List of important publications in economics


This is a list of important publications in economics, organized by field.
Some reasons why a particular publication might be regarded as important:

''[The Wealth of Nations]''

Description: The book is usually considered to be the beginning of modern economics. It begins with a discussion of the Industrial Revolution. Later it critiques the mercantilism and a synthesis of the emerging economic thinking of his time. It is best known for the idea of the invisible hand, although this idea is only mentioned once in the book. Smith was critical of the 'vile maxim' of the 'masters of mankind', all for themselves and nothing for other people. The Butcher, the Baker, and the Brewer provide goods and services to each other out of self-interest; the unplanned result of this division of labor is a better standard of living for all three.
Importance: Topic creator, Breakthrough, Influence, Introduction

''[Principles of Political Economy and Taxation]''

Description: Elaborates, clarifies and corrects previous theories, and adds important new concepts
Importance: Breakthrough, influence, broadened scientific foundations of economics

''[Das Kapital]''

Description: Das Kapital is a political-economic treatise by Karl Marx. Marx wrote this critical analysis of capitalism and of the political economy from the perspective of historical materialism, the view that history can be understood as a sequence of modes of production in which exploiting classes extract an economic surplus from exploited classes.
Importance: Breakthrough, Influence

''[Progress and Poverty]''

Description: Describes how poverty in the midst of plenty results from unequal rights to use natural resources, and declining wages in the face of increasing labor productivity results from the Law of Rent. Advocated Georgism, specifically a land value tax.
Importance: Influence, Breakthrough...

Principles of Economics (Menger)

Influence: Credited with co-founding of marginal utility analysis and the Austrian School of economics.

Principles of Economics (Marshall)

Influence: Standard text for generations of economics students.

Economics

Importance:: Influential multi-level, best-selling principles textbook that popularized neoclassical synthesis of Keynesian economics and neoclassical economics.

[Microeconomics]

''[Value and Capital]''

Description: See Importance.
Importance: The book built on ordinal utility and mainstreamed the now-standard distinction between the substitution effect and the income effect for an individual in demand theory in the 2-good case. It generalized analysis to the case of one good and all other goods, that is, the composite good. It aggregated individuals and businesses through demand and supply across the economy. It anticipated the aggregation problem, most acutely for the stock of capital goods. It introduced general equilibrium theory to an English-speaking audience, refined the theory, and for the first time attempted a rigorous statement of stability conditions for general equilibrium.

[Macroeconomics]

Among the most important list of publication in macroeconomics are:

''[General Theory of Employment, Interest and Money]''

Description: In this book, Keynes put forward a theory based upon the notion of aggregate demand to explain variations in the overall level of economic activity, such as were observed in the Great Depression. The total income in a society is defined by the sum of consumption and investment; and in a state of unemployment and unused production capacity, one can only enhance employment and total income by first increasing expenditures for either consumption or investment.
Importance: Topic creator, Breakthrough, Influence

''[A Monetary History of the United States]''

Description: Friedman and Schwartz used changes in monetary aggregates to explain business cycle fluctuations in the United States economy.
Importance: Influence

[Game theory]

[Theory of Games and Economic Behavior]

Description: The book by the mathematician John von Neumann and economist Oskar Morgenstern. It contained a mathematical theory of economic and social organization, based on a theory of games of strategy.
This is now a classic work, upon which modern-day game theory is based. Game theory has since been widely used to analyze real-world phenomena from arms races to optimal policy choices of presidential candidates, from vaccination policy to major league baseball salary negotiations. It is today established, both throughout the social sciences and in a wide range of other sciences.
Importance: Topic creator, Influence

[Mathematical economics]

[Foundations of Economic Analysis]

The book showed how operationally meaningful theorems can be described with a small number of analogous methods, thus providing "a general theory of economic theories." It moved mathematics out of the appendices and helped change how standard economic analysis across subjects could be done with the same mathematical methods.
Importance and Influence: Accelerated change in standard methods

[Econometrics]

A New Framework for Testing Rationality and Measuring Aggregate Shocks Using Panel Data

Description:
Importance:

Cointegration and Error Correction: Representation, Estimation and Testing

Description:
Importance:

Handbook of Econometrics

Description:
Importance :

Analysis of Panel Data

Description:
Importance:

Distribution of the Estimators for Autoregressive Time Series with a Unit Root

Description: Describes the Dickey–Fuller test.
Importance:

The Standard Error of Regressions

Description: Emphasizes the difference between statistical significance and economic significance, and shows that the understanding is not clear in a review of papers from The American Economic Review.
Importance: Raised the caution against "asterisk economics" in econometrics to another level. See McCloskey critique.

