Top Five Books for Understanding Austrian Economics

There are Austrian economists who are going to disagree with the list I put here, so I will put the following disclaimer: the following list is based off of forum discussions I have read through. That said, here’s the books that anyone should read for an introductory understanding of Austrian economics –

  1. Henry Hazlitt’s Economics in One Lesson. [PDF] In this Hazlitt classic, the reader goes through almost every economic phenomenon – from Bastiat’s famous “Broken Window” to prices and inflation – using the marginalist method developed by Menger and his disciples.
  2. Hans-Herman Hoppe’s Economic Science and the Austrian Method. [PDF] [Audiobook] From the Ludwig von Mises Institute website: “A definitive defense of the methodological foundations of Austrian economics.” Hoppe is today’s prominent defender of the praxeological method in social science.
  3. Thomas C. Taylor’s An Introduction to Austrian Economics. [PDF] [Audiobook] This is a short text explaining the first principles of Austrian economic theory.
  4. Murray Rothbard’s What Has Government Done to Our Money? [PDF] [Audiobook] Rothbard, Mises’ most famous student, uses monetary theory to explain how government monopolies on money creation tend toward economic destruction.
  5. Murray Rothbard’s Man, Economy, and State. [PDF] [Audiobook] The definitive introduction to Austrian economics, from method to business cycle theory. Robert Murphy has written a chapter-by-chapter study guide for the text.

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