Top 11 Best Economics Books Of All Time Review 2021

Top 14 Best Economics Books Of All Time Review 2021

Are you trying to find the Best Economics Books in 2021? Economics is a broad subject, and if you are not an economist by profession, your comprehension may be restricted to the Econ 101 course you took in college.

But getting to understand the finer points of economics and how the market works in conjunction with items like stock exchange movements, rates of interest, consumer prices, and home costs are significant from an investment standpoint.

When you are tuned into what pushes economic trends and cycles, which provides you with a framework for making portfolio or investment choices, as an example, you might be better set to purchase or sell shares if you are ready to recognize the indicators of an impending economic recession or the up momentum that interrupts the coming of a bull market.

Luckily, you do not have to make a diploma in economics to achieve that sort of knowledge. Delve deeper into the world of economics using these best books on economics from Penn Book.

Top Rated Best Economics Books To Read

Top Must-Read Economics Books for Aspiring Economists

Economics in One Lesson

Best Overall

“Economics in One Lesson,” initially published in 1946, is a great starting point for anybody who requires a comprehensive but not too technical justification of economics and how the economy works. Once it utilizes outdated examples, the underlying message remains applicable today: mathematics is best seen as a very long game that points in both unknown and known components that could influence outcomes.

Economics in One Lesson applies that principle to ordinary situations that are simple to comprehend, such as minimum wage and government spending competitions. It challenges the idea that economics is best translated as a collection of short-term situations, scenarios, and trends.

In general, this book is a good selection for constructing your economics knowledge foundation if you would like something simple to digest. It was published in 1946 and has sold over a million copies. This is a testimony to Hazlitt’s lessons.

Freakonomics

by Steven D Levitt and Stephen J. Dubner

Best for Beginners

  • Which is more dangerous: a gun or a swimming pool?
  • What do sumo wrestlers and school teachers have in common?
  • What does it matter to parents?

These might not seem like the typical questions an economist would ask. Steven D Levitt, however, isn’t your typical economist. He examines the complexities of daily life, from crime and cheating to parenting and sports, and comes up with conclusions that challenge conventional wisdom.

If you want to dip your toes in the water of data, human behavior, and economics, but you also want to enjoy a page-turning ride without tons of business-speak, then Freakonomics.

Steven Levitt and Stephen Dubner have probably been familiar with “Freakonomics,” a smash hit. It addresses everyday questions and examines the answers through an economist’s lens, an unusual one at that. Although the questions might sound strange, think about “What’s safer, a gun, or a pool?”

Freakonomics is a groundbreaking collaboration between Levitt and Stephen J. Dubner, an award-winning author, and journalist. They set out to investigate the inner workings of a crack gang, the truth about real-estate agents, secrets of the Ku Klux Klan, and many other topics.

The unintended consequences reveal a lot about our motivations, making decisions, and challenge conventional wisdom. Levitt is a Professor of Economics at the University of Chicago. Dubner is an award-winning journalist, radio and TV personality, and a Professor of Economics at the University of Chicago. Freakonomics provides a crash course on populist economics.

The Armchair Economist: Economics and Everyday Life

by Steven E. Landsburg

Best on Applied Economics

Steven Landsburg argues that economics could be boiled down to four words: people respond to incentives. The book gives readers a layman’s introduction to economics via incentives and their consequences, good and evil, and how all aspects of our daily lives are affected by these. The Armchair Economist is also a fantastic introduction to this so-called “Chicago school” of economics, where Landsburg is himself apart.

An Inquiry into the Nature and Causes of The Wealth of Nations

by Adam Smith

Best Classic

The Wealth of Nations was originally published in 1776. It is generally considered the foundation of modern economic thought. Smith, a Scottish professor in moral philosophy, explained the then-revolutionary doctrine of economic liberalism.

Smith’s peers immediately recognized the importance of Smith’s book, and later economists showed a remarkable consensus in their admiration of his ideas.

