Samo Burja
What three books would you recommend for a deeper than normal understanding of the key insights of economics?
Book mentions in this thread
Votes: 14
Capital
by Karl Marx
Bad Samaritans
by Ha-Joon Chang
It's rare that a book appears with a fresh perspective on world affairs, but renowned economist Ha-Joon Chang has some startlingly original things to say about the future of globalization. In theory, he argues, the world's wealthiest countries and supra-national institutions like the IMF, World Bank and WTO want to see all nations developing into modern industrial societies. In practice, though, those at the top are 'kicking away the ladder' to wealth that they themselves climbed. Why? Self-interest certainly plays a part. But, more often, rich and powerful governments and institutions are actually being 'Bad Samaritans': their intentions are worthy but their simplistic free-market ideology and poor understanding of history leads them to inflict policy errors on others. Chang demonstrates this by contrasting the route to success of economically vibrant countries with the very different route now being dictated to the world's poorer nations. In the course of this, he shows just how muddled the thinking is in such key areas as trade and foreign investment. He shows that the case for privatisation and against state involvement is far from proven. And he explores the ways in which attitudes to national cultures and political ideologies are obscuring clear thinking and creating bad policy. Finally, he argues the case for new strategies for a more prosperous world that may appall the 'Bad Samaritans'.Hidden Order
by David Friedman
For readers who would like to learn economics for the fun of it, economics understood not as the study of the economy but as a tool for understanding human behavior: crime, marriage, politics, and much else."In David Friedman's hands, economics becomes a sprightly science. Friedman has the rare knack of introducting fundamental principles with humorous examples. . . . a dazzling array that runs the gamut from supermarkets to pirate ships. . . . A clear picture of how simple assumptions about individual preferences and human rationality can increase our understanding of ordinary market behavior and a wide range of social institutions from marriage, to crime, to voting."Richard A. Epstein, The University of Chicago Law School"This book written nearly a decade ago before economics became hot far surpasses its successors such as "Freakonomics." "Amazon reviewer"The book of the month is HIDDEN ORDER: The Economics of Everyday Life. One doesn't normally think of an economics book as light and pleasant reading, but David makes it seem so. If you have any interest in economics at all, you'll find this book both readable and fascinating; and I guarantee you'll learn something from it." Jerry Pournelle in Byte"Hidden Order helps us look at everyday experience from the perspective of basic economics. Readers will be surprised to learn how much economics explains about their own behavior as well as about that of others ..."James M. Buchanan, Nobel Laureate in Economics, 1986"The author is a talented teacher, and he moves effortlessly from the traffic jams and grocery stores to the efficient-market hypothesis, price theory, and backward-bending labor curves." -Deborah Stead in The New York Times"David Friedman's gift is making some of the more complicated concepts of economics simple. In _Hidden Order_, he does this with his trademark wit and ingenuity. The most esoteric yet essential aspects of modern economic thought - marginal utility, indifference curves, opportunity costs, Nash equilibria, rent-seeking, etc - all come to life in this modest paperback."(Amazon reviewer) "A surprisingly lucid and useful book, and about as appealing as economics gets." - Kirkus ReviewsBooknotes Interview: https: //www.youtube.com/watch?v=q6_kYven-0cThe Worldly Philosophers
by Robert L. Heilbroner
The bestselling classic that examines the history of economic thought from Adam Smith to Karl Marx—“all the economic lore most general readers conceivably could want to know, served up with a flourish” (The New York Times). The Worldly Philosophers not only enables us to see more deeply into our history but helps us better understand our own times. In this seventh edition, Robert L. Heilbroner provides a new theme that connects thinkers as diverse as Adam Smith and Karl Marx. The theme is the common focus of their highly varied ideas—namely, the search to understand how a capitalist society works. It is a focus never more needed than in this age of confusing economic headlines. In a bold new concluding chapter entitled “The End of the Worldly Philosophy?” Heilbroner reminds us that the word “end” refers to both the purpose and limits of economics. This chapter conveys a concern that today’s increasingly “scientific” economics may overlook fundamental social and political issues that are central to economics. Thus, unlike its predecessors, this new edition provides not just an indispensable illumination of our past but a call to action for our future.Doughnut Economics
by Kate Raworth
Economics is the mother tongue of public policy. It dominates our decision-making for the future, guides multi-billion-dollar investments, and shapes our responses to climate change, inequality, and other environmental and social challenges that define our times. Pity then, or more like disaster, that its fundamental ideas are centuries out of date yet are still taught in college courses worldwide and still used to address critical issues in government and business alike. That's why it is time, says renegade economist Kate Raworth, to revise our economic thinking for the 21st century. In Doughnut Economics, she sets out seven key ways to fundamentally reframe our understanding of what economics is and does. Along the way, she points out how we can break our addiction to growth; redesign money, finance, and business to be in service to people; and create economies that are regenerative and distributive by design. Named after the now-iconic "doughnut" image that Raworth first drew to depict a sweet spot of human prosperity (an image that appealed to the Occupy Movement, the United Nations, eco-activists, and business leaders alike), Doughnut Economics offers a radically new compass for guiding global development, government policy, and corporate strategy, and sets new standards for what economic success looks like. Raworth handpicks the best emergent ideas--from ecological, behavioral, feminist, and institutional economics to complexity thinking and Earth-systems science--to address this question: How can we turn economies that need to grow, whether or not they make us thrive, into economies that make us thrive, whether or not they grow? Simple, playful, and eloquent, Doughnut Economics offers game-changing analysis and inspiration for a new generation of economic thinkers.Votes: 2
