Top Economic Book Recommendation by Experts
We have complied the top recommendation of economic books which should be high on your TBR list
Economic books written in easy to understand style specially for laymen so that they could also grasp the happening in the financial world and comprehend its implication on the life of ordinary people and the country as a whole. Following are some good books to start with
1 Basic Economics by Thomas Sowell
As the title suggests, Basic Economics by Thomas Sowell is for beginners or for anyone who wants to understand various fundamentals, concepts, thoughts, theories and economic ideologies all written in simple and straightforward language.
2 Economics In One Lesson by Henry Hazlitt
Economics In One Lesson is a good and insightful book written by Henry Hazlitt for beginners to give a basic idea about the ideologies and concepts of economic with a heavy inclination towards capitalism. All explained in a very simple language.
3 How To Speak Money by John Lanchester
How To Speak Money written by John Lanchester is one of its kind. It is written in the dictionary format, giving definition and explanation of many commonly used economic terms and jargon which laymen or commoners has no idea about. Everything has been explained very clearly for easy grasping. This book will surely help you to understand the language of the fine prints written in the agreements and contracts like that of mutual funds or credit cards.
4 Naked Economics by Charles Wheelan
Naked Economy is another great book written by Charles Wheelan making the life of a layman easy by explaining the fundamentals of economics in simple language. He wrote this book as a seeker of truth to know how the economy works and what changes could make it better.
5 Naked Statics by Charles Wheelan
Are you searching for book which helps in understanding the analysis of numerical data. Look no further but read on. Naked Statics another life safer book by Charles Wheelan is a highly recommended book for the people without specialized knowledge in statistics. Charles Wheelan has done a remarkable job of simplifying the concepts, theories and formulas. He had used some vivid and relatable examples from day to day life which enhanced the understanding of the subject and made it fun and enlightening to read.
Book on Financial Crisis
The global economy had witnessed many financial meltdown. Economists try to decipher reasons, its impact with some future caution steps to avoid repetitive and ways to overcome. Here is the list of some of the good reads on financial crisis
1 Stabilizing An Unstable Economy by Hyman Minsky
Stabilizing An Unstable Economy originally published in 1986. Such is the foresight of the economist Hyman Minsky that his theories are relevant even in today’s world economic scenario. It is a classic and evergreen book if you want to understand what went wrong with America’s economy that she had experienced slow down, inflation and unemployment during the credit crisis.
2 Why Minsky Matters by L Randall Wray
The world is moving towards financial instability. A warning which economist Hyman Minsky had given a half a century before the world actually faced the most depressing economic crisis. His theories are a little tough to understand for many. This book, as the title suggests simplifies Minsky theories for general understanding.
3 The Great Crash by John Galbraith
If you are looking for some detailed read on the great crash of 1929 then look no further. The Great Crash by John Galbraith deals explicitly with the causes, effects, aftermath and long-term consequences of America’s disastrous meltdown.
4 Irrational Exuberance by Robert Shiller
Robert Shiller is a great economist who was foresighted enough to warn about the impending dot com bubble and later housing market bubble. Now, according to the third and revised edition of the book, this time bond market seems to be in bubble territory. It is a great read if you want to understand how bubbles are formed and how they burst.
5 After The Music Stopped by Alan Blinder
The Great Economic Depression of 2008 which had left millions of people depressed and hopeless due to the loss of job and business crisis had made many to sit back and think what exactly went wrong. After The Music Stopped by Alan Blinder is an excellent read providing the causes for crisis, its impact on the world economy, policies formulated to combat it, complicated role of Fed, and lastly strategies to prevent repetition in future.
Books by Indian Author on Global Economy
Following are the books written by Indian economist on financial crisis.
1 Fault Line by Raghuram Rajan
Fault Line is another great book written by our former RBI governor of India Raghuram Rajan giving critical and compelling analysis of the 2008 financial meltdown. Just like Ha Joon Chang in 23 Things They Don’t Tell You About Capitalism, Raghuram Rajan sees NeoLiberal as a weaker version of Capitalism.
