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The Calculus of Consent: Logical Foundations of Co...

By James M. Buchanan and Gordon Tullock

This is a book about thepolitical organization of a society of free men. Its methodology, its conceptual apparatus, and its analytics are derived, essentially, from the discipline that has as its subject the economic organization of such a society. Students and scholars inpolitics will share with us an interest in ...

Dec 2 2024

Book Review

Cost and Choice: Insights for Choosers

By Byron Carson

A Liberty Classic Book Review of Cost and Choice: An Inquiry in Economic Theory, by James M. Buchanan.1In less than one hundred pages, James Buchanan excoriates economists—classical and modern—for their unrecognized confusions about cost. More than an insular academic debate, Cost and Choice: An Inquiry in Ec...

Ludwig von Mises

"Ludwig von Mises, Money, and the Fall and Rise of...

By Literature of Liberty Editor

In Vienna, prior to, during, and just after World War I, Ludwig von Mises (1881-1973) was attaining his full intellectual maturity. For a liberal like Mises these were truly lamentable years. The years from the early 1890s to 1920 constituted perhaps the most retrogressive watershed in the history of Western civilizati...

Biographies

Ludwig von Mises

1881-1973

Ludwig von Mises was one of the last members of the original austrian school of economics. He earned his doctorate in law and economics from the University of Vienna in 1906. One of his best works, The Theory of Money and Credit, was published in 1912 and was used as a money and banking textbook for...

Sep 4 2023

Book Review

Interpreting Social and Economic Evolution

By Rosolino Candela

A Liberty Classics Book Review of Theory and History: An Interpretation of Social and Economic Evolution, by Ludwig von Mises. 1How is social cooperation possible without command? The answer to this question requires that we have a conceptual framework (i.e. theory) to interpret social and economic evolution (i.e...

Economic History

Taxation

By Joseph J. Minarik

In recent years, taxation has been one of the most prominent and controversial topics in economic policy. Taxation has been a principal issue in every presidential election since 1980—with a large tax cut as a winning issue in 1980, a pledge of “Read my lips: no new taxes” in the 1988 campaign, and a statement th...

Charles F. Bastable

Public Finance

By Charles F. Bastable

In preparing this edition (which has been seriously delayed owing to pressure of other work) it has been my aim, while preserving the general character of the book, to give due place to the various recent contributions to financial theory and to the latest developments of fiscal policy in the leading countries of the w...

Books

L.S.E. Essays on Cost

By James M. Buchanan and George F. Thirlby

When I originally suggested the idea for this book, I had hoped to be able to include a considerably wider range of papers with which to underline James M. Buchanan's challenge on p. 35 of his Cost and Choice, where he regrets the demise, and calls for a resurrection, of the L.S.E. opportunity-cost tradition (see p. 6 ...

Benjamin Rogge

Can Capitalism Survive?

By Benjamin A. Rogge

One of the signs of advancing age in the American college professor is a tendency for him to write less and publish more. This seeming paradox is easily explained by the phenomenon ofCollected Works, that is, by what on television would be described as reruns. As in television, no great public outcry is needed to bri...

Basic Concepts

Information and Prices

By Donald J. Boudreaux

Modern economists excel at identifying theoretical reasons why markets might fail. While these theories may temper uncritical views of the market, it is important to note that markets do, in fact, work incredibly well. Indeed, markets work so thoroughly and quietly that their success too often goes unnoticed. ...

Anthony de Jasay

The State

By Anthony de Jasay

Though this book leans on political philosophy, economics, and history, it leans on each lightly enough to remain accessible to the educated general reader, for whom it is mainly intended. Its central theme—how state and society interact to disappoint and render each other miserable—may concern a rather wide public...

Intellectual Portrait Series

A Conversation with Anthony de Jasay

By Amy Willis

Anthony de Jasay, a regular columnist for Econlib, was one of the most original and independent thinkers on the relationship between the individual and the state. Through his published works, he challenged the reigning paradigms justifying modern democratic growth. His deeply challenging theoretical works include The S...

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Biographies

Adam Smith

1723-1790

With The Wealth of Nations Adam Smith installed himself as the leading expositor of economic thought. Currents of Adam Smith run through the works published by David Ricardo and Karl Marx in the nineteenth century, and by John Maynard Keynes and Milton Friedman in the twentieth.Adam Smith was ...

Adam Smith

The Theory of Moral Sentiments

By Adam Smith

Since the first publication of theTheory Of Moral Sentiments, which was so long ago as the beginning of the year 1759, several corrections, and a good many illustrations of the doctrines contained in it, have occurred to me. But the various occupations in which the different accidents of my life necessarily involved me...

Adam Smith

Life of Adam Smith

By John Rae

THE fullest account we possess of the life of Adam Smith is still the memoir which Dugald Stewart read to the Royal Society of Edinburgh on two evenings of the winter of 1793, and which he subsequently published as a separate work, with many additional illustrative notes, in 1810. Later biographers have made few, if an...

Aug 7 2023

Article

Adam Smith: Experimental Innovator

By Walter Castro and Julio Elias

Image of Adam Smith in the style of Cezanne. Generated by DALL-E OpenAI software, based on public domain material.Many scholars, especially from other disciplines, have voiced concerns regarding a simplified interpretation of Adam Smith's ideas in modern economics, asserting that it has been exploited to advance a ...