Recommended Readings in
Capitalism and Economics I find each of these texts provides tremendous value in understanding basic economic
principles and the capitalist system.
I, Pencil by Leonard Read
Pamphlet, December 1958 4 pages Foundation for Economic Education
"I know of no other piece of literature that so succinctly, persuasively, and effectively illustrates the meaning of both Adam Smith's invisible hand--the possibility of cooperation without coercion--and Friedrich Hayek's emphasis on the importance of dispersed knowledge and the role of the price system in communicating information." -Milton Friedman, 1976 Nobel Laureate in Economics
"Johan
Norberg's book is a stunningly insightful, brilliantly
detailed refutation of the crank theories of the anti-globalists.
In Defense of Global Capitalism is a shining example of what
a gifted mind can do working with the truth to advance the
cause of capitalism"
-Ben Stein, actor, author, political speech-writer and
Game Show Host
"I've
taught Atlas Shrugged for fifteen years during which
time I've witnessed many remarkable things. For example,
some 95% of my students report that Atlas Shrugged is
the best book they've ever read. No book that I've taught
comes remotely close to fostering a more robust exchange of
ideas in the classroom. My students typically come to class
after pulling an all-nighter debating Atlas with
their friends, and then they pepper me with dozens of
questions. Whether one agrees or disagrees with Ayn Rand's
ideas, few could deny that this is what the college
experience is supposed to be like."
-C. Bradley Thompson, Executive Director of the Clemson
Institute for the Study of Capitalism
"How
should we feel about taxes that redistribute income? Ask how
parents feel about children who forcibly
"redistribute" other children's toys. How should
we respond to those who complain that their neighbors are
too wealthy? Ask how parents respond when children complain
that their siblings got too much cake. By insisting that
fairness can't mean one thing for children and another for
adults, Landsburg shows that the instincts of the parent
have profound consequences for economic justice." (From the Book Jacket)
What Has Government Done To Our Money? by Murray Rothbard
Book, 1980 119 pages ISBN: 0945466102
"Let us first ask ourselves the question: Can money be organized under the freedom principle? Can we have a free market in money as well as in other goods and services? What would be the shape of such a market? And what are the effects of various governmental controls? If we favor the free market in other directions, if we wish to eliminate government invasion of person and property, we have no more important task than to explore the ways and means of a free market in money."
(From the Introduction)
Great Myths of the Great Depression by Lawrence Reed
Pamphlet, 1998 16 pages Mackinac Institute for Public Policy
"Old myths never die; they just keep showing up in college economics and political science textbooks. With only an occasional exception, it is there you will find, decked in all its arrogant splendor, what may be the twentieth century's greatest myth: Capitalism and the free-market economy were responsible for the Great Depression, and only government intervention brought about America's economic recovery." (From the Pamphlet)
"A
careful review of our nation's history reveals a long series
of myths that demonize capitalism--and just how pernicious
such myths are. Capitalism supposedly harmed the
working class during the industrial revolution; is prone to
monopolization; harms consumers with dangerous products;
generates macroeconomic instability; harms the environment;
exploits the Third World; breeds discrimination; is a cause
of war; and on and on. This is all untrue. . . .
This book is meant to correct such mistaken beliefs about
capitalism." (From the Introduction)
Microeconomics: Public and Private Choice by
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David Macpherson
Textbook,
2005 528 pages ISBN: 0324320361
This
is the best introductory economics textbook that I know of. The authors
cover all of the standard models, as well as economic approaches to many
different special topics, including social security, health care, education, and
the environment. But what really sets this book apart is its inclusion of
the economic analysis of the political process (public choice), which is covered
explicitly in chapter 6, and integrated with the lessons of the rest of the
book. The result is a fair and thorough text that successfully avoids the naive
knee-jerk interventionism that plagues so many other textbooks.
I, Pencil
In
Defense of Global Capitalism
Atlas
Shrugged
Fair
Play
What Has Government Done To Our Money?
Great Myths of the Great Depression
How
Capitalism Saved America
Microeconomics: Public and Private Choice