12 Best Economics Books
- The Big Short: Inside the Doomsday Machine by Michael Lewis
Michael Lewis creates a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 bestseller Liar’s Poker. Out of a handful of unlikely-really unlikely-heroes, Lewis fashions a story as compelling and unusual as any of his earlier bestsellers, proving yet again that he is the finest and funniest chronicler of our time.
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2. Wealth, Poverty and Politics by Thomas Sowell
In Wealth, Poverty, and Politics, Thomas Sowell, one of the foremost conservative public intellectuals in this country, argues that political and ideological struggles have led to dangerous confusion about income inequality in America. Pundits and politically motivated economists trumpet ambiguous statistics and sensational theories while ignoring the true determinant of income inequality: the production of wealth. We cannot properly understand inequality if we focus exclusively on the distribution of wealth and ignore wealth production factors such as geography, demography, and culture.
Sowell contends that liberals have a particular interest in misreading the data and chastises them for using income inequality as an argument for the welfare state. Refuting Thomas Piketty, Paul Krugman, and others on the left, Sowell draws on accurate empirical data to show that the inequality is not nearly as extreme or sensational as we have been led to believe.
Transcending partisanship through a careful examination of data, Wealth, Poverty, and Politics reveals the truth about the most explosive political issue of our time.
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3. Post-Capitalist Society by Peter F. Drucker
Business guru Peter Drucker provides an incisive analysis of the major world transformation taking place, from the Age of Capitalism to the Knowledge Society, and examines the radical affects it will have on society, politics, and business now and in the coming years. This searching and incisive analysis of the major world transformation now taking place shows how it will affect society, economics, business, and politics and explains how we are moving from a society based on capital, land, and labor to a society whose primary source is knowIedge and whose key structure is the organization.
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4. Lean In: Women, Work, and the Will to Lead by Sheryl Sandberg
In Lean In, Sheryl Sandberg reignited the conversation around women in the workplace.
Sandberg is chief operating officer of Facebook and coauthor of Option B with Adam Grant. In 2010, she gave an electrifying TED talk in which she described how women unintentionally hold themselves back in their careers. Her talk, which has been viewed more than six million times, encouraged women to “sit at the table,” seek challenges, take risks, and pursue their goals with gusto.
Lean In continues that conversation, combining personal anecdotes, hard data, and compelling research to change the conversation from what women can’t do to what they can. Sandberg provides practical advice on negotiation techniques, mentorship, and building a satisfying career. She describes specific steps women can take to combine professional achievement with personal fulfillment, and demonstrates how men can benefit by supporting women both in the workplace and at home.
Written with humor and wisdom, Lean In is a revelatory, inspiring call to action and a blueprint for individual growth that will empower women around the world to achieve their full potential.
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5. Factfulness: Ten Reasons We’re Wrong About the World — and Why Things Are Better Than You Think by Hans Rosling, Anna Rosling Rönnlund and Ola Rosling
“One of the most important books I’ve ever read―an indispensable guide to thinking clearly about the world.” — Bill Gates
“Hans Rosling tells the story of ‘the secret silent miracle of human progress’ as only he can. But Factfulness does much more than that. It also explains why progress is so often secret and silent and teaches readers how to see it clearly.” ―Melinda Gates
“Factfulness by Hans Rosling, an outstanding international public health expert, is a hopeful book about the potential for human progress when we work off facts rather than our inherent biases.” — Former U.S. President Barack Obama
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6. Good Economics for Hard Times: Better Answers to Our Biggest Problems by Abhijit V. Banerjee and Esther Duflo
The winners of the Nobel Prize show how economics, when done right, can help us solve the thorniest social and political problems of our day.
Figuring out how to deal with today’s critical economic problems is perhaps the great challenge of our time. Much greater than space travel or perhaps even the next revolutionary medical breakthrough, what is at stake is the whole idea of the good life as we have known it.
Immigration and inequality, globalization and technological disruption, slowing growth and accelerating climate change — these are sources of great anxiety across the world, from New Delhi and Dakar to Paris and Washington, DC. The resources to address these challenges are there — what we lack are ideas that will help us jump the wall of disagreement and distrust that divides us. If we succeed, history will remember our era with gratitude; if we fail, the potential losses are incalculable.
