Books like Principles of Economics

This is the rare book that is as eye-opening for the novice in economics as it is stimulating for the professional economist. Hazlitt will show you why economics is the golden key to unlocking an endless series of social mysteries.

If you really take his classic 1946 “Lesson” to heart, you can outthink many professional economists who have mistaken mathematical pyrotechnics for economic insight. 

Mises was often referred to as the “godfather of Austrian Economics” for his voluminous contributions to economic science. This book is his most well-known and hefty treatise. 

Mises expertly walks the reader through his explanation of economics being a branch of praxeology, the study of the implications of human action. With a passionate writing style, Mises pulls no punches on his critics while providing the reader with a graduate-level economic education without the often-confusing technical jargon academic courses often impose on students.

Mises uses explanatory language rather than mathematical equations and graphs to make his points. The book is not light reading, however, and should not be attempted without first gaining some understanding of the Austrian School of Economics. And weighing in at nearly 900 pages, expect to set aside some time to get through it. But it will be time well spent.

As the most accomplished student of Ludwig von Mises, Rothbard is undisputably the American who has contributed the most to the Austrian School of Economics. Similar to Human Action, this treatise spans more than 1,000 pages and covers nearly every aspect of economic theory imaginable. 

Rothbard methodically walks the reader through the logical implications of the “action axiom,” the notion that humans act with a purpose in mind. Specifically, humans utilize means according to an idea to achieve ends. From this self-evident building block, Rothbard deduces economic laws that guide nearly the entire edifice of economic science.

The Power and Market section is where theory meets practice, and Rothbard applies the Austrian School theory to diagnose the impact of a large variety of government interference in the market process.

Bohm-Bawerk is too often overlooked when discussing influential Austrian School economists. This is a shame because his work included significant insights and new contributions to economic science. This book, written in 1888, is no exception. 

In this book, Bohm-Bawerk uncovers the origin of the phenomena of interest to be man’s time preference. That is, humans value present goods more than future goods. Thus, the important implications of the passage of time in the production process are examined in this book, including a discussion of why this concept refutes Marx’s labor theory of value and his conclusion that capitalism exploits workers. 

I first read Aspromourgos’s book on Adam Smith in 2010 or thereabouts.

I was immediately hooked because of the attention to detail visible in his interpretation of Smith’s economics. And the rigour and depth of his writing. 

The book places Smith’s economics within a rich historical context by paying close attention to his economic vocabulary.

Aspromourgos diligently provides us with a persuasive account of Smith’s economic theory in the tradition of classical political economy and rightly argues that it cannot be viewed as an inferior version of marginalist economics. 

In this book, you will find not just Smith’s economics and its history but also insights from philosophy and politics, both essential, I think, to become a critical economist.

Ask ten different people to define economics, and you’ll get ten different answers. Does it have something to do with money, finance, the “economy”? Is it about wealth creation? Worse, does it assume people are self-centered greed monsters who care only about maximizing their own happiness, which is assumed to be achievable solely through material acquisition? Worse still, does economics justify or condone such behavior?

Kirzner’s book, which was his dissertation written under the guidance of Ludwig von Mises, shows us the way out of this mess. Read this book to learn why economics is the best tool we have for making sense of the social world. Plus, no unrealistic assumptions about humans are needed! 

Written over a century ago, this is a book for the ages.

I read this book early in my career, and it provided a basis for understanding money that helped form my current economic theories. Mises reveals how money originated in the market and how its value is based on its efficacy as a commodity in exchange.

Mises concisely lays out the case for sound money with no inflation and introduces the beginnings of a full-scale business cycle theory. 

This book written in 1922 by the Austrian economist at the University of Vienna is one of the few truly foundational works in political economy. Mises takes apart the theory of the Marxist moneyless planned economy which Lenin and then Stalin tried to apply to the Soviet Union. Mises lucidly explains why not only that it could never work but would lead to catastrophic and unending shortages, dictatorship, repression, and arbitrary rule enforced by a militarized one-party state. Although Mises had no knowledge of China, it is the best book to read in order to understand what happened in China in the 20th century.

I strongly recommend this book because it is clearly written, explains the methods of estimation, and provides an excellent overview of the extensive worldwide research on the returns to education based on earnings.

It certainly influenced me. It had a massive impact on World Bank lending policies in support of economic development in developing countries. It replaced the kinds of Bank physical capital investment policies such as those supporting dam construction, projects that included educating only for a few people on how to operate dams, with education sector-wide loans that support primary and junior secondary education of the labor force.

Some of these dams later washed out, and forests were destroyed in support of development. The book shows how the returns to investment in primary and secondary education are higher in developing countries where the labor force is often nearly illiterate than they are to investing in other higher levels… show more.

This collection of essays by some of the leading contemporary scholars in ethics and in economics provides both critical surveys of the various interactions between these two bodies of thought and original suggestions for future advancements in this important intersection.

The collection includes both general and theoretical inquiries and more specific applications. It may be of interest both to academics (scholars and students) and to policymakers and laypersons.