Top 10 Best Books to Read in Theory of Economics - August 2021



Here are our top ten recommendations if you are looking for the best books to read in Theory of Economics. We have made sure our list is diverse to cater to the interests of different types of readers.

1. Basic Economics


Top 10 Best Books to Read in Theory of Economics - August 2021

The bestselling citizen's guide to economics Basic Economics is a citizen's guide to economics, written for those who want to understand how the economy works but have no interest in jargon or equations. Bestselling economist Thomas Sowell explains the general principles underlying different economic systems: capitalist, socialist, feudal, and so on. In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. With clear explanations of the entire field, from rent control and the rise and fall of businesses to the international balance of payments, this is the first book for anyone who wishes to understand how the economy functions. This fifth edition includes a new chapter explaining the reasons for large differences of wealth and income between nations. Drawing on lively examples from around the world and from centuries of history, Sowell explains basic economic principles for the general public in plain English.

  • Author: Thomas Sowell
  • Publisher: Basic Books; 5th ed. edition (December 2, 2014)
  • Genre: Politics & Social Sciences, Politics & Government
  • ISBN: 978-0465060733
  • Dimensions: 6.5 x 2.13 x 9.5 inches

                 

2. Discrimination and Disparities


Top 10 Best Books to Read in Theory of Economics - August 2021

An enlarged edition of Thomas Sowell's brilliant examination of the origins of economic disparities Economic and other outcomes differ vastly among individuals, groups, and nations. Many explanations have been offered for the differences. Some believe that those with less fortunate outcomes are victims of genetics. Others believe that those who are less fortunate are victims of the more fortunate. Discrimination and Disparities gathers a wide array of empirical evidence to challenge the idea that different economic outcomes can be explained by any one factor, be it discrimination, exploitation, or genetics. This revised and enlarged edition also analyzes the human consequences of the prevailing social vision of these disparities and the policies based on that vision--from educational disasters to widespread crime and violence.

  • Author: Thomas Sowell
  • Publisher: Basic Books; Enlarged edition (March 5, 2019)
  • Genre: Science & Math, Mathematics
  • ISBN: 978-1541645639
  • Dimensions: 6.4 x 1.5 x 9.5 inches

                 

3. A Conflict of Visions: Ideological Origins of Political Struggles


Top 10 Best Books to Read in Theory of Economics - August 2021

Controversies in politics arise from many sources, but the conflicts that endure for generations or centuries show a remarkably consistent pattern. In this classic work, Thomas Sowell analyzes this pattern. He describes the two competing visions that shape our debates about the nature of reason, justice, equality, and power: the "constrained" vision, which sees human nature as unchanging and selfish, and the "unconstrained" vision, in which human nature is malleable and perfectible. A Conflict of Visions offers a convincing case that ethical and policy disputes circle around the disparity between both outlooks.

  • Author: Thomas Sowell
  • Publisher: Basic Books; Revised edition (June 5, 2007)
  • Genre: Politics & Social Sciences, Politics & Government
  • ISBN: 978-0465002054
  • Dimensions: 5.5 x 1 x 8 inches

                 

4. Freakonomics: Revised Edition


Top 10 Best Books to Read in Theory of Economics - August 2021

Which is more dangerous: a gun or a swimming pool? What do schoolteachers and sumo wrestlers have in common? Why do drug dealers still live with their moms? How much do parents really matter? How did the legalization of abortion affect the rate of violent crime? These may not sound like typical questions for an economist to ask. But Steven D. Levitt is not a typical economist. He is a much-heralded scholar who studies the riddles of everyday life, from cheating and crime to sports and child-rearing, and whose conclusions turn the conventional wisdom on its head. Thus the new field of study contained in this audiobook: Freakonomics . Levitt and co-author Stephen J. Dubner 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. In Freakonomics , they explore the hidden side of...well, everything. The inner working of a crack gang...the truth about real-estate agents...the secrets of the Klu Klux Klan. What unites all these stories is a belief that the modern world is even more intriguing than we think. All it takes is a new way of looking, and Freakonomics will redefine the way we view the modern world.

  • Author: Steven D. Levitt
  • Genre: Science & Math, Mathematics, Applied, Probability & Statistics

                 

5. The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy


Top 10 Best Books to Read in Theory of Economics - August 2021

A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.

  • Author: Stephanie Kelton
  • Publisher: PublicAffairs; Illustrated edition (June 9, 2020)
  • Genre: Politics & Social Sciences, Politics & Government

                 



6. Naked Economics: Undressing the Dismal Science


Top 10 Best Books to Read in Theory of Economics - August 2021

International bestseller "Clear, concise, informative, and witty." ― Chicago Tribune At last! A new edition of the economics book that won’t put you to sleep. In fact, you won’t be able to put this bestseller down. In our challenging economic climate, this perennial favorite of students and general readers is more than a good read, it’s a necessary investment―with a blessedly sure rate of return. This revised and updated edition includes commentary on hot topics such as automation, trade, income inequality, and America’s rising debt. Ten years after the financial crisis, Naked Economics examines how policymakers managed the worst economic crisis since the Great Depression. Demystifying buzzwords, laying bare the truths behind oft-quoted numbers, and answering the questions you were always too embarrassed to ask, the breezy Naked Economics gives you the tools to engage with pleasure and confidence in the deeply relevant, not so dismal science. ---

