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Austrian Economics Reading List prepared by Richard M. Ebeling
Austrian economics is a branch of
economic thought that emphasizes and analyzes market forces from a
libertarian perspective. Two of the major Austrian economists in the
20th century have been Friedrich A. Hayek, who won the Nobel Prize in
Economics, and Ludwig von Mises.
Posted below is an
Austrian Economics reading list prepared by Richard M. Ebeling,
economics professor at Northwood University in Midland and former
president of the Foundation for Economic Education and vice president
of academic affairs at FFF.
Readings Collections for Beginners
Richard M. Ebeling, ed., Austrian Economics: A Reader (Hillsdale, MI: Hillsdale College Press, 1991).
Bettina Bien Greaves, ed., Austrian Economics: An Anthology (Irvington-on-Hudson, NY: Foundation for Economic Education, 1996).
Readings Collections for More Advanced Study
Peter J. Boettke, ed., The Elgar Companion to Austrian Economics (Brookfield VT: Edward Elgar, 1994).
Richard M. Ebeling, ed., Austrian Economics: Perspectives on the Past and Prospects for the Future (Hillsdale, MI: Hillsdale College Press, 1991).
Israel M. Kirzner, ed., Classics in Austrian Economics: A Sampling in the History of a Tradition, 3 vols. (London: William Pickering, 1994).
Stephen C. Littlechild, ed., Austrian Economics, 3 vols. (Brookfield, VT; Edward Elgar, 1990).
General Introductions to the Ideas of the Austrian Economists
Edwin G. Dolan, ed., The Foundations of Modern Austrian Economics (Kansas City: Sheed and Ward, 1976).
Richard M. Ebeling, "The Significance of Austrian Economists in Twentieth-Century Economic Thought" in Richard M. Ebeling, ed., Austrian Economics: Perspectives on the Past and Prospects for the Future (Hillsdale, MI: Hillsdale College Press, 1991), pp. 1-40.
Ludwig M. Lachmann, "The Significance of the Austrian School of Economics in the History of Ideas" [1966] reprinted in Richard M. Ebeling, ed., Austrian Economics: A Reader (Hillsdale, MI: Hillsdale College Press, 1991) pp. 17-39.
Stephen C. Littlechild, The Fallacy of the Mixed Economy: An "Austrian" Critique of Economic Thinking and Policy (London: Institute of Economic Affairs, 1978).
W. Duncan Reekie, Markets, Entrepreneurs and Liberty: An Austrian View of Capitalism (New York: St. Martin's Press, 1984).
Alexander H. Shand, The Capitalist Alternative: An Introduction to Neo-Austrian Economics (New York: New York University Press, 1984).
--------------, Free Market Morality: The Political Economy of the Austrian School (London/New York: Routledge, 1990).
Mark Skousen, Austrian Economics for Investors: Ludwig von Mises Goes to Wall Street (London: Pickering and Chatto, 1995).
Jeusus Huerta de Soto, "The Ongoing Methodenstreit of the Austrian School," in Journal des Economistes et des Etudes Humaines (March, 1998) pp. 75-113.
Louis M. Spadaro, ed., New Directions in Austrian Economics (Kansas City: Sheed Andrews & McMeel, 1978).
Thomas C. Taylor, The Fundamentals of Austrian Economics (London: Adam Smith Institute, 1980).
Karen I. Vaughn, Austrian Economics in America: The Migration of a Tradition (Cambridge: Cambridge University Press, 1994).
Founders of the Austrian School of Economics
Carl Menger, Principles of Economics [1871] (New York: New York University Press, 1981).
--------------, Investigations into the Method of the Social Sciences with Special Reference to Economics [1883] (New York: New York University Press, 1985).
--------------, Carl Menger's Lectures to Crown Prince Rudolf of Austria, ed., by Erich W. Steissler and Monika Streissler (Brookfield, VT: Edward Elgar, 1994).
Eugen von Boehm-Bawerk, Capital and Interest, 3 vols. (South Holland, Ill: Libertarian Press, 1959).
--------------, Value and Price (An Extract from Capital and Interest) (South Holland, Ill: Libertarian Press, 1960).
--------------, Shorter Classics of Boehm-Bawerk (South Holland, Ill: Libertarian Press, 1962).
