The best books on Austrian economics

Why am I passionate about this?

In high school I became interested in politics and economics. Soon I found the Austrian school and decided to make it my profession. I went to the US to study Austrian economics and later to Spain to study with Prof. Huerta de Soto. Finally, I became a Professor of Economics myself, teaching and writing in the tradition of the Austrian School. 


I wrote...

Blind Robbery! How the Fed, Banks and Government Steal Our Money

By Philipp Bagus, Andreas Marquart,

Book cover of Blind Robbery! How the Fed, Banks and Government Steal Our Money

What is my book about?

Money does not come from the state! Actually, no one believes that statement. But they should. That is because America, like every other country in the world, has a pure paper money system, in which new money is created out of thin air. Andreas Marquart and Philipp Bagus show you how money arises and why our current money is bad money. You will learn how important good money is for an economy and what influence bad money has on everyone in society.

What role does the state, government, and politics play in redistribution in favor of the super-rich? Anyone who has never really trusted politicians - even if it started out as only a gut feeling - will find confirmation in this book that this gut feeling was right all along.

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The books I picked & why

Book cover of Human Action: A Treatise on Economics

Philipp Bagus Why did I love this book?

Human Action is Ludwig von Mises's magnum opus.

It is the best Treatise on Economics ever written. It is systematic, complete, and concise. I have read Human Action in three languages, German, English, and Spanish. While the beginning may be rough, the effort is worth it. Every responsible citizen should read it.

Any responsible citizen should know how the economy works, because if he does not know he may be fooled by politicians that promise impossible things. So how can you vote as a responsible citizen on policies if you do not know the consequences of these policies?

By Ludwig von Mises,

Why should I read it?

3 authors picked Human Action as one of their favorite books, and they share why you should read it.

What is this book about?

In Human Action, Mises starts from the ideas set forth in his Theory and History that all actions and decisions are based on human needs, wants, and desires and continues deeper and further to explain how studying this human action is not only a legitimate science (praxeology) but how that science is based on the foundation of free-market economics.

Mises presents and discusses all existing economic theories and then proceeds to explain how the only sensible, realistic, and feasible theory of economics is one based on how the needs and desires of human beings dictate trends, affect profits and losses,…


Book cover of Economics in One Lesson

Philipp Bagus Why did I love this book?

I read this book very early, because it was recommended to me by senior Austrian economists as the best introduction to the Austrian School, being much easier to read than Human Action.

Hazlitt´s book is a classic. It destroys many fallacies such as the broken window fallacy. Hazlitt´s book is unrivaled as an introduction into sound economic thinking.

By Henry Hazlitt,

Why should I read it?

4 authors picked Economics in One Lesson as one of their favorite books, and they share why you should read it.

What is this book about?

With over a million copies sold, Economics in One Lesson is an essential guide to the basics of economic theory. A fundamental influence on modern libertarianism, Hazlitt defends capitalism and the free market from economic myths that persist to this day.

Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an influential libertarian publication.  Hazlitt wrote…


Book cover of Money, Bank Credit & Economic Cycles

Philipp Bagus Why did I love this book?

Those who want to understand the origins of business cycles and how to prevent them should read this book.

One of the most pressing, if not the most pressing, problem of our societies today is our monetary and financial system. This book explains why and offers a solution.

I believe that it is the most complete Austrian treatise on money and banking. It is interdisciplinary looking at law and history as well. I have used it as a textbook for years in class and I have translated it into German. Every serious student of money and banking has to have mastered this book.

By Jesus Huerta de Soto,

Why should I read it?

1 author picked Money, Bank Credit & Economic Cycles as one of their favorite books, and they share why you should read it.

What is this book about?

Can the market fully manage the money and banking sector?

Jesús Huerta de Soto, professor of economics at the Universidad Rey Juan Carlos, Madrid, has made history with this mammoth and exciting treatise that it has and can again, without inflation, without business cycles, and without the economic instability that has characterized the age of government control.

Such a book as this comes along only once every several generations: a complete comprehensive treatise on economic theory. It is sweeping, revolutionary, and devastating--not only the most extended elucidation of Austrian business cycle theory to ever appear in print but also a…


Book cover of Man, Economy, and State: With Power and Market

Philipp Bagus Why did I love this book?

