About the Author Adam Smith (1723 - 1790) was a Scottish philosopher and economist. He is referred to as the Father of Economics. He was a professor at the University of Glasgow in Scotland. The concept of invisible hand was used by Smith to describe how individuals pursuing their own self-interest unintentionally contribute to the overall economic good of society. The invisible hand is the essence of capitalism, the driver of economic growth.
An Inquiry into the Nature and Causes of the Wealth of Nations (1776)
About the Book: This book commonly referred to as The Wealth of Nations is the magnum opus of Adam Smith. It is a great treatise on classical economics wherein Smith introduced concepts such as division of labour, productivity, free markets etc.
The Theory of Moral Sentiments (1759)
About the Book: This was the first book published by Adam Smith and it laid a psychological foundation on which The Wealth of Nations was later to be built.
About the Author Karl Marx (1818–1883) was a German philosopher, economist, historian, and political theorist. He is best known as the founder of Marxist theory, which critiques capitalism and advocates for a classless, socialist society. Marx argued that history is shaped by class struggle, particularly between the bourgeoisie (capitalist class) and the proletariat (working class). His ideas deeply influenced political thought, labor movements, and revolutions around the world. Marx’s works laid the intellectual foundation for socialist and communist movements worldwide, and continue to be studied in economics, political science, and sociology.
The Communist Manifesto (1848) (with Friedrich Engels)
About the Book: A political pamphlet calling for workers of the world to unite, it outlines Marx’s theory of class struggle, critiques capitalism, and presents the goals of communism. It's one of the most widely read political documents in history.
Das Kapital (Capital)(1867)
About the Book: Marx’s magnum opus, it offers a deep critique of capitalism, focusing on labor, value, exploitation, and capital accumulation. It analyzes how capitalist economies function and why Marx believed they would eventually collapse.
The German Ideology (1846) (with Engels)
About the Book: Explores the materialist conception of history (historical materialism), arguing that economic structures shape social, political, and cultural life.
Critique of the Gotha Program (1875)
About the Book: A critique of a draft platform for the German Workers' Party, where Marx elaborates on his vision for socialism and critiques reformist ideas.
About the Author John Stuart Mill (1806 – 1873) was an English philosopher and a political economist. He contributed immensely to social theory, political theory, and political economy. He wrote on various topics and some of books are A System of Logic (1843), On Liberty (1859), Utilitarianism (1861/1863), The Subjection of Women (1869) and Principles of Political Economy (1848).
Principles of Political Economy (1848)
About the Book: The book is a foundational and comprehensive work in economic thought that explores the production, distribution, and value of wealth within society. Mill defines wealth broadly as goods that satisfy human desires and emphasizes that production depends on labor and natural resources, while capital serves as the stock of tools, materials, and subsistence necessary for production. He explains that increased capital enables greater employment and output, but growth is limited by factors such as population increase and diminishing returns in agriculture.
About the Author Alfred Marshall (1842–1924) was a British economist and a key figure in the development of neoclassical economics. He helped formalize economics as a scientific discipline and introduced many concepts still in use today, such as price elasticity of demand, consumer surplus, and marginal utility. Marshall also mentored important economists like John Maynard Keynes, influencing the next generation of economic thought.
Principles of Economics (1890)
About the Book: His most famous work, it became the standard textbook in economics for decades. It introduced foundational ideas like marginal analysis, equilibrium, and the time-period distinction (short run vs. long run). Marshall used mathematical tools but insisted economics should remain accessible and policy-focused.
Industry and Trade (1919)
About the Book: Analyzes the organization of industry, the role of government, and the effects of war on trade. It reflects Marshall’s later interest in practical economics and institutional structures.
Money, Credit and Commerce (1923)
About the Book: Explores the monetary system, banking, and credit in a more applied context. This book shows Marshall’s evolving thoughts on macroeconomic issues and international trade.