Friedrich von Wieser, Natural Value [1889] (New York: Augustus M. Kelley, 1971).
--------------, Social Economics [1914] (New York: Augustus M. Kelley, 1967).
--------------, The Law of Power [1926] (Lincoln: University of Nebraska, 1983).
Works About the Founders of the Austrian School
Carl Menger
"Carl Menger and Austrian Economics," Atlantic Economic Journal (September 1978), special issue.
Bruce Caldwell, ed., Carl Menger and His Legacy in Economics (Durham/London: Duke University Press, 1990).
F. A. Hayek, "Carl Menger" in Peter G. Klein, ed., The Collected Works of F. A. Hayek, Vol. 4: The Fortunes of Liberalism: Essays on Austrian Economics and the Ideal of Freedom (Chicago: University of Chicago Press, 1992) pp. 61-107.
J. R. Hicks and Wilhelm Weber, eds., Carl Menger and the Austrian School of Economics (Oxford: Oxford University Press, 1973).
Joseph A. Schumpeter, "Carl Menger" in Ten Great Economists, from Marx to Keynes (Oxford: Oxford University Press, 1951) pp.80-90.
Boehm-Bawerk
Richard M. Ebeling, "Eugen von Boehm-Bawerk: A Sesquicentennial Appreciation," Ideas on Liberty (February 2001).
Klaus H. Hennings, The Austrian Theory of Value and Capital: Studies in the Life and Work of Eugen von Boehm-Bawerk (Brookfield, VT: Edward Elgar, 1997).
Joseph A. Schumpeter, "Eugen von Boehm-Bawerk" in Ten Great Economists, from Marx to Keynes (Oxford: Oxford University Press, 1951) pp.143-190.
Wieser
F. A. Hayek, "Friedrich von Wieser" in Peter G. Klein, ed., The Collected Works of F. A. Hayek, Vol. 4: The Fortunes of Liberalism: Essays on Austrian Economics and the Ideal of Freedom (Chicago: University of Chicago Press, 1992) pp. 108-125.
Joseph A. Schumpeter, "Friedrich von Wieser" in Ten Great Economists, from Marx to Keynes (Oxford: Oxford University Press, 1951) pp.298-301.
Works of Ludwig von Mises: For the General Reader
Liberalism: The Classical Tradition [1927] (Irvington-on-Hudson, NY: Foundation for Economic Education, 1996).
Interventionism: An Economic Analysis [1941] (Irvington-on-Hudson, NY: Foundation for Economic Education, 1998).
Bureaucracy (New Haven, CT; Yale University Press, 1944).
Planning Chaos (Irvington-on-Hudson, NY: Foundation for Economic Education, 1947).
Planning for Freedom [1952] (South Holland, Illo: Libertarian Press, 1980).
The Anti-Capitalistic Mentality (Princeton, NJ: D. Van Nostrand, 1956).
Economic Policy: Thoughts for Today and Tomorrow (South Bend, IN: Regnery/Gateway, 1979).
Works of Ludwig von Mises: For More Advanced Study
The Theory of Money and Credit [1912; 2nd revised ed., 1924, 3rd revised ed., 1952] (Indianapolis: Liberty Classics, 1981).
Nation, State and Economy: Contributions to the Politics and History of Our Time [1919] (New York: New York University Press, 1983).
Socialism: An Economic and Sociological Analysis [1922; 2nd revised ed., 1932; 3rd revised ed., 1951] (Indianapolis: Liberty Classics, 1981).
Monetary Stabilization and Cyclical Policy [1928] in Israel M. Kirzner, ed., Classics in Austrian Economics: A Sampling in the History of a Tradition, Vol. 3, (London: William Pickering, 1994) pp. 33-111.
Critique of Interventionism: Inquiries into the Economic Policy and the Economic Ideology of the Present [1929] (Irvington-on-Hudson, NY: Foundation for Economic Education, 1996).
Epistemological Problems of Economics [1933] (New York: New York University Press, 1981).
Notes and Recollections [1940] (South Holland, Ill: Liberrtarian Press, 1978).
Omnipotent Government: The Rise of the Total State and Total War (New Haven, CT; Yale University Press, 1944).
Human Action: A Treatise on Economics [1949; 2nd revised ed., 1963; 3rd revised ed., 1966] (Irvington-on-Hudson, NY: Foundation for Economic Education, 1996).