Smith combines economics, philosophy, history, philosophy, as well as practical programs. He believes that human self-interest drives economics. That all self-interested efforts contribute to the greater good of the universe.

His conclusion that the best program was to leave the economic process alone and that government is only helpful as an agent to maintain order is now called laissez-faire economics, or noninterventionism.

Smith was the first to recognize the importance of the division of labor. He also proposed the hypothesis that a commodity’s value is related to its labor input. The Wealth of Nations is what Smith prefigured in Karl Marx’s writings.

Like Marx’s Das Capital or Machiavellis The Prince, his excellent bookmarked the dawning of a new historical epoch.

The Wealth of Nations is the first book in economics. However, rereading this text can help students understand the basics of economics and its evolution over the past 300 years.

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The Wealth of Nations (Bantam Classics)
2,247 Reviews

Misbehaving: The Making of Behavioral Economics

by Richard H. Thaler

Best on Behavioral Economics

In Misbehaving, Richard Thaler assesses the “rational actor” premise frequently utilized in economic concepts that misunderstand how most people think and behave. The behavioral economics book focuses on how individual misbehavior has consequences that seem however big or small a choice seems to be. Misbehaving is a remarkable account of the significant advancement in behavioral economics during the previous half-century.

Capital in the Twenty-First Century

by Thomas Piketty

Best on Income Inequality

Thomas Piketty’s “Capital in the Twenty-First Century,” a Wall Street Journal and New York Times best sellers, won the Financial Times award and the McKinsey Business Book Award, offers a unique look at the history of wealth inequalities in Europe and the United States, and the destruction that this inequality can cause. In no uncertain terms, the book explains that wealth inequality will flourish if the country’s rate of return is higher than its economic growth rate.

Piketty, a French economist, is a professor at both the Paris School of Economics International Inequalities Institute and the London School of Economics International Inequality Institute.

Good Economics for Hard Times

Best on Progressive Economic Theory

Abhijit V. and Esther Duflo (MIT professors, winners of the 2019 Nobel Prize in Economics) wrote 2 Good Economics for Hard Times. Their holistic yet data-driven approach to economics and policymaking gained instant attention. Banerjee & Duflo argue that to face the world’s challenges including climate change, globalization, immigration, inequality; people need to unite, stop polarization, and making decisions based upon data.

Through explanations and examples, the duo upends many conventionally held thoughts across the political spectrum, such as that illegal immigration hurts the native-born working class (their data shows it doesn’t) or that buying cheap goods from countries without a minimum wage is a moral ill (their data shows workers benefit from such jobs).

In addition to tackling economic efficiency, Banerjee and Duflo offer up their takes on trends in extreme political rhetoric, global warming, job automation, bigotry, the fluidity and logic of diverse preferences, and the need for an economic system that considers the needs of the individual and the good of the whole in appropriate proportions.

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Good Economics for Hard Times
  • Banerjee, Abhijit V. (Author)

Best on Free Market Economic Theory

Thomas Sowell, a well-known economist, and syndicated columnist has written more than 30 books about history, economics, public policies, education, race, class, culture, and education. Sowell, a professor from the University of Chicago with a doctorate in economics, is widely considered one of today’s most influential American economists. Wealth, Poverty, and Politics is Sowell’s presentation of the basics of free-market economic lore.

This is against the backdrop of modern debates about income inequality and public policies, which he argues underplay the role of wealth production.

Sowell claims wealth production is possible with lots of data. It depends on complex factors such as geography, culture, demographics, and geography. Many policies designed to alleviate poverty do not succeed, he says. This is partly due to the wrong assumptions that they are based on.

Sowell uses historical events as an example and shows how social trends can show how different factors have affected the economic trajectory of people and countries throughout history. And how they will continue doing so.

The History of Economic Thought: A Reader

Best Anthology of Economics

Although it’s not a book you would want to read on a beach, The History of Economic Thought: A Reader will help you understand Western economic theory. This edition is a popular choice for university-level economics classes. It was edited by Steven G. Medema (a Duke University research professor in economics) and Warren J. Samuels (3, an economist well-known and former professor at Michigan State University in economics).