The Bitcoin Standard
by Saifedean Ammous
When a pseudonymous programmer introduced “a new electronic cash system that’s fully peer-to-peer, with no trusted third party” to a small online mailing list in 2008, very few paid attention. Ten years later, and against all odds, this upstart autonomous decentralized software offers an unstoppable and globally-accessible hard money alternative to modern central banks. The Bitcoin Standard analyzes the historical context to the rise of Bitcoin, the economic properties that have allowed it to grow quickly, and its likely economic, political, and social implications. While Bitcoin is a new invention of the digital age, the problem it purports to solve is as old as human society itself: transferring value across time and space. Ammous takes the reader on an engaging journey through the history of technologies performing the functions of money, from primitive systems of trading limestones and seashells, to metals, coins, the gold standard, and modern government debt. Exploring what gave these technologies their monetary role, and how most lost it, provides the reader with a good idea of what makes for sound money, and sets the stage for an economic discussion of its consequences for individual and societal future-orientation, capital accumulation, trade, peace, culture, and art. Compellingly, Ammous shows that it is no coincidence that the loftiest achievements of humanity have come in societies enjoying the benefits of sound monetary regimes, nor is it coincidental that monetary collapse has usually accompanied civilizational collapse. With this background in place, the book moves on to explain the operation of Bitcoin in a functional and intuitive way. Bitcoin is a decentralized, distributed piece of software that converts electricity and processing power into indisputably accurate records, thus allowing its users to utilize the Internet to perform the traditional functions of money without having to rely on, or trust, any authorities or infrastructure in the physical world. Bitcoin is thus best understood as the first successfully implemented form of digital cash and digital hard money. With an automated and perfectly predictable monetary policy, and the ability to perform final settlement of large sums across the world in a matter of minutes, Bitcoin’s real competitive edge might just be as a store of value and network for final settlement of large payments—a digital form of gold with a built-in settlement infrastructure. Ammous’ firm grasp of the technological possibilities as well as the historical realities of monetary evolution provides for a fascinating exploration of the ramifications of voluntary free market money. As it challenges the most sacred of government monopolies, Bitcoin shifts the pendulum of sovereignty away from governments in favor of individuals, offering us the tantalizing possibility of a world where money is fully extricated from politics and unrestrained by borders. The final chapter of the book explores some of the most common questions surrounding Bitcoin: Is Bitcoin mining a waste of energy? Is Bitcoin for criminals? Who controls Bitcoin, and can they change it if they please? How can Bitcoin be killed? And what to make of all the thousands of Bitcoin knock-offs, and the many supposed applications of Bitcoin’s ‘blockchain technology’? The Bitcoin Standard is the essential resource for a clear understanding of the rise of the Internet’s decentralized, apolitical, free-market alternative to national central banks.The Origin of Wealth
by Eric D. Beinhocker
What is wealth?How is it created? And how can we create more of it for the benefit of individuals, businesses, and societies?In The Origin of Wealth,Eric Beinhocker provides provocative new answers to these fundamental questions. Beinhocker surveys the cutting-edge ideas of economists and scientists and brings their work alive for a broad audience. These researchers, he explains, are revolutionizing economics by showing how the economy is an evolutionary system, much like a biological system. It is economic evolution that creates wealth and has taken us from the Stone Age to the $36.5 trillion global economy of today. By better understanding economic evolution, Beinhocker writes, we can better understand how to create more wealth. The author shows how “complexity economics” is turning conventional wisdom on its head in areas ranging from business strategy and organizational design to investment strategy and public policy. As sweeping in scope as its title,The Origin of Wealthwill rewire our thinking about the workings of the global economy and where it is going.Why Nations Fail
by Daron Acemoglu
Shortlisted for the Financial Times and Goldman Sachs Business Book of the Year Award 2012. Why are some nations more prosperous than others? Why Nations Fail sets out to answer this question, with a compelling and elegantly argued new theory: that it is not down to climate, geography or culture, but because of institutions. Drawing on an extraordinary range of contemporary and historical examples, from ancient Rome through the Tudors to modern-day China, leading academics Daron Acemoglu and James A. Robinson show that to invest and prosper, people need to know that if they work hard, they can make money and actually keep it - and this means sound institutions that allow virtuous circles of innovation, expansion and peace. Based on fifteen years of research, and answering the competing arguments of authors ranging from Max Weber to Jeffrey Sachs and Jared Diamond, Acemoglu and Robinson step boldly into the territory of Francis Fukuyama and Ian Morris. They blend economics, politics, history and current affairs to provide a new, powerful and persuasive way of understanding wealth and poverty.Layered Money
