100 books like How the West Grew Rich

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.

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.

A key insight of economics is the power of markets to organize human affairs. The Machinery of Freedom takes that insight to the limit. How might society work if even governmental functions were organized using markets? Friedman’s answer will surprise and challenge you. And whether you come away convinced or not, you will come away with a better understanding of markets.

The shortest, surest guide to understanding the government’s relationship to the economy. The Law was first published in 1850, but its relevance, importance, and accessibility are perennial. Multiply your value by getting the Foundation for Economic Education’s newest edition, which includes Bastiat’s classic essays “The Broken Window” and “The Candlemakers’ Petition.”

In a time when industrial policy is no longer taboo, even in the West, I would recommend this book to remember the pivotal role that state policies play in promoting development.

More than being the result of self-made people, crucial innovations like the smartphone result from the research backbone that the state provides.

The book is, therefore, thought-provoking as it debunks myths of state decline during the so-called neoliberal age, although recognises that private firms have acquired excessive power.

The author provides a fascinating and readable account of how eight technologies transformed social and political-military structures. His four military technologies are: metal weapons, first bronze, then iron; heavy cavalry, whose introduction had much to do with the declining ability of the Roman empire to defeat the barbarians; artillery, that ended the Medieval use of castles as fortresses; steam transport that facilitated spatial movement in a way that foot and horse travel could not. The four informational technologies are writing, that created the first efficient bureaucracies; printing, that spread literacy to the masses; mass media that allowed information (and misinformation) to penetrate deeply into society; and the modern ICT revolution whose consequences were not fully obvious when the author wrote.  

When we began our research on our book, we were surprised to read challenges to the conventional view we had been taught that the Middle Ages were a time of largely stagnant Western societies. The source of this new view is in several books, including the one recommended here. Gimpel challenges the traditional view writing instead: “The Middle Ages introduced machinery into Europe on a scale no civilization had previously known.” He goes on to chronicle the ingenuity that architects, engineers, and other technicians devoted to innovations in agriculture, light industry, construction, and mining ̶ innovations that anticipated, and were often credited to, later figures of the Renaissance.

Using the modern view of science, many economic historians have sought to diminish the effects of science on the technologies in the 18th and 19th centuries. This wonderful book by a sociologist documents how science, as it was then practiced, pervaded the whole structure of British society, from preachers teaching that Newton had revealed the architecture that God had imposed during creation, to a journal teaching Newtonian science to women. As Jacob puts it: “The role of science…was not that of general laws leading to the development of specific applications. Instead it…[provided] the theoretical mechanics and the practical mathematics that facilitated technological change. Brought together by a shared technical vocabulary of Newtonian origin, engineers and entrepreneurs…negotiated…the mechanization of workshops or the improvement of canals, mines, and harbours.

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.

I first purchased and read this book as a senior undergraduate student not knowing anything about the author.

Little did I know that this book would later play an important role in not only understanding the limitations of mainstream economics but also in providing me with an alternative approach to make sense of our economic surroundings. 

Bharadwaj’s book is truly a classic and one that I always recommend to my students. 

Her book continues to inspire and educate me.