The Book List

As I progress through my studies, no matter what topic I'm currently studying, I think it is worth keeping a list of the books that moved me forward in my understanding of the topic. These are books that I want to have on my own personal bookshelf as opposed to books I take out of the library or borrow from a friend. These are books that I refer to again and again.

I became interested in economics when one day I realized that I really had no knowledge at all about money and finance. Really, I did even known what money was! What is it? I remember looking at a book produced by the Wall Street Journal with pictures of coins and paper money and being baffled as to how that sort of thing came about.

Well, that's not surprising. Financial education is left conspicuously OUT of public education. For now, I'll leave you to wonder why. You can check out some of the links on my links page if you're ready now to move onto THAT topic.

But if you're a beginner like I was back in 2000, you will be feeling a little overwhelmed. The purpose of this book list is to give you an idea where to begin your studies. When I'd made up my mind that I no longer wanted to be ignorant about the subject, I went to the library at Rutgers University where I was attempting yet another major (I've finally accepted that I am a Generalist). I just went to the card catalog and looked up the subject economics. And there was a book called "Economics in One Lesson." I remember thinking to myself "That's EXACTLY what I need!" And so I was introduced to economics by Henry Hazlitt, an excellent writer and teacher. You can learn more about Hazlitt at the website for the Foundation for Economic Education.

From there I discovered Ludwig von Mises and Murray Rothbard. I wasn't quite ready for von Mises at that point. But I read Murray Rothbard's "The Mystery of Banking." In it Rothbard explains how the banking system works. This was an area of knowledge that for me was simply blank. That book is out of print now, but you can still get it FREE for download as a pdf document at the Ludwig von Mises Institute. Rothbard did use some of the writing from that book in two other books which are worth having in your library: "What has Government Done to Our Money" and "The Case Against the Fed." Both of these books are easy to understand and enjoyable to read.

Becoming more advanced I began to read excerpts from a number of books by Austrian economists. (These economists are not necessarily from Austria, that is simply the name given to a collection of ideas about economics. There are other "schools" of thought. However, there can only be one right answer and to my mind Austrian economics is simply economics.) It may be awhile before you are ready for a book like Ludwig von Mises' "Human Action." Such a book requires commitment, time, AND a discussion group! But I did it. If such a thing interests you, make your life easier and sign up for a seminar at the Foundation for Economic Education. If you just want an enjoyable read that explains the basics try "Economics for Real People" by Gene Callahan.

Two other books worth reading, and passing out to friends, are Frederick Bastiat's The Law (Bastiat's broken window is explained in Hazlitt's first chapter) and of course "Capitalism, the Unknown Ideal", by Ayn Rand (with an essay on the gold standard written by, of all people, Alan Greenspan.)

So here they are again, in the order I think a beginner would find easiest to follow:

1. Economics in One Lesson, by Henry Hazlitt
2. What has Government Done to Our Money by Murray Rothbard
3. The Case Against the Fed by Murray Rothbard
4. Economics for Real People by Gene Callahan
5. The Law by Frederick Bastiat
6. Capitalism the Unknown Ideal by Ayn Rand
7. Human Action by Ludwig von Mises

You can purchase any or all of these books by clicking the corresponding link or by visiting The Generalist's Bookstore.