Professor Peter J. Boettke


Assistants: Ms. Anne Rathbone

 Mr. Scott Beaulier





AIPES 2002


Economics Schedule


*required reading for all students

**additional reading required for graduate students






July 22


Introduction to the Economic Way of Thinking

* Frederic Bastiat, “That Which is Seen and That Which is Unseen,” (1850).


* Leonard Read, “I, Pencil,” (1958).


** Robert Sugden, “Spontaneous Order,” Journal of Economic Perspectives, 3 (Autumn 1989).


July 22


The Price System and the Market Economy

* F. A. Hayek, “The Use of Knowledge in Society,” American Economic Review, 35  (September 1945).


** Israel M. Kirzner, “Entrepreneurial Discovery and the Competitive Market Process,” Journal of Economic Literature, 35 (March 1997).


** Vernon Smith, “Markets, Institutions and Experiments,” in Encyclopedia of Cognitive Science (2002).


July 23


Property, Prices and Profit and Loss

* Henry Hazlitt, “The ABC of the Market Economy,” reprinted in The Wisdom of Henry Hazlitt (1993).


** Armen Alchian and Harold Demsetz, “The Property Rights Paradigm,” Journal of Economic History, 33 (March 1973).


** Armen Alchian, “Uncertainty, Evolution and Economic Theory,” Journal of Political Economy, 58 (June 1950).


July 24


The Economic Problems of Socialism

* Ludwig von Mises, “The Impracticality of Socialism,” from Liberalism (1927).


* Peter Boettke, “Economic Calculation: The Austrian Contribution to Political Economy,” reprinted in Calculation and Coordination (2001).


** Bruce Caldwell, “Hayek and Socialism,” Journal of Economic Literature, 35 (December 1997).


July 25


Coordination Mechanism and Economic Performance

* Janos Kornai., “The Affinity Between Ownership Forms and Coordination Mechanisms,” Journal of Economic Perspectives, 4 (Summer 1990).


** Ronald Coase, “The Institutional Structure of Production,” American Economic Review, 82 (September 1992).


** Douglass North, “Economic Performance Through Time,” American Economic Review, 84 (June 1994).


July 26


The Economic Analysis of Politics

* Ludwig von Mises, “The Clash of Group Interests,” reprinted in Money, Method and Market Process (1990).


* Peter Boettke, “Hayek’s The Road to Serfdom Revisited,” reprinted in Calculation and Coordination (2001).


* James M. Buchanan, “The Constitution of Economic Policy,” American Economic Review, 77 (June 1987).


** Dennis Mueller, “Public Choice: A Survey,” Journal of Economic Literature, 14 (June 1976).



July 26


The Historical Record of Socialism

* Peter Boettke, “The Political Economy of Utopia,” reprinted in Calculation and Coordination (2001).


* Peter Boettke, “Credibility, Commitment and Soviet Economic Reform,” reprinted in Calculation and Coordination (2001).


** Gur Ofer, “Soviet Economic Growth: 1928-1985,” Journal of Economic Literature, 25 (December 1987).


July 29


The Economics of the Transition

* Peter Boettke, “Introduction,”  Calculation and Coordination (2001).


* Murray Rothbard, “A Radical Prescription for the Socialist Bloc,” reprinted in Making Economic Sense (1995).


** Katharina Pistor, Martin Raiser, and Stanislav Gelfer, “Law and Finance in Transition Economies,” European Bank for Reconstruction and Development, Working Paper #48 (2000).


** Simon Johnson, Daniel Kaufman and Andrei Shliefer, “The Unofficial Economy in Transition,” Brookings Papers in Economic Activity (1997).


** Jeffrey Sachs and Andrew Warner, “Economic Reform and the Process of Global Integration,” Brookings Papers in Economic Activity (1995).


July 29


The Gradualist versus Shock Therapy Debate

* Peter Murrell, “The Transition According to Cambridge,” Journal of Economic Literature, 33 (March 1995).


** Kevin Murphy, Andrei Shleifer and Robert Vishny, “The Transition to a Market Economy: The Pitfalls of Partial Reform,” Quarterly Journal of Economics, 107 (August 1992).


July 30


What Have We Learned in 10+ Years of Transition?

* Peter Boettke, “The Russian Crisis: Perils and Propects for Post-Soviet Transition,” reprinted in Calculation and Coordination (2001).


* Peter Boettke, “The Political Infrastructure of Economic Development,” reprinted in Calculation and Coordination (2001).


** Joseph Stiglitz, “Whither Reform?,” World Bank Conference Paper, 1999.


** Edward Glaeser and Andrei Shleifer, “Legal Origins,” Quarterly Journal of Economics, forthcoming.


July 30


The Problem of Underdeveloped Nations

* Henry Hazlitt, “Foreign Aid versus Foreign Investment,” (1970), reprinted in The Wisdom of Henry Hazlitt (1993).


* Jeffrey Sachs, Andrew Mellinger, and John Gallup, “Geography and Poverty,” Scientific America (March 2001).


** Daron Acemoglu, Simon Johnson and James Robinson, “Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution,” Working Paper MIT, 2001.


** Mancur Olson, “Big Bills Lying on the Sidewalk,” Journal of Economic Perspectives, 10 (Spring 1996).


July 31


The Ethical Dimension in Political Economy

* Henry Hazlitt, “The Ethics of Capitalism,” from The Foundations of Morality (1964).


* Henry Hazlitt, “The Ethics of Socialism,” from The Foundations of Morality (1964).


** Albert Hirschman, “Rival Interpretations of Market Society,” Journal of Economic Literature, 20 (December 1982).


July 31


The Political Economy of a Free People

* Murray Rothbard, “The Anatomy of the State,” (1965).


** James M. Buchanan, “Contractarian Political Economy and Constitutional Interpretation,” American Economic Review (1988).


July 31




August 1