LIBERTY FUND BOOKS ECONOMICS 2020 CATALOG OF ECONOMIC TITLES Bold Thinking Starts Here

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Early Economic Thought in Spain, 1177–1740 By Marjorie Grice-Hutchinson

In the sixteenth and early seventeenth for the economic decline of Spain from centuries, clerics gave lectures at the the middle of the sixteenth through University of Salamanca on such topics as the eighteenth centuries. Among the varying purchasing power of money, other contributing factors, she cites the morality of money, and how price government overexpenditure, wage is determined. While she was teaching and price controls, high taxation, and at the London School of Economics, currency debasement. In the chapter on Marjorie Grice-Hutchinson was urged the School of Salamanca, she documents to investigate early records of these the influence the early Spanish writers lectures. Her study of the manuscript had on later political economic theory, notes of these then-obscure lectures particularly in regard to the utility theory led to her interest in the development of value, a medieval concept successfully of economic ideas in early Spain and applied to contemporary events. their subsequent influence on the rest of The ideas of the Spanish scholastics Western Europe. influenced the work of Pufendorf, Locke, and Hutcheson, and the economic 2016 | 6 x 9 | 232 pages In the first part of the book, “The thinking of Condillac, Turgot, and Say. Nor Middle Ages,” Grice-Hutchinson shows Original foreword by Marjorie Grice- are these ideas without relevance to our Hutchinson, index how the primary documents illuminate own times, for, as Grice-Hutchinson says how the Christian, Jewish, and Islamic in the Foreword, “Before we form our Hardcover cultures that coexisted in the Spain ISBN 978-0-86597-801-0 own opinion we should do well to listen of the time contributed to the making $22.00 | £17.95 to the old Spanish economists, who were of modern Spain, especially with their often shrewd observers and who felt the This title is available as an ebook for purchase on doctrines about usury and business effects of the inflation at first hand.” Amazon, Barnes and Noble, and iTunes. practices. She explores how scholars from all three of these cultures helped Marjorie Grice-Hutchinson taught Spanish at disseminate the economic teachings of King’s College, London, was head of the Spanish Plato and Aristotle throughout Europe. department and lecturer in Spanish at Birkbeck College, London University, and taught at In “The Age of Mercantilism,” the the London School of Economics, where she received her Ph.D. on the monetary theory of second part of Early Economic Thought the School of Salamanca under the supervision in Spain, Grice-Hutchinson examines of F. A. Hayek. the reasons and intellectual precedents

“Before we form our own opinion we should do well to listen to the old Spanish economists, who were often shrewd observers and who felt the effects of the inflation at first hand.” —Marjorie Grice-Hutchinson

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Studies on the The Pure Theory Abuse and Decline of Capital of Reason By F. A. Hayek Edited by Lawrence H. White Text and Documents By F. A. Hayek First published in 1941, The Pure Edited by Bruce Caldwell Theory of Capital has long been overlooked. This volume offers a In 1939, Hayek conceived of a grand detailed account of the equilibrium project to “incorporate intellectual relationships between inputs and outputs in a time-filled economy. 2018 | 6 x 9 | 344 pages history, methodology, and an analysis of 2012 | 6 x 9 | 470 pages social problems, all aimed at shedding Hayek’s stated objective was to make Editorial foreword, light on the consequences of socialism.” capital theory—which had previously Editorial foreword by introduction, prelude, He published the foundational works been devoted almost entirely to the Bruce Caldwell, editor’s introduction, preface, “Some Notes on for this project separately, and this explanation of interest rates—“useful Propaganda in Germany,” analytical table of volume collects them all. Editor Bruce for the analysis of the monetary contents, guide to terms, selected correspondence, phenomena of the real world.” His preface to the U.S. edition Caldwell has provided translations bibliography, appendixes (1952), preface to the where they were absent and has ambitious goal was nothing less than Paperback German edition (1959), revised and corrected the text. The to develop a capital theory that could index be fully integrated into business cycle ISBN 978-0-86597-845-4 introduction, as Caldwell writes, $14.50 | £10.95 theory. Hayek’s manifesto of capital Paperback tells “the story of Hayek’s greatest ISBN 978-0-86597-907-9 unfinished piece of work.” theory is now available again for $14.50 | £10.95 today’s students and economists to discover. Lawrence H. White is Professor of Socialism and War Economics at George Mason University. Essays, Documents, Reviews By F. A. Hayek Edited by Bruce Caldwell The Trend of

In the essays in this volume Hayek Economic Thinking contributed to economic knowledge Essays on Political Economists and in the context of socialism and war, Economic History while providing an intellectual defense of a free society. The connection By F. A. Hayek between the two topics is illuminated Edited by W. W. Bartley, III and Stephen through essays containing some of Kresge 2009 | 6 x 9 | 280 pages Hayek’s contributions to the socialist- Editorial foreword calculation debate, writings pertaining In The Trend of Economic Thinking by Stephen Kresge, to war, and the cult of scientific Hayek presents many of the figures introduction by Bruce economic planning from the late 1930s that influenced the development of Caldwell, name index, 2009 | 6 x 9 | 400 pages and 1940s. his economic thought. The articles subject index range from well-known economists F. A. Hayek (1899-1992), recipient of the Editorial foreword by Paperback Medal of Freedom in 1991 and co-winner such as Mandeville, Hume, Smith, and W. W. Bartley, III, ISBN 978-0-86597-743-3 of the Nobel Memorial Prize in Economic Bastiat, to lesser-known figures such introduction by Stephen $14.50 | £10.95 Sciences in 197 4, was a pioneer in monetary as Dupuit and Gossen, showing the Kresge, chronological list theory and one of the principal proponents of contents, bibliographical breadth of Hayek’s study of the history note, index of classical liberal thought in the twentieth of economic thought. century. He taught at the London School of Paperback Economics, the University of Chicago, and W. W. Bartley, III (1934–1990) was a ISBN 978-0-86597-742-6 the University of Freiburg. Professor of Philosophy and a Senior $14.50 | £10.95 Research Fellow at Stanford University and Bruce Caldwell is Research Professor of an author. Economics and the Director of the Center for the History of Political Economy at Duke University. He is the current general editor of The Collected Works of F. A. Hayek.

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Contra Keynes and The Fortunes of Cambridge Liberalism Essays, Correspondence Essays on Austrian Economics and the By F. A. Hayek Ideal of Freedom Edited by Bruce Caldwell By F. A. Hayek Edited by Peter G. Klein Contra Keynes and Cambridge is composed of three parts: Part I In this collection of essays, some consists of two essays, the first being of which appear here in English for a recollection by Hayek of his time at the first time, F. A. Hayek traces his 2009 | 6 x 9 | 281 pages the London School of Economics in the intellectual roots to the Austrian 2008 | 6 x 9 | 296 pages 1930s, followed by his contribution School. The Fortunes of Liberalism: Editorial foreword to an early debate about the paradox Essays on Austrian Economics and the Editorial foreword by Stephen Kresge, by Stephen Kresge, of saving; Part II reprints the full Ideal of Freedom also links the Austrian introduction by Peter G. introduction by Bruce debates between Hayek and Keynes School to the modern rebirth of Caldwell, index Klein, chronological list of in Economica in the early 1930s, and classical liberal thought. contents, index Paperback Hayek’s exchanges with Sraffa that Peter G. Klein is Associate Professor in Paperback ISBN 978-0-86597-743-3 followed; Part III includes some of the Division of Applied Social Sciences ISBN 978-0-86597-741-9 $14.50 | £10.95 at the University of Missouri and Hayek’s reminiscences on Keynes. $14.50 | £10.95 F. A. Hayek challenged one of the Associate Director of the Contracting and Organizations Research Institute. He is world’s leading economists, John also Adjunct Professor at the Olin School of Maynard Keynes, and his economic Business. theories, which sparked a spirited debate that has influenced economic policy in democratic countries for decades. Hayek on Hayek F. A. Hayek (1899–1992), recipient of the An Autobiographical Dialogue Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economic By F. A. Hayek Sciences in 1974, was a pioneer in monetary Edited by Stephen Kresge and Leif theory and one of the principal proponents of classical liberal thought in the twentieth Wenar century. This volume gives readers insight into F. A. Hayek’s life and ideas. This detailed chronology depicts Hayek’s early life and education, his intellectual progress, and the academic and public reception of his ideas through a series 2008 | 6 x 9 | 177 pages of oral history interviews. Hayek’s own autobiographical notes are included. Editorial foreword by Stephen Kresge and Leif Stephen Kresge was the general editor of Wenar, introduction by The Collected Works of F. A. Hayek until his Stephen Kresge, index of retirement in 2002. persons and places

Leif Wenar is Chair of Ethics at King’s Paperback College London. ISBN 978-0-86597-740-2 $14.50 | £10.95

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Business Cycles, Good Money, Part I and Part I Business Cycles, The New World By F. A. Hayek Part II Edited by Stephen Kresge By F. A. Hayek Hayek’s deep interest in the concept Edited by Hansjoerg Klausinger of money and its role within the economy is developed in Good Money, In the years following its publication, Part I. Consisting of seven of Hayek’s F. A. Hayek’s pioneering work on business most significant monetary writings 2017 | 6 x 9 | 304 pages cycles was regarded as an important 2009 | 6 x 9 | 271 pages from the 1920s, this collection challenge to what later became known Editorial foreword and focuses on his critique of the idea that Editorial foreword as Keynesian macroeconomics. Today, introduction by Hansjoerg price stabilization is consistent with by Stephen Kresge, Klausinger; for as debates rage on over the monetary introduction by Stephen Monetary the stabilization of foreign exchange. Theory and the Trade Cycle, origins of the current economic and Kresge, afterword by Hayek’s prefaces to the financial crisis, economists are once again Stephen Kresge was the general editor of Stephen Kresge, name first English edition (1933), The Collected Works of F. A. Hayek until his index, subject index the original German paying heed to Hayek’s thoughts on the retirement in 2002. edition (1929), and the repercussions of excessive central bank Paperback reprinted German edition interventions. ISBN 978-0-86597-745-7 (1976), analytical table of $14.50 | £10.95 contents; for Prices and Business Cycles, Part I and Business Production, foreword to Cycles, Part II bring together Hayek’s Good Money, the first edition by Lionel work on what causes periods of boom Robbins (1931), Hayek’s and bust in the economy. Moving Part II prefaces to the first edition (1931), second away from the classical emphasis on The Standard edition (1935), the original equilibrium, Hayek demonstrates German edition (1931), that business cycles are generated By F. A. Hayek and the reprinted German by the adaptation of the structure Edited by Stephen Kresge edition (1976); index to the entire work. of production to changes in relative demand. Thus, when central banks This complementary volume provides Paperback artificially lower interest rates, the five additional essays to expand ISBN 978-0-86597-903-1 result is a misallocation of capital our understanding of Hayek’s ideas $14.50 | £10.95 and the creation of asset bubbles and about money and monetary policy. additional instability. Part I contains his Good Money, Part II: The Standard two major monographs on the topic: investigates the consequences of Monetary Theory and the Trade Cycle and the “predicament of composition” Prices and Production. Part II assembles which led to one of Hayek’s most twelve of his shorter papers on the controversial proposals: that topic, covering a period from the 1920s governments should be denied a to 1981 and revealing the evolution of monopoly on the coining of money. 2009 | 6 x 9 | 270 pages Hayek’s thought. Editorial foreword by Stephen Kresge, In addition to bringing together introduction by Stephen Hayek’s work on business cycles, these Kresge, name index, two volumes also include extensive subject index introductions by Hansjoerg Klausinger, placing the writings in intellectual Paperback ISBN 978-0-86597-746-4 context, including their reception and $14.50 | £10.95 2017 | 6 x 9 | 360 pages the theoretical debates to which they contributed. Editorial foreword and introduction by Hansjoerg F. A. Hayek (1899–1992), recipient of the Klausinger, index Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economic Paperback Sciences in 1974, was a pioneer in monetary ISBN 978-0-86597-904-8 theory and one of the principal proponents $14.50 | £10.95 of classical liberal thought in the twentieth century.

Hansjoerg Klausinger is Associate Professor in the Department of Economics at WU, Vienna University of Economics and 2020 CATALOG Business. 4 Liberty Fund Books ECONOMICS

The Anti- Economic capitalistic Freedom and Mentality Interventionism By Ludwig von Mises An Anthology of Articles and Essays Edited by Bettina Bien Greaves By Ludwig von Mises Edited by Bettina Bien Greaves In The Anti-capitalistic Mentality, the respected economist Ludwig von Economic Freedom and Interventionism Mises plainly explains the causes of is both a primer of the fundamental the irrational fear and hatred many 2006 | 6 x 9 | 312 pages 2006 | 6 x 9 | 84 pages thought of Ludwig von Mises and an intellectuals and others feel for anthology of the writings of perhaps capitalism. In five concise chapters, Foreword, index Preface, index the best-known exponent of what is he traces the causation of the now known as the Austrian School Hardcover Hardcover misunderstandings and resultant fears of economics. This volume contains ISBN 978-0-86597-672-6 ISBN 978-0-86597-670-2 that cause resistance to economic $24.00 | £19.95 $20.00 | £14.95 forty-seven articles edited by Mises development and social change. scholar Bettina Bien Greaves. Among Paperback Paperback He enumerates and rebuts the them are Mises’s expositions of the ISBN 978-0-86597-673-3 ISBN 978-0-86597-671-9 economic arguments against and the role of government, his discussion $14.50 | £10.95 $12.00 | £8.95 psychological and social objections of inequality of wealth, inflation, to economic freedom in the form of socialism, welfare, and economic This title is available as an ebook capitalism. Written during the heyday education, as well as his exploration of for purchase on Amazon, Barnes of twentieth-century socialism, this and Noble, and iTunes. the “deeper” significance of economics work provides the reader with lucid as it affects seemingly noneconomic and compelling insights into human relations between human beings. reactions to capitalism. These papers are valuable reading for Ludwig von Mises (1881–1973) was the students of economic freedom and the leading spokesman of the Austrian School of science of human action. economics throughout most of the twentieth century.

Bettina Bien Greaves is a former resident scholar and trustee of the Foundation for Economic Policy Economic Education and was a senior staff member at FEE from 1951 to 1999. Thoughts for Today and Tomorrow By Ludwig von Mises Edited by Bettina Bien Greaves

Bureaucracy Economic Policy contains six lectures By Ludwig von Mises Ludwig von Mises delivered in 1959 for the Centro de Estudios sobre la Edited by Bettina Bien Greaves Libertad in Argentina. The lectures were posthumously edited by Mises’s Bureaucracy contrasts the two forms of economic management—that of wife, Margit, and George Koether, a a free-market economy and that student and long-time friend of Mises. 2010 | 6 x 9 | 96 pages of a bureaucracy. In the market This volume serves as an excellent introduction to what Mises sees as Introduction, foreword, economy entrepreneurs are driven index to serve consumers by their desire the simple truths of history in terms of economic principles. In straightforward Hardcover 2007 | 6 x 9 | 128 pages to earn profits and to avoid losses. In a bureaucracy, the managers must language, Mises explains topics such as ISBN 978-0-86597-735-8 capitalism, socialism, interventionism, $19.50 | £13.95 Editor’s foreword, preface comply with orders issued by the to the first edition, preface inflation, foreign investment, and legislative body under which they Paperback to the 1962 edition, index economic policies and ideas. operate; they may not spend without ISBN 978-0-86597-736-5 $12.00 | £8.95 Hardcover authorization, and they may not ISBN 978-0-86597-663-4 deviate from the path prescribed by This title is available as an $22.00 | £17.95 law. ebook for purchase on Amazon, Barnes and Noble, and iTunes. Paperback ISBN 978-0-86597-664-1 $12.00 | £8.95

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Epistemological Human Action Problems of A Treatise on Economics By Ludwig von Mises Economics Edited by Bettina Bien Greaves By Ludwig von Mises Glossary Prepared by Percy L. Greaves, Jr. Translated by George Reisman Edited and with a Foreword by Bettina In Human Action, Mises starts from the Bien Greaves ideas set forth in his Theory and History that all actions and decisions are based First published in German in 1933 on human needs, wants, and desires and in English in 1960, Epistemological 2013 | 6 x 9 | 248 pages and continues deeper and further presents Ludwig Problems of Economics to explain how studying this human von Mises’s views on the logical and IN FOUR VOLUMES Foreword, prefaces to action is not only a legitimate science 2007 | 6 x 9 | 1,128 pages both the English and epistemological features of social (praxeology) but how that science German editions by Mises, interpretation as well as his argument Editor’s note, foreword to index is based on the foundation of free- that the Austrian theory of value is the fourth edition, foreword market economics. to the third edition, Hardcover the core element of a general theory Mises presents and discusses introduction, supplementary ISBN 978-0-86597-849-2 of human behavior that transcends editorial footnotes and $22.00 | £17.95 traditional limitations of economic all existing economic theories and translations of foreign- science. then proceeds to explain how the language terms, appendix: “A Paperback only sensible, realistic, and feasible Critique of Bohm-Bawerk’s ISBN 978-0-86597-850-8 This volume is unique among theory of economics is one based on Reasoning in Support of His $12.00 | £8.95 Mises’s works in that it contains how the needs and desires of human Time Preference Theory,” a collection of essays in which he glossary, index This title is available as an ebook beings dictate trends, affect profits contested the theories of intellectuals for purchase on Amazon, Barnes and losses, adjust supply and demand, Hardcover and Noble, and iTunes. he respected such as Carl Menger, set prices, and otherwise maintain, ISBN 978-0-86597-630-6 Eugen von Böhm-Bawerk, and Max regulate, and control economic forces. $72.00 | £50.95 Weber. Mises describes how value theory applies to human action at Paperback all times and places as opposed to ISBN 978-0-86597-631-3 $42.00 | £29.95 economic theory, which applies only to a human action guided by economic Interventionism This title is available as an ebook calculation. An Economic Analysis for purchase on Amazon, Barnes and Noble, and iTunes. By Ludwig von Mises In a review of Epistemological Problems of Economics that was Edited by Bettina Bien Greaves published in Teacher’s College Record in 1965, F. A. Hayek stated, “If Professor Interventionism provides Mises’s Mises’s Human Action . . . must be analysis of the problems of regarded as the definitive statement of government interference in business his views, the distinctive features of his from the Austrian School perspective. notions of the nature of social science Written in 1940, before the United have found their freshest expression States was officially involved in World in the present series of essays, dating War II, this book offers a rare insight from 1928 to 1933.” into the war economies of Hitler’s Germany and Mussolini’s Italy. Mises criticizes the pre–World War II Ludwig von Mises (1881–1973) was the democratic governments for favoring 2011 | 6 x 9 | 122 pages leading spokesman of the Austrian School of economics throughout most of the twentieth socialism and interventionism over capitalist methods of production. Foreword, author’s century. preface, index Mises contends that government’s Bettina Bien Greaves is a former resident economic role should be limited Hardcover scholar and trustee of the Foundation for because of the negative political and ISBN 978-0-86597-738-9 Economic Education and was a senior staff $22.00 | £15.95 member at FEE from 1951 to 1999. social consequences of the economic policy of interventionism. Paperback ISBN 978-0-86597-739-6 $12.00 | £8.95

This title is available as an ebook for purchase on Amazon, Barnes and Noble, and iTunes.

