1

THERE is reason to believe that we are at last entering an era of reasoned discussion of what has long uncritically been assumed to be a reconstruction of society on rational lines.

1

IN SPITE of a natural tendency on the part of socialists to belittle its importance, it is clear that the criticism of socialism has already had a very profound effect on the direction of socialist thought.

1

TWO chapters in the discussion of the economics of socialism may now be regarded as closed.

1

THE gold standard as we knew it undoubtedly had some grave defects. But there is some danger that the sweeping condemnation of it which is now the fashion may obscure the fact that it also had some important virtues which most of the alternatives lack.

Machinery and labour are in constant competition, and the former can frequently not be employed until labour rises.

—David Ricardo.

A Tiger by the Tail

A Tiger by the Tail

A 40-Years’ Running Commentary
on Keynesianism by Hayek

With an essay on
‘The Outlook for the 1970s:
Open or Repressed Inflation?’
by

F.A. HAYEK

Nobel Laureate 1974

Compiled and Introduced by
Sudha R. Shenoy

Introduction by
Joseph T. Salerno

Third Edition

Published jointly by
The Institute of Economic Affairs

and the
Ludwig von Mises Institute

First published 1972
Second Impression 1973
Second Edition 1972 and 1978 © The Institute of Economic Affairs
Third Edition 2009 © The Institute of Economic Affairs
New Material 2009 © Ludwig von Mises Institute, Creative Commons 3.0

All rights reserved. Written permission must be secured from the publisher to use or reproduce any part of this book, except for brief quotations in critical reviews or articles.