Books Man, Economy, and State with Power and Market, Scholar's Edition by Murray N. Rothbard (Author), Joseph T. Salerno

"Man, Economy, and State with Power and Market, Scholar's Edition" by Murray N. Rothbard, with contributions from Joseph T. Salerno, is a foundational work in Austrian economics presenting a comprehensive and rigorous exposition of economic theory from an Austrian perspective. Rothbard builds his case starting from the praxeological axiom that human action is purposeful behavior aimed at achieving ends using scarce means.

The book covers key economic concepts such as voluntary exchange, division of labor, marginal utility, capital goods, and price formation. Rothbard rigorously criticizes socialism and government intervention, arguing for minimal state role and maximal economic freedom. He explains market processes, capital formation, and money from first principles, contrasting with mainstream economics that relies heavily on empirical data.

The included "Power and Market" section extends the analysis to government interventions, showing how state interference distorts market signals, creates inefficiencies, and leads to unintended consequences.