Kenneth Boulding, despite winning a John Bates Clark Medal and publishing three dozen books and at least eight hundred articles, is an underappreciated economist. This article examines three of his most important books—The Image, Stable Peace, and Three Faces of Power—which reflect Boulding’s emphasis on individual agency, subjectivism, the nature of knowledge, open-ended processes, and the role of institutions.

Yahya Alshamy is a PhD student in the Department of Economics at George Mason University, and a research fellow at the Center for Nonviolence and Peace Studies.
Christopher J. Coyne is a Senior Fellow at the Independent Institute, Professor of Economics at George Mason University, and Co-Editor of The Independent Review.
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Other Independent Review articles by Yahya Alshamy
Winter 2023/24 Yemen In the Shadow of Transition: Pursuing Justice Amid War
Summer 2023 The Market Process as Nonviolent Action
Summer 2023 Nonviolent Jihad: The Framework of Nonviolent Action in Islam
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Other Independent Review articles by Christopher J. Coyne
Spring 2024 Murray Rothbard on War and Foreign Policy
Summer 2023 A Symposium on Gene Sharp’s The Politics of Nonviolent Action
Summer 2023 The Market Process as Nonviolent Action
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