Economics: Political Economy 
Essential
The Law
By Frédéric Bastiat: An English translation of one of Bastiat’s most famous pamphlets, written as part of his opposition to the growth of socialism in France in the 1840s and where he states that “the state is the great fiction by which everyone tries to live at the expense of everyone else”.
The Concise Encyclopedia of Economics (CEE)
This encyclopedia contains articles by leading economists on basic concepts, economic systems, schools of economic thought, macroeconomics, economic policy, taxes, money and banking, economic regulation, environmental regulation, discrimination, labor issues, international economics, corporations, financial markets, the marketplace, the economics of special markets, economies outside the U.S., and biographies of famous economists.
Selected Essays on Political Economy
By Frédéric Bastiat: "Bastiat directed his arguments against certain ever recurring fallacies as they were employed in his time. Few people would employ them today quite as naively as it was still possible to do then. But let the reader not deceive himself that these same fallacies no longer play an important role in contemporary economic discussion: they are today expressed merely in a more sophisticated form and are therefore more difficult to detect."- F.A. Hayek
Economic Sophisms
By Frédéric Bastiat: "Bastiat was not primarily an original economic theorist. What he was, beyond all other men, was an economic pamphleteer, the greatest exposer of economic fallacies, the most powerful champion of free trade on the European Continent."- Henry Hazlitt
The Market Economy and the Distribution of Wealth
By Ludwig M. Lachmann: "Everywhere today in the free world we find the opponents of the market economy at a loss for plausible arguments. Of late the “case for central planning” has shed much of its erstwhile luster. We have had too much experience of it. The facts of the last forty years are too eloquent."
Frederic Bastiat - What is Seen and What is Not Seen
There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen. Yet this difference is tremendous; for it almost always happens that when the immediate consequence is favorable, the later consequences are disastrous, and vice versa. Whence it follows that the bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil.
The Use of Knowledge in Society
By Friedrich August von Hayek: "One of Hayek’s most important contributions to economic theory is his demonstration of the part prices play in disseminating widely diffused knowledge about consumer demand and the availability of economic resources in order to make rational economic calculation possible."
Milton Friedman on "Greed"
In an interview with Phil Donahue, Milton Friedman explains why societies have historically always flourished when they've embraced a political and economic system that encourages economic self-interest -- "greed."
Recommended
Bernstein on the History of Trade
"William Bernstein talks with EconTalk host Russ Roberts about the history of trade. Drawing on the insights from his recent book, A Splendid Exchange: How Trade Shaped the World, Bernstein talks about the magic of spices, how trade in sugar explain why Jews ended up in Manhattan, the real political economy of the Boston Tea Party and the demise of the Corn Laws in England."
Incentives, Incentives, Incentives
By Allen R. Sanderson: "If incentives work so well, maybe there are ways to improve public sector outcomes through the application of these same 'incentives matter' principles."
Tim Hartford on BHTV
Cato's own Will Wilkinson speaks with author and economist Tim Hartford about his new book, The Logic of Life. "Tim’s book isn’t just another foray into pop econ. It’s a fascinating and entertaining overview and synthesis of a good deal of the most important recent research in economics." - Will Wilkinson
Don Boudreaux on Globalization and Trade Deficits
"Don Boudreaux, of George Mason University, talks about the ideas in his book, Globalization. He discusses comparative advantage, the winners and losers from trade, trade deficits, and inequality with EconTalk host Russ Roberts."
Boettke on Austrian Economics
Pete Boettke, of George Mason University, talks with EconTalk host Russ Roberts about the origins and tenets of Austrian economics.
Pigs Don't Fly: The Economic Way of Thinking about Politics
By Russell Roberts: "Politicians are just like the rest of us. They find it hard to do the right thing. They claim to have principles, but when their principles clash with what is expedient, they often find a way to justify their self-interest."
Munger on Fair Trade and Free Trade
"Mike Munger, frequent guest and longtime Econlib contributor, speaks with EconTalk host Russ Roberts about fair trade coffee and free trade agreements. Does the premium for fair trade coffee end up in the hands of the grower? What economic forces might stop that from happening?"
Adam Smith - A Primer
"Despite his fame, there is still widespread ignorance about the breadth of Adam Smith’s contributions to economics, politics and philosophy. In Adam Smith – A Primer, Eamonn Butler provides an authoritative introduction to the life and work of this ‘founder of economics’. "
Why We Trade
By Russell Roberts: "We’re used to shrugging off all sorts of rhetorical gobbledygook from our politicians. But when you hear U.S. presidential candidates start to mouth off about free trade, watch your wallet: A discredited 14th-century theory of economics is enjoying a dangerous renaissance in the 2008 campaign. "
The Political Economy of Force-Feeding
By Anthony de Jasay: "Compulsory education is delivering contestable results. Governments seek a remedy by providing more of it."
The Tragedy of the Commons and the Implications for Environmental Regulation
Bruce Yandle of Clemson University and George Mason University's Mercatus Center looks at the tragedy of the commons and the various ways that people have avoided the overuse of resources that are held in common.
So You Want to be a Masonomist
By Arnold Kling: "Years from now, perhaps people will be saying that something big got started recently at the George Mason University department of economics. Maybe if you become a Masonomist now, you will be getting in early on a trend that will soon catch on much more widely."
Democracy and Other Failures
By Doug Campbell: "The theory of public choice helps explain why we get stuck with so many bad economic policies. Or does it?"
Rent Seeking Behind the Green Curtain
Jonathan H. Adler explains that "due to the cost and complexity of environmental rules, the environmental policy arena presents an extremely attractive target for those who wish to seek rents in Washington. Indeed, if there is one consistent interest group, it is the inside-the-beltway consultants, lobbyists, and litigators, who benefit from the continuation of a Byzantine regulatory structure, the intimate knowledge of which is incredibly valuable and rare."
The Fundamentals of Rent Seeking
By Gordon Tullock: "Once the concept of rent seeking was discovered - and defined as the outlay of resources by individuals and organizations in the pursuit of rents created by government - there followed a flourishing of research as relevant ideas began to disseminate throughout economics. It is now rare to find an issue of an economics journal that does not refer at least implicitly to the concept of rent seeking."