247 Key Works in the Field of Economics

247 key works in the field of economics

A tribute to the brilliant constellations in human history

"Whether for individuals or for society, in modern industrial society, the real factor that drives production is a concept, or what some prefer to call 'global vision.' It is a holistic concept, a comprehensive grasp of the entire pattern." — Peter Drucker

Having a global perspective is like having a universal map in an unfamiliar space.

You can see the whole picture, as well as its logic, order, and purpose, so that your mind is no longer confused, disorderly, and mysterious.

The following is a list of 247 key works in the field of economics.

They are not cold words, nor are they independent entities.

They are lively and vibrant.

Because, you will find that they influence each other.

For example, when you see economists such as Ricardo, Senier, and Mule discussing political economy, Marx jumps in to criticize them, then turns around and writes "Critique of Political Economy" and "Capital."

For example, you will find that after the publication of Volume III of Capital, Eugen von Böhm-Bawerk of the marginalist school turned around and criticized it, writing Karl Marx and the End of His System.

For example, you will also discover that economics was originally part of political science, political science is a branch of ethics, ethics belongs to the philosophical system, and philosophy is deeply influenced by religious thought. As a result, you cannot help but marvel that the ultimate end of the universe is still "metaphysics."

The relationships between these characters and the connections between the works shape the liveliness and vitality in your heart, and allow you to see the passing down of the torch from generation to generation.

This article is dedicated to paying tribute to the brilliant stars in human history.

01 Works that have been defined by academia in the past

... (Dedicated to unknown predecessors)