In this revolutionary book, renowned MIT economists Abhijit V. Banerjee and Esther Duflo take on this challenge, building on cutting-edge research in economics explained with lucidity and grace. Original, provocative, and urgent, Good Economics for Hard Times makes a persuasive case for an intelligent interventionism and a society built on compassion and respect. It is an extraordinary achievement, one that shines a light to help us appreciate and understand our precariously balanced world.
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7. Freakonomics: A Rogue Economist Explores the Hidden Side of Everything by Steven D. Levitt
Which is more dangerous, a gun or a swimming pool?
What do schoolteachers and sumo wrestlers have in common?
How much do parents really matter?
These may not sound like typical questions for an economist to ask. But Steven D. Levitt is not a typical economist. He studies the riddles of everyday life — from cheating and crime to parenting and sports — and reaches conclusions that turn conventional wisdom on its head. Freakonomics is a groundbreaking collaboration between Levitt and Stephen J. Dubner, an award-winning author and journalist. They set out to explore the inner workings of a crack gang, the truth about real estate agents, the secrets of the Ku Klux Klan, and much more. Through forceful storytelling and wry insight, they show that economics is, at root, the study of incentives — how people get what they want or need, especially when other people want or need the same thing.
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8. The Reckoning: Financial Accountability and the Rise and Fall of Nations by Jacob Soll
Whether building a road or fighting a war, leaders from ancient Mesopotamia to the present have relied on financial accounting to track their state’s assets and guide its policies. Basic accounting tools such as auditing and double-entry bookkeeping form the basis of modern capitalism and the nation-state. Yet our appreciation for accounting and its formative role throughout history remains minimal at best-and we remain ignorant at our peril. The 2008 financial crisis is only the most recent example of how poor or risky practices can shake, and even bring down, entire societies.
In The Reckoning, historian and MacArthur “Genius” Award-winner Jacob Soll presents a sweeping history of accounting, drawing on a wealth of examples from over a millennia of human history to reveal how accounting has shaped kingdoms, empires, and entire civilizations. The Medici family of 15th century Florence used the double-entry method to win the loyalty of their clients, but eventually began to misrepresent their accounts, ultimately contributing to the economic decline of the Florentine state itself. In the 17th and 18th centuries, European rulers shunned honest accounting, understanding that accurate bookkeeping would constrain their spending and throw their legitimacy into question. And in fact, when King Louis XVI’s director of finances published the crown’s accounts in 1781, his revelations provoked a public outcry that helped to fuel the French Revolution. When transparent accounting finally took hold in the 19th Century, the practice helped England establish a global empire. But both inept and willfully misused accounting persist, as the catastrophic Stock Market Crash of 1929 and the Great Recession of 2008 have made all too clear.
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9. This Changes Everything: Capitalism vs. the Climate by Naomi Klein
The most important book yet from the author of the international bestseller The Shock Doctrine, a brilliant explanation of why the climate crisis challenges us to abandon the core “free market” ideology of our time, restructure the global economy.
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10. Postcapitalism: A Guide to Our Future by Paul Mason
In this bold and prophetic book, Mason shows how, from the ashes of the crisis, we have the chance to create a more socially just and sustainable economy. Although the dangers ahead are profound, he argues that there is cause for hope. This is the first time in human history in which, equipped with an understanding of what is happening around us, we can predict and shape the future.
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11. The Rational Optimist: How Prosperity Evolves by Matt Ridley
“Ridley writes with panache, wit, and humor and displays remarkable ingenuity in finding ways to present complicated materials for the lay reader.” — Los Angeles Times
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12. An Inquiry into the Nature and Causes of The Wealth of Nations by Adam Smith
An Inquiry into the Nature and Causes of the Wealth of Nations (1776) is the famous classic work of the Scottish economist and philosopher Adam Smith (1723–1790). This book describes what builds nations’ wealth and is today a fundamental work in classical economics and touches upon such broad topics as the division of labor, productivity, and free markets. This edition includes Preface and Introductory Essay by English economist Joseph Shield Nicholson (1850–1927).
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