Economics

The Theory of Moral Sentiments, Smith’s first and in his own mind most important work, outlines his view of proper conduct and the institutions and sentiments that make men virtuous. Here he develops his doctrine of the impartial spectator, whose hypothetical disinterested judgment we must use to distinguish right from wrong in any given situation. We by nature pursue our…

A Treatise on Political Economy by Antoine Louis Claude Destutt de Tracy (1754–1836) is a foundational text of nineteenth-century, free-market economic thought and remains one of the classics of nineteenth-century French economic liberalism. Destutt de Tracy was one of the founders of the classical liberal republican group known as the Idéologues, which included Jean-Baptiste Say, Marquis de Condorcet, and Pierre…

“No one has ever done price theory better than Alchian—that is, no one has ever excelled Alchian’s ability to explain the reason, role, and nuances of prices, of competition, and of property rights. And only a precious few—I can count them on my fingers—have a claim for being considered to have done price theory as well as he did it.”…

Editor Charles Rowley calls Gordon Tullock “an economist by nature rather than by training.” Tullock attended a one-semester course in economics for law students at the University of Chicago but is otherwise self-taught. Tullock’s background has enabled him to analyze economic problems with an open mind and to deploy his formidable intellect in a truly entrepreneurial manner. Virginia Political Economy…