairs conTenTs The author 9 First published in Great Britain in 2010 by Foreword by Steven Baker 10 The Institute of Economic Affairs 2 Lord North Street Summary 13 Westminster London sw1p 3lb 1 Why Mises is important 17 in association with Profile Books Ltd Intellectual contributions 18 The mission of the Institute of Economic Affairs is to improve public understanding of the fundamental institutions of a free society, by analysing 2 Life, career and writings 25 and expounding the role of markets in solving economic and social problems. Career in Europe and America 25 Copyright © The Institute of Economic Affairs 2010 Writings on economics, political science and method 28 The moral right of the author has been asserted. The legacy of Mises today 32 All rights reserved. Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored or introduced into a 3 The science of economics 34 retrieval system, or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise), without the prior written The importance of values 34 permission of both the copyright owner and the publisher of this book. The science of human action 36 A CIP catalogue record for this book is available from the British Library. Interpreting values from actions 37 isbn 978 0 255 36629 8 Faulty thinking in mainstream economics 39 Many IEA publications are translated into languages other than English or are reprinted. Permission to translate or to reprint should be sought from the 4 The logic of human action 42 Director General at the address above.
    [Show full text]
  • Adam Smith – a Primer Adam Smith – a Primer
    Adam Smith – a Primer Adam Smith – a Primer EAMONN BUTLER with a commentary by craig smith The Institute of Economic Affairs CONTENTS First published in Great Britain in 2007 by The author 8 The Institute of Economic Affairs Foreword by Alan Peacock 9 2 Lord North Street 12 Westminster Acknowledgements London sw1p 3lb Summary 13 in association with Profi le Books Ltd Introduction by Gavin Kennedy 15 The mission of the Institute of Economic Affairs is to improve public understanding of the fundamental institutions of a free society, by analysing 1 Why Adam Smith is important 25 and expounding the role of markets in solving economic and social problems. The old view of economics 25 Chapters 1–8 copyright © Eamonn Butler 2007 The productivity of free exchange 26 Other text copyright © The Institute of Economic Affairs 2007 Social order based on freedom 27 The moral right of the author has been asserted. The psychology of ethics 28 All rights reserved. Without limiting the rights under copyright reserved above, Self-interest and virtue 29 no part of this publication may be reproduced, stored or introduced into a 29 retrieval system, or transmitted, in any form or by any means (electronic, Human nature and human society mechanical, photocopying, recording or otherwise), without the prior written permission of both the copyright owner and the publisher of this book. 2 Smith’s life and career 31 A CIP catalogue record for this book is available from the British Library. Kirkcaldy and Glasgow 31 isbn 978 0 255 36608 3 Oxford and incentives 32 33 Many IEA publications are translated into languages other than English or Early lecturing career are reprinted.
    [Show full text]
  • Public Choice – a Primer Public Choice – a Primer
    Public Choice – A Primer Public Choice – A Primer EAMONN BUTLER The Institute of Economic Affairs First published in Great Britain in 2012 by CONTENTS The Institute of Economic Affairs 2 Lord North Street Westminster London sw1p 3lb in association with Profile Books Ltd The author 9 The mission of the Institute of Economic Affairs is to improve public understanding of the fundamental institutions of a free society, with particular Acknowledgements 10 reference to the role of markets in solving economic and social problems. Foreword 11 Summary 15 Copyright © The Institute of Economic Affairs 2012 The moral right of the author has been asserted. 1 What is Public Choice? 21 Why use economics? 21 All rights reserved. Without limiting the rights under copyright reserved above, Applying economics to politics 22 no part of this publication may be reproduced, stored or introduced into a retrieval system, or transmitted, in any form or by any means (electronic, The Public Choice challenge to orthodox thinking 24 mechanical, photocopying, recording or otherwise), without the prior written Public or private interests? 25 permission of both the copyright owner and the publisher of this book. The calculus of voting 27 Going for votes 28 A CIP catalogue record for this book is available from the British Library. The power of Public Choice 29 ISBN 978 0 255 36650 2 eISBN 978 0 255 36677 9 2 Public Choice – the biography 30 Many IEA publications are translated into languages other than English or Precursors of modern Public Choice 30 are reprinted. Permission to translate or to reprint should be sought from the Modern Public Choice thinkers 32 Director General at the address above.