The duo begins with preclassical thinking and then introduces readers to excerpts by Locke, Aristotle, and Turgot, a female economist who wrote in the 1770s. The following section includes classical thought and a variety of extracts from Smith, Ricardo, and Mill. Then, Marx is thoroughly covered, followed by the writers of the marginalist revolution, circa 1835-1914. This continues through the development and institution of macroeconomics and then ends with the post-World War II economy. The History of Economic Thought provides a comprehensive overview of Western economic theories and an introduction to critical thinkers in this field.

The Road to Serfdom

Best on Economic History

F. A. Hayek’s “The Road to Serfdom,” first published in 1944, has been regarded as a kind of gospel in economic writing. Hayek’s work was controversial at the time and warned against state control of production. It has been sold more than 400,000 copies and translated into over 20 languages.

Bruce Caldwell (a Hayek scholar) provides clarifications and modern interpretations of Hayek’s works. Hayek was a recipient of the Medal of Freedom as well as the Nobel Memorial Prize in Economics. He taught at the University of Freiburg, Chicago, and the University of London.

Factfulness: Ten Reasons We’re Wrong About the World—and Why Things Are Better Than You Think

Best on Global Economic Progress

Hans Rosling, Anna Rosling Ronnlund, and Ola Rosling had a clear goal when they set out to publish Factfulness: Ten Reasons You’re Wrong About the World and Why Things Are Better Than You Think. A doctor, a software engineer, and a statistician set out to dispel ignorance about the world’s state. They found it in every country, class, and culture they studied. No matter where the subjects lived or their education level, almost all of them believed that the world was in a worse place.

Many other people believed that child mortality rates are higher than they are, that education is less common for girls. That poverty was increasing instead of decreasing by half, according to the data. Factfulness was a New York Times bestseller due to its incredible socio-economic information. But it is also valuable for the insights it offers about why humans are so hostile about the world and how data can help change our minds.

Other Considerations:

Naked Economics: Undressing the Dismal Science

by Charles Wheelan

If you’re searching for a refresher in introducing the broad strokes of this topic, Naked Economics is right for you. Charles Wheelan begins with one basic assumption: individuals attempt to maximize their usefulness and expand to a more extensive exploration of the free-market concept and its consequences.

The Rise and Fall of Nations

by Ruchir Sharma

It’s just the best guide into the international market and its issues now. The author has written this book based on his 25 decades of traveling expertise, which he narrates in this variant.

He’s roamed in the villages into the president’s homes to write this book and offer his readers a real world. He reveals ten principles of demonstrating with a great perspective. He’s given a concise comparison between states.

The book covers the dismal science of economics as artwork in practice. A range of factors could shape a nation’s economy and fortune, and he’s explained these variables in the 10 most easy rules. He educates his readers on how to read by substituting rapid growth with slow expansion, the standing of billionaires as a sign of a flourish, etc.

Capitalism and Freedom

by Milton Friedman

How can we get the best of the government’s promise while also avoiding the danger it presents to our freedoms?

Milton Friedman’s classic work provides the definitive explanation of his influential economic philosophy. Competitive capitalism is both an instrument for economic freedom and a condition of political freedom.

It is a simple text that has been sold more than half a million copies in English. It has also been translated into 18 languages, and it shows no signs of slowing down.

The Myth of the Rational Economy

by Justin Fox

Well, nobody understands the sources for the ridiculous behavior of the marketplace. Nonetheless, the author has attempted to provide an explanation and appropriate behavior of the market tendencies. This book has become the best vendor of this New York Times and the Notable book of 2011.

The writer is an editorial manager of the Harvard Business Review Group. He’s narrated the historical events of our international markets. His writing abilities have made a history of funds come alive.

This book describes the worldwide financial crisis we’re in now, making it a must-read for everybody interested in our marketplace, the authorities, their market-related moves, and also the market. He reveals gimps of this marketplace from behind the display holding the inventory cost behind, making it perfectly logical.