Theory and History: An Interpretation of Social and Economic Evolution (New Haven, CT; Yale University Press, 1957).
The Ultimate Foundation of Economic Science: An Essay on Method (Princeton, NJ: D. Van Nostrand, 1962).
Collections of Ludwig von Mises' Essays
Richard M. Ebeling, ed., The Clash of Group Interests and Other Essays by Ludwig von Mises (New York: Center for Libertarian Studies 1978).
--------------, Money, Method and the Market Process: Essays by Ludwig von Mises (Norwell, MA: Kluwer Academic Press, 1990)
--------------, Selected Writings of Ludwig von Mises: The Political Economy of International Reform and Reconstruction (Indianapolis: Liberty Fund, 2000).
Bettina Bien Greaves, ed., Economic Freedom and Interventionism: An Anthology of Articles and Essays by Ludwig von Mises (Irvington-on-Hudson, NY: Foundation for Economic Education, 1990)
Works About Ludwig von Mises and His Ideas
Richard M. Ebeling, ed., Human Action: A 50-Year Tribute (Hillsdale, MI: Hillsdale College Press, 2000).
Richard M. Ebeling, "A Rational Economist in an Irrational Age: Ludwig von Mises," in Richard M. Ebeling, ed., The Age of Economists: From Adam Smith to Milton Friedman (Hillsdale, MI: Hillsdale College Press, 1999) pp. 69-120.
Richard M. Ebeling, "Planning for Freedom: Ludwig von Mises as
Political Economist and Policy Analyst," in Richard M. Ebeling, ed., Competition or Compulsion: The Market Economy versus the New Social Engineering (Hillsdale, MI: Hillsdale College Press, 1991) pp. 1-85.
Jeffrey M. Herbener, ed., The Meaning of Ludwig von Mises (Norwell, MA: Kluwer Academic Press, 1993).
Israel M. Kirzner, Ludwig von Mises (Random, Va: Intercollegiate Studies Institute, 2001).
Laurence S. Moss, ed., The Economics of Ludwig von Mises: Toward A Critical Reappraisal (Kansas City: Sheed & Ward, 1976).
Murray N. Rothbard, Ludwig von Mises: Scholar, Creator, Hero (Auburn, Al: Ludwig von Mises Institute, 1988)
Works of Friedrich A. Hayek: For the General Reader
The Road to Serfdom (Chicago: University of Chicago Press, 1944).
The Constitution of Liberty (Chicago: University of Chicago Press, 1960).
Economic Freedom: Essays by F. A. Hayek Published by the Institute of Economic Affairs (London: Basil Blackwell, 1991).
Works of Friedrich A. Hayek: For Advanced Study
Monetary Theory and the Trade Cycle [1928] (New York: Augustus M. Kelley, 1966).
Prices and Production [1932] (New York: Augustus M. Kelley, 1967).
Monetary Nationalism and International Stability [1937] (New York: Augustus M. Kelley, 1964).
Profits, Interest and Investment, and Other Essays on the Theory of Industrial Fluctuations [1939] (New York: Augustus M. Kelley, 1969).
The Pure Theory of Capital (London: Macmillan, 1941).
Individualism and Economic Order (Chicago: University of Chicago Press, 1948).
The Counter-Revolution of Science (Glencoe, Ill: The Free Press, 1955).
Studies in Philosophy, Politics and Economics (Chicago: University of Chicago Press, 1967).
New Studies in Philosophy, Politics, Economics and the History of Ideas (Chicago: University of Chicago Press, 1978).
Law, Legislation and Liberty: A New Statement of the Liberal Principles of Justice and Political Economy, 3 Vols. (Chicago: University of Chicago Press, 1973-1979).
W. W. Bartley, ed., The Collected Works of F. A. Hayek, Vol. 1: The Fatal Conceit: The Errors of Socialism (Chicago: University of Chicago Press, 1988).
W. W. Bartley and Stephen Kresge, eds., The Collected Works of F. A. Hayek, Vol. 2: The Trend of Economic Thinking: Essays on Political Economists and Economic History (Chicago: University of Chicago Press, 1991).