  • Author: Charles Wheelan
  • Publisher: W. W. Norton & Company; 3rd edition (January 1, 2019)
  • Genre: Business & Money, Economics
  • ISBN: 978-0393356496
  • Dimensions: 5.5 x 1 x 8.3 inches

                 

7. The Affluent Society


Top 10 Best Books to Read in Theory of Economics - August 2021

The classic by the renowned economist: “One of those rare works that forces a nation to re-examine its values” ( The New York Times ).   One of the New York Public Library’s “Books of the Century”   Hailed as a “masterpiece” ( St. Louis Post-Dispatch ), this examination of the “economics of abundance” cuts to the heart of what economic security means (and doesn’t mean) and lays bare the hazards of individual and societal complacence about economic inequity. The book that introduced the phrase “conventional wisdom” to our vernacular, The Affluent Society is as timely today as when it was first published.   “Warrants careful reading by every thoughtful person.” — The Christian Science Monitor

  • Author: John Kenneth Galbraith
  • Publisher: Mariner Books; 40th Anniversary ed. edition (October 15, 1998)
  • Genre: Kindle Store, Kindle eBooks, Politics & Social Sciences

                 

8. The Road to Serfdom: Text and Documents--The Definitive Edition (The Collected Works of F. A. Hayek, Volume 2)


Top 10 Best Books to Read in Theory of Economics - August 2021

An unimpeachable classic work in political philosophy, intellectual and cultural history, and economics, The Road to Serfdom has inspired and infuriated politicians, scholars, and general readers for half a century. Originally published in 1944—when Eleanor Roosevelt supported the efforts of Stalin, and Albert Einstein subscribed lock, stock, and barrel to the socialist program— The Road to Serfdom was seen as heretical for its passionate warning against the dangers of state control over the means of production. For F. A. Hayek, the collectivist idea of empowering government with increasing economic control would lead not to a utopia but to the horrors of Nazi Germany and Fascist Italy. First published by the University of Chicago Press on September 18, 1944, The Road to Serfdom garnered immediate, widespread attention. The first printing of 2,000 copies was exhausted instantly, and within six months more than 30,000 books were sold. In April 1945, Reader’s Digest published a condensed version of the book, and soon thereafter the Book-of-the-Month Club distributed this edition to more than 600,000 readers. A perennial best seller, the book has sold 400,000 copies in the United States alone and has been translated into more than twenty languages, along the way becoming one of the most important and influential books of the century. With this new edition, The Road to Serfdom takes its place in the series The Collected Works of F. A. Hayek.   The volume includes a foreword by series editor and leading Hayek scholar Bruce Caldwell explaining the book's origins and publishing history and assessing common misinterpretations of Hayek's thought.  Caldwell has also standardized and corrected Hayek's references and added helpful new explanatory notes.  Supplemented with an appendix of related materials ranging from prepublication reports on the initial manuscript to forewords to earlier editions by John Chamberlain, Milton Friedman, and Hayek himself, this new edition of The Road to Serfdom will be the definitive version of Hayek's enduring masterwork.

  • Author: Hayek
  • Publisher: University of Chicago Press; 1st edition (January 1, 2003)
  • Genre: Politics & Social Sciences, Politics & Government
  • ISBN: 978-0226320557

                 

9. Freakonomics: A Rogue Economist Explores the Hidden Side of Everything (P.S.)


Top 10 Best Books to Read in Theory of Economics - August 2021

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.

  • Author: Steven D. Levitt
  • Publisher: William Morrow Paperbacks; Original edition (August 25, 2009)
  • Genre: Business & Money, Economics
  • ISBN: 978-0060731335
  • Dimensions: 5.31 x 0.79 x 8 inches

                 

10. Debt - Updated and Expanded: The First 5,000 Years


Top 10 Best Books to Read in Theory of Economics - August 2021

Now in audio, the updated and expanded edition: David Graeber's "fresh...fascinating...thought-provoking...and exceedingly timely" ( Financial Times ) history of debt. Here, anthropologist David Graeber presents a stunning reversal of conventional wisdom: He shows that before there was money, there was debt. For more than 5,000 years, since the beginnings of the first agrarian empires, humans have used elaborate credit systems to buy and sell goods - that is, long before the invention of coins or cash. It is in this era, Graeber argues, that we also first encounter a society divided into debtors and creditors. Graeber shows that arguments about debt and debt forgiveness have been at the center of political debates from Italy to China, as well as sparking innumerable insurrections. He also brilliantly demonstrates that the language of the ancient works of law and religion (words like "guilt", "sin", and "redemption") derive in large part from ancient debates about debt, and shape even our most basic ideas of right and wrong. We are still fighting these battles today without knowing it.

  • Author: David Graeber
  • Genre: Business & Money, Economics, Economic History