Economics from Smith to Friedman

Conference for Students – December 7-9, 2018

Discussion Leader: Michelle Vachris, Virginia Wesleyan University

Session I – Production and Trade

Mill, John Stuart. The Collected Works of John Stuart Mill, Volume 3: Principles of Political Economy. Edited by J. M. Robson. Indianapolis: Liberty Fund, 2006. Book 3, Chapter 6, “Summary of the Theory of Value” (pages 497–501) and Chapter 17, “Of International Trade” (pages 587–594).

Smith, Adam. The Theory of Moral Sentiments. Edited by D. D. Raphael and A. L. Macfie. Indianapolis: Liberty Fund, Inc., 1982. Part VI, Section I, “Of the Character of the Individual, so far as it affects his own Happiness; or of Prudence” (pages 212–217); and Section II, “Of the Character of the Individual, so far as it can affect the Happiness of other People” (pages 218–227).

Tucker, Robert C., ed. The Marx-Engels Reader. New York: W. W. Norton and Company, 1972. Selection from Part I, “Economic and Philosophic Manuscripts of 1844” (pages 56–67).

Session II – Division of Labor

Smith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations, Volume I. Edited by R. H. Campbell and A. S. Skinner. Indianapolis: Liberty Fund, Inc., 1982. Book I, Chapter 1, “Of the Division of Labour” (pages 13–24), Chapter 2, “Of the Principle which gives occasion to the Division of Labour” (pages 25–30), and Chapter 3, “That the Division of Labour is limited by the Extent of the Market” (pages 31–36).

Marx, Karl. The German Ideology: Part One, with selections from Parts Two and Three, together with Marx’s “Introduction to a Critique of Political Economy.” Edited by C. J. Arthur. London: Lawrence & Wishart, 1974, 2004. Part C, “The Real Basis of Ideology” (pages 68–81).

Session III – Protectionism

Bastiat, Frédéric. Economic Sophisms. Edited by Arthur Goddard. Irvington-on-Hudson: Foundation for Economic Education, 1996. Chapter 7, “A Petition” (pages 56–60), Chapter 9, “An Immense Discovery!” (pages 63–66), Chapter 10, “Reciprocity” (pages 67–69), and Chapter 17, “A Negative Railroad” (pages 94–95).

List, Friedrich. The National System of Political Economy. Translated by Sampson S. Lloyd. Fairfield, New Jersey: Augustus M. Kelley Publishers, 1990. Chapter 14, “Private Economy and National Economy” (pages 163–173).

Session IV – Capitalism and the Market Economy

Mises, Ludwig von. The Anti-Capitalistic Mentality. Edited by Bettina Bien Greaves. Indianapolis: Liberty Fund, Inc., 2006. Chapter 2, “The Ordinary Man’s Social Philosophy” (pages 21–28).

Schumpeter, Joseph A. Capitalism, Socialism and Democracy. New York City: Harper Perennial Modern Thought, 2008. Chapter 7, “The Process of Creative Destruction” (pages 81–86).

Rogge, Benjamin A. Can Capitalism Survive? Indianapolis: Liberty Fund, 1979. Part I, Chapter 1, “Can Capitalism Survive?” (pages 15–36); and Part IX, Introduction (pages 285–286), Chapter 1, “The Businessman and the Defense of Capitalism” (pages 287–300), and Chapter 2, “Reflections on the Election of 1964” (pages 301–306).

Session V – Laissze-Faire

Hayek, Friedrich A. “The Use of Knowledge in Society.” The American Economic Review 35, no. 4 (September 1945): 519–530.

Keynes, John Maynard. Essays in Persuasion. New York: W. W. Norton & Company, 1963, 1991. Part IV, Chapter 2, “The End of Laissez-Faire (1926)” (pages 312–322), and Chapter 3, “Am I a Liberal? (1925)” (pages 323–338).

Session VI – Economic Crises

Rothbard, Murray N. America’s Great Depression (Fifth Edition). Auburn: Mises Institute, 2000. Chapter 1, “The Positive Theory of the Cycle” (pages 3–36).

Friedman, Milton and Rose Friedman. Free to Choose: A Personal Statement (1st Harvest/HBJ edition). San Diego: Harcourt Brace Jovanovich, 1990. Chapter 3, “The Anatomy of Crisis” (pages 70–90).