What combination of five books contains the most comprehensive education in Austrian economics? What combination of five books, if I were to read and understand them, would give me the most comprehensive understanding of Austrian economics?
I’m not asking for a list of the most important books to Austrian economics. So, if “Principles of Economics” by Carl Menger was the seminal work of Austrian economics, if it basically gave birth to the school, that alone doesn’t mean it should be on this list. If everything in it was covered in a different, more “modern” book, then it might not be what I am looking for. (But I have no idea whether it belongs on this list. I was just using it as an example. I haven’t read much of it yet.)
Anyway, I expect that “Human Action” and “Man, Economy, and State” will be mentioned on almost every list. What else is there besides them? Also, because you will have to write them in an order, it would be helpful if you could list them in an order from best to worst in terms of what I am asking for with this list and explain why you included them in the list and why you put them in that order.
I would put Socialism by Mises on the list. While not a book directly about Austrian theory, its rigorous application of Austrian methodology cuts to the root of Socialism’s problems in ways that neoclassical economics couldn’t even begin. It’s a lesson in the power of praxeology to address important questions on social theory. I would describe it as, instead of having an engineer explain mechanics to you, you’re sitting next to someone who shows you why a broken down vehicle with a screwed up engine could never possibly run. In the process you might learn even more about engines.
There’s a lot you should read but I think Lilburne’s list is good for starters (though the books he mentioned take long to be mastered.) You can pick up stuff by Garrison, Selgin, Hoppe, Hulsmann etc. to supplement your understanding, though, as they extend and refine the Misesian framework, giving Austrian economics (and political theory) a lot of depth and breadth. Starting with Mises is always best. I don’t think you should omit Menger’s Principles though because a lot of modern Austrianism derives from basic tenets outlined in it, which will help you better appreciate the differences between it and neoclassicism.
It’s funny because I was gonna read all these 5 books consecutively, although in a slightly different order (I’ve already read Profit and Loss and am on ch.7 of MES). Great list!
Man, Economy & State and Human Action are no-brainers.
Socialism by Mises is also a good candidate, because HA and Socialism cover two total different fields of thougts.
I would add Knowledge & Decisions from Thomas Sowell too, although he isn’t explicit an Austrian, this book is one of the best books there is in the Austrian tradition broadly defined. I don’t agree with everything in the book - he was already someone who believed in a strong national defense back then - but at least 85% of the book is awesome and can be considered an ‘Austrian Analysis’; people facing trade offs, in an institutional framework, in which ‘property rights’ (what can they control and what not) are relevant and the problem of the diversity of knowledge and property rights in society.
Kirzner his Competition & Entrepreneurship, together with Hayek his Individualism & Economic Order (some essays from the list; to be sure.)
Garrison his Time & Money is the best book I’ve read on the macro-economics of capital theory and the difference with Keynes & Monetarism.
Horwitz his Microfoudantions and macroeconomics is pretty sweet too.
Hutt his ‘The Keynesian Episode’ is pretty cool too, if you can get past his own way of saying things.
Theory & History is pretty sweet too, if you are into the methodology and shit.
I’ve just finishing up ‘Why Perestrojka Failed?’ by Boettke, which is pretty good too. Deals with the Mises-Hayek arguments against socialism and applies it to real existing socialism. The fact that Boettke also knows a lot of public choice adds to the understanding of the Soviet Union in general and the problems with the transition Gorbachev tried to make.
I wouldn’t put Rothbard’s History of Thought; he just doesn’t do justice to a great array of thinkers - athough his chapters on Marx were hilarious. In so far you read his history of thought to get to know the Austrian criticisms of certain positions, it’s fairly ok. But as a general history; I wouldn’t advise it.
In so far you read his history of thought to get to know the Austrian criticisms of certain positions, it’s fairly ok. But as a general history; I wouldn’t advise it.