    [Show full text]
  • WINNING CONSENT: the PROTRACTED CAMPAIGN for an ANTI-CORPORATIST “COMMON SENSE” by S. FULLER BA, University of Cape Town
    WINNING CONSENT: THE PROTRACTED CAMPAIGN FOR AN ANTI-CORPORATIST “COMMON SENSE” by S. FULLER B.A., University of Cape Town, 1977 Post Baccalaureate Diploma, Simon Fraser University, 1988 M.A., Simon Fraser University, 1990 A THESIS SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHY in THE FACULTY OF GRADUATE STUDIES INTERDISCIPLINARY STUDIES We accept this thesis as conforming to the required standard THE UNIVERSITY OF BRITISH COLUMBIA February 14, 1995 © S. Fuller, 1995 _________________ In presenting this thesis in partial fulfillment of the requirements for an advanced degree at the University of British Columbia, I agree that the Library shall make it freely available for reference and study. I further agree that permission for extensive copying of this thesis for scholarly purposes may be granted by the head of my department or by his or her representatives. It is understood that copying or publication of this thesis for financial gain shall not be allowed without my written permission. (Signature) Department of fV4Zti1(L4/uW4k”/ 7’vo,e The University of British Columbia Vancouver, Canada Date YCL’-I 2\ “(5 AB STRACT The metaphor used to read the world significantly influences how it is interpreted. Similarly, the assumptions which underpin a study influence the form the arguments take. This thesis embodies the assumption that in complex systems such as that of contemporary society, which do not merely reproduce themselves but entail continual change, this change is best understood in terms of how it has been actively contested. The metaphor is struggle. The project has social movements theory as its theoretical interest, in particular themes derived from the thought of Antonio Gramsci and Main Touraine.
    [Show full text]
  • Classical Liberalism a Primer
    CLASSICAL LIBERALISM A PRIMER Eamonn BUTLER Foreword by Stephen Davies Classical Liberalism – A Primer CLASSICAL LIBERALISM – A PRIMER EAMONN BUTLER First published in Great Britain in 2015 by The Institute of Economic Affairs 2 Lord North Street Westminster London SW1P 3LB in association with London Publishing Partnership Ltd www.londonpublishingpartnership.co.uk The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. Copyright © The Institute of Economic Affairs 2015 The moral right of the author has been asserted. All rights reserved. Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored or introduced into a retrieval system, or transmitted, in any form or by any means (elec- tronic, mechanical, photocopying, recording or otherwise), without the prior written permission of both the copyright owner and the publisher of this book. A CIP catalogue record for this book is available from the British Library. ISBN 978-0-255-36708-0 (interactive PDF) Many IEA publications are translated into languages other than English or are reprinted. Permission to translate or to reprint should be sought from the Director General at the address above. Typeset in Kepler by T&T Productions Ltd www.tandtproductions.com Printed and bound in Great Britain by Page Bros To my friend John Blundell (1952–2014) CONTENTS The author x Acknowledgements
    [Show full text]
  • Friedrich Hayek
    • • • • Sample • • • • Friedrich hayek • • • • Sample • • • • * $ 3 4 + 2 % % 9 % $ = £ * £ 1 * € + %+ + % = $ * 3 =3 £ € *= £ 4 £ % ££* € + % 4 + + 1 5 % 7 8 £ £ = % * 2 $ € 1 % = $ 5 * $ 5 € % £ Friedrich hayek The ideas and influence of the libertarian economist eaMONN BUTLer * $ 3 4 + 2 % % 9 % $ = £ * £ 1 * € + %+ + % = $ * 3 =3 £ € *= £ 4 £ % ££* € + % 4 + + 1 5 % 7 8 £ £ = % * 2 $ € 1 % = $ 5 * $ 5 € % £ HARRIMAN HOUSE LTD 3A Penns Road Petersfield Hampshire GU32 2EW GREAT BRITAIN Tel: +44 (0)1730 233870 Fax: +44 (0)1730 233880 Email: [email protected] Website: www.harriman-house.com First published in Great Britain in 2012 Copyright © Harriman House Ltd The right of Eamonn Butler to be identified as the Author has been asserted in accordance with the Copyright, Designs and Patents Act 1988 . ISBN: 9780857191755 British Library Cataloguing in Publication Data A CIP catalogue record for this book can be obtained from the British Library. 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, photocopying, recording, or otherwise without the prior written permission of the Publisher. This book may not be lent, resold, hired out or otherwise disposed of by way of trade in any form of binding or cover other than that in which it is published, without the prior written consent of the Publisher. No responsibility for loss occasioned to any person or corporate body acting or refraining to act as a result of reading material in this book can be accepted by the Publisher, by the Author, or by the employer(s) of the Author.
    [Show full text]