Principles of Economics in a Nutshell Lorenzo Garbo, Dorene Isenberg, and Nicholas Reksten

Suggested Readings

Chapter 1: More Than Just the Stock Market. Introduction to Economics

Brown, Claire (2017) Buddhist Economics. An Enlightened Approach to the Dismal Science, London: Bloomsbury Press.

Diersmeier, Claus and Michael Pirson (2009) “Oikonomia Versus Chrematistike: Learning from Aristotle About the Future Orientation of Business Management,” Journal of Business Ethics, 88: 417-430.

Daly, Herman E. and John B. Cobb Jr. (1994) For the Common Good, Boston: Beacon Press.

Dobb, Maurice (1973) Theories of Value and Distribution since Adam Smith. Ideology and Economic Theory, Cambridge (UK): Cambridge University Press.

Friedman, Milton (1962) Capitalism and Freedom, Chicago: Chicago University Press.

Gabriel, Mary (2011) Love and Capital. Karl and Jenny Marx and the Birth of a Revolution, New York: Back Bay Books.

Giddens, Anthony (1976) “Introduction,” in Max Weber’s The protestant Ethic and the Spirit of Capitalism, pp. vii-xxvi, London: Routledge (Reprint 1992).

Heilbroner, Robert (1996) “Adam Smith,” in Teachings from the Worldly Philosophy, pp. 55- 105, New York: W.W. Norton & Company, Inc.

Heilbroner, Robert (1996) “Karl Marx,” in Teachings from the Worldly Philosophy, pp. 159-195, New York: W.W. Norton & Company, Inc.

Heilbroner, Robert (1996) “John Maynard Keynes,” in Teachings from the Worldly Philosophy, pp. 264-296, New York: W.W. Norton & Company, Inc.

Heilbroner Robert and Peter Boettke (2018) “Economic System,” in Encyclopedia Britannica, https://www.britannica.com/topic/economic-system.

Letwin, William (1964) The Origins of Scientific Economics, Garden City (NY): Doubleday & Company, Inc.

Lutz, Mark and Kenneth Lux (1988) Humanistic Economics: The New Challenge, Lanham (MD): Rowman & Littlefield Publishers.

Principles of Economics in a Nutshell – Suggested Readings

Keynes, J.M. (1926) “The End of Laissez-faire.” London: Hogarth Press. https://www.panarchy.org/keynes/laissezfaire.1926.html

Krugman, Paul (2007) The Conscience of a Liberal, New York: W.W. Norton & Company, Inc.

Madden, Kirsten (2019) “Anecdotes of discrimination: barriers to women’s participation in economic thought during the late nineteenth and early twentieth centuries,” in The Routledge Handbook of the History of Women’s Economic Thought, edited by K. Madden and R.W. Dimand pp. 169-190, London: Routledge.

Mayer, Thomas (2000) : The role of ideology in disagreements among economists: A quantitative analysis, Working Paper, No. 00-1, University of California, Department of Economics, Davis, CA; available at https://www.econstor.eu/bitstream/10419/79421/1/319784983.pdf

Muller, Jerry Z. (1993) “The Historical and Institutional Foundations of Commercial Society,” in Adam Smith in His Time and Ours, pp. 63-76, Princeton (NJ): Princeton University Press.

Muller, Jerry Z. (1993) “The Market: from Self-Love to Universal Opulence,” in Adam Smith in His Time and Ours, pp. 113-130, Princeton (NJ): Princeton University Press.

Muller, Jerry Z. (2003) The Mind and the Market. Capitalism in Western Thought, New York: Anchor Books.

North, Douglass C. (1992) “Institutions, Ideology, and Economic Performance,” Cato Journal, Vol. 11, No 3, pp. 477-457.

Norman, Jesse (2018) Adam Smith. What He Thought, and Why It Matters, London: Allen Lane.

Rostek, Joanna (2019) “English women’s economic thought in the 1790s: domestic economy, married women’s economic dependence, and access to professions,” in The Routledge Handbook of the History of Women’s Economic Thought, edited by K. Madden and R.W. Dimand, pp. 33-52, London: Routledge.

Sandel, Michael J. (2012) What Money Can’t Buy. The Moral Limits of Markets, New York: Farrar, Straus, and Giroux.

Schumacher, E. F. (2010 [1973]) Small is Beautiful. Economics as if People Mattered, London: Harper Perennials.

Wheen, Francis (1999) Karl Marx. A Life, New York: W.W. Norton & Company, Inc.

Principles of Economics in a Nutshell – Suggested Readings

Chapter 2: Not in the Garden of Eden. Scarcity and Tradeoffs

Conservation Strategy Fund (2014) “Intro to Cost-Benefit Analysis,” on YouTube, https://youtu.be/7tdKkeNClPE.

