Summer Reading Suggestions For Economics Students

Missouri State University, Department of Economics

Remember, these are just suggestions. If you find something that looks interesting, read it!

You can find light & enjoyable reading that three books of the Foundation series by involves economics. Here are a few Isaac Asimov: Foundation, Foundation & outstanding examples: Empire, and Second Foundation. Despite his formal training in astronomy, Asimov • Robert Heilbroner, The Worldly Philosophers frequently bases his books on social • Todd G. Buchholz, New Ideas from Dead science, and economic, perspectives. Economists (Similar to Heilbroner but more up-to- date; it has received very favorable comments from Staying with the science fiction theme, many ECO 155 students.) consider these classics: • Steven Levitt & Stephen Dubner, • Robert Heinlein’s The Moon is a Harsh Freakonomics: A Rogue Economist Mistress (Here you find the origin of Explores the Hidden Side of Everything TANSTAAFL—resource issues are really important on the moon!) • William Breit & Barry Hirsch, Lives of the Laureates, Eighteen Nobel Economists • H.G. Wells’ The Time Machine (a great commentary on the evolutionary • Jonathan Wight, Saving Adam Smith: A outcome of the Industrial Revolution) Tale of Wealth, Transformation, and Virtue • Mary Shelley’s Frankenstein (Classic sci- fi, classic take on the dark side of • Marshall Jevons, The Fatal Equilibrium industrialization, Shelley was also the • Marshall Jevons, Murder at the Margin daughter of the optimistic pre-economist Wm. Godwin who helped inspire • Murray Wolfson & Vincent Buranelli, In Malthus) the Long Run We Are All Dead • Edward Bellamy’s Looking Backward (talk • William Greider (former Rolling Stone about economic efficiency, here is a look writer), Secrets of the Temple: How the from a much different perspective) Federal Reserve Runs the Country • Since we are on the subject of economic • E. F. Schumacher, Small is Beautiful: efficiency, take a look at Upton Sinclair’s Economics as if People Mattered The Jungle. While not science fiction, it’s • Vastly different from the movie, The a classic Bourne Identity is a great read. In the These three classics were all published book, the girl who helps Bourne, Marie, in the same year; yet represent vastly is a PhD economist from the Bank of different perspectives on economics. Canada. Needless to say, if it was not Reading all three is a good way to open for her, there would not have been a up the mind to different perspectives. sequel! • F. A. Hayek, The Road to Serfdom • If you think economic forecasting and econometrics are a great way to divine • Karl Polanyi, The Great Transformation the future (or if you have ever heard of • C. E. Ayres, The Theory of Economic cliometrics), you ought to read the first Progress World. The book is a look at the harmful effects of globalization and market Oldies but goodies—these provide a power. great background to the discipline: • John Kenneth Galbraith’s Affluent Society • Adam Smith, An Inquiry into the Nature is a classic as relevant today as when it and Causes of the Wealth of Nations was written. (You might consider • David Ricardo, The Principles of Political anything by JKG, one of the few Economy and Taxation economists who is truly a great writer.) Galbraith is not a mainstream, orthodox • Alfred Marshall, Principles of Economics economist, but he always has something • Karl Marx & Friedrich Engels, The to say, and his insights are often very Communist Manifesto profound. He provides a worthwhile • J. M. Keynes, The General Theory of critique of markets and market power. Employment, Interest, and Money • To balance Galbraith, you might pick up • John Stuart Mill, Autobiography Milton Friedman’s Free to Choose. This book has been foundational for much of • Thorstein Veblen, The Theory of the Leisure the change in how government Class approaches economic policy and how the business world now sees itself. Have a desire to see economics beyond the textbook, in the real world? Try these: Behavioural Economics • C. Wright Mills, The Power Elite • Dan Ariely, Predictably Irrational: The • Barbara Ehrenreich, Nickel and Dimed: Hidden Forces That Shape Our Decisions On (Not) Getting By in America • George Akerlof and Robert Shiller, • Hernando deSoto, The Mystery of Capital Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters • Paul Krugman, The Great Unravelling for Global Capitalism Robert Wright, Nonzero: The Logic of • • Daniel Kahneman, Thinking, Fast and Human Destiny (Especially the first 2/3 Slow of the book is a cool mix of game theory and economic anthropology.) • Richard H. Thaler and Cass Sunstein, Nudge: Imporving Decisions About • Francis Fukuyama, The End of History Health, Wealth, and Happiness and the Last Man and his newer The Origins of Political Order: From • Barry Schwartz, The Paradox of Choice: Prehuman Times to the French Why More is Less Revolution • Robert J Shiller, Irrational Exuberance • Nassim Taleb, Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets (A necessary check for Want a good Biography? those enamoured by econometrics) • Consider Sylvia Nasar’s A Beautiful Mind. Who • Consider these two New York Times best would have ever thought that the life of an sellers by Thomas Friedman: The Lexus economist would be made into a movie,with and the Olive Tree, and The World is Russell Crowe no less? Flat; both address globalization. • Robert Skidelsky, John Maynard Keynes: 1883- • If you read one of Friedman’s books, you 1946. An abridged version of the three- might consider also reading David volume biography of the most influential Korten’s When Corporations Rule the economist of last century.