Principles of Economics, by Carl Menger (1871; New York: New York
University
Press, 1981). The classic statement of economic theory by the founder of
the
Austrian school of economics.
Tomorrow, Capitalism, by Henri Lepage (La Salle, Ill.: Open Court,
1982). An
exciting introduction to the new political economy; Lepage provides a
very readable
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
Classics, 1981).
The classic work on economics that changed the world. Demonstrated the
value of
division of labor, market exchange, and the spontaneously ordered "great
society."
A Treatise on Political Economy, by Jean-Baptiste Say (1821; New York:
Augustus M.
Kelley, 1971). The classic treatise of the leading French economist.
Includes the
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,
1949; 3d
rev. ed., Chicago: Henry Regnery Co., 1966). The masterwork of one of
the greatest
of the Austrian economists; starts with first principles and proceeds to
such topics as
the price system, monetary economics, business cycles, and economic
calculation.
Economics in One Lesson, by Henry Hazlitt (1946; rev. ed., New Rochelle:
Arlington
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
William R.
Allen (3d ed., Belmont, Calif.: Wadsworth Publishing Co., 1972). This
well written
and accessible textbook is undoubtedly one of the best available
introductions to
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
by two
leading defenders of individual liberty.
Man, Economy, and State, by Murray N. Rothbard (Los Angeles: Nash
Publishing,
1972). A comprehensive treatment of economics, from the most basic level
to price
theory, monopoly, monetary theory, and more. In the tradition of Human
Action
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:
Macmillan,
1991). Heyne's widely used textbook is a helpful overview of economic
science and
an accessible introduction to economic analysis.
Economic Sophisms, Frederic Bastiat (1845; Irvington-On-Hudson, N.Y.:
Foundation
for Economic Education, 1968). This witty and brilliant collection of
essays explodes
myth after myth about protectionism, subsidies, and other forms of state
interventionism.
The Economics of Rights, Co-operation and Welfare, by Robert Sugden (New
York:
Basil Blackwell, 1986). A valuable introduction to game theory and an
exciting
treatment of the spontaneous emergence of cooperation; suggests that
order can
emerge without an overarching and coercive ordering power.
Price Theory, by David Friedman (2d ed., Cincinnati: South-Western
Publishing Co,
1989). This is probably the most fun intermediate textbook in economics;
Friedman
uses colorful examples and a lively style to make understandable complex
insights
in economics. This book is very useful for understanding how markets
work and
how economics can help us understand institutions such as law, voting,
and
marriage.
Capitalism, by Arthur Seldon (Cambridge, Mass: Blackwell, 1990). Seldon
offers a
powerfully argued case for the free market.
Return to [Guide to Classical Liberal Scholarship][IHS homepage]