Hamermesh, Daniel S. (2019) Spending Time: The Most Valuable Resource, Oxford: Oxford University Press.

O’Roark, J. Brian (2019) Why Superman Doesn’t Take Over the World: What Superheroes Can Tell Us About Economics, Oxford: Oxford University Press.

Owen, David (2010) “The Efficiency Dilemma,” The New Yorker, December 20 & 27.

Sen, Amartya (2001) Development as Freedom, Oxford: Oxford University Press.

Sen, Amartya (1999) “The Possibility of Social Choice,” The American Economic Review, Vol. 89, No. 3, pp. 349-378.

Smith, Stacey Vanek & Cardiff Garcia (2019) “Is Time Really on Your Side?” The Indicator from Planet Money, National Public Radio, May 28.

Principles of Economics in a Nutshell – Suggested Readings

Chapter 3: Led by an Invisible Hand - The Market

Barton, Stephen (2019) “The Economics of Residential Rent Control,” Dollars & Sense, January/February.

Cato, Molly Scott (2011) “Neoclassical Economics,” in Environment and Economy, pp 35-51, London: Routledge.

Dancs, Anita & Helen Scharber (2015) “Do Locavores Have a Dilemmas? Economists debate the local food movement,” Dollars & Sense, July/August.

Federal Reserve Bank of St. Louis (n.d.) “Externalities – The Economic Lowdown Video Series,” Episode 5, St. Louis, MO: https://www.stlouisfed.org/education/economic- lowdown-video-series/episode-5-externalities.

Herships, Sally & Cardiff Garcia (2019) “New York City’s Luxury Condo Hangover,” The Indicator from Planet Money, National Public Radio, December 9.

Macewan, Arthur (2014) “The Airfare Mystery,” Dollars & Sense, January/February.

Prasch, Robert E. (2008) How Markets Work: Supply, Demand, and the ‘Real World,’ Cheltenham, UK: Edward Elgar.

Principles of Economics in a Nutshell – Suggested Readings

Chapter 4: Inside the Magic Box. Productivity, Costs, and Profit Maximization

Acemoglu, Daron and Pascual Restrepo (2019) “Automation and New Tasks: How Technology Displaces and Reinstates Labor,” Journal of Economic Perspectives, Vol. 33, No. 2, pp. 3-30.

Gabel, David (2016) “Uber and the Persistence of Market Power,” Journal of Economic Issues, Vol. 50, No. 2, pp. 527-534.

Gassler, Robert S. (1990) “Nonprofit and Voluntary Sector Economics: A Critical Survey,” Nonprofit and Voluntary Sector Quarterly, Vol. 19, No. 2, pp. 137-149.

Gassler, Robert S. (1997) “The Economics of the Nonprofit Motive,” The Journal of Interdisciplinary Economics, Vol. 8, pp. 265-280.

Kahn, Lina and Sandeep Vaheesan (2017) “Market Power and Inequality: The Antitrust Counterrevolution and Its Discontents,” Harvard Law and Policy Review, Vol. 11, pp. 235-294.

Kamien M. and N. Schwartz (975) “Market Structure and Innovation,” Journal of Economic Literature, Vol. 13, no 1, pp. 1-37.

Leonard, William (1964) “Industrial Concentration and Growing Market Power,” Challenge, Vol. 13, No. 2, pp. 28-32.

Makowski, Louis and Joseph M. Ostroy (2001) “Perfect Competition and the Creativity of the Market,” Journal of Economic Literature, Vol. 39, No 2, pp. 479-535.

Menudo, Jose M. (2013) “Market Stability in Adam Smith: Competitive Process and Institutions,” Journal of Economic Issues, Vol. 47, No. 3, pp. 719-744.

Phillips, Ronnie J. (2000) “Digital Technology and Institutional Change from the Gilded Age to Modern Times: The Impact of the Telegraph and the Internet,” Journal of Economic Issues, Vol. 34, No. 2, pp. 267-289.

Shapiro, Nina (1976) “The Neoclassical Theory of the Firm,” Review of Radical Political Economics, Vol. 8, No. 4, pp. 17-29.

Syverson, Chad (2011) “What Determines Productivity?,” Journal of Economic Literature, Vol. 49, No. 2, pp. 326-365.

Tubaro, Paola (2015) “History of Microeconomics,” in International Encyclopedia of the Social & Behavioral Sciences, 2nd edition, Vol. 15, pp. 331-337, London: Elsevier.

Young, Dennis R. (1983) If Not for Profit, for What?, Lexington (MA): Lexington Books.

Principles of Economics in a Nutshell – Suggested Readings

Zingales, Luigi (2017) “Towards a Political Theory of the Firm,” Journal of Economic Perspectives, Vol. 31, No 3, pp. 113-130.

