As the first comprehensive treatment of Classical economics from a modern Austrian perspective, this important history of nineteenth century economic thought discusses the key members of each school and reassesses their work. Professor Rothbard's approach offers new perspectives on both Ricardo and Say and their followers. The author suggests that Ricardianism declined after 1820 and was only revived with the work of John Stuart Mill. The book also resurrects the important Anglo-Irish school of thought at Trinity College, Dublin under Archbishop Richard Whately. Later chapters focus on the roots of Karl Marx and the nature of his doctrines, and laissez-faire thought in France including the work of Frederic Bastiat. Also included is a comprehensive treatment of the bullionist versus anti-bullionist and the Currency versus banking School controversies in the first half of the nineteenth century, and their influence outside Great Britain. Tracing economic thought from Smith to Marx, this book is notable for its inclusion of all the important figures in each school of thought and for assessing their theories in religious, political, philosophical and historical context. Economic Thought before Adam Smith, the first volume of Professor Rothbard's history of economic thought from an Austrian perspective, is also available.

Do you ever watch the business news and think: what would Murray Rothbard say about this? He remained a news junky all his life, even while working on his grand scholarly treatises. He was no academic snob; he believed, like Mises, that economics was the business of everyone. It is in this book that you find his running commentary on all the economic issues that vexed the world between 1982 and 1995. They are the same issues in the headlines today! The goal of this hefty tome (551pp) by this master economist is to communicate with the public about economic theory and policy, in the form of articles that appeared in the Mises Institute's monthly .This is the expanded Second Edition, and it includes 117 articles--several additional ones that were left out of the original. It includes "Taking Money Back," a 25-page populist case for the gold standard, his famous "Protectionism and the Destruction of Prosperity," along with a new essay on fixed-exchange rates, and an obituary of Ludwig von Mises. It also has a new introduction by Robert Murphy. For this reason, it is nearly 100 pages longer.No economist has ever written so clearly about subjects usually wrapped in mystery. Even when discussing exchange rates, interest rates, and central banking, Rothbard is clear and persuasive. That's what makes this book so wonderful, and so dangerous to the purveyors of economic fallacy and those who enforce their ideas on the public. Robert Murphy has written that it was this book that is most likely to get people interested in economic issues. Rothbard's prose is witty and strong, and his logic is compelling at every step. "Divided up topically, the book touches upon almost every important policy issue that has been before the public during the last decade... Reading through these over 100 articles reminded me just how deep my intellectual debt to him really was, and how richer the cause of freedom has been because of his writings over the decades." Richard Ebeling, Foundation for Economic Education. With a new introduction by Robert Murphy

In this, the first of two volumes, Murray Rothbard - one of the major figures in twentieth-century Austrian economics - argues with clarity and force that economics is a deductive science based on the fundamental realities of action, scarcity and the passage of time. Such conviction is demonstrated in the first part of this book, where Professor Rothbard analyses method. The second part focuses on some of the theoretical debates within the Austrian school, including property and justice rights, welfare economics, value and efficiency. In the third section Rothbard considers the Austrian approach to money and calculation, including discussion of the definition of the supply of money, freely floating exchange rates and calculation and its role under socialism. This latest volume of Murray Rothbard’s work goes some way to represent the important contributions he made to the field. The second volume of Murray Rothbard’s essays on Austrian economics is also available.

The panic of 1819 was America's first great economic crisis. And this is Murray Rothbard's masterful account, the first full scholarly book on the topic and still the most definitive. It was his dissertation, published in 1962 but nearly impossible to get until this new edition.The American Economic Review was wild for this book when it appeared: "Rothbard's work represents the only published, book-length, academic treatise on the remedies that were proposed, debated, and enacted in attempts to cope with the crisis of 1819," the reviewer wrote. "As such, the book should certainly find a place on the shelf of the study of U.S. business cycles and of the economic historian who is interested in the early economic development of the United States."And specialists have treasured the book for years. It is incredible to realize that some American historians think of M.N. Rothbard as the author of this book and nothing else!The panic of 1819 grew largely out of the changes wrought by the War of 1812, and by the postwar boom that followed. The war also brought a rash of paper money, as the government borrowed heavily to finance the conflict. This would inevitably lead to suspension of specie payments in some parts of the country in 1814.Freed from the shackles of hard money, the suspension of specie led to a boom. When peace came, the so did the bust.But in the end, there was no widespread confusion on what caused the downturn. Instead, it was widely known that false prosperity is a very dangerous thing. It always turns to bust. But unlike today, the government didn't intervene. And precisely because there was no intervention, the panic ended quickly and peacefully.What we have here, then, is not only a dazzling historical account — the research here is deep and thorough, and the prose a model of exposition; it also points the way to how all economic downturns can and should be handled. For that reason, the Panic of 1819 offers important lessons for us today.To search for Mises Institute titles, enter a keyword and LvMI (short for Ludwig von Mises Institute); e.g., Depression LvMI