by Nik Bhatia
In this fascinating deep dive into the evolution of monetary systems around the globe, Nik Bhatia takes us into the origins of how money has evolved to function in a "layered" manner. Using gold as an example of this term, he traces the layers of this ancient currency from raw mined material, to gold coins, and finally to bank-issued gold certificates. In a groundbreaking manner, Bhatia offers a similar paradigm for the evolution of digital currencies. Bhatia's analysis begins in Renaissance Florence with the gold Florin coin and a burgeoning banking culture, continues with the evolution of central banking, and concludes with a vision for the future of our international monetary system. As central banks around the world prepare to launch their own crypto-competitors, Bhatia illustrates how the invention of Bitcoin created a seismic shift in money and merged the monetary and cryptography sciences. His unique analysis of "layered money" illuminates money markets for the general reader and shows how Bitcoin is becoming a trusted global currency. Readers will come away with an understanding of the mechanics of our financial system, why the dollar is deeply entrenched despite its state of disrepair, and how Central Bank Digital Currencies (CBDCs) and cryptocurrencies will interact in our new monetary future.Votes: 1
The Strategy of Conflict
by Thomas C. Schelling
Analyzes the nature of international disagreements and conflict resolution in terms of game theory and non-zero-sum games.The Communist Manifesto
by Karl Marx
Packaged in handsome, affordable trade editions, Clydesdale Classics is a new series of essential works. From the musings of intellectuals such as Thomas Paine in Common Sense to the striking personal narrative of Harriet Jacobs in Incidents in the Life of a Slave Girl, this new series is a comprehensive collection of our intellectual history through the words of the exceptional few. Originally published as a political pamphlet in 1848, amidst the revolutions in Europe, The Communist Manifesto documents Karl Marx and Friedrich Engels’s theories on society and politics. It does so by defining the state of the class system in contemporary Europe—in which a larger, lower class is controlled and oppressed by a tyrannical, oppressive upper class. The Manifesto argues that, at some point in history, the lower class will inevitably realize their potential and exploitation and subsequently revolt. Once this occurs, Marx and Engels argue, there will be an uprising among proletariats that shifts political and economic power, ultimately resulting in the dismantling of class systems and capitalism. Additionally, in the Manifesto, Marx and Engels also predict the future state of the global economy and discuss their viewpoints on private property, while also addressing many other topics pertinent to today’s world. Although written nearly 170 years ago, The Communist Manifesto is still widely read and cited. Amid the current turmoil between social classes and the societies of the world, its revolutionary prose and ideas can still yield ripe food for thought.The Narrow Corridor
by Daron Acemoglu
'As enjoyable as it is thought-provoking' Jared Diamond By the authors of the international bestseller Why Nations Fail, based on decades of research, this powerful new big-picture framework explains how some countries develop towards and provide liberty while others fall to despotism, anarchy or asphyxiating norms - and explains how liberty can thrive despite new threats. Liberty is hardly the 'natural' order of things; usually states have been either too weak to protect individuals or too strong for people to protect themselves from despotism. There is also a happy Western myth that where liberty exists, it's a steady state, arrived at by 'enlightenment'. But liberty emerges only when a delicate and incessant balance is struck between state and society - between elites and citizens. This struggle becomes self-reinforcing, inducing both state and society to develop a richer array of capacities, thus affecting the peacefulness of societies, the success of economies and how people experience their daily lives. Explaining this new framework through compelling stories from around the world, in history and from today - and through a single diagram on which the development of any state can be plotted - this masterpiece helps us understand the past and present, and analyse the future. 'In this highly original and gratifying fresco, Daron Acemoglu and Jim Robinson take us on a journey through civilizations, time and locations. Their narrow corridor depicts the constant and often unstable struggle of society to keep the Leviathan in check and of the Leviathan to weaken the cage of norms. A remarkable achievement that only they could pull off and that seems destined to repeat the stellar performance of Why Nations Fail' Jean Tirole, Nobel Laureate in Economics, 2014 'Another outstanding, insightful book by Acemoglu and Robinson on the importance and difficulty of getting and maintaining a successful democratic state. Packed with examples and analysis, it is a pleasure to read' Peter Diamond, Nobel Laureate in Economics, 2010 'The Narrow Corridor takes us on a fascinating journey, across continents and through human history, to discover the critical ingredient of liberty. It finds that it's up to each of us: that ingredient is our own commitments, as citizens, to support democratic values. In these times, there can be no more important message - nor any more important book' George Akerlof, Nobel Laureate in Economics, 2001 'How should we view the current challenges facing our democracies? This brilliant, timely book offers a simple, powerful framework for assessing alternative forms of social governance. The analysis is a reminder that it takes vigilance to maintain a proper balance between the state and society - to stay in the 'narrow corridor' - and avoid falling either into statelessness or dictatorship' Bengt Holmstrom, Nobel Laureate in Economics, 2016Votes: 1
When Money Dies
by Adam Fergusson
Presents a history of the 1923 German economic crisis that made the currency worthless, reduced the country to a barter economy, and left severe social unrest in its wake.