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Capitalism

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An integrated understanding of the theory and ethics of the capitalist economy.
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George Reisman was a student of Mises's, a translator of his work, and, as he demonstrates in this outstanding treatise, a leading theorist in the Misesian tradition. This mammoth exposition deals with the method and theory of economics, and particularly excels in its application to matters of policy. Its sections on price controls, money, banking, and environmentalism apply Misesian theory to new times and new literature. The author deals patiently but devastatingly with the arguments of the interventionists. The end result is an integrated understanding of the theory and ethics of the capitalist economy.

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by Kel Kelly
on 10/25/2010
The Bible
As far as I'm concerned, Capitalism is the economics bible--the end all be all. Though it takes literally years to get through, what one learns is thorough, concrete explanations of how the world really works. There are brilliant,innovative analyses that no one else has ever thought of--though most of Reisman's knowledge is an integration of all the correct theories he's learned from reading seemingly all Classical and Austrian works, not to mention Keynesian and Marxist (the works he proves incorrect). I highly recommend reading this book in conjunction with listening to his audio tapes (available on his blog/website). They are not cheap, but are the best economic investment I've ever made. The audio helps one to grasp the ideas in the book much more quickly.
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  • Part One: The Foundations of Economics
    • Chapter 1. Economics and Capitalism
    • Chapter 2. Wealth and Its Role in Human Life
    • Chapter 3. Natural Resources and the Environment

  • Part Two: The Division of Labor and Capitalism
    • Chapter 4. The Division of Labor and Production
    • Chapter 5. The Dependence of the Division of Labor on Capitalism I
    • Chapter 6. The Dependence of the Division of Labor on Capitalism II: The Price System and Economic Coordination
    • Chapter 7. The Dependence of the Division of Labor on Capitalism III: Price Controls and Economic Chaos
    • Chapter 8. The Dependence of the Division of Labor on Capitalism IV: Socialism, Economic Chaos, and Totalitarian Dictatorship
    • Chapter 9. The Influence of the Division of Labor on the Institutions of Capitalism
    • Chapter 10. Monopoly Versus Freedom of Competition
    • Chapter 11. The Division of Labor and the Concept of Productive Activity

  • Part Three: The Process of Economic Progress
    • Chapter 12. Money and Spending
    • Chapter 13. Productionism, Say's Law, and Unemployment
    • Chapter 14. The Productivity Theory of Wages
    • Chapter 15. Aggregate Production, Aggregate Spending, and the Role of Saving in Spending
    • Chapter 16. The Net-Consumption/Net-Investment Theory of Profit and Interest
    • Chapter 17. Applications of the Invariable-Money/Net-Consumption Analysis
    • Chapter 18. Keynesianism: A Critique
    • Chapter 19. Gold Versus Inflation

  • Epilogue
    • Chapter 20. Towards the Establishment of Laissez-Faire Capitalism
    • A Bibiliography of Writings in Defense of Capitalism
  • ISBN 9780915463732
    Binding HC
    Page Length 1046