1. The Iliad and The Odyssey, 9th–8th century BC, Homer; 2. ......, ......, Socrates (dedicated to history); 3. The Economic Treatise, The Education of Cyrus, and The Revenue of Athens, 4th century BC, Xenophon; 4. The Republic, 386 BC, Plato; 5. Nicomachean Ethics, 330 BC, Aristotle; 6. Politics, 325 BC, Aristotle; 7. Agriculture, 160 BC, Marcus Porcius Cato; 8. On Agriculture, 37 BC, Marcus Terentius Varro; 9. On Free Will, 391-395, Augustine of Hippo; 10. Confessions, 394–400, Augustine of Hippo; 11. The City of God, 412–427, Aurelius Augustinus; 12. Summa Theologica, 1237, St. Thomas Aquinas; 13. Political Economy for the King and Queen, 1615, Monkrechin; 14. Taxation, 1662, William Petty; 15. The Wealth of England Derived from Foreign Trade, 1664, Thomas Mun; 16. Political Arithmetic, 1672, William Pudding; 17. The Fable of the Bees: Private Vices, Public Benefits, 1705, Mandeville; 18. On Money and Trade: With a Proposal for Supplying the State with Money, 1705, John Law; 19. On the Nature of Wealth, Money, and Taxes, 1705, Boa-Guil-Bell; 20. An Enquiry Concerning the Understanding, 1736, David Hume; 21. Selected Economic Essays, 1748-1758, David Hume; 22. An Essay on the True Nature of the Wealth of Nations, 1755, Richard Cantillon; 23. "Economic Table," 1758, Quesnay; 24. The Theory of Moral Sentiments, 1759, Adam Smith; 25. An Inquiry into the Nature and Causes of the Wealth of Nations, 1759, Adam Smith; 26. The Wealth of Nations, 1776, Adam Smith; 27. "A Treatise of Government," 1776, Jeremy Bentham; 28. Introduction to the Principles of Morals and Legislation, 1789, Jeremy Bentham; 29. An Essay on the Principle of Population, 1798, Thomas Robert Malthus; 30. Principles of Political Economy, 1802, Thomas Robert Malthus; 31. Introduction to Political Economy, 1803, Jean-Baptiste Say; 32. The Principles of Justice, 1811, Jeremy Bentham; 33. Political Economy and Taxation, 1817, David Ricardo; 34. The Isolated Nation (Volume I), 1826, by Johann Heinrich von Thünen; 35. Outline of Political Economy, 1836, Nassau William Senior; 36. A Study of the Mathematical Principles of the Theory of Wealth, 1838, Antoine Augustin Cournot; 37. The National System of Political Economy, 1841, Friedrich List; 38. Outline of Lectures on National Economy from a Historical Perspective, 1843, Roscher; 39. A System of Logic, 1843, John Stuart Mill; 40. Critique of Hegel's Philosophy of Right, 1843, Karl Marx; 41. On Some Unresolved Problems in Political Economy, 1844, John Stuart Mill; 42. Economic Sophisms, 1844, Bastiat; 43. "The Measurement of Public Utility," 1844, Assenar Jules Emile Du Bois; 44. Principles of Political Economy, 1848, John Stuart Mill; 45. The Communist Manifesto, 1848, Karl Marx; 46. On Tolls and Transportation Costs, 1849, Assen Jules Emile Du Bi; 47. The Theory of the Harmonious Economy, 1850, Bastiat; 48. The Isolated State (Volume II), 1850, by John Heinrich von Thünen; 49. "On Utility and the Measurement of Utility," 1853, Assenar Jules Emile Du Bois; 50. Principles of Political Economy, 1854, Roscher; 51. The Laws of Human Exchange and the Development of Human Behavior, 1854, Hermann Heinrich Gossen; 52. On Liberty, 1859, John Stuart Mill; 53. Critique of Political Economy, 1859, Karl Marx; 54. Representative Government, 1861, John Stuart Mill; 55. A Mathematical Theory of Political Economy, 1862, William Stanley Jevons; 56. The Fall of the Gold Standard, 1863, William Stanley Jevons; 57. The Theory of Wealth, 1863, Antoine Augustin Cournot; 58. Utilitarianism, 1863, John Stuart Mill; 59. The Coal Question, 1865, William Stanley Jevons; 60. Capital, Volume I, 1867, Karl Marx; 61. On the Subject of Women, 1869, John Stuart Mill; 62. The Theory of Political Economy, 1871, William Stanley Jevons; 63. Principles of National Economy, 1871, Carl Menger; 64. The Essentials of Pure Economics, 1874, Léon Walras; 65. A Summary and Critique of Economic Theories, 1877, Anthony Augustin Cournot; 66. The New and Old Methods of Ethics, 1877, Francis Y. Edgeworth; 67. Introduction to Political Economy, 1878, William Stanley Jevons; 68. Pure Theory of Foreign Trade and Domestic Value, 1879, Alfred Marshall; 69. Industrial Economics, 1879, Alfred Marshall; 70. Mathematical Psychology, 1881, Francis Y. Edgeworth; 71. "Methodological Studies of the Social Sciences, Especially Political Economy," 1883, Carl Menger; 72. Mercantilism and Its Historical Significance, 1884, Schmoller; 73. Capital and Interest (Volume I), 1884, Eugen von Bombawick; 74. Capital, Volume II, 1885, Karl Marx; 75. The Value of Nature, 1889, Friedrich von Wieser; 76. Capital and Interest (Volume II), 1889, Eugen von Bombawick; 77. Principles of Economics, 1890, Alfred Marshall; 78. An Outline of Industrial Economics, 1892, Alfred Marshall; 79. Price, Capital, and Maps, 1893, by John Gustav