Peter G. Klein, ed., The Collected Works of F. A. Hayek, Vol. 4: The Fortunes of Liberalism: Essays on Austrian Economics and the Ideal of Freedom (Chicago: University of Chicago Press, 1992).
Stephen Kresge, ed., The Collected Works of F. A. Hayek, Vol. 5: Good Money, Part I: The New World (Chicago: University of Chicago Press, 1999).
Stephen Kresge, ed., The Collected Works of F. A. Hayek, Vol. 6: Good Money, Part II: The Standard (Chicago: University of Chicago Press, 1999).
Bruce Caldwell, ed., The Collected Works of F. A. Hayek, Vol. 9: Contra Keynes and Cambridge: Essay, Correspondence (Chicago: University of Chicago Press, 1995).
Bruce Caldwell, ed., The Collected Works of F. A. Hayek, Vol. 10: Socialism and War: Essays, Documents, Reviews (Chicago: University of Chicago Press, 1997).
Collections of Hayek's Essays
Roy McCloughry, ed., Money, Capital and Fluctuations: Early Essays (Chicago: University of Chicago Press, 1984).
Naomi Moldofsky, ed., Order — With or Without Design? Excerpts from the Writings of Friedrich A. Hayek (London: Centre for Research into Communist Economies, 1989).
Chiaki Nishiyama and Kurt R. Leube, eds., The Essence of Hayek (Stanford, CA: Hoover Institution Press, 1984).
Works Edited by Hayek
Collectivist Economic Planning: Critical Studies on the Possibilities of Socialism (London: George Routledge & Sons, 1935).
Capitalism and the Historians (Chicago: University of Chicago Press, 1954).
Works About Hayek and His Ideas
Normal P. Barry, Hayek's Social and Economic Philosophy (London: Macmillan, 1979).
Eamonn Butler, Hayek: His Contribution to the Political and Economic Thought of Our Time (London: Temple Smith, 1983).
Richard M. Ebeling, "Friedrich A. Hayek: A Centenary Appreciation," The Freeman (May, 1999).
John Gray, Hayek on Liberty (London: Basil Blackwell, 1984, 2nd ed., 1986).
Gerald P. O'Driscoll, Economics as a Coordination Problem: The Contributions of Friedrich A. Hayek (Kansas City: Sheed Andrews & McMeel, 1977).
John Raybould, Hayek: A Commemorative Album (London: Adam Smith Institute, 1998).
G. R. Steele, The Economics of Friedrich Hayek (New York: St. Martin's Press, 1993).
Brian J. McCormick, Hayek and the Keynesian Avalanche (New York: St. Martin's Press, 1992).
Works of Israel M. Kirzner: For the General Reader
How Markets Work: Disequilibrium, Entrepreneurship and Discovery (London: Institute of Economic Affairs, 1997).
Ludwig von Mises (Random, VA: Intercollegiate Studies Institute, 2001).
Works of Israel M. Kirzner: For More Advanced Study
The Economic Point of View: An Essay in the History of Economic Thought [1960] (Kansas City: Sheed & Ward, 1976).
Market Theory and the Price System (Princeton, NJ: D. Van Nostrand, 1963).
An Essay on Capital (New York: Augustus M. Kelley, 1966).
Competition and Entrepreneurship (Chicago: University of Chicago Press, 1973).
Perception, Opportunity and Profit; Studies in the Theory of Entrepreneurship (Chicago: University of Chicago Press, 1979).
Discovery and the Capitalist Process (Chicago: University of Chicago Press, 1985).
Discovery, Capitalism, and Distributive Justice (Chicago: University of Chicago Press, 1989).
The Meaning of Market Process: Essays in the Development of Modern Austrian Economics (Chicago: University of Chicago Press, 1992).
Essays on Capital and Interest: An Austrian Perspective (Brookfield, VT: Edward Elgar, 1996).
The Driving Force of the Market: Essays in Austrian Economics (London/New York: Routledge, 2000).
Works of Ludwig M. Lachmann: For More Advanced Study
Capital and Its Structure [1956] (Kansas City: Sheed Andrews & McMeel, 1978).
The Legacy of Max Weber (Berkeley, CA: The Glendessary Press, 1971).
Macro-Economic Thinking and the Market Economy (London: Institute of Economic Affairs, 1973).