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Confronting the Third World

by Gabriel Kolko

Kolko is the author of eight books about modern American history. Here he examines America’s relationship with 3rd countries of the world. His main thrust was that the United States maintained its presence in Central America and created an empire in the Middle East based on economic advantage, ideologically supported and funded by anti-communism.

The United States ended up overextending itself beyond its resources and supporting petty tyrants and catastrophic failures like Iran. This is a stark critique of U.S. policies and a warning to address the Third World conditions, not ideologies in the corridors.

Postcapitalism: A Guide to Our Future

Our world is going through seismic changes. But how can we make it a fairer and more equal society out of this crisis?

Capitalism has experienced profound changes over the past two centuries. It has been through economic cycles ranging from boom to bust, but it has always emerged more robust and resilient.

Surveying this turbulent history, Paul Mason’s Postcapitalism argues that we are on the brink of a change so significant and so profound that this time capitalism itself, the immensely complex system within which entire societies function, will mutate into something wholly new.

Information technology is at the core of this revolution. It is driven by capitalism, but with its tendency towards reducing the value of much of the things we make to zero, it has the potential of destroying an economy that relies on markets, wages, and private ownership.

It is almost unnoticed that broad swathes of economic life, including the hollows and niches of the market system, are starting to move at a different pace.

Vast numbers are making changes in their lives and behavior that go against the current system of corporate capitalism, which is backed by the state. New paths are opening up as the terrain changes.

Mason’s bold and visionary book shows how to create a more sustainable and socially responsible economy from the ashes. He believes that there is still hope despite the grave dangers facing us.

It is the first time that human history has seen us predict the future and create it with our knowledge of the world around us.

The Affluent Society

John Kenneth Galbraith’s iconic investigation into private wealth and public poverty in postwar America.

Harvard economist John Kenneth Galbraith brings customary clarity, humor, and eloquence to the core of economic security means in The Affluent Society.

He warns against individual and societal complacence about economic inequity. He offers a financial model to invest in public wealth that challenges “conventional wisdom”, underpinning modern economic theories and principles. which he coined and has since become part of our vocabulary. It is about the long-term benefits of a production-based economy and the true nature and extent of poverty.

This book is both divisive politically and highly proactive. It’s as relevant today as it was in 1958 on the issue of wealth in America.

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The Affluent Society
  • Galbraith, John Kenneth (Author)

The General Theory of Employment, Interest, and Money

Keynes’ masterpiece, The General Theory of Employment, Interest, and Money, was published just after the Great Depression.

It was a revolutionary effort to create full employment.

This book is widely considered the foundation of Keynesian thought. It challenged traditional economics and introduced new concepts. It is still a topic of discussion today, maybe more than ever.

This debate has become more heated with the recent economic turmoil. It involves the Keynesian economics model of Obama and Bush, which favors bailouts and government intervention to stabilize the market. The Austrian school of economics views government intervention as harmful and prefers the need to manage itself without minimal government interference. You decide.

Thinking, Fast and Slow

The internationally bestselling book Thinking Fast and Slow is a fascinating tour of the mind and explains the two systems that drive the way we think. by Daniel Kahneman. He is a renowned psychologist who won the Nobel Prize in Economics.

System 1 is intuitive, fast, and emotionally; System 2 is more deliberate, slower, and more logical.

Overconfidence can hurt corporate strategies. It is difficult to predict what will make us happy in the future. Cognitive biases can also affect everything, from planning our next vacation to playing the stock exchange—understanding how these two systems influence our judgments and decision-making will help you understand the implications.

Kahneman engages the reader in a lively discussion about how we think. He explains where we can trust our intuitions and how to tap into the benefits of slow thinking.

He provides practical and insightful insights into decision-making in our business and personal lives and how we can use different techniques to avoid the mental glitches that sometimes get us into trouble.

The National Academy of Sciences Best Book Award and Los Angeles Times Book Prize winner and selected by The New York Times Book Review as one of the ten best books of 2011, Thinking, Fast and Slow, will be a classic book.

