Featured Articles

Book Review, Kling's Corner

Thomas Sowell, Political Conflict, and Madmen in Authority

The role of rationally articulated ideas may be quite modest in its effect on a given election, a legislative vote, or an action of a head of state. Yet the atmosphere in which such decisions take place may be dominated by a particular vision—or by a particular conflict of visions. Where intellectuals have played a .. MORE


Adam Smith: Experimental Innovator

Image of Adam Smith in the style of Cezanne. Generated by DALL-E OpenAI software, based on public domain material. Many scholars, especially from other disciplines, have voiced concerns regarding a simplified interpretation of Adam Smith’s ideas in modern economics, asserting that it has been exploited to advance a particular free market ideology. For example, in .. MORE

Book Review, Kling's Corner

Economic Thought Experiments

Perhaps the oddest thing of our soon-to-be present is that while the Americans revel in their petty, internal squabbles, they will barely notice that elsewhere !!! Lights will flicker and go dark. Famine’s leathery claws will dig deep and hold tight. Access to the inputs—financial and material and labor—that define the modern world will cease .. MORE

Most Recent

Political Economy

Bidenology and the Myths of American Inequality

By Pierre Lemieux


Out-of-sample failures

By Scott Sumner


Nozick: Democracy as Collective Liberty

By Pierre Lemieux

Economic History

My Reflections on Cohen’s Case for Reparations

By David Henderson


Why so sad?

By Scott Sumner

Business Economics

Highlights from My Week’s Reading

By David Henderson

Free Markets

We’re Number 5, We’re Number 5

By David Henderson

Austrian Economics

Rizzo, Mises, and the Pain of Writing

By Pierre Lemieux


All >


Lydia Dugdale on the Lost Art of Dying

Physician and author Lydia Dugdale wants to teach us a better way to die. She argues that this will help us find a better way to live. Listen as she discusses her book, The Lost Art of Dying, with EconTalk’s Russ Roberts.


Baby’s Best Interest

In this episode, Obstetrician and Gynecologist Amy Tuteur asks us to consider, “Why do good mothers feel so badly about themselves?” Tuteur, a mom of four herself, tells EconTalk host Russ Roberts that the natural parenting movement deserves much of the blame. How many of the decisions mothers make during pregnancy and childbirth are subject .. MORE


All >


Can supply and demand explain inflation?

Yes, but not in the way that most people assume. Brian Albrecht has a very good post criticizing ad hoc theories of inflation, such as those that point to a mysterious rise in “collusion”.  He favors the traditional supply and demand approach to prices: The important part is that while supply and demand is overly .. MORE

Austrian Economics

Argentina’s Liberalization

Argentina has yet to elect a new president, but based on the leading candidates, economic liberalization is inevitable.  On August 11, when a national primary election was held, the pro-government coalition led by current Minister of Economy Sergio Massa received a meager 27% of the total vote, behind two opposition leaders: Javier Milei (30%) and .. MORE


Explore the lasting legacies and
continued relevance of our classic titles.

Browse Articles

Book Titles

All Books >

The Economic Point of View: An Essay in the History of Economic Thought

By Israel Kirzner

The present essay is an attempt to explore with some thoroughness an extremely narrow area within the field of the history of economic thought. Although this area is narrow, it merits a scrutiny quite out of proportion to its extension, relating as it does to fundamental ideas around which the entire corpus of economic thought .. MORE

Economic Harmonies

By Frédéric Bastiat

Frédéric Bastiat (1801-1850) was a French economist, statesman, and author. He was the leader of the free-trade movement in France from its inception in 1840 until his untimely death in 1850. The first 45 years of his life were spent in preparation for five tremendously productive years writing in favor of freedom. Bastiat was the .. MORE

Book Reviews and Suggested Readings

What’s the Economist’s Point of View?

By Adam Martin

A Liberty Classic Book Review of The Economic Point of View: An Essay on the History of Economic Thought, by Israel Kirzner.1 What is economics, really? One popular answer to this question is: who cares? Economics is what economists do. Frank Knight famously quipped, in response to this attitude, “and economists are those who do .. MORE

Frédéric Bastiat: The Jonathan Swift of Economics

By Caleb Fuller

A Liberty Classic Book Review of Economic Sophisms, by Frédéric Bastiat.1 “The worst thing that can happen to a good cause is, not to be skillfully attacked, but to be ineptly defended.” —Frédéric Bastiat, Economic Sophisms (1845). No one defends the cause of free trade against protectionism, individual freedom over central planning, and opportunity contra .. MORE



A Conversation with Israel Kirzner

Israel Kirzner, Professor Emeritus at NYU, is among the foremost scholars in the continuing development of the Austrian school of economic theory. He has extended our understanding of the workings of a free society, illuminated the role of entrepreneurs in the process of economic discovery, and shed new light on the dynamics of market forces. .. MORE


A Conversation with Ronald H. Coase

Nobel laureate Ronald H. Coase (1910-2013) was recorded in 2001 in an extended video now available to the public. Coase’s articles, “The Problem of Social Cost” and “The Nature of the Firm” are among the most important and most often cited works in the whole of economic literature. Coase recounts how he tried to encourage .. MORE

Econlib Videos

Intellectual Portrait Series

Conversations with some of the most original thinkers of our time

Browse Videos


College Economics Topics

Supplementary materials for popular college textbooks used in courses in the Principles of Economics, Microeconomics, Price Theory, and Macroeconomics are suggested by topic.

Economist Biographies

From the Concise Encyclopedia of Economics

Economic Systems


Before the Russian Revolution of 1917, “socialism” and “communism” were synonyms. Both referred to economic systems in which the government owns the means of production. The two terms diverged in meaning largely as a result of the political theory and practice of Vladimir Lenin (1870–1924). Like most contemporary socialists, Lenin believed that socialism could not .. MORE

Basic Concepts, Economic Regulation, Economics of Legal Issues, Government Policy, Macroeconomics


Economists use the term “inflation” to denote an ongoing rise in the general level of prices quoted in units of money. The magnitude of inflation—the inflation rate—is usually reported as the annualized percentage growth of some broad index of money prices. With U.S. dollar prices rising, a one-dollar bill buys less each year. Inflation thus .. MORE

Economic Systems, International Economics, Macroeconomics, Taxes, The Marketplace

Economic Growth

Compound Rates of Growth In the modern version of an old legend, an investment banker asks to be paid by placing one penny on the first square of a chessboard, two pennies on the second square, four on the third, etc. If the banker had asked that only the white squares be used, the initial .. MORE


We have never designed our economic system. We were not intelligent enough for that. We have tumbled into it and it has carried us to unforeseen heights and given rise to ambitions which may yet lead us to destroy it.

-F. A. Hayek

To say that any act of government is legitimate because that act is sanctioned by a majority or a plurality of the community’s members, or by a majority or plurality of their elected representatives in a legislature, or by their elected, appointed, or anointed designates in executive or judicial roles, is to elevate collective or ...

-James M. Buchanan Full Quote >>

This, then, is freedom in the external life of man—that he is independent of the arbitrary power of his fellows. Ludwig von Mises, Socialism

-Ludwig von Mises Full Quote >>