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Liberalism Nation, State, and The Classical Tradition Economy By Ludwig von Mises Contributions to the Politics and History Edited by Bettina Bien Greaves of Our Time This book presents the theoretical and By Ludwig von Mises practical arguments for liberalism in Edited by Bettina Bien Greaves the classical tradition as defined by Mises as “the liberal doctrine of the Essential to Mises’s concept of harmony of the rightly understood a classical liberal economy is the interests of all members of a free absence of interference by the state. 2005| 6 x 9 | 203 pages society founded on the principle In World War I, Germany and its 2006 | 6 x 9 | 220 pages of private ownership of the means allies were overpowered by the Allied Preface (1985), preface Preface, translator’s of production.” The foundation of Powers in population, economic introduction, index to the English-language liberalism, Mises says, rests on an production, and military might, and its edition, introduction, editorial footnotes, understanding and appreciation of defeat was inevitable. Hardcover ISBN 978-0-86597-640-5 appendix, bibliography, private property, social cooperation, Mises believed that Germany index $24.00 | £19.95 the freedom idea, ethics and morality, should not seek revenge for the democracy, and the legitimate role Hardcover peace of Versailles; rather it should Paperback ISBN 978-0-86597-585-9 of government. Also in this book, adopt liberal ideas and a free- ISBN 978-0-86597-641-2 $14.50 | £10.95 $29.00 | £23.95 Mises contrasts liberalism with market economy by expanding the other conceivable systems of social international division of labor, which This title is available as an Paperback organization such as socialism, would help all parties. “For us and for ebook for purchase on Amazon, ISBN 978-0-86597-586-6 communism, and fascism. $14.50 | £10.95 humanity,” Mises wrote, “there is only Barnes and Noble, and iTunes. one salvation: return to rationalistic This title is available as an ebook liberalism.” for purchase on Amazon, Barnes and Noble, and iTunes. Money, Method, Ludwig von Mises (1881–1973) was the leading spokesman of the Austrian School and the Market of economics throughout most of the twentieth century.

Process Bettina Bien Greaves is a former resident Essays by Ludwig von Mises scholar and trustee of the Foundation for Economic Education and was a senior staff By Ludwig von Mises member at FEE from 1951 to 1999. Edited by Bettina Bien Greaves

After Ludwig von Mises’s death in 1973, his wife, Margit von Mises, went through his unpublished and out-of- print essays and selected twenty-one of the essays for publication. The result was Money, Method, and the Market Process, published in 1990 by Kluwer 2016 | 6 x 9 | 355 pages Academic Publishers and the Ludwig Foreword, introduction, von Mises Institute and reissued now index by Liberty Fund.

Hardcover In his introduction to the book, ISBN 978-0-86597-891-1 Richard Ebeling describes it as a $24.00 “convenient composite of ‘Misesian economics.’” He says that the essays Paperback ISBN 978-0-86597-892-8 here touch on “almost every aspect of $14.50 economic and social theory that Mises considered of paramount importance. Please note that Liberty Fund is licensed by Springer Science + The essays were written from the Business Media to sell this title in 1930s to the 1960s, so they serve as the USA only. a wide sampling of Mises’s thought on a range of subjects, and they are arranged thematically.

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Notes and Omnipotent Recollections Government With The Historical Setting of the The Rise of the Total State and Total War Austrian School of Economics By Ludwig von Mises By Ludwig von Mises Edited by Bettina Bien Greaves Edited and with a Preface by Bettina Bien Greaves Published in 1944, during World War II, Omnipotent Government was Mises’s Published for the first time together first book written and published in one volume is Ludwig von Mises’s after he arrived in the United States. 2013 | 6 x 9 | 184 pages Notes and Recollections with The In this volume Mises provides in 2011 | 6 x 9 | 350 pages Historical Setting of the Austrian School economic terms an explanation of the Foreword to new edition of Economics. international conflicts that caused Foreword to the Liberty by Bettina Bien Greaves, both world wars. Although written Fund edition, preface, preface to Notes and Written between 1940 and 1941, index Recollections by Margit von shortly after he arrived in the United more than half a century ago, Mises’s main theme still stands: government Mises, postscript to Notes States, Notes and Recollections is in Paperback and Recollections by Hans interference in the economy leads to ISBN 978-0-86597-754-9 Sennholz, index effect Mises’s pre-1940 intellectual $14.50 | £10.95 autobiography. This work reveals conflicts and wars. According to Mises, the last and best hope for peace is Hardcover how Mises developed his theories, This title is available as an ebook ISBN 978-0-86597-853-9 wrote his books, lectured, and taught; liberalism—the philosophy of liberty, for purchase on Amazon, Barnes $22.00 | £17.95 it describes his life in Vienna and the free markets, limited government, and and Noble, and iTunes. democracy. Paperback people with whom he worked. He also ISBN 978-0-86597-855-3 discusses his activities as an adviser $12.00 | £8.95 to Austrian government officials and his frustrations in attempting to keep This title is available as an ebook On the inflation and communist and Nazi ideas for purchase on Amazon, Barnes and Noble, and iTunes. from destroying the Austrian economy. Manipulation of The Historical Setting of the Austrian School of Economics is an essay Money and Credit originally published in English in Three Treatises on Trade-Cycle Theory 1969 that reveals Mises’s intellectual By Ludwig von Mises development in the context of the Translated and with a Foreword by origins of the Austrian School. It serves Bettina Bien Greaves as a good introduction to the theory Edited by Percy L. Greaves, Jr. and history of the Austrian School. The three treatises in As Mises explains in these two On the 2011 | 6 x 9 | 217 pages works, his viewpoint that modern Manipulation of Money and Credit were economics is based on subjective value written in German between 1923 and Foreword, index and marginal-utility theory separated 1931. Together they include some of Mises’s most important contributions Hardcover him from classical economists such as ISBN 978-0-86597-761-7 Adam Smith, David Ricardo, and John to monetary and trade-cycle theories $22.00 | £17.95 Stuart Mill. and constitute a precursor to Mises’s major work, Human Action. Paperback ISBN 978-0-86597-762-4 $12.00 | £8.95

This title is available as an ebook for purchase on Amazon, Barnes and Noble, and iTunes.

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Planning for Socialism Freedom An Economic and Sociological Analysis By Ludwig von Mises Let the Market System Work; A Translated by J. Kahane Collection of Essays and Addresses Foreword by F. A. Hayek By Ludwig von Mises Edited by Bettina Bien Greaves More than thirty years ago F. A. Hayek said of Socialism: “It was In this anthology, Mises offers a work on political economy in an articulate and accessible the tradition of the great moral introduction to and critique of philosophers, a Montesquieu or

two topics he considers especially 1 Adam Smith, containing both acute 1981 | 6 ⁄8 x 9 | 596 pages 2008 | 6 x 9 | 192 pages important: inflation and government knowledge and profound wisdom. Foreword, epilogue, index Editor’s foreword, interventionism. Mises believes . . . To none of us young men who to works cited, index annotations, index inflation, that is monetary expansion, read the book when it appeared was is destructive; it destroys savings to subjects and names, the world ever the same again.” This biographical note Paperback and investment, which are the basis is a newly annotated edition of the ISBN 978-0-86597-661-0 for production and prosperity. Paperback $12.00 | £8.95 classic first published in German in Government controls and economic 1922. It is the definitive refutation ISBN 978-0-913966-63-1 $14.50 | £10.95 planning never accomplish what of nearly every type of socialism their proponents intend. Mises ever devised. Mises presents a This title is available as an ebook consistently argues that the solution wide-ranging analysis of society, for purchase on Amazon and to government intervention is free comparing the results of socialist Barnes and Noble. markets and free enterprise, which planning with those of free-market call for reforming government. For capitalism in all areas of life. that, ideas must be changed to “let the market system work.” There is no better “planning for freedom” than this. The seventeen essays in Planning for Freedom: Let the Market System Work are tied together by one overarching idea, best expressed by Mises in the capstone essay “Profit and Loss.” The essays in the final section of the book summarize Mises’s contributions to economic thought and emphasize his firm belief in the power of ideas.

Ludwig von Mises (1881–1973) was the leading spokesman of the Austrian School of economics throughout most of the twentieth century.

Bettina Bien Greaves is a former resident scholar and trustee of the Foundation for Economic Education and was a senior staff member at FEE from 1951 to 1999.

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Theory and The Ultimate History Foundation of An Interpretation of Social and Economic Evolution Economic Science By Ludwig von Mises An Essay on Method Edited by Bettina Bien Greaves By Ludwig von Mises Edited by Bettina Bien Greaves Theory and History is primarily a critique of Karl Marx, his materialism, In this volume, Mises argued that and his prediction of the inevitability economics is a science because 2005 | 6 x 9 | 281 pages of socialism. Marx attributes the human action is a natural order of life 2006 | 6 x 9 | 141 pages creation of tools and machines, as well and that it is the actions of humans Editor’s note, introduction, as the economic structure of society, that determine markets and capital Preface, introduction, notes, index translations, annotations, to undefined “material productive decisions. Since Mises believed these index forces.” Mises rejects this materialistic links could be proven scientifically, he Hardcover Hardcover view; he points out that tools and concluded that economics, with its ISBN 978-0-86597-638-2 ISBN 978-0-86597-568-2 machines are actually created by basis on that human action, is indeed $22.00 | £17.95 $29.00 | £23.95 individuals acting on the basis of non- a science in its own right and not an Paperback Paperback materialistic ideas. ideology or a metaphysical doctrine. ISBN 978-0-86597-639-9 ISBN 978-0-86597-569-9 This book discusses the theory of Ludwig von Mises (1881–1973) was the $12.00 | £8.95 $14.50 | £10.95 economics, i.e., the study of purposive leading spokesman of the Austrian School of economics throughout most of the This title is available as an ebook This title is available as an ebook human action, and history, the record twentieth century. for purchase on Amazon, Barnes for purchase on Amazon, Barnes of the past actions of individuals. and Noble, and iTunes. and Noble, and iTunes. Bettina Bien Greaves is a former resident scholar and trustee of the Foundation for Economic Education and was a senior staff The Theory of member at FEE from 1951 to 1999. Money and Credit By Ludwig von Mises Introduction by Lionel Robbins Foreword by Murray N. Rothbard

The Theory of Money and Credit integrated monetary theory into the main body of economic analysis for the first time, providing fresh, new insights into the nature of money and 1981 | 6 x 9 | 544 pages its role in the economy and bringing Foreword, introduction, Mises into the front rank of European prefaces to earlier economists. editions, appendixes, index The Theory of Money and Credit also Hardcover presented a new monetary theory of ISBN 978-0-913966-70-9 the trade cycle, which, under further $24.00 | £19.95 development by Mises’s student Paperback Nobel Laureate F. A. Hayek, came to ISBN 978-0-913966-71-6 challenge all previous trade-cycle $14.50 | £10.95 theories.

This title is available as an ebook for purchase on Amazon, Barnes and Noble, and iTunes.

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Monetary and Between the Two Economic Policy World Wars Monetary Disorder, Interventionism, Problems Before, Socialism, and the Great Depression During, and After By Ludwig von Mises the Great War Edited by Richard Ebeling In 1934, Ludwig von Mises left his By Ludwig von Mises native Austria in fear of the Nazis, who Edited by Richard Ebeling seized all his papers in 1938 in Vienna and, Mises thought, destroyed them, 2012 | 6 x 9 | 432 pages The present volume is devoted to but the papers were not destroyed. 2002 | 6 x 9 | 453 pages some of Mises’s earliest writings. As In 1996, Richard and Anna Ebeling Editor’s introduction, Introduction, index annotations and critical with the second volume in the series, discovered the papers in an archive apparatus, notes on the the articles that compose this book in Moscow. This volume from Liberty Hardcover translation, bibliography, include Mises’s policy memoranda, Fund represents a treasure trove of ISBN 978-0-86597-384-8 biographical notes, essays, and speeches that were found $23.00 | £18.95 appendix, index important essays. in a formerly secret KGB archive in Paperback Hardcover Moscow. The articles have two primary ISBN 978-0-86597-385-5 ISBN 978-0-86597-832-4 focuses: First, they reveal Mises’s $14.50 | £10.95 $23.00 | £18.95 thoughts on the monetary, fiscal, and The Political Paperback general economic policy problems of ISBN 978-0-86597-833-1 the Austro-Hungarian Empire before Economy of $14.50 | £10.95 and during World War I; and second, they focus on his thoughts on the new International This title is available as an ebook postwar Austrian Republic after the for purchase on Amazon, Barnes and Noble, and iTunes. dismantling of the Habsburg monarchy. Reform and An appendix to the volume includes a curriculum vitae that Mises’s Reconstruction great-grandfather prepared for the By Ludwig von Mises Habsburg emperor in 1881 as part of Edited by Richard Ebeling his ennoblement, which gave him and his heirs the hereditary title of “Edler After he fled Austria, Ludwig von 2000 | 6 x 9 | 312 pages von.” Also included is a talk that Mises Mises arrived in the United States delivered at his private seminar in and continued to write essays on Introduction, index his office at the Vienna Chamber of economics. Among those included in Commerce in the spring of 1934 on the this volume are: Hardcover topic of the methodology of the social ISBN 978-0-86597-270-4 $23.00 | £18.95 sciences. • Guiding Principles for the Reconstruction of Austria (1940) Ludwig von Mises (1881–1973) was the Paperback leading spokesman of the Austrian School of ISBN 978-0-86597-271-1 economics throughout most of the twentieth • An Eastern Democratic Union: A $13.50 | £9.95 century. Proposal for the Establishment of a Durable Peace in Eastern Europe Richard Ebeling is Professor of Economics at (1943) Northwood University. • Aspects of American Foreign Trade Policy (1943)

• Mexico’s Economic Problems (1943)

• The Main Issues in Present-Day Monetary Controversies (1944)

• A Noninflationary Proposal for Post- War Monetary Reconstruction (1944)

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The Economic Market Theory Point of View and the Price By Israel M. Kirzner System Edited and with an Introduction by Peter J. Boettke and Frédéric Sautet By Israel M. Kirzner Edited and with an Introduction by The inaugural volume in Liberty Fund’s Peter J. Boettke and Frédéric Sautet new Collected Works of Israel M. Kirzner series established Kirzner as The second volume in Liberty Fund’s a careful and meticulous scholar of Collected Works of Israel M. Kirzner series, economics. No other living economist Market Theory and the Price 2011 | 6 x 9 | 372 pages 2009 | 6 x 9 | 272 pages is so closely associated with the System was published in 1963 as Kirzner’s first (and only) textbook. Introduction to the Liberty Austrian School of economics as Israel Introduction to the Fund edition, foreword M. Kirzner, professor emeritus of This volume presents an integrated Liberty Fund edition, by Ludwig von Mises, Economics at New York University. He view of Austrian price theory. The preface, appendix, index Becker-Kirzner Debate, has been a leader of the generation of basic aim of Market Theory is to utilize Hardcover introduction to the second Austrian School economists following the tools of economic reasoning edition, author’s preface, ISBN 978-0-86597-759-4 index Ludwig von Mises and F. A. Hayek. to explain the market process. The $20.00 | £14.95 unique framework Kirzner develops In this work, Kirzner explains how Hardcover for microeconomic analysis, following Paperback the “economic point of view” emerged ISBN 978-0-86597-760-0 ISBN 978-0-86597-733-4 Mises and Hayek, examines errors in the development of economic $12.00 | £8.95 $24.00 | £19.95 in decision-making, entrepreneurial science since the eighteenth century profit, and competition as a process of This title is available as an Paperback and through it, the concepts of discovery and learning. ebook for purchase on Amazon, ISBN 978-0-86597-734-1 purpose, subjectivism, and rationality. $14.50 | £10.95 Barnes and Noble, and iTunes. Kirzner’s incomparable ability to navigate through the core ideas of economics helps the reader become Essays on Capital progressively familiar with the history of the discipline and its definition. and Interest Within the seven chapters, Kirzner An Austrian Perspective discusses such subjects as the science By Israel M. Kirzner of wealth and welfare; the nature of Edited and with an Introduction by economic science and the significance Peter J. Boettke and Frédéric Sautet of macroeconomics; and the sciences as human action. Essays on Capital and Interest presents Israel M. Kirzner is a leading economist in the a collection of writings on capital Austrian School and Emeritus Professor of theory that serve both as a discourse economics at New York University. in the history of economic thought 2012 | 6 x 9 | 208 pages and as conceptual clarification in Peter J. Boettke is University Professor of Introduction to the Economics and Philosophy at George Mason one of the most complex subjects in economics. Liberty Fund edition, University and the BB&T Professor for the introduction to the 1996 Study of Capitalism at the Mercatus Center. edition, index

Frédéric Sautet is a visiting associate Hardcover professor of economics at the Catholic ISBN 978-0-86597-780-8 University of America. Previously, he has $20.00 | £14.95 taught at George Mason University, New York University, and the University of Paris Paperback Dauphine. ISBN 978-0-86597-781-5 $12.00 | £8.95

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Competition and Discovery, Entrepreneurship Capitalism, and By Israel M. Kirzner Distributive Edited and with an Introduction by Peter J. Boettke and Frédéric Sautet Justice Competition and Entrepreneurship By Israel M. Kirzner defines Israel M. Kirzner’s unique Edited and with an Introduction by contribution to the economics Peter J. Boettke and Frédéric Sautet profession. Pointing out the shortcomings of the traditional Discovery, Capitalism, and Distributive 2016 | 6 x 9 | 288 pages 2013| 6 x 9 | 224 pages microeconomic model, Kirzner offers Justice makes Kirzner’s case for the an alternative and complementary idea that entrepreneurial profit is Introduction to the Introduction to the Liberty Liberty Fund edition, Fund edition, original view, which illuminates and enriches both essential for an economy and five previously published preface by Kirzner, index the way economists think of the market profoundly just. Asserting that the articles not in the 1989 process. Kirzner develops a theory of problem with standard criticism of Blackwell edition, index Hardcover the market process that focuses on capitalist income distribution is a ISBN 978-0-86597-846-1 Hardcover $27.00 | £22.95 the role of the pure entrepreneurial failure to see capitalism as a “discovery element in human action. procedure,” Kirzner argues that ISBN 978-0-86597-860-7 production and subsequent profit are $20.00 | £14.95

neither automatic nor guaranteed. Paperback This important contribution to the ISBN 978-0-86597-861-4 Austrian $12.00 | £8.95 larger debate of the capitalist system Subjectivism and clarifies core economic issues, so that the positive science of economics the Emergence of can enlighten our understanding of justice in capitalist distribution. Entrepreneurship Successful production always results from the discovery of an opportunity Theory to obtain new gains from trade, i.e., the discovery of entrepreneurial profit. By Israel M. Kirzner Kirzner shows that profit is the just Edited and with an Introduction by and fair possession of its discoverer. Peter J. Boettke and Frédéric Sautet This is what he calls the “finders- 2015 | 6 x 9 | 216 pages keepers” rule: “The finders-keepers This volume comprises several of Introduction, index rule asserts that an unowned object Kirzner’s previously published papers becomes the justly owned property Hardcover on the subjects of methodological of the first person who, discovering ISBN 978-0-86597-858-4 subjectivism and the history of its availability and its potential value, $20.00 | £14.95 entrepreneurship theory—topics takes possession of it.” of primary importance in Kirzner’s Paperback ISBN 978-0-86597-859-1 economic thought. Richard Ebeling reviewed the $12.00 | £8.95 The volume includes Kirzner’s work in 1989, saying, “the heart of seminal paper “Methodological Professor Kirzner’s argument is that Individualism, Market Equilibrium, and every discovery of a new opportunity Market Process,” in which “Kirzner is the appropriation of that which conceptualized the role of the had not existed before a human mind entrepreneurial function in the market had seen the potential in that object.” process for the first time in his work.” Kirzner’s monograph is complemented According to the editors, that paper here by three important articles on the “opened the door to Kirzner’s research subject of economic justice, a critique on the market process, leading six years of Kirzner’s theory, and a reply from Kirzner to that critique. later to the publication of Competition and Entrepreneurship. In doing so, it paved the way to the modern Austrian theory of the market process.”

