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The Wealth of Nations

by Adam Smith, Craig Deitschmann, a supporting cast & George H. Smith et al. Knowledge Products (August 14, 2012)

An Inquiry into the Nature and Causes of the Wealth of Nations is one of the most important and influential works ever published on economic theory and is the foundation of classical economics. In it, Adam...


The Classical Economists

by E. G. West, Louis Rukeyser, Israel Kirzner & Mike Hassell et al. Knowledge Products (March 15, 2006)

The classical economists pioneered a new way of thinking about the uniquely human tendency to produce, trade, consume, and accumulate.

Adam Smith (1723–1790) explained how the division of labor expands productive...


Early Austrian Economics

by Israel Kirzner, Louis Rukeyser, Mike Hassell & Pat Childs Knowledge Products (January 11, 2006)

Carl Menger (1840–1921), and Eugen von Bohm-Bawerk (1851–1914), working in Vienna in the late nineteenth century, rejected the classical and Marxian ideas that value can be measured objectively. They insisted...


Frank Knight and the Chicago School

by Arthur M. Diamond, Louis Rukeyser, Israel Kirzner & Mike Hassell et al. Knowledge Products (January 15, 2006)

Frank Knight (1885–1972) fathered the famous Chicago School of Economics, whose members are among the most decorated in history. An abstract theorist, Knight emphasized the role of risk and uncertainty in...


Joseph Schumpeter and Dynamic Economic Change

by Laurence S. Moss, Louis Rukeyser, Israel Kirzner & Mike Hassell et al. Knowledge Products (February 01, 2006)

Joseph Schumpeter (1883–1950) viewed capitalism as a dynamic engine of progress. In his view, mature economic systems find a regular and stable routine of supply, demand, and exchange; Schumpeter called this...


Karl Marx: Das Kapital

by David Ramsay Steele, Louis Rukeyser, Israel Kirzner & Mike Hassell et al. Knowledge Products (February 03, 2006)

Karl Marx wrote Das Kapital during the late industrial revolution, as Europe underwent a wrenching transformation from an agricultural to an industrial economy. In this monumental work, Marx argued that capitalism...


The German Historical School of Economics

by Nicholas Balabkins, Travis Hardison, Paul Meier & Louis Rukeyser et al. Knowledge Products (March 18, 2006)

Beginning in the early 1840s, a group of German university professors denounced the abstract theories of classical economists, rejecting theoretical analysis in favor of a historical approach. They believed...