ECON 5110 — Reading List: the Twentieth Century and Beyond

Adam Smith Thomas Robert Malthus David Ricardo John Stuart Mill Karl Marx Alfred Marshall Thorstein Veblen john Maynard Keynes Joseph Schumpeter F. A. Hayek Milton Friedman Ronald Coase

9. Institutionalists, Progressives -- and Schumpeter.

9.1 Economic History.

Alfred D. Chandler, Jr., "The Large Industrial Corporation and the Making of the Modern American Economy," in  Stephen E. Ambrose, ed., Institutions in Modern America: Innovation in Structure and Process.  Baltimore: Johns Hopkins University Press, pp. 71-101 (1967).

9.2 Primary Sources.

Thorstein Veblen, The Theory of the Leisure Class (Macmillan, 1899).

Joseph A. Schumpeter, Capitalism, Socialism, and Democracy (New York: Harper and Brothers, 1950). (Kindle.)

9.3 Secondary Sources.

Malcolm Rutherford, "Institutional Economics: Then and Now," The Journal of Economic Perspectives, 15(3): 173-194 (Summer, 2001).

Thomas C. Leonard, "Retrospectives: Eugenics and Economics in the Progressive Era," The Journal of Economic Perspectives, 19(4), 207–224 (2005).

Richard N. Langlois, "Schumpeter and the Obsolescence of the Entrepreneur," Advances in Austrian Economics 6: 287-302 (2003).

10. Keynes and Macroeconomics.

10.1 Economic History.

Gene Smiley, "Great Depression," The Concise Encyclopedia of Economics, 2008.

Milton Friedman, Free to Choose (PBS Documentary, 1983), Episode 3.

10.2 Primary Sources.

John Maynard Keynes, The General Theory of Employment, Interest and Money (Macmillan, 1936).  (Kindle.)

10.3 Secondary Sources.

Lawrence H. White, The Clash of Economic Ideas: The Great Policy Debates and Experiments of the Last Hundred Years (New York: Cambridge University Press, 2012), Chapter 5: "The Great Depression and Keynes's General Theory."

Mark Blaug, Economic Theory in Retrospect (New York: Cambridge University Press, 1997, Fifth Edition), Chapter 16: "Macroeconomics."

Axel Leijonhufvud, “Keynes and the Keynesians: A Suggested Interpretation,” The American Economic Review 57(2): 401–10 (1967).

F. A. Hayek, "The Keynes Centenary: The Austrian Critique," The Economist, June 11, 1983, pp. 45-48, reprinted in Bruce J. Caldwell, ed., The Collected Works of F. A. Hayek: Volume IX: Contra Keynes and Cambridge: Essays, Correspondence. Chicago: University of Chicago Press, 1995, pp. 247-255.

Marvin, Goodfriend, "How the World Achieved Consensus on Monetary Policy," The Journal of Economic Perspectives 21(4): 47-68 (2007).

11. Socialist Calculation and the New Economy.

11.1 Economic History.

Richard N. Langlois, "The Vanishing Hand: the Changing Dynamics of Industrial Capitalism," Industrial and Corporate Change 12(2): 351-385 (2003).

11.2 Primary Sources.

F. A. Hayek, "The Use of Knowledge in Society," American Economic Review 35(4): 519-530 (1945).

11.3 Secondary Sources.

Lawrence H. White, The Clash of Economic Ideas: The Great Policy Debates and Experiments of the Last Hundred Years (New York: Cambridge University Press, 2012), Chapter 2: "The Bolshevik Revolution and the Socialist Calculation Debate."

Bruce Caldwell, “Hayek and Socialism,” Journal of Economic Literature 35: 1856-1890 (December 1997).

Daniel Yergin and Joseph Stanislaw, The Commanding Heights: The Battle for the World Economy, PBS Documentary, 2002.