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Economics
A Monetary History of the United States, 1867-1960 Milton Friedman and Anna Schwartz's 1963 study that blamed the Federal Reserve's failures for the severity of the Great Depression. Basic Economics Thomas Sowell's plain-language economics for non-economists, built on scarcity, incentives and trade-offs, without graphs or equations. Capitalism and Freedom Milton Friedman's 1962 case that economic freedom is a condition of political freedom, with proposals from school vouchers to floating exchange rates. Capitalism, Socialism and Democracy Joseph Schumpeter's 1942 classic describing creative destruction and predicting that capitalism's success would erode its own support. Economics in One Lesson Henry Hazlitt's 1946 primer that teaches readers to look past the visible effects of a policy to its unseen and long-term consequences. Free to Choose Milton and Rose Friedman's 1980 popular defense of markets and limited government, written with a ten-part television series. Human Action Ludwig von Mises's 1949 treatise founding economics on the logic of purposeful action, with a rigorous argument that socialism cannot calculate. The Calculus of Consent James Buchanan and Gordon Tullock's 1962 founding work of public choice, applying economic reasoning to voting, legislatures and constitutional rules. The Fatal Conceit Hayek's last book, arguing that socialism rests on the illusion that reason can design an order better than traditions and markets that evolved. The Road to Serfdom F. A. Hayek's 1944 warning that economic planning leads, step by step, to the loss of political and personal freedom. The Spirit of Democratic Capitalism Michael Novak's 1982 defense of capitalism as part of a three-part system of free economy, democratic politics and a moral-cultural order. The Wealth of Nations Adam Smith's 1776 foundation of modern economics: division of labor, free exchange and limited government as the sources of national prosperity. Wealth and Poverty George Gilder's 1981 argument for supply-side economics and a moral defense of capitalism as an economy of giving and risk.