Principles of Economics, by Carl Menger (1871; New York: New York
Press, 1981). The classic statement of economic theory by the founder of
Austrian school of economics.
Tomorrow, Capitalism, by Henri Lepage (La Salle, Ill.: Open Court,
exciting introduction to the new political economy; Lepage provides a
introduction to the economics of property rights, public choice
economics, the "new economic history," resource economics, and more.
The Wealth of Nations, by Adam Smith (1776; Indianapolis: Liberty
The classic work on economics that changed the world. Demonstrated the
division of labor, market exchange, and the spontaneously ordered "great
A Treatise on Political Economy, by Jean-Baptiste Say (1821; New York:
Kelley, 1971). The classic treatise of the leading French economist.
statement of "Say's Law," which demonstrates that there can be no general
"overproduction" in a market economy with a free price system, as each
good produced creates effective demand for other goods.
Human Action, by Ludwig von Mises (New Haven: Yale University Press,
rev. ed., Chicago: Henry Regnery Co., 1966). The masterwork of one of
of the Austrian economists; starts with first principles and proceeds to
such topics as
the price system, monetary economics, business cycles, and economic
Economics in One Lesson, by Henry Hazlitt (1946; rev. ed., New Rochelle:
House, 1985). A very readable introduction to economic thinking,
focusing on the
crucial insight of the "seen and the unseen."
University Economics: Elements of Inquiry, by Armen A. Alchian and
Allen (3d ed., Belmont, Calif.: Wadsworth Publishing Co., 1972). This
and accessible textbook is undoubtedly one of the best available
economics. It is thorough, clear, and concise.
Free to Choose, by Milton and Rose Friedman (New York: Harcourt Brace
Jovanovich, 1986). A strong statement of personal and economic liberty
leading defenders of individual liberty.
Man, Economy, and State, by Murray N. Rothbard (Los Angeles: Nash
1972). A comprehensive treatment of economics, from the most basic level
theory, monopoly, monetary theory, and more. In the tradition of Human
by Ludwig von Mises, Man, Economy, and State is a rare thing in modern
economics -- a systematic treatise.
The Economic Way of Thinking, by Paul Heyne (6th ed., New York:
1991). Heyne's widely used textbook is a helpful overview of economic
an accessible introduction to economic analysis.
Economic Sophisms, Frederic Bastiat (1845; Irvington-On-Hudson, N.Y.:
for Economic Education, 1968). This witty and brilliant collection of
myth after myth about protectionism, subsidies, and other forms of state
The Economics of Rights, Co-operation and Welfare, by Robert Sugden (New
Basil Blackwell, 1986). A valuable introduction to game theory and an
treatment of the spontaneous emergence of cooperation; suggests that
emerge without an overarching and coercive ordering power.
Price Theory, by David Friedman (2d ed., Cincinnati: South-Western
1989). This is probably the most fun intermediate textbook in economics;
uses colorful examples and a lively style to make understandable complex
in economics. This book is very useful for understanding how markets
how economics can help us understand institutions such as law, voting,
Capitalism, by Arthur Seldon (Cambridge, Mass: Blackwell, 1990). Seldon
powerfully argued case for the free market.
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