About the Author John Maynard Keynes (1883–1946) was a British economist whose ideas revolutionized economic theory and policy. He is best known for Keynesian economics, which argues that government intervention is necessary to stabilize the economy, especially during recessions. His General Theory of Employment, Interest, and Money (1936) challenged classical economics by advocating for increased public spending and lower taxes to boost demand.
The General Theory of Employment, Interest, and Money (1936)
About the Book: His most influential book, which laid the foundation for Keynesian economics, advocating for government intervention in the economy.
A Treatise on Money (1930)
About the Book: A two-volume work analyzing monetary theory and the role of money in economic fluctuations.
The Economic Consequences of the Peace (1919)
About the Book: A critique of the Treaty of Versailles, predicting that harsh reparations on Germany would lead to future conflict.
Essays in Persuasion (1931)
About the Book: A collection of essays on economic and political topics, emphasizing Keynes’s views on public policy and economic management.
Indian Currency and Finance (1913)
About the Book: The book is an analysis of India’s monetary and financial system during British colonial rule. It examines the Indian currency system, the gold-exchange standard, the functioning of the Reserve Bank, and the relationship between Indian and British finance.
About the Author Milton Friedman (1912–2006) was an American economist and one of the leading figures of the Chicago School of Economics. A strong advocate of free markets and limited government intervention, he championed monetarism, arguing that controlling the money supply was key to managing inflation. He also played a key role in developing school vouchers and influencing Reaganomics. Friedman won the Nobel Prize in Economics (1976) for his work on consumption analysis and monetary history.
Capitalism and Freedom (1962)
About the Book: One of his most influential works, this book argues that economic freedom is essential for political freedom. Friedman advocates for free markets, minimal government intervention, school vouchers, and floating exchange rates.
Money Mischief: Episodes in Monetary History (1992)
About the Book: A collection of essays on monetary history, this book explores how mismanagement of money has caused economic instability, including case studies like inflation in Latin America and the role of silver in China.
Why Government Is the Problem (1993)
About the Book: A short, straightforward book arguing that government intervention often worsens economic problems rather than solving them. Friedman critiques bureaucracy and inefficiency in public policies.
There’s No Such Thing as a Free Lunch (1975)
About the Book: A collection of Friedman’s essays and articles on economics and public policy, emphasizing his belief that government policies often have hidden costs and that markets work better than government regulation.
Price Theory (1962)
About the Book: A textbook explaining microeconomic principles such as supply, demand, price determination, and market structures, providing a foundation for understanding free-market economics.
About the Author Friedrich August von Hayek (1899–1992) was an Austrian-born British academic who contributed to political economy and philosophy. His account of how prices communicate information is widely regarded as an important contribution to economics that led to him receiving the Nobel prize in 1974 along with Gunnar Myrdal.
The Road to Serfdom (1944)
About the Book: In his book, Hayek cautions against the threat of tyranny that arises when governments take control of economic decision-making through central planning. He contends that rejecting individualism and classical liberalism inevitably results in the erosion of freedom, the emergence of an oppressive society, the rise of dictatorial rule, and the subjugation of individuals to a state of servitude.
The Pure Theory of Capital (1941)
About the Book: The book is one of Hayek's most complex and abstract works, focusing on the role of capital in economic theory. Hayek delves into how capital structures influence market coordination and economic growth. He critiques simplistic views of capital, emphasizing its dynamic nature and the intertemporal complexities involved in production processes.
The Fatal Conceit: The Errors of Socialism (1988)
About the Book: The Fatal Conceit critiques socialism by arguing that it fundamentally misunderstands the nature of human society and economic systems. Hayek asserts that socialism's central flaw is the belief that societies can be designed and controlled through centralized planning.
The Constitution of Liberty (1960)
About the Book: The book is considered one of Hayek's most significant works, offering a comprehensive defense of individual freedom and the principles of classical liberalism. The book explores the concept of liberty, emphasizing its importance for societal progress, civilization, and individual empowerment.