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2018 | 6 x 9 | 384 pages 2018 | 6 x 9 | 480 pages

Introduction to the Liberty Fund Introduction to the Liberty Fund edition, index edition, index

Hardcover Hardcover ISBN 978-0-86597-862-1 ISBN 978-0-86597-866-9 $20.00 | £14.95 $20.00 | £14.95

Paperback Paperback ISBN 978-0-86597-863-8 ISBN 978-0-86597-867-6 $12.00 | £8.95 $12.00 | £8.95

Competition, Economic The Essence of Planning, and the Knowledge Entrepreneurship and the Problem Nature and Significance of By Israel M. Kirzner Market Process Edited and with an Introduction by Peter J. Boettke and Frédéric Sautet By Israel M. Kirzner Edited and with an Introduction by Peter J. Boettke Competition, Economic Planning, and the Knowledge Problem and Frédéric Sautet expands on the ideas Kirzner first discussed inCompetition and Entrepreneurship—the role of the entrepreneur and its relation to The Essence of Entrepreneurship and the Nature and Significance the determination of prices and the coordination of individuals’ of Market Process is a continuation of the discourse started plans—as well as economic planning, the knowledge problem, in Kirzner’s earlier work, Competition and Entrepreneurship, market-process theory, and the parts played by information, expanding upon his ideas about entrepreneurship and knowledge, and advertising. It includes a paper on F. A. Hayek’s entrepreneurial alertness. Essence presents most of the detailed theory of market coordination and the Austrian business-cycle research Kirzner has done on the nature of entrepreneurship theory—seen now for the first time in its original English. and the entrepreneurial process in the decades following the publication of his magnum opus. It is during that long period As a whole, the volume expresses Kirzner’s understanding that Kirzner elaborated his approach further, responding to that economics cannot be separated from its human element. objections and critics, and offering the world a more systematic Competition is a rivalrous process of entrepreneurial activity in understanding of the concept of market process. which individuals and firms discover, innovate, and outdo each other. Kirzner discusses why this dynamic view of the economy In the words of the volume editors and in contrast is so important to understand, particularly in the contexts of with traditional microeconomics, “Kirzner’s view of the economic planning and the workings of competitive markets. entrepreneurial function in the market process consists primarily in liberating human choice from its deterministic Over the course of this book’s nineteen articles and one structure by introducing alertness. Alertness to unexploited monograph, Kirzner also stresses another point: though gains from trade sets the market process in motion.” knowledge is present in all economic interaction, it is also dispersed in the economy such that no individual mind can ever In addition to Kirzner’s essays, Essence contains several centralize it all. This “knowledge problem” implies, as Mises critiques of Kirzner’s work centered on the topics of and Hayek have argued, the impossibility of central planning. entrepreneurship, market process, and supply and demand. Kirzner’s contribution is to show that, ultimately, it is only the Kirzner’s response to each of these critiques shows that free, competitive entrepreneurial process that can overcome he welcomes criticism as an opportunity to “crystallize and this problem through generation of knowledge that enables the sharpen” the difference between the normative views he most efficient allocation of scarce resources. espouses and contemporary economic theory. The painstaking precision with which Kirzner defends his position shows why his Israel M. Kirzner is a leading economist in the Austrian School and work has become such a staple of Austrian economic thought. Professor Emeritus of Economics at New York University.

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2019 | 6 x 9 | 800 pages

2019 | 6 x 9 | 368 pages Introduction to the Liberty Fund edition, three interviews with Introduction to the Liberty Fund Kirzner, index edition, index, cumulative index

Hardcover Hardcover ISBN 978-0-86597-868-3 ISBN 978-0-86597-864-5 $20.00 | £14.95 $20.00 | £14.95

Paperback Paperback ISBN 978-0-86597-869-0 ISBN 978-0-86597-865-2 $12.00 | £8.95 $12.00 | £8.95

Reflections on Ethics, Freedom, Ludwig von Mises: The Man Welfare Economics, Policy, and His Economics and the Legacy of Austrian By Israel M. Kirzner Edited and with an Introduction by Peter J. Boettke Economics and Frédéric Sautet By Israel M. Kirzner Ludwig von Mises: The Man and His Economics is a collection Edited and with an Introduction by Peter J. Boettke of Israel M. Kirzner’s work regarding his mentor, including a and Frédéric Sautet monograph on Mises and his work as well as several articles detailing how he impacted the world of economics. Reflections on Ethics, Freedom, Welfare Economics, Policy, and the Kirzner showcases Mises not only as a man with a “sparkling, Legacy of Austrian Economics comprises a variety of Kirzner’s fresh, fundamentally new interpretation” of the tenets espoused essays on social thought. Kirzner’s intellectual interest and by the Austrian School of economics, but also as Kirzner’s theories go beyond market process and entrepreneurship: mentor and academic compatriot. To this end, Kirzner’s essays they encompass several important topics that are vital to the on Mises elucidate the work of both men and convey Mises’s existence of human societies. ideas with unparalleled brilliance. Kirzner’s work, at heart, is not prescriptive but analytical. His work is not about casting unsubstantiated judgments on For Kirzner, Mises is a man with a mission: to reignite modern economics or spouting a blind return to laissez-faire, economists’ search for truth. It was this mission that led both instead Kirzner starts with examining how markets function, Mises and Kirzner to champion economic science and its working from the ground up. From these foundations, he is able teaching—i.e., the unhampered market and the system of free to explore a variety of domains, such as the nature of economics, enterprise—in response to the encroaching philosophical and the economics of welfare and policy, and even ethical issues. economic shadow of socialism. As Kirzner put it, “Mises saw In the words of the volume editors, “Kirzner contends that in the denial of economics as an alarming threat to a free society order to make ethical judgments about a social system, one and to Western civilization. It is economics that is able to must first understand the science behind it. In other words, demonstrate the social advantages of the unhampered market.” having good knowledge of the principles that govern markets Peter J. Boettke is University Professor of Economics and Philosophy is a prerequisite for ethical statements about them. It is only at George Mason University and the BB&T Professor for the Study through a clear grasp of the fundamental concepts of economic of Capitalism at the Mercatus Center. His publications include Living science, such as profit, interest, and entrepreneurship, that one Economics, The Handbook of Contemporary Austrian Economics, and The can make true statements about welfare economics, the morality Elgar Companion to Austrian Economics. He has been the editor of The of market transactions, and policy issues.” Review of Austrian Economics since 1998. Frédéric Sautet is Associate Professor at The Catholic University of The tools that Kirzner developed in his work can be applied America, Tim Busch School of Business and Economics. He is a specialist to many areas of inquiry. From the impact of governmental in Austrian market process theory and teaches entrepreneurship studies. regulation on the entrepreneurial discovery process to the role He is the author of An Entrepreneurial Theory of the Firm and has published of institutions in sustaining prosperity, Kirzner’s work shows widely on entrepreneurship. that the free market is a necessary element in maintaining social harmony and bringing stability to our constantly changing world.

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Economic Sophisms and “What Is Seen and What Is Not Seen” By Frédéric Bastiat Jacques de Guenin, General Editor Dennis O’Keeffe, Translation Editor Introduction by David M. Hart, Academic Editor

This volume, the third in our Collected for example, in the form of opportunity Works of Frédéric Bastiat, includes costs that are ignored but that often have two of Bastiat’s best-known works, the deleterious economic effects. He makes collected Economic Sophisms and the this case most eloquently in the form of pamphlet What Is Seen and What Is Not a parable in the opening chapter, “The Seen. We are publishing here for the Broken Window.” first time in English the Third Series of Economic Sophisms, which Bastiat To accompany Bastiat’s original had planned but died before he could works, we have provided detailed and complete the project. comprehensive explanatory footnotes, glossaries, and appendixes. Bastiat refers 2017 | 6 x 9 | 728 pages Both Economic Sophisms and What Is to dozens of other writers and politicians Seen and What Is Not Seen share similar and is critical of French government Foreword, general editor’s note, note stylistic features and were written with on the translation, key terms, note on policies regarding taxation, tariffs, and much the same purpose in mind, to the editions of the Oeuvres Complètes, subsidies to business. The glossary of abbreviations, chronology, introduction, disabuse people of misperceptions they authors and politicians provides detailed note on the publishing history, maps, might have had about the benefits of information about the individuals Bastiat appendixes, addendum, glossaries, free trade and free markets. Throughout mentions in his essays, the views they bibliographical note on works cited, the book, Bastiat’s clever and witty bibliography, index held, the books they published, and arguments against tariff protection the laws that the French state enacted Hardcover and subsidies to domestic industry are in order to maintain the system of ISBN 978-0-86597-887-4 timeless, as governments and vested- $30.00 | £24.95 protection and subsidies that Bastiat interest groups are still advocating the and the other free-market economists Paperback same policies 160 years after Bastiat so strenuously opposed. This collection ISBN 978-0-86597-888-1 wrote. of supplementary material allows us a $14.50 | £10.95 better understanding of the community Frédéric Bastiat was born in 1801, of economists and politicians of which This title is available as an ebook for purchase on and during his short life (he died in Amazon and Barnes and Noble. Bastiat was a part in the late 1840s. Rome, on Christmas Eve, in 1850) he was witness to many historic events, such as Jacques de Guenin founded the Cercle Frédéric the victory of Richard Cobden’s free- Bastiat in 1990. He had degrees in science from This, the first trade Anti–Corn Law League in 1846, the the University of Paris and from the University rise of socialism, the 1848 Revolution, of California, Berkeley, and was the author of The Logic of Classical Liberalism. complete scholarly and the rise of Louis Napoléon to the presidency of the Second Republic. Many Dennis O’Keeffe was Professor of Social collection of of these events affected his ideas and Science at the University of Buckingham and became targets of his writings. In his final Senior Research Fellow in Education at the Institute of Economic Affairs, London. Economic Sophisms, work, What Is Seen and What Is Not Seen, completed only months before his death, Jean-Claude Paul-Dejean is a Bastiat scholar demonstrates he provides one of his keenest economic and a historian at the University of Bordeaux. insights, that, although there are that even today obvious beneficial effects of government David M. Hart has a Ph.D. in history from King’s College, Cambridge, and is the Director of interventions at first, that is, the “seen,” Liberty Fund’s Online Library of Liberty. Bastiat deserves his there are also the “unseen” consequences, reputation as one of the most gifted writers on economic matters.

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2011 | 6 x 9 | 600 pages 2012 | 6 x 9 | 496 pages Editor’s note, note on the translation, General editor’s note, note on the note on the editions, general translation, note on the editions of introduction, chronology, maps, the Oeuvres Complètes, introduction, introduction to the correspondence, chronology, maps, glossaries, glossaries, appendix list of annotations, bibliographical note correspondence by recipient, on the works cited in this volume, bibliography of primary sources, bibliography, index annotations, index

Hardcover Hardcover ISBN 978-0-86597-829-4 ISBN 978-0-86597-786-0 $30.00 | £24.95 $30.00 | £24.95

Paperback Paperback ISBN 978-0-86597-830-0 ISBN 978-0-86597-787-7 $14.50 | £10.95 $14.50 | £10.95

This title is available as an ebook for purchase This title is available as an ebook for purchase on Amazon, Barnes and Noble, and iTunes. on Amazon, Barnes and Noble, and iTunes.

“The Law,” “The State,” and The Man and the Statesman Other Political Writings, The Correspondence and Articles on Politics By Frédéric Bastiat 1843–1850 Jacques de Guenin, General Editor By Frédéric Bastiat Introduction by Jacques de Guenin and Jean-Claude Paul-Dejean Introduction by Pascal Salin Dennis O’Keeffe, Translation Editor Jacques de Guenin, General Editor David M. Hart, Academic Editor Dennis O’Keeffe, Translation Editor David M. Hart, Academic Editor The Man and the Statesman, the first volume in Liberty Fund’s six-volume series, may be considered the most complete edition “The Law,” “The State,” and Other Political Writings, 1843–1850, of Bastiat’s works published to date, in any country, and in any collects nineteen of Bastiat’s “pamphlets,” or articles, ranging from language. The main source for this translation is the seven-volume the theory of value and rent, public choice and collective action, Œuvres complètes de Frédéric Bastiat, published in the 1850s and government intervention and regulation, the balance of trade, 1860s. education, and trade unions to price controls, capital and growth, and taxation. Many of these are topics still relevant and debated The present volume, most of which has never before today. been translated into English, includes Bastiat’s complete correspondence: 207 letters Bastiat wrote between 1819, when In addition, this edition also contains footnotes and glossary he was only 18 years old, until just a few days before his untimely entries that help explain the political, economic, and intellectual death in 1850 at the age of 49. For contemporary classical liberals, context in which Bastiat lived and worked. Filling gaps on Bastiat Bastiat’s correspondence will provide a unique window into a and his philosophy, this volume features articles that have never long-forgotten world where opposition to war and colonialism before been translated in English. went hand-in-hand with support for free trade and deregulation.

Frédéric Bastiat (1801–1850) was one of the leading advocates of free Frédéric Bastiat (1801–1850) was one of the leading advocates of free markets and free trade in the mid-nineteenth century. markets and free trade in the mid-nineteenth century.

Pascal Salin is Emeritus Professor of Economics, Paris University, and Jacques de Guenin is founder of the Cercle Frédéric Bastiat. He is a former president of the Mont Pelerin Society. He is the author of graduate of the École des Mines in Paris and holds a Master of Sciences Libéralisme; Français, n’ayez pas peur du libéralism; and Revenir au capitalisme, from the University of California, Berkeley. pour éviter les crises. Dennis O’Keeffe is Professor of Social Science at the University of Jacques de Guenin is founder of the Cercle Frédéric Bastiat. He is a Buckingham, Buckingham, England, and is Senior Research Fellow in graduate of the École des Mines in Paris and holds a Master of Sciences Education at the Institute of Economic Affairs, London. from the University of California, Berkeley. David M. Hart has a Ph.D. in history from King’s College, Cambridge, and is Dennis O’Keeffe is Professor of Social Science at the University of the Director of Liberty Fund’s Online Library of Liberty. Buckingham, Buckingham, England, and is Senior Research Fellow in Education at the Institute of Economic Affairs, London.

David M. Hart has a Ph.D. in history from King’s College, Cambridge, and is the Director of Liberty Fund’s Online Library of Liberty.

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Essay on the Commerce and Nature of Trade in Government General Considered in By Richard Cantillon Their Mutual Edited and with an Introduction by Antoin E. Murphy Relationship The Liberty Fund edition is a By Etienne Bonnot, Abbé de Condillac modernized translation of Richard Translated by Shelagh M. Eltis, with an Cantillon’s Essai sur la nature du Introduction by Shelagh M. Eltis and 2015 | 6 x 9 | 176 pages commerce en général (1755) with a new Walter Eltis 2008 | 6 x 9 | 355 pages introduction by Antoin E. Murphy. Introduction, index French philosopher Abbé de Condillac Preface, introduction to In the Essay, Cantillon outlined an his life and contributions produced perhaps the most original Hardcover extraordinary model-building approach to economics, bibliography, ISBN 978-0-86597-874-4 contributions to eighteenth-century index showing how the economy could be $24.00 | £19.95 economics. His conclusions as to built up, through progressive stages, Hardcover the desirability of removing barriers Paperback from a command, barter, closed ISBN 978-0-86597-702-0 ISBN 978-0-86597-875-1 to free trade and of competitive $29.00 | £23.95 economy to a market economy, which $14.50 | £10.95 market economies mirrored Smith’s, uses money and is open. Though written Paperback published three months later. This title is available as an in the eighteenth century, the Essay has ISBN 978-0-86597-703-7 $14.50 | £10.95 ebook for purchase on Amazon, has Barnes and Noble, and iTunes. a considerable resonance for a twenty- Commerce and Government first-century audience. been called “one of the most sustained Antoin E. Murphy is Emeritus Professor of defenses of economic liberty in the Economics and Fellow of Trinity College eighteenth century.” In Condillac’s Dublin. own words, to eliminate the abuses and injustices of government it is necessary “to give trade full, complete, A Treatise on and permanent freedom.” Shelagh and Walter Eltis, editors of the volume, Political Economy write, “English language readers who By Antoine Louis Claude Destutt de come upon Commerce and Government Tracy for the first time will find . . . that Translation by Thomas Jefferson the case for competitive market Edited and with an Introduction economics has rarely been presented by Jeremy Jennings more powerfully and that there is A Treatise on Political Economy is continuing relevance in Condillac’s a foundational text of nineteenth- account of the difficulties that those century, free-market economic thought who seek to liberalize economies still 2011 | 6 x 9 | 288 pages and remains one of the classics of encounter.” Shelagh M. Eltis is a historian and graduate Introduction, note on the nineteenth-century French economic of Somerville College, Oxford, U.K. text, editorial annotations, liberalism. Destutt de Tracy was index one of the founders of the classical Walter Eltis is an Emeritus Fellow of Exeter College, Oxford, and Visiting Professor of Hardcover liberal republican group known as the Economics at the University of Reading, ISBN 978-0-86597-812-6 Idéologues, which included Jean- U.K. $29.00 | £23.95 Baptiste Say, Marquis de Condorcet,

Paperback and Pierre Cabanis. ISBN 978-0-86597-813-3 $14.50 | £10.95 In this volume, Destutt de Tracy argues against the luxurious This title is available as an ebook consumption of the idle rich and for purchase on Amazon, Barnes recommends a market economy with and Noble, and iTunes. low taxation and minimum state intervention. Jeremy Jennings is Professor of Political Theory at Queen Mary, University of London.