Capital, Expectations, and the Market Process: Essays on the Theory of the Market Economy (Kansas City: Sheed Andrews & McMeel, 1977).
The Market as an Economic Process (London/New York: Basil Blackwell, 1986).
Expectations and the Meaning of Institutions: Essays in Economics (London/New York: Routledge, 1994).
Works About Ludwig M. Lachmann and His Ideas
Israel M. Kirzner, ed., Subjectivism, Intelligibility and Economic Understanding: Essays in Honor of Ludwig M. Lachmann on His Eightieth Birthday (New York: New York University Press, 1986).
Roger Koppl and Gary Mongiovi, eds., Subjectivism and Economic Analysis: Essays in Memory of Ludwig M. Lachmann (London/New York: Routledge, 1998).
Works of Murray N. Rothbard: For General and Advanced Study
Man, Economy and State: A Treatise on Economic Principles, 2 Vols. [1962] (Los Angeles: Nash Publishing, 1970).
America's Great Depression (Princeton, NJ: D. Van Nostrand, 1963).
Power and Market: Government and the Economy (Menlo Park, CA: Institute for Humane Studies, 1970).
Making Economic Sense (Auburn, Al: Ludwig von Mises Institute, 1995).
The Logic of Action, 2 Vols. (Brookfield, VT: Edward Elgar, 1997).
Modern Works on Austrian Economics: For More Advanced Study
The Market Process
Mark Addleson, Equilibrium Versus Understanding: Towards the Restoration of Economics as Social Theory (London/New York: Routledge, 1995).
Raimondo Cubeddu, The Philosophy of the Austrian School (London/New York: Routledge, 1993).
Nicolai J. Foss, The Austrian School and Modern Economics: Essays in Reassessment (Copenhagen: Handelshojskolens Forlag, 1994)
Sandye Gloria-Palermo, The Evolution of Austrian Economics: From Menger to Lachmann (London/New York: Routledge, 1999).
David A. Harper, Entrepreneurship and the Market Process: An Enquiry into the Growth of Knowledge (London/New York: Routledge, 1996).
Frank M. Machovec, Perfect Competition and the Transformation of Economics (London/New York: Routledge, 1995)
Gerald P. O'Driscoll and Mario Rizzo, The Economics of Time and Ignorance [1985] (London/New York: Routledge, 1996).
Frederic E. Sautet, An Entrepreneurial Theory of the Firm (London/New York: Routledge, 2000).
Austrian Macreconomics, Capital Theory and the Business Cycle
Richard M. Ebeling, "The Austrian Economists and the Keynesian
Revolution: The Economics of the Short-Run and the Great Depression,"
in Richard M. Ebeling, ed., Human Action: A 50-Year Tribute (Hillsdale, MI: Hillsdale College Press, 2000) pp. 15-110.
Roger W. Garrison, Time and Money: The Macroeconomics of Capital Structure (London/New York: Routledge, 2001).
Steven Horwitz, Microfounations and Macroeconomics: An Austrian Perspective (London/New York: Routledge, 2000).
Peter Lewin, Capital in Disequilibrium: The Role of Capital in a Changing World (London/New York: Routledge, 1999).
David Simpson, The End of Macro-Economics? (London: Institute of Economic Affairs, 1994).
Money, Banking and Monetary Policy
Kevin Dowd, Private Money: The Path to Monetary Stability (London: Institute of Economic Affairs, 1988).
--------------, The State and the Monetary System (New York: St. Martin's Press, 1989).
--------------, Laissez-faire Banking (London/New York: Routledge, 1993).
--------------, Money and the Market: Essays on Free Banking (London/New York: Routledge, 2001).
Richard M. Ebeling, "Ludwig von Mises and the Gold Standard," in Llewellyn H. Rockwell, ed., The Gold Standard: An Austrian Perspective (Lexington, MA: Lexington Books, 1985) pp. 35-59.
F. A. Hayek, Choice in Currency: A Way to Stop Inflation (London: Institute of Economic Affairs, 1976).
--------------, Denationalization of Money: An Analysis of the Theory and Practice of Concurrent Currencies (London: Institute of Economic Affairs, 1976; 2nd revised and enlarged ed., 1978).
Steven Horwitz, Monetary Evolution, Free Banking, & Economic Order (Boulder, CO: Westview Press, 1992).