Policy Evaluation: A Critique

Description:
Importance:

Labor Economics">Labour economics">Labor Economics

Schooling, Experience, and Earnings

Description: Empirical investigation of the labor market returns to education.
Importance: Popularizing the empirical research in that subfield. Coining the so-called "Mincer equation".

[Behavioral economics]

Advances in Behavioral Economics

Description: Definitive one-volume resource on the field.
Importance: Introduction

Judgment Under Uncertainty: Heuristics and Biases

Description:
Importance:

Prospect Theory: An Analysis of Decision Under Risk

Description: In this article, Prospect theory, a descriptive theory of choices under uncertainty, is introduced, bringing together ideas from psychology and economics.
Importance: Topic creator, Breakthrough

[Experimental economics]

Experimental Economics: Rethinking the Rules

Description: A first structured and methodical survey of economic methods, with a focus on methodology.
Importance: Consolidation of the field, methodological issues.

Behavioral Game Theory

Description: A handbook for advanced experimental and behavioral economics students.
Importance: Introduction

The Handbook of Experimental Economics

Description: The experimental economics handbook.
Importance: Introduction, Influence

[Finance]

Portfolio Theory

Description: Development of the utility framework which shows an optimum can be reached using a portfolio of investments. In effect the first real proof that you should not put all your eggs in one basket.
Importance: Precursor to most modern portfolio theory work in finance.

Capital asset pricing model

Description: Development of the capital asset pricing model used to determine appropriate prices for assets.
Importance: Topic creator, Influence

The pricing of options and corporate liabilities

Description: It developed the Black–Scholes model for determining the price of options, in particular stock options. The use of the Black–Scholes formula has become pervasive in financial markets, and has been extended by numerous refinements.
Importance: Breakthrough, Influence

[Socioeconomics]

[Ecological economics]

The Entropy Law and the Economic Process by Nicholas Georgescu-Roegen.
Steady-State Economics by Herman Daly
Natural Capitalism, Paul Hawken
Small Is Beautiful, E.F. Schumacher

[Consumer theory]

Economics and Consumer Behavior, Deaton & Muellbauer, Cambridge.

[Production theory]

[Industrial organization]

The theory of Industrial Organisation

Description:
Importance:

Sunk costs and industry structure

Description:
Importance:

[Managerial economics]

Description: First modern development economics textbook
Importance: Introduction
Description: Widely used textbook.
Importance: Introduction
Description: Widely used textbook.
Importance: Introduction
Description: examines the last 30 years of development economics, viewed through the World Bank's World Development Reports.

The Economics of Welfare

Description: Pigou was the one of the most influential economists that dealt with Welfare economics. He developed the idea of Pigovian tax.
Importance: Topic creator, Breakthrough, Influence

Collective Choice and Social Welfare

Description: Inspired renewed interest in basic welfare issues, mentioned in Sen's Nobel citation
Importance: Influence

[Health economics]

Uncertainty and the Welfare Economics of Medical Care

Description: Explores the "specific differentia of medical care as the object of normative economics", demonstrating that the consideration of uncertainty is key to understanding markets in health care.
Importance: Generally considered a seminal work of enduring significance; key to the foundation of health economics as a field of study.

The Economics of Health and Health Care

Description: The standard health economics textbook in most leading universities. It assumes some background knowledge in economics.
Importance: Introduction.

Handbook of Health Economics

Description: The most comprehensive available collection of essays on contemporary health economics. Advanced readers will appreciate its mathematical rigor. Those who are seeking research or dissertation topics should find this two-volume set to be an invaluable resource.

Institutional economics

Posner, Richard A. "Economic Analysis of Law."