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Book
Defending The Undefendable
Professor Block's book is in a new edition from the Mises Institute, completely reset and beautifully laid out in an edition worthy of its contents.
It is among the most famous of the great defenses of victimless crimes and controversial economic practices, from profiteering and gouging to bribery and blackmail. However, beneath the surface, this book is also an outstanding work of microeconomic theory that explains the workings of economic forces in everyday events and affairs.
Murray Rothbard explains why:
"Defending the Undefendable performs the service of highlighting, the fullest and starkest terms, the essential nature of the productive services performed by all people in the free market. By taking the most extreme examples and showing how the Smithian principles work even in these cases, the book does far more to demonstrate the workability and morality of the free market than a dozen sober tomes on more respectable industries and activities. By testing and proving the extreme cases, he all the more illustrates and vindicates the theory."
F.A. Hayek agreed, writing the author as follows: "Looking through Defending the Undefendable made me feel that I was once more exposed to the shock therapy by which, more than fifty years ago, the late Ludwig von Mises converted me to a consistent free market position. … Some may find it too strong a medicine, but it will still do them good even if they hate it. A real understanding of economics demands that one disabuses oneself of many dear prejudices and illusions. Popular fallacies in economic frequently express themselves in unfounded prejudices against other occupations, and showing the falsity of these stereotypes you are doing a real services, although you will not make yourself more popular with the majority."
It is among the most famous of the great defenses of victimless crimes and controversial economic practices, from profiteering and gouging to bribery and blackmail. However, beneath the surface, this book is also an outstanding work of microeconomic theory that explains the workings of economic forces in everyday events and affairs.
Murray Rothbard explains why:
"Defending the Undefendable performs the service of highlighting, the fullest and starkest terms, the essential nature of the productive services performed by all people in the free market. By taking the most extreme examples and showing how the Smithian principles work even in these cases, the book does far more to demonstrate the workability and morality of the free market than a dozen sober tomes on more respectable industries and activities. By testing and proving the extreme cases, he all the more illustrates and vindicates the theory."
F.A. Hayek agreed, writing the author as follows: "Looking through Defending the Undefendable made me feel that I was once more exposed to the shock therapy by which, more than fifty years ago, the late Ludwig von Mises converted me to a consistent free market position. … Some may find it too strong a medicine, but it will still do them good even if they hate it. A real understanding of economics demands that one disabuses oneself of many dear prejudices and illusions. Popular fallacies in economic frequently express themselves in unfounded prejudices against other occupations, and showing the falsity of these stereotypes you are doing a real services, although you will not make yourself more popular with the majority."
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suggested
Leonard E. Read
I, Pencil
The classic, short essay by Leonard E. Read remains one of the best introductions to the unseen complexity of the free market system. Read it for FREE at econlib.org
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Adam Smith
The Wealth Of Nations
It is symbolic that Adam Smith’s masterpiece of economic analysis, The Wealth of Nations, was first published in 1776, the same year as the Declaration of Independence.
In his book, Smith fervently extolled the simple yet enlightened notion that individuals are fully capable of setting and regulating prices for their own goods and services. He argued passionately in favor of free trade, yet stood up for the little guy. The Wealth of Nationsprovided the first--and still the most eloquent--integrated description of the workings of a market economy.
The result of Smith’s efforts is a witty, highly readable work of genius filled with prescient theories that form the basis of a thriving capitalist system. This unabridged edition offers the modern reader a fresh look at a timeless and seminal work that revolutionized the way governments and individuals view the creation and dispersion of wealth--and that continues to influence our economy right up to the present day.
Read moreIn his book, Smith fervently extolled the simple yet enlightened notion that individuals are fully capable of setting and regulating prices for their own goods and services. He argued passionately in favor of free trade, yet stood up for the little guy. The Wealth of Nationsprovided the first--and still the most eloquent--integrated description of the workings of a market economy.
The result of Smith’s efforts is a witty, highly readable work of genius filled with prescient theories that form the basis of a thriving capitalist system. This unabridged edition offers the modern reader a fresh look at a timeless and seminal work that revolutionized the way governments and individuals view the creation and dispersion of wealth--and that continues to influence our economy right up to the present day.
David Friedman
The Machinery of Freedom
This book argues for a society organized by voluntary cooperation under institutions of private property and exchange with little, ultimately no, government. It describes how the most fundamental functions of government might be replaced by private institutions, with services such as protecting individual rights and settling disputes provided by private firms in a competitive market. It goes on to use the tools of economic analysis to attempt to show how such institutions could be expected to work, what sort of legal rules they would generate, and under what circumstances they would or would not be stable. The approach is consequentialist. The claim is that such a society would produce more attractive outcomes, judged by widely shared values, than alternatives, including the current institutions of the U.S. and similar societies.The second edition contained four sections, this third edition adds two more. One explores some of the ideas already raised in greater depth, including discussions of decentralized law enforcement in past legal systems, of rights seen not as a moral or legal category but as a description of human behavior, of a possible threat to the stability of the system not considered in the previous editions, and of ways in which a stateless society might defend itself from aggressive states. The final section introduces a number of new topics, including unschooling, the misuse of externality arguments in contexts such as population or global warming, and the implications of public key encryption and related online technologies.
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