Knut Wicksell; 80. The Distribution of Wealth, 1893, Commons; 81. Capital, Volume III, 1894, Karl Marx; 82. The National State and Economic Policy, 1895, Max Weber; 83. The End of Karl Marx and His System, 1896, Eugen von Pombach; 84. "Appreciation and Interest," 1896, Irving Fisher; 85. Lectures on Political Economy, 1896-1897, Vilfredo Pareto; 86. Interest and Prices, 1898, by John Gustav Knut Wicksell; 87. The Theory of the Leisure Class: An Economic Study, 1899, Thorstein Veblen; 88. The Significance of General National Economy, 1900-1904, Schumpeter; 89. Lectures on National Economy, 1901-1904, John Gustav Knut Wicksell; 90. A History of American Money, 1903, Mitchell; 91. The Protestant Ethic and the Spirit of Capitalism, 1904–1905, Max Weber; 92. Handbook of Political Economy, 1906, Vilfredo Pareto; 93. Protection and Preferential Import Tariffs, 1906, Arthur Cecil Pigou; 94. The Nature of Capital and Income, 1906, Irving Fisher; 95. Interest, 1907, Irving Fisher; 96. A Documentary History of American Industrial Society (10 volumes), 1910, Commons; 97. The Purchasing Power of Money, 1911, Irving Fisher; 98. Wealth and Welfare, 1912, Arthur Cecil Pigou; 99. The Theory of Economic Development, 1912, Joseph Schumpeter; 100. The Theory of Money and Credit, 1912, Ludwig von Mises; 101. The Economic Cycle, 1913, Mitchell; 102. Indian Currency and Finance, 1913, John Maynard Keynes; 103. Social Economics, 1914, Friedrich von Wieser; 104. The German Empire and the Industrial Revolution, 1915, Thorstein Veblen; 105. A History of American Labor, 1918-1935, by Commons; 106. Industry and Trade, 1919, Alfred Marshall; 107. The Economic Consequences of Peace, 1919, John Maynard Keynes; 108. "Nation, State, and Economy," 1919, Ludwig von Mises; 109. Welfare Economics, 1920, Arthur Cecil Pigou; 110. "A Stable Currency," 1920, Irving Fisher; 111. The Engineer and the Price System, 1921, Thorstein Veblen; 112. "The Compilation of Indices," 1922, Irving Fisher; 113. Socialism: An Economic and Sociological Analysis, 1922, Ludwig von Mises; 114. "Not in Ownership and Modern Enterprises," 1923, Thorstein Veblen; 115. Money, Credit, and Commerce, 1923, Alfred Marshall; 116. A Treatise on Money, 1923, John Maynard Keynes; 117. The Legal Basis of Capitalism, 1924, Commons; 118. The End of Laissez-Faire Capitalism, 1926, John Maynard Keynes; 119. The Law of Profits under Conditions of Competition, 1926, Piero Sraffa; 120. Industrial Fluctuations, 1927, Arthur Cecil Pigou; 121. "The Problem of the Economic Cycle and Its Background," 1927, Mitchell; 122. The Land of Liberty and Prosperity, 1927, Ludwig von Mises; 123. Public Finance, 1928, Arthur Cecil Pigou; 124. Money Illusion, 1928, Irving Fisher; 125. The Theory of Money and Bank Credit, 1929, Friedrich August von Hayek; 126. The General Theory of Employment, Interest, and Money, 1930, John Maynard Keynes; 127. The Theory of Interest, 1930, Irving Fisher; 128. Price and Production, 1931, Friedrich August von Hayek; 129. The Theory of Unemployment, 1933, Arthur Cecil Pigou; 130. Incomplete Competition Economics, 1933, Joan Robinson; 131. The Epistemological Problems of Economics, 1933, Ludwig von Mises; 132. Institutional Economics, 1934, Commons; 133. 100 Percent Money, 1935, Irving Fisher; 134. The General Theory of Employment, Interest, and Money (a revolutionary masterpiece that pioneered macroeconomics), 1936, John Maynard Keynes; 135. The Business Cycle, 1936, Roy Forbes Harrod; 136. The Nature of the Firm, 1937, Coase; 137. Modern Competition and Industrial Policy, 1938, Galbraith; 138. The Economic Cycle, 1939, Joseph Schumpeter; 139. Profit, Interest, and Investment, 1939, Friedrich August von Hayek; 140. Fiscal Policy and the Business Cycle, 1941, Alvin H. Hansen; 141. Constructive Income Tax, 1942, Irving Fisher; 142. Capitalism, Socialism, and Democracy, 1942, Joseph Schumpeter; 143. Bureaucracy, 1944, Ludwig von Mises; 144. The Road to Serfdom, 1944, Friedrich August von Hayek; 145. Capital Expansion, Growth Rate, and Employment, 1946, E. D. T. 146. Expansion and Employment, 1947, Evers Dorm; 147. The Foundations of Economic Analysis (this doctoral thesis earned him the Nobel Prize in Economics 25 years later), 1947, Paul Samuelson; 148. Economics, 1948, Paul Samuelson; 149. Introduction to Dynamic Economics, 1948, Roy Forbes Harrod; 150. Individualism and Economic Order, 1948, Friedrich August von Hayek; 151. Monetary Theory and Fiscal Policy, 1949, Alvin H. Hansen; 152. "The Indeterminacy of Absolute Prices in Classical Economic Theory," 1949, Don Patking; 153. Human Action, 1949, Ludwig von Mises; 154. The Ineffectiveness of Classical Monetary Theory, 1951, Don Patking; 155. Ten Great Economists from Marx to Keynes, 1951, Joseph Schumpeter; 156. The Collected Works and Correspondence of David Ricardo (10 