Influential books for a novice economic theorist
Discover the most influential books for novice economic theorists. This curated list features essential reads to build a strong foundation in economic theory, from classics to modern must-reads.
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The Road to Serfdom
by Friedrich August Hayek
Examines the relationship between individual liberty and government authority, and argues that granting government control of the economy leads to disaster
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Capitalism and Freedom
by Milton Friedman
In the process, he outlines the role that government should play in a society dedicated to freedom and relying primarily on the market to organize economic activity.".
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Capitalism, Socialism, and Democracy
by Joseph A. Schumpeter
Capitalism, Socialism and Democracy remains one of the greatest works of social theory written this century. When it first appeared the New English Weekly predicted that for the next five to ten years it will cetainly remain a work with which no one who professes any degree of information on sociology or economics can afford to be unacquainted.' Fifty years on, this prediction seems a little understated. Why has the work endured so well? Schumpeter's contention that the seeds of capitalism's decline were internal, and his equal and opposite hostility to centralist socialism have perplexed, engaged and infuriated readers since the book's publication. By refusing to become an advocate for either position Schumpeter was able both to make his own great and original contribution and to clear the way for a more balanced consideration of the most important social movements of his and our time.
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The General Theory of Employment, Interest, and Money
by John Maynard Keynes
Originally published: New York: Harcourt, Brace & World, 1936.
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The Communist Manifesto
by Karl Marx
A rousing call to arms whose influence is still felt today Originally published on the eve of the 1848 European revolutions, The Communist Manifesto is a condensed and incisive account of the worldview Marx and Engels developed during their hectic intellectual and political collaboration. Formulating the principles of dialectical materialism, they believed that labor creates wealth, hence capitalism is exploitive and antithetical to freedom. This new edition includes an extensive introduction by Gareth Stedman Jones, Britain's leading expert on Marx and Marxism, providing a complete course for students of The Communist Manifesto, and demonstrating not only the historical importance of the text, but also its place in the world today. For more than seventy years, Penguin has been the leading publisher of classic literature in the English-speaking world. With more than 1,700 titles, Penguin Classics represents a global bookshelf of the best works throughout history and across genres and disciplines. Readers trust the series to provide authoritative texts enhanced by introductions and notes by distinguished scholars and contemporary authors, as well as up-to-date translations by award-winning translators.
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