Classics in Economics

"In the department of economy, an act, a habit, an institution, a law, gives birth not only to an effect, but to a series of effects. Of these effects, the first only is immediate; it manifests itself simultaneously with its cause -it is seen. The others unfold in succession -they are not seen: it is well for us, if they are foreseen. Between a good and a bad economist this constitutes the whole difference -the one takes account of the visible effect; the other takes account both of the effects which are seen, and also of those which it is necessary to foresee. Now this difference is enormous, for it almost always happens that when the immediate consequence is favourable, the ultimate consequences are fatal, and the converse. Hence it follows that the bad economist pursues a small present good, which will be followed by a great evil to come, while the true economist pursues a great good to come, -at the risk of a small present evil."

- Frederic Bastiat


 Everyone knows that economics is the dismal science. And almost everyone knows that it was given this description by Thomas Carlyle, who was inspired to coin the phrase by T. R. Malthus's gloomy prediction that population would always grow faster than food, dooming mankind to unending poverty and hardship

While this story is well-known, it is also wrong, so wrong that it is hard to imagine a story that is farther from the truth.

- David Levy and Sandra Peart



"The Secret History of the Dismal Science: Economics, Religion and Race in the 19th Century" - by David Levy and Sandra Peart 

"That Which Is Seen, And That Which Is Not Seen", by the French economist Frederic Bastiat:

The Collected Works of James M. Buchanan

Price Theory - by David Friedman

Laws Order - David Friedman

"Economics of Crime" - by David Friedman

"I Pencil", one of the greatest essays on economics, by Leonard Read

The Wealth of Nations, by Adam Smith

The Theory of Moral Sentiments, by Adam Smith

Lecures on Jurisprudense, by Adam Smith

The Principles of Political Economy and Taxation, by David Ricardo

The Principles of Political Economy, John Stuart Mill

Selected Essays on Political Economy, Frédéric Bastiat

Bćnaskráin eftir Bastiat

Brotni askurinn eftir Bastiat

The Common Sense of Political Economy  by Philip H. Wicksteed

Human Action, by Ludwig von Mises

Theory and History, by Ludwig von Mises

Economic Calculation In The Socialist Commonwealth, by Ludwig von Mises

Liberty and Property, by Ludwig von Mises

Middle-of-the-Road Policy Leads to Socialism, by Ludwig von Mises

"On the Origins of Money", by Carl Menger

"Economics and Knowledge", by Freidrich Hayek

"The Use of Knowledge in Society", by F.A. Hayek


The Library of Economics and Liberty logosmithinvisiblehand.jpg