John B. Taylor Books

Marking the 75th anniversary of the first meeting of the Mont Pèlerin Society, in 1947, this volume presents for the first time the original transcripts from this landmark event. The society was created by Friedrich Hayek as a forum for leading economists and intellectuals to discuss and debate classical liberal values in the face of a rapidly changing world and political trends toward socialism. Bruce Caldwell, a major scholar of Hayek, provides an informative introduction and explanatory notes to the source documents, drawn from the Hoover Institution Library & Archives, where they have been available to scholars. Now accessible to all, the transcripts reveal what was said on a wide range of topics, including free markets, monetary reform, wage policy, taxation, agricultural policy, the future of Germany, Christianity and liberalism, and more. They provide insights into the thinking of men such as Hayek, Milton Friedman, Aaron Director, Frank Knight, Walter Eucken, Karl Popper, and other leading figures in the classical liberalism movement, illuminating not only their ideas but also their distinctive personalities. A photo section shows rarely seen images from the meeting.

What are the keys to good economic policy? George P. Shultz and John B. Taylor draw from their several decades of experience at the forefront of national economic policy making to show how market fundamentals beat politically popular government interventions--be they from Democrats or Republicans--as a recipe for success. Choose Economic Freedom reconstructs debates from the 1960s and 1970s about the use of wage and price controls as tools of policy, showing how brilliant economists can hold diametrically opposed views about the wisdom of using government intervention to spur the economy. Speeches and documents from the era include a recently unearthed memo from Arthur Burns, Federal Reserve chair, in 1971, in which he argues in favor of controls. Under Burns's guidance and in the face of stubborn inflation, Nixon introduced wage and price guidelines and freezes. But over the long run, these became a drag on the economy and ultimately failed. It wasn't until the Reagan administration that these controls were reversed, resulting in a vibrant economy. The words of iconic economist Milton Friedman--whose "free to choose" ethos inspired the free-market revolution of the Reagan era--along with lessons Shultz and Taylor learned from the front lines, demonstrate that tried-and-true economic policy works.