The Wealth Of Nations
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.
aboutLiberty Portal
In recent years, libertarian impulses have increasingly influenced national and economic debates, from welfare reform to efforts to curtail affirmative action. Murray N. Rothbard's classic The Ethics of Liberty stands as one of the most rigorous and philosophically sophisticated expositions of the libertarian political position.
What distinguishes Rothbard's book is the manner in which it roots the case for freedom in the concept of natural rights and applies it to a host of practical problems. An economist by profession, Rothbard here proves himself equally at home with philosophy. And while his conclusions are radical—that a social order that strictly adheres to the rights of private property must exclude the institutionalized violence inherent in the state—his applications of libertarian principles prove surprisingly practical for a host of social dilemmas, solutions to which have eluded alternative traditions.
The Ethics of Liberty authoritatively established the anarcho-capitalist economic system as the most viable and the only principled option for a social order based on freedom. This edition is newly indexed and includes a new introduction that takes special note of the Robert Nozick-Rothbard controversies.
"The achievement of The Fatal Conceit is that it freshly shows why socialism must be refuted rather than merely dismissed—then refutes it again."—David R. Henderson, Fortune.
"Fascinating. . . . The energy and precision with which Mr. Hayek sweeps away his opposition is impressive."—Edward H. Crane, Wall Street Journal
F. A. Hayek is considered a pioneer in monetary theory, the preeminent proponent of the libertarian philosophy, and the ideological mentor of the Reagan and Thatcher "revolutions."
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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