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The Collected Works of James M. Buchanan By James M. Buchanan Forewords by Geoffrey Brennan, Hartmut Kliemt, and Robert D. Tollison

This monumental twenty-volume series appeal to the general student of liberty, presents the writings of James M. for Buchanan has—perhaps more than Buchanan, one of the great twentieth- any other contemporary scholar— century scholars of liberty. Buchanan, helped us to view politics without the the Nobel laureate in Economics in 1986, romantic gloss that characterizes much has much wisdom to offer—not just to normative political theory and that academics and economists—but to all slips unthinkingly into so much popular who seek to understand the challenges commentary. Buchanan has been a and opportunities of governance in our resolute defender of ‘the ideal of a society age. of free and responsible individuals’ and has been a painstaking analyst of the The Collected Works of James M. institutional structure that might best Buchanan includes ten monographs support such a society. Buchanan stands and all of the important journal articles, TWENTY-VOLUME SET with von Mises, Hayek, Popper, and papers, and essays that Buchanan 2002 | 6 x 9 | 7,154 pages Friedman as one of the great twentieth- produced in a distinguished career century scholars of liberty.” Paperback spanning more than half a century. ISBN 978-0-86597-964-2 Among the monographs are such $290.00 | £219.00 As James Buchanan, himself, wrote, famous works as The Calculus of Consent “My interest in understanding how the (coauthored by Gordon Tullock) and economics interaction process works has The Limits of Liberty, as well as Cost and always been instrumental to the more Choice: An Inquiry in Economic Theory. inclusive purpose of understanding how The monographs have been cast into we can learn to live with one another a new format, and new indexes have without engaging in Hobbesian war been created. In addition, each volume and without subjecting ourselves to the includes a foreword by one of the three dictates of the state.” editors of the series, each of whom is a distinguished economist in his own right. James M. Buchanan (1919–2013) was an eminent economist who won the Nobel “This is a series,” write the editors, Memorial Prize in Economic Sciences in 1986. “that no serious scholar of public He founded the Center for Study of Public Choice at George Mason University, where he choice theory, public economics, or was a professor of economics, and is considered contemporary political theory will want one of the greatest scholars of liberty of the to be without. It is a series that will also twentieth century.

“This is a series that no serious scholar of public choice theory, public economics, or contemporary political theory will want to be without.” —Editors of the series

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The Logical Public Principles Foundations of of Public Debt Constitutional A Defense and Restatement By James M. Buchanan Liberty Foreword by Geoffrey Brennan By James M. Buchanan Public Principles of Public Debt is one of Foreword by Geoffrey Brennan, James M. Buchanan’s most important Hartmut Kliemt, and Robert D. Tollison and influential books. The radical idea he conceived was that our reliance The thirty-one papers presented on public debt has amassed a sort of VOLUME 2 in this volume offer scholars and VOLUME 1 orthodoxy that is commonly—and 1999 | 6 x 9 | 190 pages general readers alike a comprehensive 1999 | 6 x 9 | 546 pages needlessly—assumed by taxpayers, introduction to the work of one of the Foreword, preface, author by politicians, and by economists Foreword, introduction, greatest economists of the modern era. index, subject index appendixes, name index, themselves. subject index Many of Buchanan’s most important Hardcover essays are gathered in this inaugural Buchanan dismisses the nearly ISBN 978-0-86597-215-5 Hardcover volume of the twenty-volume series universal belief (which continues to $24.00 | £19.95 ISBN 978-0-86597-213-1 from Liberty Fund of his Collected this day) that the burden of debt is $24.00 | £19.95 Works. borne by the current generation, and Paperback ISBN 978-0-86597-216-2 he argues persuasively that public Paperback The essays are arranged $14.50 | £10.95 debt is shouldered in large part by ISBN 978-0-86597-214-8 thematically and so present a complete $14.50 | £10.95 generations still to come. perspective on Buchanan’s work. The six sections include: Written in 1958, this book 1. Introduction represents Buchanan’s first published 2. Politics without Romance monograph, and its publication met 3. Public Finance and Democratic with much controversy, confusion, Process and speculation in the economic 4. The Economist and Economic community. But the book also added to Order Buchanan’s rising stature in the early 5. Ethics and Economics part of his career as a brilliant and 6. The Reason of Rules original thinker.

The editors have focused on papers The arguments Buchanan lays out that Buchanan has written without in this book had a considerable impact collaboration and which present on much of his later work. Buchanan’s Buchanan’s earlier, classic statements object here is to establish a set of on crucial subjects rather than his analytical claims about debt incidence. subsequent elaborations which appear Current anxieties over implicit Social in later volumes in the series. Included, Security debt are clear indications of too, is Buchanan’s Nobel address, “The the rightness of Buchanan’s then- Constitution of Economic Policy,” and revolutionary theory. the text of the Nobel Committee’s press release explaining why Buchanan James M. Buchanan (1919–2013) was an was awarded the prize for Economics eminent economist who won the Alfred in 1986. The volume also includes Nobel Memorial Prize in Economic Sciences in 1986 and was considered one of the Buchanan’s autobiographical essay, greatest scholars of liberty in the twentieth “Better Than Plowing,” in which he century. gives not only a brief account of his life, but also his own assessment of what is important, distinctive, and enduring in his work. The foreword by the three series editors will be valuable to all readers who wish to engage the challenging but epochal writings of the father of modern public choice theory.

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The Calculus of Public Finance Consent in Democratic Logical Foundations of Constitutional Democracy Process By James M. Buchanan and Gordon Fiscal Institutions and Individual Choice Tullock By James M. Buchanan Foreword by Robert D. Tollison Foreword by Geoffrey Brennan

The Calculus of Consent was co- Public Finance in Democratic Process authored by Buchanan with Gordon is James M. Buchanan’s monumental VOLUME 3 Tullock, with whom Buchanan work that outlines the dynamics of VOLUME 4 1999 | 6 x 9 | 376 pages collaborated on many books and individual choice as it is displayed in 1999 | 6 x 9 | 326 pages academic enterprises throughout their the process of public finance. Foreword, preface, author Foreword, preface, name careers. As Robert D. Tollison states in index, subject index Buchanan is perhaps nowhere index, subject index the foreword, “[this book] is a radical more clearly a disciple of the great departure from the way democracies Hardcover Paperback Swedish economist Knut Wicksell ISBN 978-0-86597-218-6 conduct their business. The Calculus is ISBN 978-0-86597-219-3 than he is in the underlying principles $24.00 | £19.95 $14.50 | £10.95 already a book for the ages.” of this seminal work. Specifically, he This classic work analyzes the elaborates on these three central Paperback ISBN 978-0-86597-220-9 political organization of a free society Wicksellian themes: $14.50 | £10.95 through the lens of the economic 1. Analysis of market failure in the organization of society. The authors provision of public goods. acknowledge their unease as 2. The insistence on conceiving economists in analyzing the political policy decisions as the outcome organization, but they take the risk of political processes. of forging into unfamiliar territory 3. The necessity of treating the because they believe the benefits of tax and expense sides of the their perspective will bear much fruit. budget as interconnected. As the authors state, their Echoing Wicksell’s antipathy to objective in this book is “to analyze the “benevolent despot” model of the calculus of the rational individual government, Buchanan lays out in when he is faced with questions of this book a starting point for modern constitutional choice. . . . We examine public-choice analysis. Recognizing the [choice] process extensively only the pathbreaking work he is about to with reference to the problem of begin, Buchanan opens his preface decision-making rules.” by stating, “Fiscal theory is normally discussed in a frame of reference The authors describe their wholly different from that adopted approach as “economic individualism.” in this book. This dramatic shift of They believe that economists have emphasis . . . . requires that I consider explored individual choice extensively the processes through which in the market sector while social individual choices are transmitted, scientists have largely ignored the combined, and transformed into dynamics of individual decision- collective outcomes. Careful research making in the dynamics of forming in this area is in its infancy, and group action in the public sector. the necessary reliance on crude, unsophisticated models underscores Written in the early 1960s, The the exploratory nature of the work.” Calculus of Consent has become a bulwark of the public choice According to Geoffrey Brennan movement for which James M. in the foreword, “Public Finance in Buchanan is so justly famous. Democratic Process is a work more hospitable to public finance orthodoxy and could be treated as an extension (albeit an important one) of the conventional approach.”

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The Demand and Cost and Choice Supply of Public An Inquiry in Economic Theory By James M. Buchanan Goods Foreword by Hartmut Kliemt By James M. Buchanan While relatively short, Cost and Foreword by Geoffrey Brennan Choice, according to Hartmut Kliemt in the foreword, “holds quite a central Public-goods theory constituted a place in Buchanan’s work. For the major element in James M. Buchanan’s fundamental economic notion of ‘cost’, research agenda throughout the or ‘opportunity cost’, is intimately 1960s. The Demand and Supply of Public VOLUME 5 related to the individualist and VOLUME 6 is a major part of that work. 1999 | 6 x 9 | 217 pages Goods subjectivist perspective that is so 1999 | 6 x 9 | 113 pages Foreword, preface, list of At the time that Buchanan was essential to the Buchanan enterprise.” elaborating on his theories of public Foreword, preface, author supplementary reading, To be sure, the Austrian School of index, subject index author index, subject goods, the prevailing trend in public economists enunciated similar views index economics was the emergence of of cost decades before Buchanan, but Hardcover public-expenditure theory, which ISBN 978-0-86597-223-0 Hardcover Buchanan advances his theories by attempted to form a comprehensive $24.00 | £19.95 ISBN 978-0-86597-221-6 attempting to integrate his views into theory of the state around the notion $24.00 | £19.95 the orthodox classical and neoclassical Paperback of market failure. framework. ISBN 978-0-86597-224-7 Paperback $14.50 | £10.95 ISBN 978-0-86597-222-3 The Demand and Supply of Public $14.50 | £10.95 When he published the book established Buchanan’s broad Goods in 1969, Buchanan hoped that purpose of explicitly comparing other scholars would follow him in market performance with political researching the opportunity-cost performance. As such, the book is concept and its applications. Unlike an important part of Buchanan’s the theater of public policy, where contractarian theory of the “productive Buchanan’s work is widely celebrated state.” and influential, his important work Conceived originally as a series of on the issue of cost and choice, so lectures given at Cambridge University clearly explicated in this volume, has done little to move the mainstream in 1961 and 1962, The Demand and of economic thinking in the thirty Supply of Public Goods is written for students, but is in no way a textbook years since its original publication. of dry pedagogy. Instead, as Geoffrey It is hoped that this new edition of Brennan writes in the foreword, Buchanan’s seminal work will place “What Buchanan provides here is a Buchanan’s groundbreaking ideas in clear statement of the contractarian wider circulation. approach to public goods problems, Buchanan writes in the preface, very much in the ‘voluntary exchange’ “My aim is to utilize the theory of tradition of Wicksell and Lindhal.” opportunity cost to demonstrate basic methodological distinctions that are often overlooked and to show that a consistent usage of this theory clarifies important areas of disagreement on policy issues.”

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The Limits of Democracy in Liberty Deficit Between Anarchy and Leviathan The Political Legacy of Lord Keynes By James M. Buchanan By James M. Buchanan and Foreword by Hartmut Kliemt Richard E. Wagner Foreword by Robert D. Tollison Published originally in 1975, The Limits of Liberty made James Buchanan’s Democracy in Deficit is one of the early name more widely known than ever comprehensive attempts to apply before among political philosophers the basic principles of public-choice VOLUME 7 and theorists and established analysis to macroeconomic theory and VOLUME 8 2000 | 6 x 9 | 261 pages Buchanan, along with John Rawls and policy. 2000 | 6 x 9 | 223 pages Robert Nozick, as one of the three Foreword, preface, According to Robert D. Tollison in Foreword, preface, author bibliography, index new contractarians, standing on the the foreword, “The central purpose of index, subject index shoulders of Hobbes, Locke, and Kant. the book was to examine the simple Hardcover Paperback ISBN 978-0-86597-225-4 While The Limits of Liberty is precepts of Keynesian economics ISBN 978-0-86597-228-5 $24.00 | £19.95 strongly related to Buchanan’s through the lens of public-choice $14.50 | £10.95 Calculus of Consent (Vol. 3 in Liberty theory. The basic discovery was that Paperback Fund’s Collected Works of James M. Keynesian economics had a bias ISBN 978-0-86597-226-1 Buchanan), it is logically prior to the toward deficits in terms of political $14.50 | £10.95 } C$23.20 Calculus, according to Hartmut Kliemt self-interest.” in the foreword, even though it was published later. As Kliemt states, Democracy in Deficit opened the “[The Limits of Liberty] characterizes door for much of the current work the status quo from the point where on political business cycles and Paretian politics starts and at the same the incorporation of public-choice time describes conceivable processes considerations into macroeconomic of interindividual agreement that theory. Even in the area of might lead from a natural equilibrium monetarism, Buchanan’s landmark to a political one.” work has greatly influenced the sway of contemporary theorists away from Buchanan frames the central idea the nearly universally held belief of most cogently in the opening of his Keynesian theory. preface: “Precepts for living together are not going to be handed down Democracy in Deficit contributes from on high. Men must use their own greatly to Buchanan’s lifelong fiscal intelligence in imposing order on chaos, and monetary rules to guide long-term intelligence not in scientific problem- policy in macroeconomics. The book solving but in the more difficult sense serves to bolster Buchanan’s central of finding and maintaining agreement beliefs in the necessity of a balanced- among themselves. Anarchy is ideal budget amendment to the U.S. for ideal men; passionate men must Constitution and in monetary rules be reasonable. Like so many men have rather than central bank discretion. done before me, I examine the bases for a society of men and women who The book is co-authored with want to be free but who recognize Richard Wagner, a respected colleague the inherent limits that social of Buchanan, whom Buchanan interdependence places on them.” recognized as helping to keep the book free of polemics and on target with James M. Buchanan (1919–2013) was an its central purpose of applying the eminent economist who won the Alfred elementary theory of public choice. Nobel Memorial Prize in Economic Sciences in 1986 and was considered one of the greatest scholars of liberty in the twentieth century.

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The Power to Tax The Reason Analytical Foundations of a Fiscal Constitution of Rules By Geoffrey Brennan and James M. Constitutional Political Economy Buchanan By Geoffrey Brennan Foreword by Geoffrey Brennan and James M. Buchanan Foreword by Robert D. Tollison Commenting on his collaboration with Geoffrey Brennan on The Power to Tax, In his foreword, Robert D. Tollison James M. Buchanan says that the book identifies the main objective of is “demonstrable proof of the value Geoffrey Brennan and James M. VOLUME 9 of genuine research collaboration Buchanan’s The Reason of Rules: “. . . VOLUME 10 2000 | 6 x 9 | 278 pages across national-cultural boundaries.” a book-length attempt to focus the 2000 | 6 x 9 | 192 pages energies of economists and other Foreword, preface, Buchanan goes on to say that “The Foreword, preface, index bibliography, index Power to Tax is informed by a single social analysts on the nature and idea—the implications of a revenue- function of the rules under which Hardcover Hardcover maximizing government.” ordinary political life and market life ISBN 978-0-86597-231-5 $24.00 | £19.95 ISBN 978-0-86597-229-2 function.” $24.00 | £19.95 Originally published in 1980, The Power to Tax was a much-needed In persuasive style, Brennan Paperback ISBN 978-0-86597-232-2 Paperback answer to the tax revolts sweeping and Buchanan argue that too ISBN 978-0-86597-230-8 $14.50 | £10.95 $14.50 | £10.95 across the United States. It was a often economists become mired in much-needed answer as well in the explaining the obvious or constructing academic circles of tax theory, where elaborate mathematical models to orthodox public finance models were shed light on trivial phenomena. Their clearly inadequate to the needs at solution: economics as a discipline hand. would be better focused on deriving normative procedures for establishing The public-choice approach to rules so that ordinary economic life taxation which Buchanan had earlier can proceed unaffected as much as elaborated stood in direct opposition possible by social issues. to public-finance orthodoxy. What Buchanan and Brennan constructed in The basic idea of the importance The Power to Tax was a middle ground of rules is a thread that runs through between the two. As Brennan writes virtually the whole of Buchanan’s in the foreword, “The underlying distinguished career, and it is one motivating question was simple: of his signal contributions to the Why not borrow the motivational contemporary discipline of economics. assumptions standard in public-choice The Reason of Rules is an elaboration theory and put them together with of the potential for rules and the assumptions about policy-maker normative process by which they can discretion taken from public-finance best be devised. orthodoxy?” James M. Buchanan (1919–2013) was an The result was a controversial eminent economist who won the Alfred Nobel Memorial Prize in Economic Sciences book—and a much misunderstood in 1986 and was considered one of the one as well. Looking back twenty greatest scholars of liberty in the twentieth years later, Brennan feels confirmed century. in the rightness of the theories he and Buchanan espoused, particularly in their unity with the public- choice tradition: “The insistence on motivational symmetry is a characteristic feature of the public choice approach, and it is in this dimension that The Power to Tax and the orthodox public- finance approach diverge.”

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Politics by Principle, Not Interest Toward Nondiscriminatory Democracy By James M. Buchanan and Roger D. Congleton Foreword by Hartmut Kliemt

“Politics by principle is that which As James Buchanan notes in modern politics is not. What we observe is introducing his co-author Roger ‘politics by interest,’ whether in the form Congleton, Politics by Principle, Not of explicitly discriminatory treatment Interest “embodies the working out (rewarding or punishing) of particular and presentation of a single idea . . . VOLUME 11 groupings of citizens or of some elitist- the extension and application of the 2003 | 6 x 9 | 242 pages dirigiste classification of citizens into generality principle to majoritarian List of figures and tables, the deserving or non-deserving on the politics.” After laying out the theory, foreword, preface, index basis of a presumed superior wisdom Buchanan and Congleton attempt to about what is really ‘good’ for us all. The work it out in practical political reality. Hardcover proper principle for politics is that of Buchanan notes that “it is much easier ISBN 978-0-86597-233-9 $24.00 | £19.95 generalization of generality.” to discuss the generality principle as —James M. Buchanan, an abstract ideal than it is to define the Paperback from the Preface precise conditions for its satisfaction ISBN 978-0-86597-234-6 in any particular setting.” Not daunted In his foreword, Hartmut $14.50 | £10.95 by the difficulty of the task, the two Kliemt sums up the main objective authors succeed brilliantly in applying of James M. Buchanan and Roger the generality principle to the political Congleton’s Politics by Principle: arena. They are interested not in “Imposing constitutional constraints laying down precise do’s and don’ts for on majoritarian politics such that politics, but in pointing out the ideal a more principled pattern might of nondiscriminatory governance and emerge must be a political aim of high calling for constitutional constraints priority for all who wish for free and on political action so it conforms more responsible citizens to live together closely to the generality norm. peacefully as political equals under the rule of general laws. Buchanan and Congleton’s efforts to revive the classical liberal agenda in Politics by Principle, Not Interest are of the greatest interest in that regard. And this interest is not merely a theoretical one.”

