Market Theory and the Price System. Edited and with an Introduction by Peter J. Boettke and Frédéric Sautet (Indianapolis: Liberty Fund, 2011).

The second volume in Liberty Fund’s The Collected Works of Israel M. Kirzner series, Market Theory and the Price System was published in 1963 as Kirzner’s first (and only) textbook. This volume presents an integrated view of Austrian price theory. The basic aim of Market Theory is to utilize the tools of economic reasoning to explain the market process. The unique framework Kirzner develops for microeconomic analysis, following Mises and Hayek, examines errors in decision-making, entrepreneurial profit, and competition as a process of discovery and learning.

The Best of the OLL No. 16: Leland Yeager, “The Positive Case for Free Trade” (1954) (Indianapolis: Liberty Fund, 2013).

This is part of “The Best of the Online Library of Liberty” which is a collection of some of the most important material in the OLL. This essay is by the American economist Leland Yeager who has written on monetary policy and international trade issues. He summarizes the case for free trade very nicely and even argues that the unilateral declaration of free trade by a nation would bring considerable benefits to its consumers.

The Best of the OLL No. 15: Anthony de Jasay, “Liberalism and Democracy” (1985) (Indianapolis: Liberty Fund, 2013).

This is part of “The Best of the Online Library of Liberty” which is a collection of some of the most important material in the OLL. This essay is by the Anglo-Hungarian economist Anthony de Jasay on the political economy of modern democracy in which he discusses the in-built tendency for democracies to expand the power and scope of the state into satisfy the needs of the dominant constituencies which get politicians reelected to office.

The Best of the OLL No. 14: Paul Heyne, “Economics Is a Way of Thinking” (1995) (Indianapolis: Liberty Fund, 2013).

This is part of “The Best of the Online Library of Liberty” which is a collection of some of the most important material in the OLL. This essay is by the American economist Paul Heyne who explains in a mere 5 pages how to think like an economist. If you only ever read one essay by an economist this is the one to read. (Well, maybe also Bastiat’s “The Broken Window”.)

The Best of the OLL No. 13: Immanuel Kant, “The Principles of Political Right” (1791) (Indianapolis: Liberty Fund, 2013).

The Best of the OLL No. 12: F.A. Hayek, “The Use of Knowledge in Society” (1945) (Indianapolis: Liberty Fund, 2013).