Economics

Our economics collection showcases classic works in the discipline. Many of our titles explore how economic reasoning applies to political science and other social sciences, as well as the relevance of economics as moral philosophy. A consistent theme is the view that economics is the study of human choice and its consequences, both intended and unintended.

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  • Political Philosophy, Clearly

    by Anthony de Jasay

    Anthony de Jasay, one of the most independent thinkers and influential libertarian political philosophers of our time, challenges the reigning paradigms justifying modern democratic government. The articles collected in Political Philosophy, Clearly delve deeply into the realm of political thought and philosophical criticism. A reader who is interested in a philosophical, yet clear, jargon-free account of such fundamental topics as…

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  • Politics as Public Choice

    by James M. Buchanan

    This volume presents a collection of thirty-four essays and shorter works by James M. Buchanan that represent the brilliance of his founding work on public-choice theory. The work of James M. Buchanan is perhaps most often associated with his helping to found public-choice theory. Buchanan’s book-length works such as The Calculus of Consent or The Reason of Rules (Volumes 3…

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  • Politics by Principle, Not Interest

    by James M. Buchanan and Roger D. Congleton

    “Politics by principle is that which modern politics is not. What we observe is ‘politics by interest,’ whether in the form of explicitly discriminatory treatment (rewarding or punishing) of particular groupings of citizens or of some elitist-dirigiste classification of citizens into the deserving or non-deserving on the basis of a presumed superior wisdom about what is really ‘good’ for us

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  • The Power to Tax

    by Geoffrey Brennan and James M. Buchanan

    Commenting on his collaboration with Geoffrey Brennan on The Power to Tax, James M. Buchanan says that the book is “demonstrable proof of the value of genuine research collaboration across national-cultural boundaries.” Buchanan goes on to say that “The Power to Tax is informed by a single idea—the implications of a revenue-maximizing government.” Originally published in 1980, The Power to

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  • Principles of Political Economy

    by John Stuart Mill

    Liberty Fund is pleased to make available in paperback eight of the original thirty-three cloth volumes of the Collected Works of John Stuart Mill that were first published by the University of Toronto Press that remain most relevant to liberty and responsibility in the twenty-first century. Born in London in 1806 and educated at the knee of his father, the…

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  • Promises, Performance, and Prospects

    by Antonio Martino

    Since 1970, Antonio Martino has authored 13 books and more than 150 papers and articles on economic theory and policy. This modern collection of writings is from Martino’s practical and theoretical perspective, as he has personally encountered many of the economic and political issues presented in these essays. Divided into six parts, this volume discusses major economic topics such as…

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  • Public Finance in Democratic Process

    by James M. Buchanan

    Public Finance in Democratic Process is James M. Buchanan’s monumental work that outlines the dynamics of individual choice as it is displayed in the process of public finance. Buchanan is perhaps nowhere more clearly a disciple of the great Swedish economist Knut Wicksell than he is in the underlying principles of this seminal work. Specifically, he elaborates on these three…

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  • Public Principles of Public Debt

    by James M. Buchanan

    Public Principles of Public Debt is one of James M. Buchanan’s most important and influential books. The radical idea he conceived was that our reliance on public debt has amassed a sort of orthodoxy that is commonly—and needlessly—assumed by taxpayers, by politicians, and by economists themselves. Buchanan dismisses the nearly universal belief (which continues to this day) that the burden…

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  • The Pure Theory of Capital

    by F. A. Hayek

    First published in 1941, The Pure Theory of Capital has long been overlooked. This volume offers a detailed account of the equilibrium relationships between inputs and outputs in a time-filled economy. Hayek’s stated objective was to make capital theory—which had previously been devoted almost entirely to the explanation of interest rates—“useful for the analysis of the monetary phenomena of the…

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  • The Rationale of Central Banking

    by Vera C. Smith

    The Rationale of Central Banking was first published in England in 1936. Vera Smith spent her professional career in a variety of research positions. She wrote articles and books on money, banking, economic development, and the labor market and translated into English books by Wilhelm Röpke, Oskar Morgenstern, and Fritz Machlup. This book provides a scholarly review and judicious assessments…

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  • The Reason of Rules

    by Geoffrey Brennan and James M. Buchanan

    In his foreword, Robert D. Tollison identifies the main objective of Geoffrey Brennan and James M. Buchanan’s The Reason of Rules: “. . . a book-length attempt to focus the energies of economists and other social analysts on the nature and function of the rules under which ordinary political life and market life function.” In persuasive style, Brennan and Buchanan…

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  • Reflections on Ethics, Freedom, Welfare Economics, Policy, and the Legacy of Austrian Economics

    by Israel M. Kirzner

    Reflections on Ethics, Freedom, Welfare Economics, Policy, and the Legacy of Austrian Economics comprises a variety of Kirzner’s essays on social thought. Kirzner’s intellectual interest and theories go beyond market process and entrepreneurship: they encompass several important topics that are vital to the existence of human societies. Kirzner’s work, at heart, is not prescriptive but analytical. His work is not…

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