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Economic Inquiry Politics as Public and Its Logic Choice By James M. Buchanan By James M. Buchanan Foreword by Robert D. Tollison Foreword by Robert D. Tollison

Economic Inquiry and Its Logic presents This volume presents a collection of a collection of Buchanan’s most thirty-four essays and shorter works representative works in economic by James M. Buchanan that represent method and analysis. As Robert D. the brilliance of his founding work on Tollison points out in his foreword, public-choice theory. “[Included] in this volume are some The work of James M. Buchanan is VOLUME 13 VOLUME 12 of [Buchanan’s] most often cited perhaps most often associated with his 2000 | 6 x 9 | 510 pages 2000 | 6 x 9 | 514 pages works on methodology, including helping to found public-choice theory. Foreword, name index, papers reflecting his emphasis on the Buchanan’s book-length works such as Foreword, name index, subjective nature of opportunity costs subject index subject index The Calculus of Consent or The Reason of and the implications of this subjectivity Rules (Volumes 3 and 10, respectively, Paperback Hardcover for economic analysis.” in Liberty Fund’s The Collected Works ISBN 978-0-86597-238-4 ISBN 978-0-86597-235-3 $14.50 | £10.95 $24.00 | £19.95 The works collected in this volume of James M. Buchanan) are best known also demonstrate Buchanan’s interest for their brilliant application of market Paperback throughout his career in the ideas behavioral models to government. But ISBN 978-0-86597-236-0 and issues posed by economic theory. Buchanan’s shorter works represented $14.50 | £10.95 Buchanan shows throughout this here all show originality and insight as volume that he believes economic well as clear articulation of important theory can help explain the world theoretical principles. What’s more, around us. these essays have all had a significant impact on the subsequent literature Spanning nearly his entire fifty- about public choice. year career, Buchanan’s writings in this volume exhibit a consistency In this volume, the works are of thought and belief as ideas recur broken down into these major from paper to paper, ever richer and categorical groupings: more resonant. The thirty-six works 1. General Approach represented here are grouped into 2. Public Choice and Its Critics seven major categories: 3. Voters 1. The Practice and Method of 4. Voting Models Economic Theory 5. Rent Seeking 2. Competition and 6. Regulation 7. Public Choice and Public Entrepreneurship 3. The Theory of Monopoly Expenditures 4. Input Prices As Robert D. Tollison concludes 5. Opportunity Cost and Efficient his foreword to this volume, “Read in Prices conjunction with the other parts of the 6. Increasing Returns and the ‘Collected Works,’ these papers offer Work Ethic the reader a fuller appreciation of the 7. Economic Theory in a Post- public-choice revolution and its impact socialist World and prospects.” Clearly, these papers as a whole reflect a broad range of issues and provide us with countless insights. More than this, they give us a picture of the theorist in his workshop. They acquaint us with what interests him and how he deals with important issues.

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Debt and Taxes Externalities By James M. Buchanan and Public Foreword by Geoffrey Brennan While this volume presents the Expenditure important writings of James M. Buchanan on taxation and debt, Theory Geoffrey Brennan makes it clear in the By James M. Buchanan foreword that the thrust of Buchanan’s Foreword by Geoffrey Brennan work in this area has been to integrate theories of taxation and debt with In his foreword, Geoffrey Brennan public-expenditure theory. Therefore, states, “The papers in this volume VOLUME 14 the editors strongly urge that the VOLUME 15 2001 | 6 x 9 | 565 pages represent a coherent set of pieces 2001 | 6 x 9 | 520 pages present volume on taxation and debt focused on aspects of public- Foreword, name index, be read in tandem with the subsequent expenditure theory and constitute all Foreword, name index, subject index Volume 15, Externalities and Public of Buchanan’s papers in this area.” subject index Expenditure Theory. Hardcover Buchanan’s work on the subject Hardcover ISBN 978-0-86597-241-4 ISBN 978-0-86597-239-1 Included in this present volume of what governments should do and $24.00 | £19.95 $24.00 | £19.95 are thirty-five important writings by his insistence on Knut Wicksell’s ideal Paperback Buchanan on taxation and debt. These that taxation and public expenditure Paperback ISBN 978-0-86597-240-7 are grouped into the following major be integrated topics have contributed ISBN 978-0-86597-242-1 $14.50 | £10.95 subject categories: significantly to the current thinking $14.50 | £10.95 of most economists on the topic. 1. Taxation, Politics, and Public Geoffrey Brennan summarizes Choice Buchanan’s central themes in this 2. Earmarking and Incidence in way, “There are two messages that Democratic Process emerge from this work: one is that a 3. Analytical and Ethical proper sense of the extent of market Foundations of Tax Limits failure, rather than its mere presence, 4. The Fiscal Constitution is relevant in all cases; the other is that 5. Confessions of a Burden ‘correcting’ for such market failure Monger is often a complex multidimensional 6. Ricardian Equivalence business not captured by direct 7. The Constitution of a Debt-Free public provision at zero price and not Polity necessarily involving expansion of As Geoffrey Brennan points out in market output.” the foreword to this volume, “Although James Buchanan’s interests are wide- The twenty-nine papers ranging, the core of his professional represented in this volume are reputation as an economist and grouped into these major subject the origin of much of his broader categories: thinking lie in public economics—in 1. Public Services and Collective engagement with the questions of what Action governments do and how governments 2. Externalities should properly finance what they do.” 3. Clubs and Joint Supply This volume together with its partner 4. Public Goods Theory subsequent volume present clear 5. Applications—City, Health, and and accessible insights into the rich Social Security economic work for which Buchanan is 6. Distributive Norms and best known. Collective Action James M. Buchanan (1919–2013) was an This volume also includes what eminent economist who won the Alfred are arguably Buchanan’s two most Nobel Memorial Prize in Economic Sciences in 1986 and was considered one of the famous articles: “Externality,” which he greatest scholars of liberty in the twentieth wrote with William Stubblebine, and century. “Economic Theory of Clubs.”

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Choice, Contract, Moral Science and and Constitutions Moral Order By James M. Buchanan By James M. Buchanan Foreword by Robert D. Tollison Foreword by Hartmut Kliemt

Constitutional political economy is This volume presents a the theme of the papers collected representative sampling of James M. in this volume. This entire area of Buchanan’s philosophical views as contemporary economic thought is a he deals with fundamental problems legacy of James M. Buchanan. of moral science and moral order. As one might expect, Buchanan always VOLUME 16 In outlining the importance of this goes back to fundamental principles VOLUME 17 2001 | 6 x 9 | 501 pages 2001 | 6 x 9 | 487 pages volume to the contemporary study of first. From there, his observations and economics and to the work of James conclusions range far and wide from Foreword, name index, Foreword, name index, M. Buchanan, Robert D. Tollison states subject index his own discipline. subject index in his foreword, “Buchanan literally Hardcover founded the field of constitutional The thirty essays collected in Moral Hardcover ISBN 978-0-86597-243-8 political economy. . . . [His] insistence are divided ISBN 978-0-86597-245-2 Science and Moral Order $24.00 | £19.95 $24.00 | £19.95 on the importance of rules was an into these categories: important innovation in economics, Paperback 1. Methods and Models Paperback ISBN 978-0-86597-244-5 and, over the past thirty years or so, the ISBN 978-0-86597-246-9 2. Belief and Consequence $14.50 | £10.95 $14.50 | £10.95 analytical and empirical relevance of 3. Moral Community and Moral Buchanan’s constitutional perspective Order has become apparent.” 4. Moral Science, Equality, and The thirty-five papers represented Justice in this volume are grouped into these 5. Contractarian Encounters major subject categories: In his foreword, Hartmut Kliemt 1. Foundational Issues says, “The British and Scottish 2. The Method of Constitutional Moralists of the Enlightenment period Economics would have felt very comfortable with 3. Incentives and Constitutional James Buchanan. Like them, Buchanan Choice may be seen as a ‘man of letters’ who 4. Constitutional Order concerns himself with fundamental 5. Market Order problems of moral science and moral 6. Distributional Issues order. But, also like them, Buchanan is 7. Fiscal and Monetary not a secondhand dealer in old ideas. Constitutions On the contrary, taking as inspiration classical philosopher-economists (in 8. Reform particular, Adam Smith), Buchanan For Buchanan, his work in not only proposes new applications of constitutional political economy is just the neoclassical economic paradigm, the first step. He is concerned with he also addresses, in innovative ways, inducing economists and other scholars fundamental issues of his discipline to take the constitutional problem and beyond.” seriously. As they do, says Robert D. Tollison, “the face of modern economics Kliemt’s lengthy foreword will be changed.” highlights some of the major philosophical currents with which James M. Buchanan (1919–2013) was an Buchanan is engaged in the papers eminent economist who won the Alfred Nobel Memorial Prize in Economic Sciences collected in this volume. His in 1986 and was considered one of the introduction to these philosophies greatest scholars of liberty in the twentieth provides an excellent grounding for century. economists and all readers who may not be familiar with the philosophical and fundamental issues Buchanan undertakes.

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Federalism, Ideas, Persons, Liberty, and the and Events Law By James M. Buchanan Foreword by Hartmut Kliemt By James M. Buchanan Foreword by Hartmut Kliemt This final volume (save for the Index) in Liberty Fund’s The Collected Works As diverse as the papers presented of James M. Buchanan acquaints us in this volume may seem at first glance, most intimately with the man himself. all of them touch on two characteristic Included are essays and short pieces themes of James Buchanan’s work: the that shed light on Buchanan’s view of VOLUME 18 respect for individual sovereignty and VOLUME 19 the world. 2001 | 6 x 9 | 478 pages the threat of monopoly power on the 2001 | 6 x 9 | 395 pages Ranging from personal reflections Foreword, name index, rights of the individual. Foreword, name index, subject index on the art and science of economics, subject index In his foreword, Hartmut Kliemt to restatements of his central themes Hardcover says, “As opposed to more extreme and and reminiscences of his encounters Hardcover ISBN 978-0-86597-247-6 more utopian libertarians, [Buchanan] and collaborations with other great ISBN 978-0-86597-249-0 $24.00 | £19.95 well understands that in our world it thinkers, this volume presents James $24.00 | £19.95 Paperback takes a state to defend the individual Buchanan as a multidimensional human Paperback ISBN 978-0-86597-248-3 from the state. Buchanan, therefore, being, not just as a great economic and ISBN 978-0-86597-250-6 $14.50 | £10.95 is not an anarchist but, rather, what political thinker. $14.50 | £10.95 may be called a ‘reluctant anarchist’ who accepts both that the state is The thirty-three pieces collected in the greatest threat to individual Ideas, Persons, and Events are grouped sovereignty and that without some into these categories: statelike monopoly, individual 1. Autobiographical and Personal sovereignty cannot be protected.” Reflections 2. Reflections on Fellow Political The twenty-six essays included Economists in are Federalism, Liberty, and the Law 3. Political Economy in the Post- grouped into these categories: Socialist Century 1. The Analytics of Federalism 4. Reform without Romance 2. Federalism and Freedom As Hartmut Kliemt states in his 3. Liberty, Man, and the State foreword, “The personal and the 4. The Constitution of Markets theoretical are often inseparably 5. Economists, Efficiency, and the intertwined in the essays of this Law volume. . . . As a case in point, 6. Law, Money, and Crime consider James Buchanan’s account The central issue that unites the of his relationship to Frank Knight. pieces in this volume is monopoly This account not only sheds some power and its control. As a libertarian, interesting light on the personal Buchanan sees government as the element in the development of science, greatest threat—and also the greatest it also offers some new perspectives on protector—of individual liberties. the concept of the ‘relatively absolute absolutes,’ which has been so central to Buchanan’s thinking in general.”

James M. Buchanan (1919–2013) was an eminent economist who won the Alfred Nobel Memorial Prize in Economic Sciences in 1986 and was considered one of the greatest scholars of liberty in the twentieth century.

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Indexes What Should

This volume presents a comprehensive Economists Do? index to the entire series of The By James M. Buchanan Collected Works of James M. Buchanan. Preface by Geoffrey Brennan and Included is an annotated copy of the Robert D. Tollison entire curriculum vitae, indicating in which volume in the series the various This volume is a collection of sixteen items appear and, correspondingly, essays on three general topics: the those items that have been omitted. methodology of economics, the As the editors observe, “This is a applicability of economic reasoning VOLUME 20 to political science and other social series that no serious scholar of public 1979 | 6 x 9 | 292 pages 2002 | 6 x 9 | 225 pages choice theory, public economics, or sciences, and the relevance of economics as moral philosophy. Preface, index Hardcover contemporary political theory will ISBN 978-0-86597-251-3 want to be without. It is a series Several essays are published here for the first time, including “Professor Paperback $24.00 | £19.95 that will also appeal to the general ISBN 978-0-913966-65-5 student of liberty, for Buchanan Alchian on Economic Method,” $12.00 | £8.95 Paperback has—perhaps more than any other “Natural and Artifactual Man,” and ISBN 978-0-86597-252-0 “Public Choice and Ideology.” $14.50 | £10.95 contemporary scholar—helped us to view politics without the romantic This book provides relatively gloss that characterizes so much easy access to a wide range of work normative political theory and that by a moral and legal philosopher, slips unthinkingly into so much a welfare economist who has popular commentary. Buchanan has consistently defended the primacy been a resolute defender of ‘the ideal of the contractarian ethic, a public of a society of free and responsible finance theorist, and a founder of the individuals,’ and has been a painstaking burgeoning subdiscipline of public analyst of the institutional structure choice. Buchanan’s work has spawned that might best support such a society. a methodological revolution in the way Buchanan stands with von Mises, economists and other scholars think Hayek, Popper, and Friedman as one of about government and government the great twentieth-century scholars activity. of liberty.” As a measure of recognition for his significant contribution, Dr. Buchanan was awarded the 1986 Nobel Prize in Economics.

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The Collected

2018 | 6 x 9 | 744 pages Works of

Foreword, figures, tables, Armen A. Alchian questions and meditations, glossary, index By Armen A. Alchian Edited and with an Introduction by Hardcover Daniel K. Benjamin ISBN 978-0-86597-905-5 $24.00 | £19.95 Liberty Fund is proud to present, in two volumes, IN TWO VOLUMES Paperback The Collected Works of Armen 2006 | 6 x 9 | 1,620 pages ISBN 978-0-86597-906-2 A. Alchian, bringing together Alchian’s $14.50 | £10.95 most influential essays, articles, Introduction, index

This title is available as an ebook for editorials, and lectures to provide a comprehensive record of his thinking Hardcover purchase on Amazon, Barnes and Noble, ISBN 978-0-86597-636-8 and iTunes. on a broad range of topics in economics. $36.00 | £27.95 Armen Alchian has helped found Paperback several schools of economic thought ISBN 978-0-86597-637-5 Universal Economics and is the founder of the UCLA $18.00 | £13.95 By Armen A. Alchian and William R. Allen tradition in economics and one of the Edited by Jerry L. Jordan most influential voices in the areas of market structure, property rights, and “No one has ever done price theory better than Alchian— the theory of the firm. that is, no one has ever excelled Alchian’s ability to explain the reason, role, and nuances of prices, of competition, and of Daniel K. Benjamin is Professor of property rights. And only a precious few—I can count them on Economics at Clemson University. my fingers—have a claim for being considered to have done price theory as well as he did it.” —Donald Boudreaux, George Mason University The Concise Universal Economics is a new work that bears a strong resemblance to its two predecessors, University Economics Encyclopedia of (1964, 1967, 1972) and Exchange and Production (1969, 1977, 1983). Collaborating again, Professors Alchian and Allen have Economics written a fresh presentation of the analytical tools employed in Edited by David R. Henderson the economic way of thinking. In this easily accessible, user-friendly shows the critical importance of Universal Economics volume, respected economist David property rights to the existence and success of market R. Henderson brings together 152 of economies. The Alchian and Allen application of information the most brilliant minds in economics 2007 | 8½ x 11 | 656 pages and search-cost analysis to the subject of money, price to show how the analysis of economic determination, and inflation is unique in the teaching of topics can illuminate many aspects Introduction, appendixes, economic principles. index of the average person’s daily life. Armen A. Alchian (1914–2013), one of the twentieth century’s great The more than 160 entries cover Hardcover teachers of economic science, taught at UCLA from 1946 to 1984. numerous topics including basic ISBN 978-0-86597-665-8 Founder of the UCLA tradition in economics, he has become recognized concepts, discrimination and labor $54.00 | £38.95 as one of the most influential voices in the areas of market structure, issues, corporations and financial property rights, and the theory of the firm. Paperback markets, issues in economic history, ISBN 978-0-86597-666-5 William R. Allen taught at Washington University prior to joining the economics of legal issues, regulation, $34.00 | £26.95 UCLA faculty in 1952. Along with research primarily in international environmental regulation, taxes, economics and the history of economic theory, he has concentrated economic policy, macroeconomics, on teaching economics. Universal Economics is his third textbook money and banking, international collaboration with Armen Alchian. economics, economics outside the Jerry L. Jordan wrote his doctoral dissertation under the direction United States, economic systems, of Armen Alchian. He was Dean of the School of Management at the schools of economic thought, and more. University of New Mexico, a member of President Reagan’s Council of Economic Advisors and of the U.S. Gold Commission, Director of Research David R. Henderson is a Research Fellow of the Federal Reserve Bank of Saint Louis, and President and CEO of the with Stanford University’s Hoover Institution Federal Reserve Bank of Cleveland. and an Associate Professor of Economics at the Naval Postgraduate School in Monterey, California.

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Adam Smith The Wisdom of The Man and His Works Adam Smith By E. G. West Selected by John Haggarty Adam Smith, author of The Wealth Edited and with an Introduction by of Nations, was no dry pedant. His Benjamin A. Rogge lectures and writings are alive with examples taken from the busy Adam Smith was an eloquent man eighteenth-century world around him, of considerable philosophical and and Edmund Burke praised his literary historical learning. His most incisive style as “rather painting than writing.” and enduring observations are It was Adam Smith who taught moral collected here on subjects ranging 1977 | 5½ x 8¼ | 256 pages 1977 | 5½ x 8¼ | 234 pages philosophy and literary criticism to from political and economic history Bibliography, index Boswell at the University of Glasgow, to morals, art, education, war, and Introduction, selector’s note, index and in Smith’s works we follow his the American colonies. Throughout, Hardcover interests from political history to law, notes an admirer in the introduction, Hardcover ISBN 978-0-913966-06-8 “his writing is blessedly free of that $20.00 | £14.95 sociology, economic and social history, ISBN 978-0-913966-21-1 philosophy, and English literature. use of jargon (and mathematics) that $14.50 | £10.95 Paperback characterizes most of the modern E. G. West brings to life Adam Paperback ISBN 978-0-913966-07-5 materials in economics. His ideas are Smith’s first years in the bustling ISBN 978-0-913966-22-8 $13.00 | £9.95 expressed in a lucid, straightforward Scottish seaport of Kirkcaldy (and $10.00 | £7.95 manner that makes them accessible recounts Smith’s brief kidnapping, to all.” This title is available as an ebook as a baby, by gypsies). We follow for purchase on Amazon, Barnes young Smith as a student, watch his and Noble, and iTunes. thought develop as Professor of Moral Philosophy at Glasgow, and enjoy with him the hospitality of David Hume, the Economics and the Parisian literary salons, Johnson, Burke, Gibbon, and other giants of the era. Public Welfare A Financial and Economic History West gives us a masterful summary of the United States, 1914–1946 of The Wealth of Nations. Even more significant, West restores to eminence By Benjamin M. Anderson an earlier work of Smith’s, The Theory Foreword by Arthur Kemp of Moral Sentiments. “If The Wealth of Nations had never been written,” he In the turbulent years between asserts, “this previous work would passage of the Federal Reserve have earned for him a prominent Act (1913) and the Bretton Woods place in intellectual history.” West Agreement (1945), the peoples of the takes particular delight in using The Western world suffered two world 1980 | 6 x 9 | 595 pages to rebut wars, two major and several minor Theory of Moral Sentiments Foreword, preface, index Marx’s assumptions about laissez-faire international financial panics, an capitalism. epidemic of currency devaluations Hardcover and debt repudiations, civil wars, and ISBN 978-0-913966-68-6 E. G. West was educated at the University revolutions. $24.00 | £19.95 College of Exeter, graduating in economics in 1948. He has taught at several British No period in history could serve Paperback colleges and at Carleton University in better as a case study for the analysis ISBN 978-0-913966-69-3 Ottawa, and has been a visiting research of applied economic policy. No one $14.50 | £10.95 scholar at the University of Chicago and the University of California at Berkeley could have been better situated to This title is available as an ebook and a visiting professor at the Center for write that study than Benjamin M. for purchase on Amazon, Barnes Study of Public Choice, Virginia Polytechnic Anderson. From his vantage point as and Noble, and iTunes. Institute and State University. Dr. West economist for the Chase Manhattan authored several books including Education and the State and Education and the Industrial Bank and editor of the Chase Revolution. His articles have appeared in Economic Bulletin, who participated in numerous periodicals and scholarly journals. much of what he records, Dr. Anderson here describes the climactic events of a turbulent era.