Murray N. Rothbard, "The Case for a 100 Percent Gold Dollar," In Leland B. Yeager, ed., In Search of a Monetary Constitution (Cambridge, MA: Harvard University Press, 1962) pp. 94-136.
--------------, "The Case for a Genuine Gold Dollar," [1985] in The Logic of Action, Vol. 1 (Brookfield, VT: Edward Elgar, 19997) pp. 364-383.
--------------, What Has Government Done to Our Money? (Auburn Al: Ludwig von Mises Institute, 1990).
George Selgin, The Theory of Free Banking: Money Supply Under Competitive Note Issue (Totowa, NJ: Rowman & Littlefield, 1988).
--------------, Bank Deregulation and Monetary Order (London/New York: Routledge, 1996).
--------------, Less Than Zero: The Case for a Falling Price Level in a Growing Economy (London: Institute of Economic Affairs, 1997).
Hans Sennholz, Age of Inflation (Belmont, MA: Western Islands, 1979).
--------------, Money and Freedom (Cedar Falls, Iowa: Center for Futures Education, 1985).
Mark Skousen, Economics of a Pure Gold Standard (Irvington-on-Hudson, NY: Foundation for Economics Education, 1996).
Lawrence H. White, Free Banking in Britain: Theory, Experience and Debate, 1800-1845 (Cambridge: Cambridge University Press, 1984).
--------------, Competition and Currency: Essays on Free Banking and Money (New York: New York University Press, 1989).
--------------, The Theory of Monetary Institutions (London/New York: Blackwell, 1999).
Austrian Critiques of Socialism and Interventionism
Peter J. Boettke, Why Perestroika Failed: The Politics and Economics of Socialist Transformation (London/New York: Routledge, 1993).
--------------, Calculation and Coordination: Essays on Socialism and Transitional Political Economy (London/New York: Routledge, 2001).
Richard M. Ebeling, "Economic Calculation Under Socialism: Ludwig von Mises and His Predecessors," in Jeffrey M. Herbener, ed., The Meaning of Ludwig von Mises (Norwell, MA: Kluwer Academic Press, 1993) pp. 56-101.
--------------,"The Political Myths and Economic Realities of the Welfare State," in Richard M. Ebeling, ed., American Perestroika: The Demise of the Welfare State (Hillsdale, MI: Hillsdale College Press, 1995) pp. 3-38.
--------------, "The Free Market and the Interventionist State," in Richard M. Ebeling, ed., Between Power and Liberty: Economics and the Law (Hillsdale, MI: Hillsdale College Press, 1998) pp. 9-46.
--------------, "The Limits of Economic Policy: The Austrian
Economists and the German ORDO Liberals," in Richard M. Ebeling, ed., The Age of Economists, From Adam Smith to Milton Friedman (Hillsdale, MI: Hillsdale College Press, 1999) pp. 145-166.
Sanford Ikeda, Dynamics of the Mixed Economy: Toward a Theory of Interventionism (London/New York: Routledge, 1997).
Israel M. Kirzner, "The Perils of Regulation: A Market-Process Approach," [1979] in Discovery and the Capitalist Process (Chicago: University of Chicago Press, 1985) pp. 119-149.
Don Lavoie, "The Development of the Misesian Theory of Interventionism," in Israel M. Kirzner, ed., Method, Process, and Austrian Economics: Essays in Honor of Ludwig von Mises (Lexington, MA: Lexington Books, 1982) pp. 169-183.
--------------, Rivalry and Central Planning: The Socialist Calculation Debate Reconsidered (Cambridge: Cambridge University Press, 1985).
--------------, National Economic Planning: What is Left? (Cambridge, MA: Ballinger Publishing, 1985).
Murray N. Rothbard, "Ludwig von Mises and Economic Calculation Under Socialism," [1976] in The Logic of Action, Vol. 1 (Brookfield, VT: Edward Elgar, 1997) pp. 397-407.
--------------, "The End of Socialism and the Calculation Debate Revisited," [1991] in The Logic of Action, Vol. 1 (Brookfield, VT: Edward Elgar, 1997) pp. 408-437.
David Ramsay Steele, From Marx to Mises: Post-Capitalist Society and the Challenge of Economic Calculation (La Salle, Ill: Open Court, 1992).
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