The End of Alchemy: Money, Banking and the Future of the Global Economy

Our banking system is in trouble. It is something we all feel, but Mervyn Kings knows it firsthand. His ten years as the Bank of England’s chief executive, during the height of the financial crisis and after that, exposed profound truths about our capitalist society.

The End of Alchemy is his essential work on the history and future of money, banking, and the keys to modern finance.

The Industrial Revolution was the catalyst for modern capitalism. But the rapid economic growth of technological innovations in that period depended on two older ideas: the creation and invention of paper money and banks that issue credit.

These systems are taken for granted nowadays, but they were revolutionary and almost magical at their core.

The standard paper was made as valuable as gold, and risky long-term loans became safe bank deposits. This is financial alchemy, King claims. It’s the creation of economic powers that defy reality.

These powers have brought enormous benefits to the economy. The liquidity they provide has fueled economic growth for over two centuries. They have also led to an endless string of financial disasters: hyperinflation, banking collapses, and the current globalized world recession.

How can we balance the potential strengths and weaknesses of these ideas? King draws from his vast experience to offer fresh interpretations of these economic forces. He also points the way for the future world economy.

His bold solutions broke through the current complex and overstuffed legislation to offer a clear path to sustainable prosperity and end overreliance on our ancestors’ financial alchemy.

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The Travels of a T-Shirt in a Global Economy

by Pietra Rivoli

The Travels Of A T-Shirt In a Global Economy provides a detailed look at the impact of globalization and free trade on the price of goods. Pietra Rivoli’s book allows you to look at globalization, a complex issue, through one t-shirt. The book Travels of a Shirt is a must-read for economics students who are interested in international trade, economic policy including trade and monetary policy.

Lords of Finance: The Bankers Who Broke the World

The common belief is that the 1929 Great Depression was caused by a combination of events that were beyond the control of any individual or government.

According to Liaquat Ahamed, that was the leading cause of the economic meltdown. The effects of which set off World War II and reverberated through the decades.

As another period of economic chaos hits the headlines, Lords of Finance serves as a powerful reminder of the immense impact that central bankers’ decisions can have, their failures, and the devastating human consequences that can follow when they make mistakes.

The Worldly Philosophers

The bestselling classic that explores the history and economic thought of Adam Smith through Karl Marx – “all the economic theory most general readers conceivably could conceivably want, served up with a flourish” ( The New York Times).

The Worldly Philosophers enable us to look deeper into our past but also helps us understand our times better. Robert L. Heilbroner presents a new theme in this seventh edition that links thinkers as diverse and different as Karl Marx and Adam Smith.

Their diverse ideas all have a common theme: the search for understanding how capitalist societies work. This is an essential focus in these financial times of confusing economic headlines.

Heilbroner reminds us in a bold new chapter, “The End of the Worldly Philosophy?” that the term “end” refers both to the purpose and the limits of economics.

This chapter raises concerns that the “scientific” economics world today may ignore fundamental social and political issues that are crucial to economics.

This new edition, unlike the predecessors, provides an essential illumination of our past and a call for action for our future.

Das Kapital

One of the most notorious works of modern times, “Capital,” offers a sharp critique of private property as well as the social relations it creates.

Marx lived in exile in England, where the work was largely completed. He used his extensive knowledge of England’s society to support his analysis.

He argued that capitalism would lead to ever-increasing wealth and welfare division. He predicted its abolition and the replacement with a system of joint ownership of the production means.

“Capital” quickly gained popularity among the leaders of social democratic parties, especially in Russia and Germany, but eventually worldwide. Friedrich Engels, Marx’s friend, called it ‘the Bible of the Working Class.’

Predictably Irrational: The Hidden Forces That Shape Our Decisions

Why does a one-cent aspirin cause headaches but not a fifty-cent? We spend a lot on extravagant meals, but we cut coupons to save twenty-five cents on soup cans.

We think that we make rational choices, intelligent decisions when it comes to making life-changing decisions. Are we making sound, intelligent decisions?