Arthur Kemp was Professor Emeritus of Economics at Claremont McKenna College.

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ELEVEN-VOLUME SET 2004 | 6 x 9 | 4,624 pages The Works and Correspondence of Paperback ISBN 978-0-86597-976-5 David Ricardo $159.50 | £120.45 By David Ricardo Edited by Piero Sraffa with the Collaboration of M. H. Dobb

David Ricardo was born in London One of Ricardo’s most significant in 1772. His father, a successful contributions to economics is the law stockbroker, introduced him to the of comparative advantage as applied to Stock Exchange at the formative age of international commerce, which grew out fourteen. During his career in finance, of Adam Smith’s division of labor and has he amassed a personal fortune which become the central argument for free allowed him to retire at the age of trade and open markets. forty-two. Thereafter, he pursued a political career and further developed The Works and Correspondence his economic ideas and policy proposals. of David Ricardo contains Ricardo’s A man of very little formal education, published and unpublished writings, and Ricardo arguably became, with the provides great insight into the early era exception of Adam Smith, the most of political economics by chronicling influential political economist of all time. Ricardo’s significant contributions to modern economics. Widely acclaimed as Ricardo was the first economist the best example, prior to the Glasgow to make extensive use of deductive edition of Adam Smith’s writings, of reasoning and arithmetical models to scholarly editing applied to the work illustrate the anticipated reactions to of an economist, Volume 11 contains a juxtaposed market forces and responsive general index. Volumes 6–9 are dedicated human action. His modes of analysis have to Ricardo’s personal correspondence become identified with economics as an with such economic luminaries as academic discipline. Malthus, Jean-Baptiste Say, and James Mill, the father of John Stuart Mill. This Like Smith, Ricardo believed that series is an affordable paperback version minimal government intervention best of the cloth edition prepared under the served an economy. His contributions auspices of the Royal Economic Society to economics are numerous and include by Piero Sraffa and printed by Cambridge the theory of “hard money” to hedge University Press in 1951–1973, though inflation, the law of diminishing returns, not available for many years. developed along with his close friend the classical economist T. R. Malthus, and the labor theory of value.

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On the Principles Pamphlets and of Political Papers 1809–1811 Economy and By David Ricardo Edited by Piero Sraffa with the Taxation Collaboration of M. H. Dobb By David Ricardo This volume focuses on Ricardo’s Edited by Piero Sraffa with the shorter essays printed in the Morning Collaboration of M. H. Dobb Chronicle, which deal exclusively with his thoughts on the inflationary VOLUME 1 On the Principles of Political Economy monetary policy of the Bank of VOLUME 3 2004 | 6 x 9 | 509 pages and Taxation provides analysis of England and Britain’s consequent 2004 | 6 x 9 | 445 pages the allocation of money between Bullion Crises. In these essays, the General preface, Prefatory note to Volumes capitalists, landowners, and genesis of Ricardo’s theory of “hard III and IV, introduction, introduction, tables agricultural workers in Britain. of concordance, money” emerges as a tool to hedge appendixes, tables of preface, index, table of Through this analysis, Ricardo came against inflation using metallic corresponding pages corresponding pages to advocate free trade and oppose currency. The Bullion Committee, Britain’s restrictive “Corn laws.” Paperback created by the House of Commons ISBN 978-0-86597-967-3 Paperback Here are his classic commentaries in 1819, subsequently adopted his ISBN 978-0-86597-965-9 $14.50 | £10.95 $14.50 | £10.95 on certain points of contention and recommendations. His writings here divergence with the political economic gave rise to the currency school of writings of Adam Smith and T. R. hard money. Malthus.

Notes on Pamphlets and Malthus’s Papers 1815–1823 By David Ricardo Principles of Edited by Piero Sraffa with the Political Economy Collaboration of M. H. Dobb By David Ricardo This volume contains a collection of assorted short essays written for Edited by Piero Sraffa with the publication in the latter part of David Collaboration of M. H. Dobb Ricardo’s life from 1815 to 1823. These essays include: “An Essay on the David Ricardo and T. R. Malthus VOLUME 4 VOLUME 2 Influence of a low Price of Corn on the 2004 | 6 x 9 | 428 pages 2004 | 6 x 9 | 481 pages shared an endearing friendship despite Profits of Stock” (1815), “Proposals for a contentious divergence of opinion on the Economical and Secure Currency” Introductions, appendixes, Introduction, index to many political economic issues. This tables of corresponding Malthus’s (1816), “Funding System” (1820), “On Principles of volume contains the formal remnants pages for Ricardo’s Political Economy Protection to Agriculture” (1822), of their differences. Ricardo analyzes, pamphlets in various and “Plan for the Establishment of a editions Paperback issue-by-issue, his points of divergence National Bank.” ISBN 978-0-86597-966-6 to Malthus’s Principles of Political Paperback $14.50 | £10.95 Economy. Malthus’s contributions to ISBN 978-0-86597-968-0 political economics generally concern $14.50 | £10.95 his bleak forecast that a geometrically growing population would surpass the arithmetically growing capacity of essential natural resources.

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Speeches and Letters Evidence 1810–1815 By David Ricardo By David Ricardo Edited by Piero Sraffa with the Edited by Piero Sraffa with the Collaboration of M. H. Dobb Collaboration of M. H. Dobb

Speeches and Evidence contains David Ricardo was born in London the texts of Ricardo’s numerous in 1772. His father, a successful speeches. It consists of his speeches stockbroker, introduced him to the given in the House of Commons Stock Exchange at the formative VOLUME 5 and evidentiary advocacies before age of fourteen. During his career VOLUME 6 2004 | 6 x 9 | 568 pages Parliamentary committees. in finance, he amassed a personal 2004 | 6 x 9 | 394 pages fortune which allowed him to retire The introduction provides Preface to Volumes VI-IX, List of speeches, prefatory at the age of forty-two. Thereafter, he note, introduction to insightful context to the introductory notes to pursued a political career and further speeches in Parliament, circumstances and events that the correspondence, calendars for 1810-1815, appendixes, index of preceded Ricardo’s appointment as a developed his economic ideas and persons in Volume V policy proposals. A man of very little index of correspondents, Member of Parliament and describes 1810-1815 his subsequent influence and role on formal education, Ricardo arguably Paperback became, with the exception of Adam ISBN 978-0-86597-969-7 various committees. Paperback $14.50 | £10.95 Smith, the most influential political ISBN 978-0-86597-970-3 economist of all time. $14.50 | £10.95 Ricardo was the first economist to make extensive use of deductive reasoning and arithmetical models to illustrate the anticipated reactions to juxtaposed market forces and responsive human action. His modes of analysis have become identified with economics as an academic discipline.

Like Smith, Ricardo believed that minimal government intervention best served an economy. His contributions to economics are numerous and include the theory of “hard money” to hedge inflation, the law of diminishing returns, developed along with his close friend the classical economist T. R. Malthus, and the labor theory of value.

One of Ricardo’s most significant contributions to economics is the law of comparative advantage as applied to international commerce, which grew out of Adam Smith’s division of labor and has become the central argument for free trade and open markets.

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Letters Letters 1816–1818 1819–1821 By David Ricardo By David Ricardo Edited by Piero Sraffa with the Edited by Piero Sraffa with the Collaboration of M. H. Dobb Collaboration of M. H. Dobb

David Ricardo was born in London This period of Ricardo’s life witnessed in 1772. His father, a successful his entrance into Parliament as a stockbroker, introduced him to the member of the House of Commons Stock Exchange at the formative age of where he became an influential VOLUME 7 fourteen. During his career in finance, advocate of free trade through his VOLUME 8 2004 | 6 x 9 | 396 pages he amassed a personal fortune which opposition to Britain’s restrictive 2004 | 6 x 9 | 412 pages allowed him to retire at the age of “Corn laws.” Calendars for 1816-1818, forty-two. Thereafter, he pursued a Calendars for 1819-1821, index of correspondents, These letters preserve the index of correspondents, political career and further developed 1816-1818 intellectual give-and-take on many 1819-1821 his economic ideas and policy Paperback of the political economic issues of proposals. A man of very little formal Ricardo’s age. The list of these eminent Paperback ISBN 978-0-86597-971-0 education, Ricardo arguably became, ISBN 978-0-86597-972-7 $14.50 | £10.95 correspondents includes: with the exception of Adam Smith, the $14.50 | £10.95 most influential political economist of all time. T. R. Malthus (1766–1834), an eminent economist, was a professor Ricardo was the first economist of History and Political Economy at to make extensive use of deductive the East India Company Haileybury reasoning and arithmetical models to College. illustrate the anticipated reactions to juxtaposed market forces and Jeremy Bentham (1748–1832) responsive human action. His modes of was the leading philosopher of analysis have become identified with utilitarianism. economics as an academic discipline. Jean Baptiste-Say (1762–1832) Like Smith, Ricardo believed that was a businessperson who became minimal government intervention best interested in economics and served an economy. His contributions went on to provide significant to economics are numerous and contributions to the field, most include the theory of “hard money” to notably Say’s law of markets. hedge inflation, the law of diminishing returns, developed along with his close friend the classical economist T. R. Malthus, and the labor theory of value.

One of Ricardo’s most significant contributions to economics is the law of comparative advantage as applied to international commerce, which grew out of Adam Smith’s division of labor and has become the central argument for free trade and open markets.

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Letters 1821– Biographical 1823 Miscellany By David Ricardo By David Ricardo Edited by Piero Sraffa with the Edited by Piero Sraffa with the Collaboration of M. H. Dobb Collaboration of M. H. Dobb

David Ricardo was born in London This volume is a collection of personal in 1772. His father, a successful correspondence and first-person stockbroker, introduced him to the recollections that focus on Ricardo’s Stock Exchange at the formative age of life outside of his political economic VOLUME 9 fourteen. During his career in finance, endeavors. These missives concern VOLUME 10 2004 | 6 x 9 | 410 pages he amassed a personal fortune which the aspects of Ricardo’s life that 2004 | 6 x 9 | 434 pages allowed him to retire at the age of surround his character, his amiable Calendars for 1821-1823, Preface, appendixes, index of correspondents, forty-two. Thereafter, he pursued a and generous nature, his successful bibliography of Ricardo’s Volumes VI-IX, 1810- political career and further developed business dealings, and his personal works, survey of 1823 his economic ideas and policy relationships. Ricardo manuscripts, proposals. A man of very little formal commonplace books, Paperback It includes a memoir written by education, Ricardo arguably became, Ricardo’s library, index ISBN 978-0-86597-973-4 one of his brothers that sheds light of persons and places in $14.50 | £10.95 with the exception of Adam Smith, the about his family, his formative youth, Volume X most influential political economist of and his education. There are chapters all time. Paperback on his entrance into the stock market ISBN 978-0-86597-974-1 Ricardo was the first economist as a mere teenager and records $14.50 | £10.95 to make extensive use of deductive of his meteoric climb within the reasoning and arithmetical models to financial community to an extremely illustrate the anticipated reactions successful station. to juxtaposed market forces and responsive human action. His modes of analysis have become identified with economics as an academic discipline. General Index Like Smith, Ricardo believed that By David Ricardo minimal government intervention best Edited by Piero Sraffa with the served an economy. His contributions Collaboration of M. H. Dobb to economics are numerous and include the theory of “hard money” to The last volume of this collection hedge inflation, the law of diminishing is a comprehensive index to the returns, developed along with his close previous ten volumes of The Works friend the classical economist T. R. and Correspondence of David Malthus, and the labor theory of value. Ricardo. It gives students, academics, and researchers a single unified One of Ricardo’s most significant source for locating Ricardo’s many VOLUME 11 contributions to economics is the law contributions to economics. The index 2004 | 6 x 9 | 147 pages of comparative advantage as applied is designed to help readers trace Prefatory note, index to international commerce, which their topics of interest through all of grew out of Adam Smith’s division Ricardo’s writings, his speeches, and Paperback of labor and has become the central his bilateral correspondence with ISBN 978-0-86597-975-8 argument for free trade and open such luminaries as James Mill, T. R. $14.50 | £10.95 markets. Malthus, Jean-Baptiste Say, Jeremy Bentham, and Maria Edgeworth.

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TEN-VOLUME SET 2006 | 6 x 9 | 4,220 pages

Hardcover ISBN 978-0-86597-530-9 $240.00 | £199.50

Paperback ISBN 978-0-86597-541-5 $145.00 | £109.50

The Selected Works of Gordon Tullock By Gordon Tullock Edited by Charles K. Rowley

During the past half-century Gordon The Selected Works of Gordon Tullock Tullock’s Tullock continually advanced the provides an entrée to the mind of a frontiers of political economy, most legend in the field of political economics. scholarship and particularly with respect to the workings Professor Rowley gives a deliberately of representative democracies and of sparse contextual introduction to each entrepreneurship autocracies. This ten-volume series, volume, opting to allow the very able and edited and arranged thematically, brings eloquent Tullock to speak for himself. have left an together Tullock’s most significant contributions to economics, political Gordon Tullock (1922–2014) was Professor Emeritus of Law at George Mason University, indelible imprint science, public choice, sociology, law and where he was Distinguished Research Fellow economics, and bioeconomics. in the Center for Study of Public Choice and University Professor of Law and Economics. He on economics. Scholars will undoubtedly find the also taught at the University of South Carolina, extensive breadth and depth of Tullock’s the University of Virginia, Rice University, He is a pioneer writings enriching. The general reader, as Virginia Polytechnic Institute and State well as the student of politics, and all who University, and the University of Arizona. In love economic liberty, will find Tullock’s 1966 he founded the journal that became Public Choice and remained its editor until 1990. who has worked prose lucid, readable, and sprinkled with wit. His forensic argument is penetrating, Charles K. Rowley (1939–2013) was Duncan almost exclusively compelling, and clear, and his brilliant Black Professor of Economics, a Senior Fellow mind is surprisingly accessible to us all. of the James M. Buchanan Center for Political Economy at George Mason University, and the at the frontiers of General Director of the Locke Institute. the discipline. —Volume one, page xxviii

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VOLUME 2 VOLUME 1 2004 | 6 x 9 | 364 pages 2004 | 6 x 9 | 450 pages Introduction, biographical note Introduction, biographical note, on James Buchanan, preface, contents of the series, index appendixes, index

Hardcover Hardcover ISBN 978-0-86597-520-0 ISBN 978-0-86597-521-7 $24.00 | £19.95 $24.00 | £19.95

Paperback Paperback ISBN 978-0-86597-531-6 ISBN 978-0-86597-532-3 $14.50 | £10.95 |C$23.20 $14.50 | £10.95

Virginia Political Economy The Calculus of Consent By Gordon Tullock Logical Foundations of Constitutional Edited and with an Introduction by Charles K. Rowley Democracy Editor Charles Rowley calls Gordon Tullock “an economist by By James M. Buchanan and Gordon Tullock nature rather than by training.” Tullock attended a one-semester Edited and with an Introduction by Charles K. Rowley course in economics for law students at the University of Chicago but is otherwise self-taught. Tullock’s background has The Calculus of Consent, the second volume of Liberty Fund’s enabled him to analyze economic problems with an open mind The Selected Works of Gordon Tullock, is a reprint edition of the and to deploy his formidable intellect in a truly entrepreneurial ground-breaking economic classic written by two of the world’s manner. preeminent economists—Gordon Tullock and Nobel Laureate James M. Buchanan. This book is a unique blend of economics Virginia Political Economy is the inaugural volume in Liberty and political science that helped create significant new subfields Fund’s The Selected Works of Gordon Tullock. The series consists of ten volumes of selections from the major monographs and in each discipline respectively, namely, the public choice school scholarly papers published by Tullock between 1954 and 2002. and constitutional political economy. Charles K. Rowley, Duncan Black Professor of Economics at George Mason University, The first volume contains a selection from Tullock’s points out in his introduction, “The Calculus of Consent is, by a published academic papers and essays designed to introduce wide margin, the most widely cited publication of each coauthor the series and to offer a representative picture of his work and, by general agreement, their most important scientific to allow scholars to evaluate in depth the relevance and contribution.” intellectual impact of his contributions. The volume begins with The Calculus of Consent is divided into four parts, each the only two pieces in the Selected Works that were not written consisting of several chapters. The introduction by Professor by Tullock himself. The first is the brief assessment of Tullock’s Rowley provides a short overview of the book and identifies contributions made by Mark Blaug in 1985 when explaining key insights that permeated the bounds of economics and why he had included Tullock in his list of the one hundred great political science and created an enduring nexus between the economists since John Maynard Keynes. The second is the short two sciences. Part I of The Calculus of Consent establishes the statement published in American Economic Review in September conceptual framework of the book’s subject; part II defines the 1998, recognizing Tullock as a Distinguished Fellow of the realm of social choice; part III applies the logic developed in part American Economic Association. II to describe a range of decision-making rules, most notably, the rule of simple majority; and part IV explores the economics and Gordon Tullock is Professor Emeritus of Law at George Mason University, where he was Distinguished Research Fellow in the Center for Study of ethics of democracy. Public Choice and University Professor of Law and Economics. He also taught at the University of South Carolina, the University of Virginia, Rice James M. Buchanan is an eminent economist who won the Alfred Nobel University, Virginia Polytechnic Institute and State University, and the Memorial Prize in Economic Sciences in 1986 and is considered one of the University of Arizona. In 1966 he founded the journal that became Public greatest scholars of liberty of the twentieth century. He is also Professor Choice and remained its editor until 1990. Emeritus at George Mason and Virginia Tech Universities.

Charles K. Rowley was Duncan Black Professor of Economics at George Mason University and a Senior Fellow of the James M. Buchanan Center for Political Economy at George Mason University. He was also General Director of the Locke Institute.

