Economics

  • Economics in One Lesson by Henry Hazlitt. A concise, straighforward introduction to the science of economics. Also in audio.
  • The Financial Crisis and the Free Market Cure, Why Pure Capitalism is the World Economy’s Only Hope.

    John Allison gives a uniquely from-the-inside look at the recent financial crisis and shows that the cause was government manipulation of the economy, which provided strong incentives for irrational behavior, coupled with government regulation, which obstructed rational thought and action.

    Examples pile up: the Federal Reserve caused a housing bubble through artificially low interest rates; Fannie Mae and Freddy Mac drove Savings and Loan Associations out of the mortgage market then made massive quantities of loans to people who could not afford them and which could never be repaid; the SEC forced banks to shrink their reserves against bad loans; FDIC insurance and the Fed’s low interest rates lulled depositors and investors alike into neglecting the soundness of banks; government-sanctioned rating agencies inflated the grades of mortgage-backed securities; erratic bailouts of crony-favored institutions like Countrywide, Washington Mutual, General Motors, and General Electric destroyed the rule of law and drove the panic deeper.

    But Allison does more than identify that the root financial cause of the crash was government intervention in the economy. He names the political ideas and specific steps necessary to effect a cure: full laissez-faire capitalism, starting with deregulation, disengagement, and sound money.

    Allison then — in what are my favorite chapters in the book — describes the moral values and virtues that each of us can practice to make our lives rational, productive, confident, and happy.

    The Financial Crisis and the Free Market Cure is a diagnosis and prescription for moving off the road to ruin and back to the vision America was founded on, a path of prosperity and personal happiness.

  • Capitalism: The Unknown Ideal by Ayn Rand. Essays on the philosophy, politics and economics of capitalism. The lead essay, What is Capitalism?, is the best philosophic analysis of this political system ever written.
  • Essentials of Economics by Faustino Ballvé. An essentialized explanation of the key economic concepts.
  • The Capitalist Manifesto by Andrew Bernstein. The Capitalist Manifesto defends capitalism as the world's most moral and practical social system. This book is written for the rational mind, whether the reader is a professional intellectual or an intelligent layman. It makes the case for individual rights and freedom in terms intelligible to all rational men.
  • The Noblest Triumph, Property and Prosperity through the Ages by Tom Bethell. A detailed history of the concept and application of property rights, from ancient Greece to the present day, this book provides numerous examples of the correlation between prosperity (result) and respect for property under the law (cause).
  • How an Economy Grows and Why it Crashes by Peter Schiff and Andrew Schiff. An easy-to-follow explanation of production, trade, prosperity, and its ruin through government financial interference.

Advanced and Supplementary

  • Human Action, Ludwig von Mises. A systematic and comprehensive treatise on Economics covering all major topics, unrivalled before or since. Mises investigates, integrates, and defends every facet of the economics of Capitalism, the only political system which can even give rise to a science such as economics. [Caveat: Although Mises' economic views are sound, one should take care to excise his philosophic views; the methodology he practices is correct, but his philosophic exposition and defense of that methodology is not.] Review by Rob Tarr
  • Selected Essays on Political Economy by Frederick Bastiat. (out-of-print, see sources.)
  • The Abolition of Antitrust by Gary Hull, editor. The Abolition of Antitrust asserts that antitrust laws- on economic, legal, and moral grounds- are bad, and provides convincing evidence supporting argument for their total abolition. Every year, new antitrust prosecutions arise in the U.S. courts, as in the cases against 3M and Visa/MasterCard, as well as a number of ongoing antitrust cases, such as those involving Microsoft and college football's use of the Bowl Championship Series (BCS). Gary Hull and the contributing authors show that there cases- as well as the Sherman Antitrust Act itself- are based on an erroneous interpretation of the history of American business, premised on bad economics. They equivocate between economic and political power- the power to produce versus the power to use physical force. For Hull, antitrust prosecutions are based on a horrible moral inversion: that it is acceptable to sacrifice America's best producers.-- Publisher
  • Gold and Liberty by Richard M. Salsman, American Institute for Economic Research, Great Barrington, Massachusetts..
  • Breaking the Banks, Central Banking Problems and Free Banking Solutions by Richard M. Salsman, American Institute for Economic Research, Great Barrington, Massachusetts..

See Also

Links

Jean-Baptiste Say (1762-1832)

Jean-Baptiste Say (1762-1832)

United States "Liberty" Gold Dollar

United States "Liberty" Gold Dollar