volumes), 1951-1955, Piero Sraffa; 157. The Secular Philosopher, 1953, Heilbroner; 158. Empirical Economics, 1953, Milton Friedman; 159. A Guide to Keynes's Theory, 1953, Alvin H. Hansen; 160. A History of Economic Analysis, 1954, Joseph Schumpeter; 161. "The Dichotomy of the Price Determination Process in Economic Theory," 1954, Don Patking; 162. "A Contribution to the Theory of Economic Growth," 1956, Robert Merton Solow; 163. The Theory of Capital Accumulation, 1956, Joan Robinson; 164. "Technological Change and the Total Production Function," 1957, Robert Merton Solow; 165. The Theory of the Consumption Function, 1957, Milton Friedman; 166. Discrimination Economics, 1957, Gary Becker; 167. The Affluent Society, 1958, Galbraith; 168. The Federal Communications Commission, 1959, Coase; 169. Commodities and Capital: An Introduction to the Critique of Economic Theory, 1960, Piero Sraffa; 170. Keynes and the Classical School, 1960, Robert Wayne Kroll; 171. The Economic Analysis of Fertility, 1960, Gary Becker; 172. The Principles of Freedom and of the Order of a Free Society, 1960, Friedrich August von Hayek; 173. The Social Cost Problem, 1960, Coase; 174. American Economic Growth: 1790-1860, 1961, Douglas North; 175. Property Rights Economics, 1961, Alchian; 176. "An Experimental Study of Competitive Market Behavior," 1962, Vernon Smith; 177. Capitalism and Freedom, 1962, Milton Friedman; 178. The Origin of Economic Society, 1963, Heilbroner; 179. A Monetary History of the United States: 1867-1960, 1963, Milton Friedman; 180. Human Capital, 1964, Gary Becker; 181. The Exchange and Exercise of Property Rights, 1964, Demsetz; 182. Railroads and U.S. Economic Growth, 1964, Robert Fogel; 183. Location and Land Use: A General Theory of Rent, 1964, William Alonzo; 184. The Growth and Welfare of the American Economy in the Past: A New Economic History, 1966, Douglas North; 185. The New Industrial State, 1967, Galbraith; 186. On Property Rights Theory, 1967, Demsetz; 187. Selected Essays on Modern Economic Growth, 1969, Joseph Stiglitz; 188. "The Market for Lemon: Quality Uncertainty and the Market Mechanism," 1970, George Arthur Akerlof; 189. Institutional Change and Economic Growth, 1971, Douglas North/Robert Fogel; 190. Production, Information Costs, and Economic Organization, 1972, Alts/Demsetz; 191. Economics and Public Ends, 1973, Galbraith; 192. Property Rights, 1973, Alts/Demsetz; 193. Introduction to Modern Economics, 1973, Joan Robinson; 194. The Rise of the Western World: A New Economic History, 1973, Douglas North/Robert Thomas; 195. The Unjust Era: The Economics of American Slavery, 1974, Robert Fogel/Stanley Engleman; 196. Market and Hierarchy: Analysis and Antitrust Implications, 1975, Williamson; 197. Economic Analysis of Human Behavior, 1976, Gary Becker; 198. "On Keynesian Economics and Keynes' Economics," 1978, Axel Leenhoff; 199. Macroeconomics (co-authored), 1978, Stanley Fischer; 200. Law, Legislation, and Liberty, 1978, Friedrich August von Hayek; 201. Free to Choose, 1980, Milton Friedman; 202. Structure and Change in Economic History, 1981, Douglas North/Robert Fogel; 203. The Theory of the Family, 1981, Gary Becker; 204. Rational Expectations and Econometric Practice, 1981, Robert A. Lucas Jr. 205. Research on Economic Cycle Theory, 1981, Robert Lucas Jr. 206. "Microeconomics as an Experimental Science," 1982, Vernon Smith; 207. The Bounded Rationality Model, 1982, Herbert Simon (Sima He); 208. The Essence and Logic of Capitalism, 1985, Haerblona; 209. Political Economy: An Introduction, 1985, Edmund F. Phelps; 210. The Fatal Conceit: The Errors of Socialism, 1985, Friedrich August von Hayek; 211. Economic Cycle Model, 1987, Robert Lucas Jr. 212. "The Death and Life of Large Corporations," 1988, Alchian; 213. Bubble Economics, 1989, George Arthur Akerlof; 214. "The Recursive Method in Economic Dynamics," 1989, Robert Lucas Jr. 215. Seven Schools of Macroeconomic Thought, 1990, Edmund Phelps; 216. Geography and Trade, 1991, Paul Robin Krugman; 217. The Nature of the Firm: Origins, Evolution, and Development, 1991, Williamson; 218. Macroeconomics, 1992, Nicholas Gregory Mankiw; 219. Development, Geography, and Economic Theory, 1995, Paul Robin Krugman; 220. The Good Society, 1996, Galbraith; 221. Principles of Economics, 1998, Nicholas Gregory Mankiw; 222. Inflation Targeting: International Experience, 1999, Ben Bernanke; 223. "Spatial Economics: Cities, Regions, and International Trade," 1999, Paul Robin Krugman; 224. Understanding the Process of Economic Change, 2005, Douglas North; 225. The Great Schism: A Comparative Study of Medieval Trade Systems and the Rise of the West, 2006, Afnan Greif; 226. Violence and Order: A Conceptual Framework for Interpreting Written History, 2009, Douglas North; 227. Transforming China, 2012, Coase;

