Best Books by Famous Economists – Texts and its Significance

Are you interested in economics? If so, you should build a base in economics. How do build a foundation for the study of economics? Books can help you in this situation. Reading books related to economics can save the situation. Let’s get acquainted with the famous books written by economists of all times. Get your eyes on top books To read on economics and the best economic book 2021.

It is inevitable to discover the passionate area in the field of economics. This can be done through reading the apt books. The books can help you to locate your area of interest. Here is the list of both classical and contemporary books written by famous economists. The historical understanding of economics is possible only through the books. The modern idea for enhancing the economic structure of our country is only possible through books related to economics.

Top 4 Foundation Texts for Economics

1. Freakonomics by  Steven D. Levitt and Stephen J. Dubner

• Speaks how people respond to incentives
• Investigating seemingly non-economic subjects
• Even talks about how parents pick names for their children
• It is a book that can help in the populist application of economics.

2. The Armchair Economist: Economics and Everyday Life by Steven E. Landsburg

• Book argues that economics can be boiled down to four words
• People’s response to incentives is given priority.
• a layman’s introduction to economics
• Given through incentives and their implications
• Discusses the aspects of our lives that are influenced by them.
• The Armchair Economist is another good introduction to the “Chicago school” of economics

3. Naked Economics: Undressing the Dismal Science by Charles Wheelan

• A refresher in economics
• an introduction to the broad strokes of the subject
• starts with one basic premise
• Talks about how people seek to maximize their utility
• a larger exploration of free-market theory and its implications.

4. Misbehaving: The Making of Behavioural Economics  by Richard H. Thaler

• Examines how the rational actor assumption often used in economic theory
• Deals with the misunderstandings of how humans think and act.
• Focuses on how human misbehaviour has consequences
• An impressive account of the major development in behavioural economics

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Best 3 Fundamental Economics Texts

1.Capitalism and Freedom by Milton Friedman

• Milton Friedman’s iconic work
• argues that economic freedom is a must to a free and liberal society
• Published in 1962
• Adopted worldwide.
• The work ranks among the top 100 non-fiction books
• written in English

2. The Wealth of Nations by Adam Smith

• One of the most essential economics texts
• forms the underpinning of much of modern economic theory.
• the first book to lay down the foundation
• Fundamental text for the economic students
• Rereading fundamental text can provide a deeper understanding of the foundations of economics
• Talks about the transformation that happened in the field of economics over the last 300 years.

3. The Affluent Society by John Kenneth Galbraith

• offers a contradictory view of the “conventional wisdom”
• Undermines all the underpinning modern economic theories and principles.
• The works argue that the conventional wisdom of economics is fundamentally flawed

Field-Specific Economics Books

1.The Bottom Billion: Why the Poorest Countries are Failing and What Can Be Done About It by Paul Collier

• The Bottom Billion is a field-specific book that should be read and understand.
• Challenges the notion of the best way to help the poor in struggling economies
• Challenges the notion regarding the cash infusion.
• Argues that a more hands-on approach is the solution for every problem
• A must read and most recommended book

2. The Travels of a T-Shirt in a Global Economy by Pietra Rivoli

• Talks about how globalization and free trade impact the cost of goods
• Provides a way to see globalization
• Looks at a deeply complicated issue
• Must read for the students working in the fields of international trade

3. Plunder and Blunder: The Rise and Fall of the Bubble Economy by Dean Baker

• Offers a look at the causes of the housing bubble
• The book talks about the housing bubble that precipitated the 2001 and 2007 market crashes.
• A must-read for those who are inserted in the field of pure economics
• Dean Baker analyses the causes and effects of the crash
• He discusses the reason why people ignored the signs of an oncoming economic disaster
• He talks about the measures to prevent future financial bubbles.

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List of Important Publications in Economics

Here is the list of the books that you can refer to if you are interested in the field of economics.

An Extra Bounce!

Here is the list of another set of books that can help you to enhance your knowledge in economics. If you need to gain more professional knowledge in economics, you need to read any of these books in additional books apart from the foundational texts.

• Economics in One Lesson: Henry Hazlitt
• Basic Economics: Thomas Sowell
• Capitalism and Freedom: Milton Friedman
• Doughnut Economics: Kate Raworth
• The Big Short by Michael Lewis
• Post-Capitalist Society by Peter F. Drucker
• Lean In: Women, Work, and the Will to Lead by Sheryl Sandberg
• The Upside of Inequality: How Good Intentions Undermine the Middle Class by Edward Conard
• An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith
• Postcapitalism: A Guide to Our Future by Paul Mason
• This Changes Everything: Capitalism vs. the Climate by Naomi Klein
• Guns, Germs and Steel: The Fates of Human Societies by Jared Diamond
• The Rational Optimist: How Prosperity Evolves by Matt Ridley

If you want to learn professional knowledge in economics, you should read and understand the books mentioned above and learn professional skills. Hope this article on Best Books by Famous Economists helped you.