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We resume with Keynes's *General Theory*
We'll do chapter seven for Thursday. If you need to get up to speed, here are previous installments in the series.
By the way, what do you all want for the *next* book club?
Posted by Tyler Cowen on January 12, 2009 at 01:31 PM in Books, Economics | Permalink
Comments
If you really want to mix it up, why not _The Pure Theory of Capital_ by Friedrich Hayek, available in a new "Collected Works" edition by Larry White, and also as a free download on the internet.
Posted by: Greg Ransom at Jan 12, 2009 2:57:56 PM
I vote for Capitalism & Freedom, pick something by Douglas North, or pick something by Schumpeter.
Posted by: Mike at Jan 12, 2009 3:00:36 PM
Tetlock's new book.
Posted by: Charlie at Jan 12, 2009 3:04:50 PM
Capitalism, Socialism and Democracy?
Posted by: Michael F. Martin at Jan 12, 2009 3:40:48 PM
Swann's Way.
Or how about tackling some smart authors that we radically disagree with? I picked up that Richard Tuck book you wrote about, Free Riders, and I was impressed. Not sure where I was supposed to get off his argumentative train, 'cause I made it to the end, nodding in agreement all the way.
And what's up with Philip Mirowski? I couldn't make it through Machine Dreams---the writing is a little weird, and the intellectual history is thick. But I'd like to give stuff like that a serious hearing; I just need a knowledgeable defender of economics to hold my hand. (A few of the Crooked Timberites seem to like it.)
No Hayek, please! Tyler has said before that he thinks the thesis of Serfdom is wrong. Don't think I could sit through Const. of Liberty again, either.
Tyler, why do you think Charles Taylor is an important thinker, and what should we pick up by him first? Maybe something like Secular Age would make a good book club topic. Or something else timely and cultural, like Enhancing Evolution by John Harris. Those are on my list for this year, anyway.
Does the book have to be about economics? Can it be funny?
Posted by: Lee at Jan 12, 2009 3:43:14 PM
Human Action, Mises.
Posted by: Liz at Jan 12, 2009 3:45:40 PM
Theory of Money and Credit, debunk Mises:] Or don't. Whichever you find more intelectually developing.
Posted by: Mr. Karla at Jan 12, 2009 4:27:15 PM
Oh, oh, oh! If you would like to do some Hayek, I'd reccomend Prices and Productiona and other essays!
Posted by: Mr. Karla at Jan 12, 2009 4:31:13 PM
Ricardo or Marshall, perhaps?
Posted by: Tony at Jan 12, 2009 4:42:22 PM
Human Action
Posted by: Phil at Jan 12, 2009 4:48:30 PM
I second bastiat,it would be definitely interesting to choose select chapters from Schumpeter's History of Economic Analysis.
Posted by: Gokay at Jan 12, 2009 4:58:57 PM
If you are going to read Keynes, go the next step.
I reoommend Axel Leijonhufud "Keynesian Economics and the Economics of Keynes."
Then something by Minsky.
The trillion dollar question is whether modern finance economies are inherently prone to asset price booms and busts with associated banking booms and bust which produce business cycles.
Posted by: B.H. at Jan 12, 2009 5:13:38 PM
"Capitalism, Socialism and Democracy" is a good pick. I wouldn't object to "keynesian Economics and the Economics of Keynes" either. I love AL's reinterpretation of the General Theory.
Or maybe one of those forgotten big think books like "the Decline of the West."
Posted by: steve at Jan 12, 2009 5:50:44 PM
If we want the readings to come in pairs that dialogue with each other (dialectical literature, you could say) then I would vote for Hazlitt's Failure of the New Economics, given the Austrian leaning of the Mason community and many who frequent this blog. It is a more direct economic critique than Road to Serfdom, I think.
Many of the other suggestions would be a lot of fun too though.
Posted by: liberty at Jan 12, 2009 5:52:30 PM
I would prefer either something from Ludwig von Mises or Joseph Schumpeter.
Another classic many are talking about would be das Kapital by Marx, but it is perhaps too long, cumbersome, and heavy?
Posted by: Tord Steiro at Jan 12, 2009 6:39:11 PM
*Development, Geography, and Economic Theory* by Krugman
Posted by: simpsonian at Jan 12, 2009 6:44:44 PM
Any one fo the following:
Culture's Consequences - Hoftede
The Blank Slate - Pinker
Guns, Germs and Steel - Diamond
The Logic of Political Survival - Bueno de Mesquita et al
Posted by: DA at Jan 12, 2009 6:46:16 PM
I'll third for Adam Smith - Theory of Moral Sentiments
Also, selections from Capitalism, Socialism and Democracy may be good, if daunting.
Posted by: Eamon McGinn at Jan 12, 2009 7:01:10 PM
Why not Henry Hazlitt's "The Failure of the New Economics" which is a direct refutation of Keynes' General Theory? It would be a good companion.
Posted by: stephen at Jan 12, 2009 7:02:21 PM
Thorstein Veblen's "The Theory of the Leisure Class", please!
The Theory of the Business Enterprise might be a more timely choice.
Posted by: ogmb at Jan 12, 2009 7:03:43 PM
I'd be for Hayek's "Pure Theory of Capital" since capital theory was dismissed by Keynes. But I want to thank you for the opportunity to participate in this book club. I have had Keynes General Theory on my shelf for 25 years and was always going to read it, but never have found time. I always thought I had enough Keynes in my Econ classes in college. Turns out I have a 1st edition from 1936 which I bought for $7.50 in the early '80's.
Posted by: maximus at Jan 12, 2009 7:49:31 PM
I vote "The Road to Serfdom"
Posted by: Robert D at Jan 12, 2009 8:11:22 PM
Definitely another classic
Adam Smith's Wealth of Nations would be great! Or Ricardo, or Marshall, Shumpeter, or even Marx!!!
These lectures serve a valuable purpose when providing an objective overview of the classic works of economic thought...
It would be great if you could hit all of the major ones from Smith through Friedman!
Posted by: Chris Cella at Jan 12, 2009 8:15:11 PM
Hayek's Monetary Nationalism. That is an immensely important and under-rated book. And it is available free online. And it is a perfect antidote to Keynes.
Posted by: saifedean at Jan 12, 2009 9:21:33 PM
Pure Theory of Capital - Hayek
Posted by: Ian Lippert at Jan 12, 2009 11:04:57 PM