This treatise written by Mises student Murray Rothbard is very systematic and well-thought.

Rothbard is an excellent writer. He goes through all topics of economics and has a great analysis of interventionism. Every serious scholar of Austrian economics should have read this book which is somewhat more accessible for neoclassical economists than Human Action.

By Murray N. Rothbard,

Why should I read it?

2 authors picked Man, Economy, and State as one of their favorite books, and they share why you should read it.

What is this book about?

New Edition, with new introduction!

Murray N. Rothbard's great treatise Man, Economy, and State and its complementary text Power and Market, are here combined into a single edition as they were written to be. It provides a sweeping presentation of Austrian economic theory, a reconstruction of many aspects of that theory, a rigorous criticism of alternative schools, and an inspiring look at a science of liberty that concerns nearly everything and should concern everyone.

The Mises Institute's new edition of Man Economy, and State, united with its formerly sundered companion volume Power and Market, is a landmark in the history…


Book cover of The Theory of Dynamic Efficiency

Philipp Bagus Why did I love this book?

This book contains some of the most important articles written by Jesús Huerta de Soto, one of the leading Austrian economists.

I have come to live in Spain to study with Jesús Huerta de Soto. The quality of each one of these essays is extraordinary. I recommend to everyone interested in Austrian economics to study this book in depth.

Huerta de Soto is one of the leading Austrian economists living. His works are very creative and this book gives an overview of his impressive work on a wide range of subjects.

By Jesus Huerta De Soto,

Why should I read it?

1 author picked The Theory of Dynamic Efficiency as one of their favorite books, and they share why you should read it.

What is this book about?

This book gathers a collection of English language essays by Jesus Huerta de Soto over the past ten years, examining the dynamic processes of social cooperation which characterize the market, with particular emphasis on the role of both entrepreneurship and institutions. The author's multidisciplinary approach to the subject is in keeping with a trend in economic thought established by the Austrian school of economics; a discourse that had witnessed a significant revival over the last thirty years.

Areas covered in this book include an introduction to the theory of dynamic efficiency as an alternative to the standard paretian criteria, an…


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Book cover of Benghazi! A New History of the Fiasco that Pushed America and its World to the Brink

Ethan Chorin Author Of Benghazi! A New History of the Fiasco that Pushed America and its World to the Brink

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Why am I passionate about this?

Author Story-lover Middle East expert Curious Iconoclast Optimist

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What is my book about?

Benghazi: A New History is a look back at the enigmatic 2012 attack on the US mission in Benghazi, Libya, its long-tail causes, and devastating (and largely unexamined) consequences for US domestic politics and foreign policy. It contains information not found elsewhere, and is backed up by 40 pages of citations and interviews with more than 250 key protagonists, experts, and witnesses.

So far, the book is the main -- and only -- antidote to a slew of early partisan “Benghazi” polemics, and the first to put the attack in its longer term historical, political, and social context. If you want to understand some of the events that have shaped present-day America, from political polarization and the election of Donald Trump, to January 6, the US withdrawal from Afghanistan, Russian expansionism, and the current Israel-Hamas war, I argue, you need to understand some of the twists and turns of America's most infamous "non-scandal, scandal.”

I was in Benghazi well before, during, and after the attack as a US diplomat and co-director of a medical NGO. I have written three books, and have been a contributor to The NYT, Foreign Affairs, Forbes, Salon, The Financial Times, Newsweek, and others.

By Ethan Chorin,

Why should I read it?

1 author picked Benghazi! A New History of the Fiasco that Pushed America and its World to the Brink as one of their favorite books, and they share why you should read it.

What is this book about?

On September 11, 2012, Al Qaeda proxies attacked and set fire to the US mission in Benghazi, Libya, killing a US Ambassador and three other Americans.  The attack launched one of the longest and most consequential 'scandals' in US history, only to disappear from public view once its political value was spent. 

Written in a highly engaging narrative style by one of a few Western experts on Libya, and decidely non-partisan, Benghazi!: A New History is the first to provide the full context for an event that divided, incited, and baffled most of America for more than three years, while silently reshaping…


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