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The Organization The Economics of of Inquiry Politics By Gordon Tullock By Gordon Tullock Edited and with an Introduction by Edited and with an Introduction by Charles K. Rowley Charles K. Rowley

The Organization of Inquiry, the third The Economics of Politics is the fourth volume in Liberty Fund’s The Selected volume in Liberty Fund’s The Selected Works of Gordon Tullock, was originally Works of Gordon Tullock. This volume published by Duke University Press includes some of Gordon Tullock’s in 1966. This is a treatise by one of most noteworthy contributions VOLUME 3 the most stalwart practitioners of the to the theory and application of VOLUME 4 2004 | 6 x 9 | 466 pages 2005 | 6 x 9 | 215 pages scientific method in political economy— public choice, which is a relatively Introduction, preface, Gordon Tullock. Charles K. Rowley, new science that links economics Introduction, index index Duncan Black Professor of Economics and political action. This volume at George Mason University, writes combines the best parts of two of his Hardcover Hardcover ISBN 978-0-86597-523-1 ISBN 978-0-86597-522-4 in his introduction to this book, “From books, Private Wants: Public Means $24.00 | £19.95 $24.00 | £19.95 a purely technical perspective, this and On Voting, as well as his famous book stands out as his (Tullock’s) monograph The Vote Motive. Paperback Paperback best-written single authored work. ISBN 978-0-86597-534-7 The common thread of The ISBN 978-0-86597-533-0 The book sets out his own views on $14.50 | £10.95 $14.50 | £10.95 Economics of Politics is the importance scientific method—views that he would of the bond between Homo politicus faithfully reflect in all of his subsequent and Homo economicus: they are the scholarship.” same species, each driven largely by In this book, Tullock focuses self-interest in vigorous pursuit of attention on the organization of such personal objectives as wealth, science, raising important questions power, prestige, and income security about scientific inquiry and specifically within the confines of society.The about the problems of science as a Economics of Politics covers such social system. Tullock poses such diverse public choice topics as: the questions as how do scientists nature and origins of public choice, the engage in apparently cooperative power of using economic analysis to contributions in the absence of understand and predict the behavior hierarchic organization and why are of politically influenced markets, scientific contributions worthy, for and an evaluation of voting rules and the most part, of the public’s trust? political institutions. Throughout The Organization of Inquiry, he sets out to answer these questions Equally confident in both the and many more through a pioneering normative and the positive branches exploration of the interrelationship of the discipline, and well-versed in between economics and the philosophy the wide variety of institutions and of science, much of which defied then practices of democracy throughout conventional wisdom. history, Tullock takes the reader on a journey that goes well beyond the Anyone interested in any scientific conventional horizon of public choice. endeavor will find the combination of Tullock’s powerful logic, his sharp Charles K. Rowley was Duncan Black Professor of Economics at George Mason forensic skills, and his barbed wit University and a Senior Fellow of the James completely elucidating and helpful to M. Buchanan Center for Political Economy their pursuits. at George Mason University. He was also General Director of the Locke Institute.

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The Rent-Seeking Bureaucracy Society By Gordon Tullock Edited and with an Introduction by By Gordon Tullock Charles K. Rowley Edited and with an Introduction by Charles K. Rowley Bureaucracy provides access to two important and influential books on The fifth volume inThe Selected bureaucracy by Gordon Tullock: The Works of Gordon Tullock consists of Politics of Bureaucracy (1965) and six parts, each part expounding on Economic Hierarchies, Organization and a separate component of the field. the Structure of Production (1992). Part 1, “Rent Seeking: An Overview,” VOLUME 5 When The Politics of Bureaucracy VOLUME 6 2005 | 6 x 9 | 342 pages brings together two papers that focus was published in 1965, bureaucracy 2005 | 6 x 9 | 454 pages on problems of defining rent-seeking was viewed by many people as Introduction, index behavior and outline the nature Introduction, foreword benign—serving the public good with of the ongoing research program to the original edition of Hardcover objectivity and omniscience. The Politics of Bureaucracy, ISBN 978-0-86597-524-8 in a historical perspective. Part 2, index $24.00 | £19.95 “More on Efficient Rent Seeking,” In Economic Hierarchies, contains four contributions in which Hardcover Paperback Organization and the Structure Tullock elaborates on his 1980 ISBN 978-0-86597-525-5 ISBN 978-0-86597-535-4 of Production, Tullock looks at $24.00 | £19.95 $14.50 | £10.95 article on efficient rent seeking. bureaucracy in a different but Part 3, “The Environments of Rent related way, basing his new book on Paperback Seeking,” consists of eight papers developments in the theory of the ISBN 978-0-86597-536-1 that collectively display the breadth firm that had occurred during the $14.50 | £10.95 of the rent-seeking concept. Part 4, intervening period. By comparing “The Cost of Rent Seeking,” comprises the politics of bureaucracy with seven papers that address several the economics of industrial important issues about the cost of rent organization, Tullock demonstrates seeking to society as a whole. Part 5 is that corporations perform with Tullock’s short monograph Exchanges greater economic efficiency than do and Contracts, in which he develops government bureaus. a systematic theory of exchange in political markets. In Part 6, “Future Gordon Tullock is Professor Emeritus of Law Directions for Rent-Seeking Research,” at George Mason University, where he was Distinguished Research Fellow in the Center Tullock focuses on the importance for Study of Public Choice and University of information in the political Professor of Law and Economics. He also marketplace. taught at the University of South Carolina, the University of Virginia, Rice University, This work has been carefully Virginia Polytechnic Institute and State constructed to build on the inaugural University, and the University of Arizona. In volume in this collection and to ease 1966 he founded the journal that became students through the field in a clear Public Choice and remained its editor until 1990. and concise manner. Charles K. Rowley was Duncan Black Professor of Economics at George Mason University and a Senior Fellow of the James M. Buchanan Center for Political Economy at George Mason University. He was also General Director of the Locke Institute.

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The Economics and Law and Politics of Wealth Economics Redistribution By Gordon Tullock Edited and with an Introduction by By Gordon Tullock Charles K. Rowley Edited and with an Introduction by Charles K. Rowley Gordon Tullock’s innovative scholarship in law and economics The role of the democratic state in the shines in this volume. It includes, redistribution of wealth is the topic of in full, his famous book The Logic of this readable and lively examination Law, the first book to analyze the law VOLUME 9 VOLUME 7 of an often controversial issue. from the perspective of economics. 2005 | 6 x 9 | 399 pages 2005 | 6 x 9 | 491 pages Using public choice and rent-seeking It also includes an influential and Introduction, index analysis as a basis, Tullock discusses controversial monograph, The Case Introduction, index the role of the democratic state in the against the Common Law, the best Hardcover Hardcover redistribution of wealth. He adds a chapters from his book, Trials on Trial, ISBN 978-0-86597-528-6 ISBN 978-0-86597-526-2 refreshing dose of realism to a field of as well as a sequence of influential $24.00 | £19.95 $24.00 | £19.95 economics that is often dominated by articles in the field of law and Paperback idealistic visions. economics. Paperback ISBN 978-0-86597-537-8 ISBN 978-0-86597-539-2 Gordon Tullock is Professor Emeritus of Law $14.50 | £10.95 $14.50 | £10.95 at George Mason University, where he was Distinguished Research Fellow in the Center for Study of Public Choice and University Economics Professor of Law and Economics. He also taught at the University of South Carolina, the University of Virginia, Rice University, without Frontiers Virginia Polytechnic Institute and State By Gordon Tullock University, and the University of Arizona. In 1966 he founded the journal that became Edited and with an Introduction by Public Choice and remained its editor until Charles K. Rowley 1990. Gordon Tullock delights in deploying Charles K. Rowley was Duncan Black rational-choice analysis effectively Professor of Economics at George Mason University and a Senior Fellow of the James to areas widely considered to be M. Buchanan Center for Political Economy outside the domain of economics. at George Mason University. He was also This volume illustrates the strength of General Director of the Locke Institute. this endeavor by reproducing the very VOLUME 10 best chapters from his controversial 2006 | 6 x 9 | 637 pages textbook The New World of Economics. Introduction, index to It also highlights Tullock’s innovative volume 10, cumulative The Social contributions to bioeconomics, index for the series, another area in which he pioneered alphabetical list of articles in the series Dilemma the application of economic methods. Of Autocracy, Revolution, Coup d’Etat, Other sections of this volume Hardcover and War reproduce his best contributions ISBN 978-0-86597-529-3 to more traditional areas of study, $24.00 | £19.95 By Gordon Tullock further solidifying the innovative Edited and with an Introduction by Paperback strength of his scholarship. ISBN 978-0-86597-540-8 Charles K. Rowley $14.50 | £10.95

The Social Dilemma reflects Tullock’s VOLUME 8 contributions to areas of public 2005 | 6 x 9 | 402 pages choice that typically are ignored by Introduction, index mainstream scholars, who tend to focus on cooperative, democratic Hardcover states. Tullock explores instead the ISBN 978-0-86597-527-9 workings of the dictatorial state and $24.00 | £19.95 the economics of war between nations. Paperback ISBN 978-0-86597-538-5 $14.50 | £10.95

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EIGHT-VOLUME SET 1 2006 | 6 ⁄8 x 9¼ | 5,110 pages

Introductions, textual introductions, prefaces, appendixes, index

Paperback ISBN 978-0-86597-658-0 $116.00 | £93.75

Collected Works of John Stuart Mill By John Stuart Mill

Liberty Fund is pleased to make available Primarily of interest to economists This collection in paperback eight of the original thirty- is Mill’s Essays on Economics and three cloth volumes of the Collected Society, in which he writes on the most offers access Works of John Stuart Mill that were first compelling economic problems and social published by the University of Toronto concerns brought about by the rapidly to Mill’s most Press that remain most relevant to liberty industrialized nineteenth-century Britain. and responsibility in the twenty-first significant century. Born in London in 1806 and The most indispensable work for educated at the knee of his father, the understanding Mill’s thought is A System Scottish philosopher James Mill, John of Logic, Ratiocinative and Inductive, works, allowing Stuart Mill became one of the nineteenth which was the first serious attempt century’s most influential writers on to methodize induction in relation to one to trace economics and social philosophy. deduction. his intellectual Mill’s Autobiography tells of his Essays on Ethics, Religion and Society extraordinary education under the direct includes Mill’s response to Benthamite tutelage of his father, and under the utilitarianism and his development of his development indirect influence of some of England’s own independent moral position. most renowned political economic from earlier thinkers, such as Jeremy Bentham. At John Stuart Mill (1806–1873) was an the tender age of three, Mill was reading economist, philosopher, Member of Parliament, and one of the most significant English classical versions of key Greek, and by eight years of age he was liberals of the nineteenth century. Mill spent well-versed in English history, classical most of his working life with the East India western philosophy, and arithmetic. Company, which he joined at age sixteen and works, including worked for for thirty-eight years. He is also Principles of Political Economy is the author of On Liberty (1859), Utilitarianism many seldom- a compendium of economic theory (1861), and The Subjection of Women (1869). ranging from Adam Smith through the printed writings. then-modern theories of David Ricardo and Bentham. Principles was the leading economics textbook for nearly half a century and influenced generations of social and economic thinkers.

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Autobiography Essays on and Literary Essays Economics and By John Stuart Mill Society Liberty Fund is pleased to make By John Stuart Mill available in paperback eight of the original thirty-three cloth volumes Primarily of interest to economists of the Collected Works of John Stuart is Mill’s Essays on Economics and that were first published by the Society, in which he writes on the most Mill VOLUMES 4 AND 5 compelling economic problems and 1 University of Toronto Press that 2006 | 6 ⁄8 x 9¼ | 902 pages remain most relevant to liberty and social concerns brought about by the VOLUME 1 responsibility in the twenty-first rapidly industrialized nineteenth- Paperback 1 2006 | 6 ⁄8 x 9¼ | 766 pages century. Born in London in 1806 and century Britain. ISBN 978-0-86597-691-7 $29.00 | £23.95 Paperback educated at the knee of his father, ISBN 978-0-86597-650-4 the Scottish philosopher James Mill, $14.50 | £10.95 John Stuart Mill became one of the nineteenth century’s most influential A System of Logic, writers on economics and social philosophy. Ratiocinative and Mill’s Autobiography tells of his Inductive extraordinary education under the direct tutelage of his father, and By John Stuart Mill under the indirect influence of some of England’s most renowned political The most indispensable work for economic thinkers, such as Jeremy understanding Mill’s thought is A Bentham. At the tender age of three, System of Logic, Ratiocinative and VOLUMES 7 AND 8 1 Mill was reading Greek, and by eight Inductive, which was the first serious 2006 | 6 ⁄8 x 9¼ | 1,379 pages years of age he was well-versed in attempt to methodize induction in relation to deduction. Paperback English history, classical western ISBN 978-0-86597-692-4 philosophy, and arithmetic. $29.00 | £23.95 Essays on Ethics, Principles of Religion and Political Economy Society By John Stuart Mill By John Stuart Mill

Principles of Political Economy is Essays on Ethics, Religion and Society a compendium of economic theory includes Mill’s response to Benthamite ranging from Adam Smith through the utilitarianism and his development of then-modern theories of David Ricardo his own independent moral position. and Bentham. Principles was the leading VOLUMES 2 AND 3 John Stuart Mill (1806–1873) was an 1 economics textbook for nearly half a VOLUME 10 8 economist, philosopher, Member of 2006 | 6 ⁄ x 9¼ | 1,275 pages 1 century and influenced generations of Parliament, and one of the most significant 2006 | 6 ⁄8 x 9¼| 717 pages Paperback social and economic thinkers. English classical liberals of the nineteenth ISBN 978-0-86597-690-0 century. Mill spent most of his working Paperback $29.00 | £23.95 life with the East India Company, which he ISBN 978-0-86597-657-3 joined at age sixteen and worked for for $14.50 | £10.95 thirty-eight years. He is also the author of On Liberty (1859), Utilitarianism (1861), and The Subjection of Women (1869).

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VOLUME 1 Hardcover SEVEN-VOLUME SET 2004 | 6 x 9 | 509 pages ISBN 978-0-86597-542-2 2005 | 6 x 9 | 2,882 pages $24.00 | £19.95 General introduction to the series, Hardcover Paperback biographical note, introduction to Paperback ISBN 978-0-86597-549-1 ISBN 978-0-86597-557-6 volume one, prefaces, foreword, ISBN 978-0-86597-550-7 $168.00 | £139.65 $101.50 | £76.65 series contents, index $14.50 | £10.95

The Collected Works The Virtues of Capitalism By Arthur Seldon of Arthur Seldon Edited and with Introductions by Colin Robinson By Arthur Seldon Edited by Colin Robinson The Virtues of Capitalism lays the foundation of Arthur Seldon’s views and theories of capitalism and its alternatives. The Collected Works of Arthur Seldon spans 65 years of Seldon’s The first part,Corrigible Capitalism; Incorrigible Socialism, was influential thought and includes all his pivotal works that helped first published in 1980. It explains why, he believes, “private to shape current economic thought. His arguments are as enterprise is imperfect but redeemable,” but the “state economy compelling and relevant today as they were over a half century promises the earth, and ends in coercion to conceal its incurable ago. failure.” Each volume of this series has a contextual introduction and, The second part, Capitalism, is widely considered to be except for Volume 3, an individual index. Volume 7 contains an Seldon’s finest work. Originally published in 1990 by Basil index to the entire series. Everyman’s Dictionary of Economics, Blackwell of Oxford, it is the winner of the 1991 Antony cowritten with Fred G. Pennance, Volume 3 of this series, is an Fisher Award from the Atlas Economic Research Foundation. essential tool for anyone who wants a better understanding of This book covers a wide range of the classical liberal thought economics. that inspired the movement toward free-market reforms in Great Britain and intellectually opposed the collectivist tide of Arthur Seldon has been writing on classical liberal economics since the socialism. In an understandable and eloquent manner, Seldon 1930s, when he was a student at the London School of Economics during offers Capitalism as a celebration rather than a defense of Friedrich Hayek’s time there. For over thirty years, from the late 1950s, he was Editorial Director of the London-based Institute of Economic classical liberalism. Through his analytical commentaries, Affairs, where his publishing program was one of the principal influences Seldon chronicles the economic and social history of the on governments all around the world, persuading them to liberalize western world throughout the 20th century, noting the their economies. His Collected Works in these seven volumes are a major intoxicating yet detrimental effects of collectivism. Along the contribution to classical liberal thought. way, he builds a powerfully compelling case why government Colin Robinson was a business economist for eleven years. He was then should economically confine itself to the delivery of essential appointed to the Chair of Economics at the University of Surrey, Guildford, public goods. Throughout the book, he proposes free-market United Kingdom where he founded the Department of Economics and is alternatives to socialist models of government, many of which now Emeritus Professor. For many years he has been associated with the still plague the economies of the world. Institute of Economic Affairs, and from 1992 to 2002 he was the IEA’s Editorial Director.

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The State Is Everyman’s Rolling Back Dictionary of By Arthur Seldon Economics Edited and with a New Introduction by Colin Robinson By Arthur Seldon Edited and with a New Introduction by The State Is Rolling Back, the second Colin Robinson volume of Liberty Fund’s The Collected Works of Arthur Seldon, brings together Everyman’s Dictionary of Economics, a comprehensive collection of fifty- the third volume of The Collected four articles reflecting Arthur Seldon’s Works of Arthur Seldon, translates the VOLUME 2 often obscure jargon and technical VOLUME 3 2004 | 6 x 9 | 343 pages scholarly development. By the late 2005 | 6 x 9 | 738 pages twentieth century, Arthur Seldon was terminology of economics into direct, Introduction, preface, one of the most powerful exponents of plain English understandable by both Introduction to the forewords, prologue, index classical liberalism, helping to stimulate the academic and the layperson. The Liberty Fund edition, its revival, through both his own most abstruse topic becomes clear introduction to Hardcover the second edition, ISBN 978-0-86597-543-9 writings and the publications of the as he conveys the sense in ordinary introduction to the first $24.00 | £19.95 London-based Institute of Economic language, without loss of meaning edition, related subjects Affairs, of which he was Editorial through oversimplification. index, reading lists Paperback Director for more than 30 years. ISBN 978-0-86597-551-4 Everyman’s Dictionary of Economics Hardcover $14.50 | £10.95 First published in 1994, this book covers a wide range of economic ISBN 978-0-86597-544-6 collects virtually all of Seldon’s major thought and includes every relevant $24.00 | £19.95 ideas and his proposals for reform. term that the average person might Paperback In its totality, The State Is Rolling encounter in a written or other ISBN 978-0-86597-552-1 Back demonstrates Seldon’s long- treatment of the subject. In addition $14.50 | £10.95 standing advocacy and commitment to conveying a sense of how economic to free-market reforms and includes thought has evolved over the his earliest, barbed criticisms of the centuries, the Dictionary stimulates “welfare state.” and challenges readers in its questioning of conventional wisdom Arthur Seldon has been writing on classical about government intervention and liberal economics since the 1930s, when he was a student at the London School of manipulation of economies. It too has Economics during Friedrich Hayek’s time “stood the test of time”; nearly thirty there. For over thirty years, from the late years after the second edition and 1950s, he was Editorial Director of the forty years after the first, this book London-based Institute of Economic Affairs, still engages readers—economists and where his publishing program was one of the principal influences on governments nonprofessionals alike. all around the world, persuading them to liberalize their economies. His Collected Everyman’s Dictionary of Economics, Works in these seven volumes are a major Volume 3 of The Collected Works of contribution to classical liberal thought. Arthur Seldon, is an indispensable reference for laypeople and for Colin Robinson was a business economist for eleven years. He was then appointed to academics. the Chair of Economics at the University of Surrey, Guildford, United Kingdom, where he founded the Department of Economics and is now Emeritus Professor. He is the author of 23 books and over 150 scholarly articles and has edited many other books. For many years he has been associated with the Institute of Economic Affairs and from 1992 to 2002 he was the IEA’s Editorial Director

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Introducing Government Market Forces into Failure and Over- “Public” Services Government By Arthur Seldon By Arthur Seldon Edited and with a New Introduction by Edited and with a New Introduction by Colin Robinson Colin Robinson

Introducing Market Forces into “Public” In the fifth volume ofThe Collected Services is the fourth volume in Works of Arthur Seldon, Arthur Liberty Fund’s The Collected Works of Seldon uses public choice economics VOLUME 4 VOLUME 5 2005 | 6 x 9 | 434 pages Arthur Seldon. It brings together six research to support his theory of 2005 | 6 x 9 | 217 pages of Seldon’s most pivotal essays that over-government. The term “over- Introduction, select discuss his alternative proposals for government” was coined by Seldon and Introduction, index bibliography, appendices, paying for “public” services rather than is defined as the failure of governments selected readings, index through coercive taxation. Specifically, to govern well, leading the public to Hardcover ISBN 978-0-86597-546-0 Hardcover Seldon focuses on the varied use of avoid government programs in favor of $24.00 | £19.95 ISBN 978-0-86597-545-3 vouchers and the choices people have markets. $24.00 | £19.95 Paperback regarding purchasing or receiving Seldon explains how the results such public services as health care and ISBN 978-0-86597-554-5 Paperback of government programs are always $14.50 | £10.95 ISBN 978-0-86597-553-8 education. The recurring theme, as at odds with what the people would $14.50 | £10.95 noted in Colin Robinson’s introduction, have chosen for themselves, because is that “non-market provision, governments seek to impose taxes and financed by taxpayers, leads to a fatal legislature based on their own agendas. disconnection between suppliers and This increasing control and restraint by consumers.” the government will continue to force Throughout this book, Seldon people to abandon those ineffective examines the options and obligations programs for more open markets of the government as the “middle- and other countries that support man.” Seldon creates a compelling them. Seldon argues that government case that through a return to market bureaucrats rely too heavily on unions, principles, “efficiency in the provision labor groups, and lobbyists and act in of these services will improve, and, their own interest instead of opening above all, people will regain the those options up to the people they incentive to provide for themselves serve. instead of relying on the state.” This volume is an invaluable resource Seldon purports that any for those embroiled in the public government that continues to force its debate over such issues as education own views and desires on the unwilling vouchers, managed health care, and public will lead to its own demise as the overwhelming taxation. public searches elsewhere for a more representative democracy.