02 Works that are highly cited in academic circles today

228. The Economics of Information, 1961, George Joseph Stigler; 229. Crime and Punishment: An Economic Approach, 1968, Gary Stanley Becker; 230. The American Economic Review, 1968, Milton Friedman; 231. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," 1970, George Akerlof; 232. "Rational Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule," 1975, Thomas John Sargent; 233. "The Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure," 1976, Michael Cole Jensen; 234. "Credit Rationing in Markets with Imperfect Information," 1981, Joseph Eugene Stiglitz; 235. 《Selection and the Evolution of Industry》, 1982, Boyan Jovanovic; 236. "Large Shareholders and Corporate Control," 1986, Andrei Shleifer; 237. Asymmetric Least Squares Estimation and Testing, 1987, Whitney Kent Newey; 238. Managerial Discretion and Optimal Financing Policies, 1990, René M. Stulz; 239. Entrepreneurship: Productive, Unproductive, and Destructive, 1990, William Jack Baumol. 240. "The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies," 1992, Clifford W. Smith; 241. "Common risk factors in the returns on stocks and bonds," 1993, Eugene Francis Fama; 242. Markup Pricing in Mergers and Acquisitions, 1996, G. William Schwert; 243. The Colonial Origins of Comparative Development: An Empirical Investigation, 2001, Daron Acemoglu; 244. 《The Market for News.》, 2005, Sendhil Mullainathan; 245. Salience and Taxation: Theory and Evidence, 2009, Raj Chetty; 246. "The Short of It: Investor Sentiment and Anomalies," 2012, Robert F. Stambaugh; 247. Wealth Inequality in the United States since 1913: Evidence from Capitalized Income Tax Data, 2016, Emmanuel Saez.

03 Some Discussions on the Above-mentioned Key Works

The past is judged by the present; the present is judged by the future.

I have no way of knowing whether the works that are currently highly cited in academic circles will be judged by future generations as milestones in the modern history of economics.

I can only share my own screening logic for discussion purposes:

First, I downloaded academic articles from five top economics journals (Quarterly Journal of Economics, American Economic Review, Journal of Political Economy, Econometrica, and Journal of Financial Economics) from the literature database, covering nearly 30,000 academic articles in the field of economics.

Second, for these nearly 30,000 academic papers, I conducted author collaboration network analysis, author co-citation analysis, H-index analysis, and literature citation analysis to select the top ten most productive economists and the top ten most highly cited economists in each journal, for a total of nearly 100 top economists.

Then, by comparing the lists of high-producing and highly cited economists, we found that 20 top economists appeared on both lists.

Finally, the most highly cited works of these 20 top economists were selected as their representative works and compiled into the above list.

On the surface, this screening logic seems to be quite consistent.

In fact, there are many hidden flaws behind the scenes.

For example, analyzing 30,000 academic articles will certainly yield less accurate results than analyzing 100,000 or 300,000 articles.

For example, top economists who do not appear in the top ten lists of high productivity and high citations do not necessarily mean that they are not top-notch. It just means that at the moment, there are even more top-notch economists above them, and even rising stars have just begun to "sprout." This will inevitably lead to many omissions.

For example, highly cited literature is easily affected by time. In other words, the longer a piece of literature has been published, the more citations it will naturally receive compared to newly published literature. A high number of citations does not necessarily mean that newly published literature is of little value.

……

Ref:

1\. Paul Samuelson (2020). Economics (19th edition). Business Press.

2\. Stanley L. Brunn & Randy R. Grant. (2014). History of Economic Thought. Peking University Press.

3\. Commercial Press Editorial Department (ed.). (2021). Bibliography of World Academic Masterpieces in Chinese Translation (Volumes 1-19). Commercial Press.

4\. Wei Lili (ed.). (2023). History of Economic Thought. Mechanical Industry Press.

5\. OpenAlex

6\. Web of Science