2 Extreme Money by Satyajit Das
For many Extreme Money by Satyajit Das is an eye opener and shocking to know that the financial meltdown
of 2008 was the manipulation of few people which went horribly wrong. You will enjoy reading this book due to the author’s brilliant writing style with quotes from many eminent economists.
3 Traders, Guns and Money by Satyajit Das
Many find Satyajit Das’s books to be bizarrely written as economic books are considered to be serious. But Satyajit keeps the language light so that it is enjoyable and pleasure to read. In the book Traders, Guns and Money, he has given inside and insightful stories of how trading and derivative market works and deception of the few played a crucial role in bringing the global financial crisis. However, there are many other reasons as well, which he had discussed in Extreme Money. It is a great read for anyone who want to understand derivative market.
Economic Policy and Development
1 Wealth, Poverty and Politics by Thomas Sowell
Wealth, Poverty and Politics is a highly recommended book if you want to understand ever increasing disparity in income and wealth between nations and among groups within nations. According to the economist Thomas Sowell, blaming capitalism is an easy and lazy answer. There are many other factors such as geography, demographic composition, weather, availability of water, education, disease, cultural differences and of course politics which has a role to play. All his arguments are backed by well researched information.
2 Capital In The 21st Century by Thomas Piketty
The book Capital In the 21st Century written by Thomas Piketty became the talk of the town when it got highly praised by Nobel Prize winning economist Paul Krugman. It is a must read to understand the capital world we are living in. But reading this heavy book could be slog for non economic reader but is completely worth if you have a little understanding of economics.
Books on Indian Economy
The list will be incomplete without mention of any books on Indian Economy. Here comes the list of some brilliant books on Indian Economy
1 India Unbound by Gurcharan Das
Through the book India Unbound, Gurcharan Das will take you on the journey of the economic history of
India right from the post independence to the present age. The author comes down heavily on economic policy during Nehru’s and Indira Gandhi’s times and sees a bright future only in the policies which facilitates free market. He shares many of his personal experiences and anecdotes of business tycoons together they narrates the tale of turnaround in Indian economy after 1990 when India started moving towards liberal economy. It is a good riveting read.
2 Turns of the Tortoise by TN Ninan
Slow and Steady wins the Race. According to the TN Ninan in his book Turns of the Tortoise, Indian economy is progressing at the tortoise pace, but it is on its way to become a Super Economic power by 2030. He also says it is easier said than done as Indian economy had faced many challenges since independence and there are many more to face. What are the present challenges? Read the book to know more.
3 India’s Long Road by Vijay Joshi
Another decent read on the Indian economy or more specifically on the political economy of India is India’s Long Road by Vijay Joshi. It has detailed insight on economic policies and politics of the government, both at central and state level, with special emphasis on the current central government.
4 An Economist in the Real World by Kaushik Basu
Kaushik Basu was the Chief Economic Advisor of the UPA government from 2009 to 2012 and he had penned his two and half years of experience in the book working with the government. It is a good read in order to understand how policies are framed specially the chapters on monetary and food policies are well written.
1 The Mind and the Market: Capitalism in Western Thoughts by Jerry Muller’s
The Mind and the Market is a very interesting book written by Jerry Muller exploring Capitalism from the point of view of thinker from various fields like Hobbes, Voltaire, Adam Smith, Edmund Burke, Hegel, Marx, and Matthew Arnold, as well as twentieth-century communist, fascist, and neoliberal intellectuals.
2 The Worldly Philosophers by Robert Heilbroner
It is the biographical compilation of some of the world’s noted economist about their ideas, philosophies, interpretation, analysis and theories. Through them, the author had tried to tell the tale of various changes and disruption the world economy went through for three centuries.
3 “Economics Evolving: A History of Economic Thought” by Agnar Sandmo
Another decent read on the history of economic thoughts.
Special thanks to the economist Vivek Kaul for the book recommenations.