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The Welfare State: The IEA, the LSE, Pensions, Health, and the Influence and Education of Ideas By Arthur Seldon By Arthur Seldon Edited and with a New Introduction by Edited and with a New Introduction Colin Robinson by Colin Robinson

Volume 6 of The Collected Works of Volume 7 of The Collected Works Arthur Seldon examines the failure of of Arthur Seldon includes six works state-supported welfare programs that discuss the role of the Institute VOLUME 6 VOLUME 7 2005 | 6 x 9 | 306 pages to benefit the people most in need of of Economic Affairs, where Seldon 2005 | 6 x 9 | 335 pages help. The eight articles and one book spent most of his working life. Introduction, index in this volume encompass almost forty Introduction, index, series Friedrich Hayek regarded himself years of criticism of the welfare state. index Hardcover as partly responsible for the creation ISBN 978-0-86597-547-7 Seldon argues that the welfare of the IEA. The Institute, founded by Hardcover $24.00 | £19.95 state cannot, in the long run, solve Sir Antony Fisher, was influential not ISBN 978-0-86597-548-4 the problem of poverty. It is driven only in the United Kingdom—where $24.00 | £19.95 Paperback ISBN 978-0-86597-555-2 by misguided egalitarian views it had a major impact on the policies Paperback $14.50 | £10.95 which make it universalist, providing of the Thatcher governments of ISBN 978-0-86597-556-9 benefits for the middle classes as the 1980s—but all around the $14.50 | £10.95 well as the poor. Because it finances world. Many of the classical liberal welfare through taxation, it damages and free-market think tanks in the incentives to work. Moreover it United States and other countries diminishes motivations to save and were established by Fisher and to provide for one’s family as the were modeled on and took their state appears to take over such inspiration from the IEA. responsibilities. In the works in this volume, Once “free” welfare services are Seldon emphasizes the power of begun they are very difficult to stop. ideas to transform society and But, says Seldon, permanent state provides insight into how he saw the welfare is unnecessary: as people’s place of the IEA (and his own role incomes rise, most are capable of within it) in starting to bring about providing for themselves and their that transformation. families. In the end, people will revolt against inferior state services and the state will have to retreat.

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“Are Economists The Morals of Basically Markets and Immoral?” And Related Essays Other Essays on By H. B. Acton Edited by David Gordon and Jeremy Economics, Ethics, Shearmur and Religion by Although the market economy is not as unpopular now as when Acton wrote The Morals of Markets, the 2008 | 6 x 9 | 512 pages Paul Heyne morality of buying and selling has 1993 | 5½ x 8¼ | 286 pages By Paul Heyne Introduction, index long bothered man’s conscience. Edited and with an Introduction Foreword, introduction, Defenses of capitalism often editors’ note, selected Hardcover by Geoffrey Brennan and A. M. C. establish its efficiency or rely on bibliography, index ISBN 978-0-86597-712-9 Waterman a “that is the way human nature is $30.00 | £24.95 Hardcover anyway” argument. This book asserts A well-trained theologian, a gifted that a free market is a necessary ISBN 978-0-86597-106-6 Paperback $24.00 | £19.95 ISBN 978-0-86597-713-6 and dedicated teacher of economics condition for the pursuit of moral $18.00 | £13.95 for over forty years, and the author excellence. Its analysis of the relation Paperback of a highly regarded and widely- between capitalism and moral virtue ISBN 978-0-86597-107-3 used textbook, The Economic Way has not been superseded. $14.50 | £10.95 of Thinking, Paul Heyne influenced The demise of Marxism and generations of students of economics. the moral bankruptcy of socialism Many of the essays in this volume are throughout the world do not end the published here for the first time. The debate over capitalism. Acton’s book editors have divided Heyne’s essays is distinctive in discussing the “morals thematically to cover three general of markets” in a way that forms an areas: the ethical foundations of free essential addition—often missing—to markets, the connection between the case to be made for free markets. those ethical foundations and Christian thought, and the teaching Harry Burrows Acton (1908–1974) was of economics—both method and Professor of Moral Philosophy at the substance. University of Edinburgh. Paul Heyne (1931–2000) taught at David Gordon is a Senior Fellow at the Valparaiso University (1957–66), Southern Ludwig von Mises Institute. Methodist University (1966–76), and the University of Washington (1976–2000). Jeremy Shearmur teaches political theory at the Australian National University. Geoffrey Brennan is a faculty member in the Research School of Social Sciences (RSSS) at the Australian National University, Research Professor in Philosophy at the University of North Carolina at Chapel Hill, and Research Professor in Political Science at Duke University.

A. M. C. Waterman is a Fellow of St. John’s College, Winnipeg, and Professor Emeritus of Economics in the University of Manitoba.

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The Commerce, Representation of Culture, and Business in English Liberty Readings on Capitalism Before Adam Literature Smith Edited and with an Introduction by Edited by Henry C. Clark Arthur Pollard Foreword by John Blundell This collection of thirty-seven readings (from thirty-three writers) brings In The Representation of Business in 2009 | 6 x 9 | 232 pages together some of the most significant 2003 | 6 x 9 | 703 pages English Literature, five scholars of pre–Adam Smith writings on the Foreword, index of different periods of English literature political and cultural dimensions Foreword, editor’s note, fictional characters, produce original essays on how of capitalism. To modern readers, translator’s note, glossary, subject index index business and businesspeople have these seventeenth- and eighteenth- been portrayed by novelists, starting in Paperback century discussions of commerce and Hardcover ISBN 978-0-86597-758-7 the eighteenth century and continuing economic life in general are surprising ISBN 978-0-86597-378-7 $12.00 | £8.95 to the end of the twentieth century. because they are so closely integrated $30.00 | £24.95 The contributors to Representation with current moral and cultural issues. This title is available as an help readers understand the partiality Paperback ebook for purchase on Amazon, Part of the value of this book is in ISBN 978-0-86597-379-4 Barnes and Noble, and iTunes. of the various writers and, in so doing, reminding us that many of our own $18.00 | £13.95 explore the issue of what determines concerns are not without precedent public opinion about business. and earlier reflection. Arthur Pollard (1922–2001) was Professor Emeritus of English at the University of Hull The selections come both from in Hull, East Yorkshire, England. now-unfamiliar authors who were influential in their own time, as well John Blundell is General Director of the as from such well-known writers Institute of Economic Affairs, London. as Rousseau, Defoe, Fielding, Montesquieu, and Voltaire. The essays emphasize the human meaning of the market; they were selected to provide Political Economy a sense of the range of opinion that prevailed on the broader significance and Freedom of the market economy before it A Collection of Essays became a pervasive feature of modern life. By G. Warren Nutter Edited by Jane Couch Nutter Henry C. Clark s a Visiting Professor in the Foreword by Paul Craig Roberts Political Economy Project at Dartmouth College. He has written two books and These thirty-three essays, many of them numerous articles, mainly on the French and previously unpublished, illustrate the broad Scottish Enlightenments. range of Warren Nutter’s thought. There are essays on the Soviet economy and 1983 | 6 x 9 | 328 pages international relations as well as essays exploring the economic institutions that Foreword, introduction, support a society of free people. bibliography, index One finds in these essays a man of Hardcover intellect and judgment ever ready to look ISBN 978-0-86597-024-3 at the evidence and ever willing to admit $18.00 | £13.95 imperfections of even the best human institutions. He defends capitalism not Paperback because it is perfect but because for ISBN 978-0-86597-025-0 this imperfect world it is superior to the $12.00 | £8.95 attainable alternatives. G. Warren Nutter (1923–1979) taught economics at the University of Virginia.

Paul Craig Roberts is a distinguished fellow at the Cato Institute.

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A Maverick’s The Roots of Defense of Capitalism Freedom By John Chamberlain Selected Writings and Speeches of Capitalism is a system that can stand Benjamin A. Rogge on its own attainments, says John By Benjamin A. Rogge Chamberlain, and he offers here a fast-paced, provocative look at the Edited and with an Introduction by intellectual forces and practical Dwight R. Lee accomplishments that have created American capitalism. 2010 | 6 x 9 | 440 pages This new collection of fifty-three 1977 | 6 x 9 | 294 pages essays, many of which have never In clear, unequivocal language he Editor’s introduction, before been published, gathers some discusses the ideas responsible for our Preface, prologue, index of Benjamin Rogge’s most interesting economic institutions, the originators epilogue, index talks and writings spanning a vast of these ideas, and the times in which Hardcover Paperback ISBN 978-0-86597-784-6 array of topics including the case for they first became important. The ISBN 978-0-913966-24-2 $25.00 | £20.95 individual liberty and responsibility in political theories of the men who $12.00 | £8.95 maintaining the free-market economy, hammered out the Magna Carta and Paperback the nature of economics, the business the Declaration of Independence; ISBN 978-0-86597-785-3 the thinking of John Locke, James $15.00 | £10.95 system, labor markets, money and inflation, and education. Madison, and Adam Smith; the deeds Benjamin A. Rogge (1920–1980) was and discoveries of the James Watts, Distinguished Professor of Political Economy Eli Whitneys, and Henry Fords—all at Wabash College. He was also the author of these diverse elements are shown Can Capitalism Survive?, published by Liberty to be part of the tradition of a free Fund. society in which American capitalism Dwight R. Lee is William J. O’Neil Professor has grown and flourished. A unique of Global Markets and Freedom at Southern blend of political and economic theory Methodist University’s Cox School of and the practical accomplishments Business. of businessmen and innovators, The Roots of Capitalism provides valuable insights into the ideas underlying the Can Capitalism free economy. John Chamberlain is an editor and Survive? journalist. By Benjamin A. Rogge

Benjamin A. Rogge—late Distinguished Professor of Political Economy at Economic Wabash College—was a representative Calculation in the of that most unusual species: economists who speak and write in Socialist Society clear English. He forsakes professional jargon for clarity and logic—and can By Trygve J. B. Hoff 1979 | 5½ x 8¼ | 330 pages even be downright funny. The nineteen Introduction by Karen I. Vaughn Foreword, index essays in this volume explore the philosophy of freedom, the nature of Dr. Hoff’s 1938 book and Professor Hardcover ISBN 978-0-913966-46-4 economics, the business system, labor Vaughn’s important introduction $18.00 | £13.95 markets, money and inflation, the establish the theoretical impossibility problems of cities, education, and what of socialism: a system empirically in Paperback must be done to ensure the survival of ruins but still advocated by many. 1981 | 6 x 9 | 464 pages ISBN 978-0-913966-47-1 $12.00 | £8.95 free institutions and capitalism. Introduction, bibliography, index This title is available as an ebook for purchase on Amazon, Barnes Paperback and Noble, and iTunes. ISBN 978-0-913966-94-5 $12.00 | £8.95

2020 CATALOG 51 Liberty Fund Books ECONOMICS

The Collected The Keynesian Works of Henry G. Episode Manne A Reassessment By W. H. Hutt By Henry G. Manne Fred S. McChesney, General Editor The late W. H. Hutt was a preeminent Stephen Bainbridge, Henry Butler, and and persistent critic of the economic Jonathan Macey, Volume Editors theories of John Maynard Keynes. In The Keynesian Episode, he presents IN THREE VOLUMES As the founder of the Center for Law a comprehensive review of Keynes’s 2010 | 6 x 9 | 1,312 pages and Economics at George Mason General Theory, including the finest 1980 | 6 x 9 | 449 pages University and dean emeritus of the critique to date of the Acceleration General introduction, an introduction to each George Mason School of Law, Henry G. Principle. He questions the very Preface, prologue, volume, biography of Manne is one of the founding scholars legitimacy of Keynes’s fundamental appendix, index Henry G. Manne, an index of law and economics as a discipline. epistemology. to each volume, cumulative This three-volume collection includes Paperback In Hutt’s discussion of economics ISBN 978-0-913966-61-7 index articles, reviews, and books from more there is a refreshing emphasis on the $12.00 | £8.95 than four decades, featuring Wall Hardcover vital importance of the market price ISBN 978-0-86597-763-1 Street in Transition, which redefined the system as a coordinating process. $72.00 | £50.95 commonly held view of the corporate As Dr. Hutt wrote: “The intellectual firm. Paperback developments for which Keynes’s ISBN 978-0-86597-764-8 Fred S. McChesney is James B. Haddad General Theory appeared to be $42.00 | £29.95 Class of 1967 Professor of Law at the Northwestern University School of Law, responsible had caused a setback focusing on business and antitrust law and to scientific thinking about human their intersection with economic theory. economic relations at a crucial epoch. Keynes tried to find in the factors determining the value of the money unit the genesis of output and income. The Rationale of . . . He linked monetary theory to the economic world only through Central Banking unsatisfactory concepts such as employment, income, and effective And the Free Banking Alternative demand.” By Vera C. Smith Foreword by Leland B. Yeager In this unsparing analysis of the theories of John Maynard Keynes, The Rationale of Central Banking was W. H. Hutt explains why Keynes’s ideas first published in England in 1936. Vera attracted both practical politicians and Smith spent her professional career ardent academics and why they do not in a variety of research positions. She square with the logic of long-accepted 1990 | 5½ x 8¼ | 227 pages wrote articles and books on money, laws of economics. Professor Hutt banking, economic development, and outlines methods by which modern Preface, foreword, the labor market and translated into economies can extricate themselves appendix, bibliography, from the disasters into which index English books by Wilhelm Röpke, Oskar Morgenstern, and Fritz Machlup. Keynesian theory has plunged them. Hardcover ISBN 978-0-86597-086-1 This book provides a scholarly $20.00 | £14.95 review and judicious assessments of the experience and theory that bear on Paperback the issues of free banking and central ISBN 978-0-86597-087-8 $12.00 | £8.95 banking. Its wide-ranging discussion identifies both the fallacies in the arguments for central banks and the influential fallacies in the arguments against free banking. Vera Smith’s work should play a prominent role in any reappraisal of our monetary institutions.

2020 CATALOG 52 Liberty Fund Books ECONOMICS

Freedom and Promises, Reform Performance, and Essays in Economics and Social Philosophy Prospects By Frank H. Knight Essays on Political Economy, 1980–1998 Foreword by James M. Buchanan By Antonio Martino The fifteen essays in this collection, Edited and with a Foreword by Dwight first published in 1947, treat a variety R. Lee of economic, social, political, and 1982 | 6 x 9 | 502 pages philosophical problems and were Since 1970, Antonio Martino has 2005 | 6 x 9 | 365 pages written by a legendary professor of authored 13 books and more than Index economics at the University of Chicago. 150 papers and articles on economic Foreword, index Professor Knight (1885–1972) wrote theory and policy. This modern Hardcover collection of writings is from Martino’s Paperback ISBN 978-0-86597-004-5 from the viewpoint of ethics as well as ISBN 978-0-86597-563-7 $24.00 | £19.95 economics. His own words best describe his practical and theoretical perspective, $12.00 | £8.95 objective in this book: “The basic principle of as he has personally encountered Paperback science—truth or objectivity—is essentially a moral principle. . . . The presuppositions many of the economic and political ISBN 978-0-86597-005-2 issues presented in these essays. $14.50 | £10.95 of objectivity are integrity, competence, humility. . . . All coercion is absolutely Divided into six parts, this excluded in favor of free meeting of free minds.” volume discusses major economic topics such as fiscal responsibility, government and over-government, the underground economy and the The Fluttering Veil failure of governments to deliver on their promises of economic prosperity, Essays on Monetary Disequilibrium discretionary monetary policy, and By Leland B. Yeager the future of freedom and the human Introduction by George Selgin flourishing that depends upon it. As Dwight Lee comments in his Money’s unique and essential role foreword to the volume, “From Adam in a free market and monetary Smith to James Buchanan, the insights disequilibrium as the root cause of the of political economics have been business cycle are principles central to motivated by, and illustrated with, the work of economist Leland Yeager. contemporary concerns that keep For three decades he has extolled the recurring in only slightly different 1997 | 6 x 9 | 462 pages preeminent importance of money as guises.” This is certainly the case with a source of economic fluctuations Introduction, index the concerns Martino addresses in his whose influence goes well beyond papers. Hardcover mere changes in interest rates or the ISBN 978-0-86597-145-5 price level. Yeager’s work discloses the Antonio Martino is well known for his $24.00 | £19.95 disruptive consequences of “monetary classical liberal views, having developed his disequilibrium,” or an imbalance of economic opinions as a law student at the Paperback money supply and money demand. University of Messina and then as a student ISBN 978-0-86597-146-2 of Milton Friedman at the University of $14.50 | £10.95 Consequently, he argues that well- Chicago. He is a member of the Mont Pelerin designed monetary arrangements and Society, served as defense minister of Italy policies are important to the success from 2001 to 2006, and was professor of of any free-market economic system. economics at the University of Rome until 2002. Similarly, he insists that defects in the existing monetary arrangements in “capitalist” countries are manifestly not inherent in capitalism but are “alterable consequences” of the misguided or even mischievous interventions of government.

2020 CATALOG 53 ORDERING

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