Principles of Economics in a Nutshell – Suggested Readings

Chapter 5: Understanding the Wealth of Nations. National Income Accounting

Costanza, R., M. Hart, S. Posner, and J. Talberth, (2009) “Beyond GDP: The Need for New Measures of Progress” The Pardee Papers, #4, January. The Frederick S. Pardee Center for the Study of the Longer-Range Future, Boston University.http://www.bu.edu/pardee/pardee-paper-004-beyond-gdp/ (A more advanced discussion).

Dynan, K. and L. Sheiner (2018) “GDP as a Measure of Economic Well-being” Hutchins Center Working Paper #43, August. The Brookings Institution.https://www.brookings.edu/wp- content/uploads/2018/08/WP43-8.23.18.pdf (This is a more advanced treatment of the topic.)

Farren, M. (2018) “What’s the Truth about Unemployment? Introducing the Comprehensive Jobless Rate (U-5b)” Government Spending, Policy Briefs, March 28. Mercatus Center, George Mason University. https://www.mercatus.org/publications/government- spending/what%E2%80%99s-truth-about-unemployment

Green, M. “What the Social Progress Index Can Reveal about Your Country,” TEDGlobal 2014. https://www.ted.com/talks/michael_green_what_the_social_progress_index_can_reveal_ about_your_country

Green, M. “How We Can Make the World a Better Place by 2030,” TEDGlobal>London 2015. https://www.ted.com/talks/michael_green_how_we_can_make_the_world_a_better_plac e_by_2030

Kasperkevic, J. “What is Inflation and How is it Measured?” Marketplace. American Public Media. March 3. https://www.marketplace.org/2018/03/22/what-inflation-worry-federal- reserve-target/

Marks, N. “The Happy Planet Index,” TEDGlobal 2010. https://www.ted.com/talks/nic_marks_the_happy_planet_index

Newman, J. (2017) “These Feminists are Right about GDP” October 17. Wire, Mises Institute https://mises.org/wire/these-feminist-economists-are-right-about-gdp

United Nations. “Human Development Report 2019” United Nations Development Program. New York. For this report go to http://hdr.undp.org/ For the Human Development Index go to http://hdr.undp.org/en/content/human- development-index-hdi For individual countries go to http://hdr.undp.org/en/countries

Principles of Economics in a Nutshell – Suggested Readings

Chapter 6: In the Short-Run We Are Alive. Macroeconomic Theory and Policy: The Goods Market

Brynjolfsson, E. (2013) “The Key to Growth? Race with the Machines” TED 2013. https://www.ted.com/talks/erik_brynjolfsson_the_key_to_growth_race_with_the_machin es

Friedman, M. (1993) “Why Government is the Problem.” Essays in Public Policy, no. 39. Stanford, California: Hoover Institution Press, 1993. https://www.hoover.org/sites/default/files/uploads/documents/friedman-government- problem-1993.pdf

Friedman, M. and R. Friedman. (1980) Free to Choose: A Personal Statement. New York: Houghton Mifflin Harcourt Press.

Milton Friedman on Donahue: An Interview with Milton Friedman, 1979 https://www.youtube.com/watch?v=1EwaLys3Zak

Gordon, R. (2013) “The Death of Innovation, the End of Growth” TED 2013. https://www.ted.com/talks/robert_gordon_the_death_of_innovation_the_end_of_growth

Gordon, R. and Brynjolfsson, E. (2013) “The future of work and innovation: Robert Gordon and Erik Brynjolfsson debate at TED2013” TED 2013. https://blog.ted.com/the-future-of- work-and-innovation-robert-gordon-and-erik-brynjolfsson-debate-at-ted2013/

Keynes, J.M. (1933) “An Open Letter to President Roosevelt” New York Times, December 31. http://la.utexas.edu/users/hcleaver/368/368KeynesOpenLetFDRtable.pdf

Keynes, J.M. (1932) “Economic Possibilities for our Grandchildren (1930),” in Essays in Persuasion, 358-373. New York: Harcourt Brace. https://assets.aspeninstitute.org/content/uploads/files/content/upload/Intro_and_Section_I .pdf

Lowrey, A. (2011) “Freaks, Geeks, and GDP,” Slate, March 8. http://www.slate.com/articles/business/moneybox/2011/03/freaks_geeks_and_gdp.html

Reuss, A. (2009) “Fiscal Policy and ‘Crowding Out’” in Dollars & Sense, The Economic Crisis Reader. Article 6.4. Boston.

Sherman, H. (2001). “The Business Cycle Theory of Wesley Mitchell.” Journal of Economic Issues, V. 35, #1, 85-97.

