I’ve spent the last 17 years leveraging my Master’s degree in economics as a public policy analyst focusing on educating legislators and the public about the consequences of economic public policy. I’ve also taught several economic courses as an adjunct at a small university and area community college. Spreading sound economic knowledge is important to me. History–and the present day–is full of tragic tales of suffering in societies that failed to heed the lessons of sound economics. Sadly, however, the majority of Americans are either uneducated or mis-educated in economics. My passion is to advance economic understanding among citizens–especially young people–in order to correct that.
The purpose of this book is to equip the reader with a sound mental framework through which to view and understand the countless patterns of behavior and complex phenomena that surround us every day.
Why are some nations rich and others poor? Are economic booms and recessions inherent in a free-market economy? Why would an increase in demand for wood baseball bats impact the price of grand pianos? All of these questions can be answered through the “economic way of thinking.” The book utilizes the “Austrian School” of economic methodology, which views economics as a branch of praxeology, which is the study of the implications of human action. In my experience, the Austrian School is unequivocally the best methodology for a proper understanding of economics.
While not explicitly from the Austrian School, Hazlitt’s book is perhaps the most popular “gateway drug” of sorts, guiding interested readers to the Austrian School.
What is the “one lesson” Hazlitt boils economics down to? All economic decisions have “opportunity costs.” In short, when we choose to use a resource for X, we forgo the opportunity to pursue Y. If you spend $5 on milk, that $5 is no longer available to buy eggs or bread. When a ton of steel is used in building a bridge, it is no longer available for use in building a skyscraper.
What should be easily intuitive is often readily overlooked, especially when debating government spending. Hazlitt’s book is a great introductory piece written for the layman as he masterfully leverages this “one lesson” to explore several aspects of public policy.
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…
Often credited as the book that launched the “Austrian School,” Menger’s 1871 masterpiece marked a revolutionary correction in the widely accepted theory on the source of economic value prevailing at the time. Menger convincingly made the case that the economic value of goods comes from the mind of the individual–not from the labor inputs used to make it.
Menger further explained that people evaluate the value of goods on the margins–that is, of the next marginal unit–and not just of a good in general. This insight was so profound that it kicked off what was called the “marginal revolution” in economic science.
Menger also covers price theory, the role of time in production, and the origin of money. This book is a must-read for anybody wanting a thorough primer on the Austrian School of Economics.
In the beginning, there was Menger. It was his Principles of Economics that reformulated — and really rescued — economic science from the theoretical errors of the old classical school.Menger set out to elucidate the precise nature of economic value, and to root economics firmly in the real-world actions of individual human beings. In Principles of Economics, he advances the theory that the marginal utility of goods is the source of their value, rather than the labor inputs that went into making them. The implication of this theory is that the individual mind is the source of economic value —…
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.
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,…
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.
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…
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.
When Lara was four years old, her father moved from Rochester, New York, to Anchorage, Alaska, a distance of over 4,000 miles. She spent her childhood chasing after him, flying a quarter of the way around the world to tug at the hem of his jacket.
Now that he is in his eighties, she contemplates her obligation to an absentee father. The Truth About Unringing Phones is an exploration of responsibility and culpability told in experimental and fragmented essays.
When Lara was four years old, her father moved from Rochester, New York, to Anchorage, Alaska, a distance of over 4,000 miles. She spent her childhood chasing after him, flying a quarter of the way around the world to tug at the hem of his jacket. Now that he is in his eighties, she contemplates her obligation to an absentee father.
The Truth About Unringing Phones: Essays on Yearning is an exploration of responsibility and culpability told in experimental and fragmented essays.
