This is a podcast from the archives of the BBC Reith Lectures.

This lecture in the series, Innocence and Design, given by David Henderson, was originally broadcast in 1985.

In my previous lectures, I've contrasted two ways of looking at economic systems and choices.

One is the orthodox economic view, which emphasizes the role of prices and markets.

Not all economists accept it, and some of those who do are inclined to stress its limitations or even its dangers.

Nonetheless, it's distinctively, characteristically professional.

The other view of the world is that of do-it-yourself economics.

I've shown that the ideas of DIYE remain influential, as they always have been, and I've questioned them both as a description of reality and as a guide to economic policy.

I've argued that, generally speaking, countries both rich and poor

would be better off in material terms

if their governments relied more on prices and markets, including international markets in particular,

and less on administrative regulations and controls. And I gave reasons for believing that this

is a more important aspect of economic policy than some of my professional

colleagues are inclined to think. In this final lecture, I'll be setting these arguments in a wider

context and considering political as well as economic aspects. Let me start by using a particular

illustration to make two general points.

At various stages in these lectures, I referred to recent or current British economic policies,

drawing on a range of illustrations relating to energy, industry and trade.

In every case, I noted that these are established policies,

pursued by successive governments regardless of party,

and that they can be seen to have been influenced by the ideas of do-it-yourself economics.

They have not changed since 1979.

...