Hayek’s The Road to Serfdom Revisited:

Government Failure in the Argument Against Socialism

Abstract

This paper argues that F. A. Hayek’s argument in the book The Road to Serfdom was as much a demonstration of the limits of democracy as well as it was an examination of the foibles of socialism. Yet, this aspect of Hayek’s book is often ignored within the contemporary Public Choice literature. This paper makes the case that Hayek, along with the scholars more frequently recognized in the literature, should be considered a founder of the economic analysis of politics.