Economist Peter Leeson has written an excellent new book on the economics of pirates and pirate governance: The Invisible Hook: The Hidden Economics of Pirates (Princeton University Press). The book is a must read for anyone interested in the history of pirates.

Leeson wades through original source material as well as pirate histories to draw surprising insights into the pirate life, using economic analysis to explain their tactics as well as the reasoning behind the peculiar structure of pirate articles and codes. Many with deep knowledge of pirates won't find a lot truly new in the book. Rather, it's the way Lesson connects the dots that makes this book stand out. Indeed, with citations to our own Federalist papers, Leeson does an excellent job of showing how the choices pirate communities made about their captains and on-board ship behavior foreshadowed many of the basic principles that underly the U.S. version of Constitutional government and its unique system of checks and balances on power. He also provides an excellent and crisp analysis of the calculated use of terror by pirates to achieve their objectives.

The book is eminently readable compared to most books by economists. No need to worry about math, supply and demand curves, or jargon. Leeson also keeps the pace of the book flowing through solid organization and an admirable ability to avoid straying off theme or subject. But, be forewarned. The Invisible Hook is targeted toward adults. The author is thorough and takes his subject seriously.

Professors and teachers: This would be an excellent supplemental text for courses on political economy, public choice economics, public policy, economic history, or criminal justice.