This New York Times Bestseller has been revised and expanded by Dan Ariely. He refutes the assumption that humans behave fundamentally rationally.

We overpay, underestimate, and procrastinate on everything, from coffee to losing weight, buying a car, and finding a romantic partner. These misguided actions are not random or irrational. These misguided behaviors are predictable and systematic, making them predictably irrational.

Economic Facts and Fallacies

Thomas Sowell’s essential examination of the most common economic errors.

In Economic Facts & Fallacies, Thomas Sowell exposes the most common fallacies regarding economic issues in a lively way that doesn’t require any prior knowledge.

These fallacies include many beliefs that are widely disseminated by the media and politicians. They have errors regarding urban problems, income differences, male-female economic disparities, and economic fallacies concerning academia, race, and Third World countries.

Sowell shows that fallacies don’t just have crazy ideas; they have a certain plausibility that gives them their staying power. This makes it essential to scrutinize their flaws.

The Bottom Billion

Paul Collier, the author of The Bottom Billion: Why the Poorest Countries Are Failing and What Can Be Done About It, widely acclaimed and awarded with an award, reveals that fifty states have failed. These are the countries where the poorest 1 billion people live. This is the central challenge facing the developing world in the twenty-first century.

This book sheds light on the small countries that, while often overlooked by the West, are falling further behind the rest of the world and sometimes experiencing a decline in their living standards.

In each of these countries, there is a struggle between corrupt leaders and reformers. The evil is winning.

Paul Collier examines the causes of failure and points out several traps that trap these countries. These include civil war and dependence upon the export and extraction of natural resources.

He writes that standard solutions don’t work. Aid is often ineffective, and globalization can make things worse. This could lead to stability and development. Collier claims that the Group of Eight industrialized countries have a bold plan to support the needs of the Bottom billion.

The G8 must adopt preferential trade policies and new laws against corruption to help failed states. They also need to conduct carefully calibrated military interventions if they are ever to be saved.

Collier argues his entire life to ending global poverty. The Bottom Billion is a book that offers hope for solving the greatest humanitarian crisis facing the world.

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The Bottom Billion: Why the Poorest Countries are Failing and What Can Be Done About It
382 Reviews

Globalization and Its Discontents

This national bestseller was quickly a keystone of the globalization debate when it was published for the first time. Joseph E. Stiglitz, a Nobel Prize winner and renowned economist, was privileged to be at the table for many of the most important economic events of the past decade. He served as the Council of Economic Advisers (CEA) and chief economist at the World Bank.

Capitalism, Socialism, and Democracy

This definitive third edition (1950) is the final edition of Joseph A. Schumpeter’s masterwork. It introduced the world to the concept of aEURoecreative ruin, a that forever changed the way the world views and approaches global economics. A new introduction by Thomas K. McCraw (Schumpeter biographer), Capitalism Socialism and Democracy, makes it an essential reading ring for anyone interested in understanding the future direction of the global economy.

The Theory of the Leisure Class

Thorstein Veblen’s scathing The Theory of the Leisure Class is a landmark study of American society. It exposes with brilliant ruthlessness the production and waste habits linked to invidious business strategies and barbaric social behavior.

Other Considerations:

  • The Return of Depression Economics and the Crisis of 2008 (Hardcover) by Paul Krugman
  • The Great Surge: The Ascent of the Developing World
  • Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism
  • The Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War
  • Basic Economics by Thomas Sowell
  • High-Profit Prospecting: by Mark Hunter CSP
  • Doughnut Economics by Kate Raworth
  • The Undercover Economist by Tim Harford

Conclusion

Hopefully, there’ll have been something on that record that takes your fancy. Every one of those best economics texts on the listing will provide you a fantastic insight into a minimum of one economic concept, and you’ll have the ability to mention them in documents, etc… At the same time, at uni, so they’re worth a read.

Happy studying!

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Last update on 2021-10-19 / Affiliate links / Images from Amazon Product Advertising API

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