100 books like The Machinery of Freedom

I think economics has a bad reputation, and it is mostly due to economists' either deliberately or inadvertently communicating poorly in class, on TV and radio, in podcasts, and in writing.

This book is none of that. It was written by a well-respected old-school journalist who could really write. I like its approach of short, punchy chapters. Hemmingway-like in its writing and style, it truly delivers what the title promises. I have a poster of this author on my office wall. 

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.

This highly readable, best-selling book explains how the West’s free-market economies grew rich while others stagnated. (1) The West provided the freedom to innovate in products processes and organizations while other societies resisted these activities. (2) The West’s diffusion of economic power from a centralised political sphere to a decentralized economic sphere was essential in establishing and maintaining this freedom. (3) The West’s market-based institutions allowed successful innovators to earn large gains while unsuccessful innovators and non-innovating firms suffered losses. (4) The growth of Western science nurtured economic growth produced by innovators who were typically well-versed in engineering and Newtonian mechanistic science.

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.”

Universal property – property that is inalienable, individual, and belongs in equal measure to all – is a game-changing idea whose time is coming.

Introduced alongside conventional (private and state) property, it can serve the twin goals of reducing inequality and protecting the environment.

For example, by treating the biosphere’s limited capacity to recycle carbon emissions as universal property, and charging for use of this resource, we can both protect climate stability and provide universal basic income via climate-protection dividends.

Peter Barnes has been a leading voice for universal property, following in the footsteps of Tom Paine and Henry George. Do yourself a favor: read this thought-provoking book, and share it with your family and friends.

I make use of the basic concepts that Barzel introduced in this book, but deviate more from conventional neoclassical economics.

Economic property rights are about effective control over resources, and not necessarily about legal rights. A key insight is that a resource consists of an open-ended number of attributes and therefore that control over a resource can become more complex as the number of attributes increases.

There is also a tendency for control to change hands as market participants discover more valuable uses of resources. 

A series of essays by one of the most respected Canadian political philosophers of the twentieth century.

I have recommended this book for the title essay, which provides a particularly insightful account of how people have thought about economic justice (or haven’t) over time.

But all the essays are worth reading.

The French revolutionaries not only transformed property, they disentangled it from public power, creating a distinction between a private realm and a public one and between state and society. Blaufarb shows that at stake was much more and much more complex than historians have thought. He argues that without this multiple demarcation, free elections would have been impossible and universal human rights could not have been defined.    

Thomas Piketty rose to international fame for his 2014 Capital in the Twenty-First Century. But this book is even better. At a whopping 1000 pages, it’s a magnum opus. A phenomenally interesting panoramic of inequality across human history.

With intricate detail and voluminous evidence, Piketty documents the rise and fall of inequality throughout the ages, depicting the ways in which ideologies have worked to bolster or undermine it. Anyone who reads this book will walk away with a far richer understanding of some of the core dynamics underlying human history.  

Mariana Candido’s book brings to light the importance of land ownership among West Central Africans, by contesting the work of historians who up to here have basically agreed with the claims of European conquerors and colonizers who stated that West Central African land was plentiful and empty, therefore available to be occupied by the newcomers.

Drawing on detailed archival research, the book also us how West Central African men and women acquired and owned land and movable property. Candido brings to light how West Central African communities were consumers of European and Asian goods, and therefore connected to other parts of the world.

The book shows how men and women in Angola accumulated wealth, and also how during the rise of colonialism they were deprived of this wealth.