Principles of Economics in a Nutshell – Suggested Readings

Chapter 7: Money Changes Everything. Macroeconomic Theory and Policy: The Money Market

Berentsen, A. and F. Schar. (2018) “The Case for Central Bank Electronic Money and the Non- case for Central Bank Cryptocurrencies” Review, V.100 #2 (2nd Quarter) The Federal Reserve Bank of St. Louis. https://research.stlouisfed.org/publications/review/2018/02/13/the-case-for-central-bank- electronic-money-and-the-non-case-for-central-bank-cryptocurrencies

Federal Reserve, Board of Governors. “Purposes and Functions of the Federal Reserve System” https://www.federalreserve.gov/aboutthefed/pf.htm

Greider, W. (2009) “Fixing the Fed” in Dollars & Sense, The Economic Crisis Reader. Article 5.4. Boston.

Institute for New Economic Thinking Staff (2016) “A Teachable Moment for the Economics Profession?” May 27. https://www.ineteconomics.org/perspectives/blog/a-teachable- moment-for-the-economics-profession

Jahan, S. and Papageorgeiu, C. (2014) “What Is Monetarism? Finance & Development, V. 51 #1 (March). https://www.imf.org/external/pubs/ft/fandd/2014/03/basics.htm

Kelton, S. (2019) “Modern Monetary Theory Explained by Stephanie Kelton” CNBC, March 4. https://www.cnbc.com/video/2019/03/01/stephanie-kelton-explains-modern-monetary- theory.html

Labonte, M. (2019) “Monetary Policy and the Federal Reserve: Current Policy and Conditions” Congressional Research Service, Report RL30354, September 4. https://fas.org/sgp/crs/misc/RL30354.pdf

Reuss, A. (2009) “Keynes and the Limits of Monetary Policy” in Dollars & Sense, The Economic Crisis Reader. Article 5.5. Boston.

Williamson, S. (2018) “Is Bitcoin a Waste of Resources?” Review, V.100 #2 (2nd Quarter), The Federal Reserve Bank of St. Louis. https://research.stlouisfed.org/publications/review/2018/02/13/is-bitcoin-a-waste-of- resources

Principles of Economics in a Nutshell – Suggested Readings

Chapter 8: The Embedded Economy

Albelda, R. and R. Drago. (2013) Unlevel Playing Fields: Understanding Wage Inequality and Discrimination. 4th Ed. Boston: Dollars and Sense.

England, P. (2017) Comparable Worth: Theories and Evidence. London: Routledge . England, P. (2003) “Separative and Soluble Selves: Dichotomous Thinking in Economics” in Feminist Economics Today: Beyond Economic Man. M.A. Ferber and J.A. Nelson (Eds.) Chicago: The University of Chicago Press.

England, P. and N. Folbre. (2003) “Contracting for Care” in Feminist Economics Today: Beyond Economic Man. M.A. Ferber and J.A. Nelson (Eds.) Chicago: The University of Chicago Press.

Folbre, Nancy (ed.) (2012) For Love and Money: Care Provision in the United States, New York: Russell Sage.

Folbre, Nancy (2009) Valuing Children: Rethinking the Economics of the Family, Cambridge, MA: Harvard University Press.

Glenn, E.N. (2000) “The Social Construction and institutionalization of Gender and Race: An Integrative Framework” in M.M. Ferree, J. Lorber, and B.B. Hess (eds.) Revisioning Gender. Walnut Creek, CA: AltaMira Press.

Hahnel, Robin (2011) Green Economics: Confronting the Ecological Crisis, London: Routledge. Hepburn, Cameron & Marshall Auerback (2015) “Economic Growth, Climate Change, and Environmental Limits,” Institute for New Economic Thinking, New York: https://www.ineteconomics.org/perspectives/videos/economic-growth-climate-change- and-environmental-limits.

Marçal, Katrine (2017) Who Cooked Adam Smith’s Dinner? A Story of Women and Economics, New York: Pegasus Books.

Meadows, Donella & Diana Wright (ed.) (2008) Thinking in Systems: A Primer, White River Junction, VT: Chelsea Green Publishing.

Nelson, Julie A. (2018) Economics for Humans, 2nd ed. Chicago: University of Chicago Press. Stockholm Resilience Center (n.d.) “The nine planetary boundaries,” Stockholm University, Stockholm: https://www.stockholmresilience.org/research/planetary- boundaries/planetary-boundaries/about-the-research/the-nine-planetary-boundaries.html.

Raworth, Kate (2018) “A healthy economy should be designed to thrive, not grow,” TED2018 https://www.ted.com/talks/kate_raworth_a_healthy_economy_should_be_designed_to_th rive_not_grow?utm_campaign=tedspread&utm_medium=referral&utm_source=tedcoms hare Principles of Economics in a Nutshell – Suggested Readings

Raworth, Kate (2017) Doughnut Economics: 7 Ways to Think Like a 21st Century Economist, White River Junction, VT: Chelsea Green Publishing.

Waring, M. (1999). Counting for Nothing: What men value and what women are worth. 2nd Edition. Toronto: University of Toronto Press.