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Top 10 Books To Read If You’re An Economics Student
Why do students pursuing economics need to read books?
As economics is a wider discipline, students must indulge themselves in reading more books to help them develop critical and analytical thinking skills, enhance their vocabulary and build self-esteem. In other words, reading economics books helps students to communicate with and make connections between texts, interrogate contributions and oppose biases and arguments (oakesr, 2017). In one of the surveys related to academics by a UK university, it was said that reading is aligned with developing critical thinking. In addition, reading and writing are interlinked intrinsically, as the former acts as an enabler for the latter. Through the help of academic reading, students can develop their views and abilities to keep engaged with the texts. Thus reading economics is regarded as a vital part of the development of a student as it keeps them engaged with academics (oakesr, 2017). Reading texts thoroughly also helps in academic development and success. Besides critical thinking, academic reading helps develop the students’ authorial identity. Economics students who indulge themselves in regular reading transform themselves into meaningful learners. On the contrary, some students are not much into academic reading, and thus they need more self-confidence. To enable students to develop their interest in academic reading, professors shall take the initiative to make them understand.
1.Freakonomics by Steven D. Levitt and Stephen J. Dubner
This book takes an unconventional approach towards economics. The author of this book mainly focuses on the incentives and the reason for what kind of things human beings do and how it affects our economy. As already known, incentives act as a great way to bring out the best outputs from people, and thus the main purpose of the economist is to generate knowledge within consumption and production which helps in wealth creation and to transfer to our economy (Team, 2021). This book further goes on to say that economies are three types moral, social and economical, and of these, the most successful incentive is one that attaches the needed change in behaviour.
2.An enquiry about the nature and the causes of the wealth of the Nations by Adam Smith
This book details all kinds of economic theories, and so in the present day, this book is recommended by economists, entrepreneurs and historians. The author’s theories are secular change, shattering down the interactions among commodities, stocks, labour, taxes and trade and capital accumulation theory (Oxfordsummercourses.com, 2023). Even in today’s modern economy, the theories propounded by Adams Smith are still relevant.
3.The Reckoning Financial Accountability and the Rise and Fall of Nations by Jacob Soll
The book details economics’ social and political aspects by making it accessible and entertaining for casual readers (Gwartney et al. 2021). Furthermore, the function of accounting is written in the realm of global affairs by embodying the various periods such as French Revolution, the Italian Renaissance, and the financial crisis that has taken place between 2007-2008.
4.The Undercover Economist written by Tim Harford
The author’s book depicts the relevance of economies in everyday life. Various economic concepts are discussed, such as limited resources, market failure, and market power. Also, this book discusses what goes on in the different industries and their role in shaping our everyday life (Gwartney et al. 2021). The author discusses the economies of our everyday life in the form of purchasing a cup of coffee to getting stuck in a traffic jam. The other things that he exposes are the airlines, coffee shops and supermarkets from all across the world for the reasons they convince society to be a part of the money.
5.The Armchair Economist: Economies and Everyday Life by Steven E. Landsburg
This book detail the economics of daily life in an interesting and relatable way. The laws of human behaviour are highlighted by Landsburg, which explains the reasons why the corporation can’t give huge pensions to the executives. In addition, it also details why the concert’s promoters increase ticket prices although they know that the gig can sell tickets well in advance. The other issues that the authors discuss are why the popcorn at the theatres is so costly and why the drivers who drive safely encounter more crashes (Team, 2021). This fact might seem surprising to the average person; however, it is further explained by the author that airbags result in more accidents. In this regard, it is further understood by economists that people mainly respond to incentives.
6.Doughnuts Economics: Seven Ways to Think like a 21st-century Economist by Kate Raworth
The mainstream of economics is described by the author in her book. In addition, the outdated theories are also discussed, which implies the rich get richer and the poor get poorer, and by stating so, he figures out a roadmap which suggests ways to rectify the pertaining issues. The author in this book highlights the far-reaching effects that advertise nature’s resources and the role of energy.
7.23 things that don’t tell you about capitalism by Ha-Joon Chang
This highlights the biggest myths that are faced by society today, and he further moves on to state that there are no such things that can be regarded as a free market. In addition, it also disapproves that globalisation does not make the world richer, the well-paid managers do out bring out positive results, and the rich countries are not as entrelessrial as the poorethan2021). In addition, he further moves on to refute that we do not live in a digital world even though the internet has transformed our lives.
8.Rich Dad and Poor Dad by Robert Kiyosaki and Sharon Lechter
This book stresses the importance of financial education and matters related to financial intelligence. It is further implied by the book that hard work cannot be regarded as enough to acquire wealth. However, to make sound investments, you must be financially educated and invest accordingly in your own business.
9.Good Economics by hard times by Abhijit V. Banerjee and Esther Dullo
This book requests that readers bring an end to polarisation, and this should be based on the data so that the challenges faced by the world can be dealt with. Many traditionally believed thoughts cover various subjects such as declining growth, immigration, climate change and inequality. Besides this, it also covers subjects such as economic efficiency and other topics that deal with bigotry, the logic of varied preferences and political rhetoric. The authors further go on to say that individuals can have answers to all sorts of problems (Oxfordsummercourses.com, 2023). In addition, the readers are encouraged to think from a different perspective regarding the needs of the individuals and the benefit of society. Furthermore, the book discusses how to eradicate poverty and suggests a way to help in the upgradation of society.
10.Capital: A Critique of political economy -Karl Marx
This book encapsulates a detailed study of the methods of production and the ideology possessed by the members of bourgeois society. In this book, Marx is concerned with exposing the norms and social relations related to capital. The other aspects discussed in this book are labour and capital, as they are regarded to be interrelated (Team, 2021). This book mainly criticises the political economy, which is the core project of Marxism that has led to a wide variety of approaches outside and inside academic circles.
Tips for Students to read economics books
- Reading chapter summaries helps understand the concepts that are otherwise difficult to interpret easily. Also, it helps to comprehend how all the book chapters are progressing.
- While reading economics books, it is necessary for students to focus on the key concepts, which helps in easy understanding of the matter. If a student finds a chapter critical, he doesn’t need to dwell on thighs unnecessarily.
- Taking notes of whatever is being read helps better understand the chapters, even if they appear to be critical initially. Besides this, it helps make connections with the chapters and form ideas.
- students need to strategise their approach while reading, which helps them think critically about the concepts they study.
- Students must scan the entire reading and focus on the most interesting part to acquire in-depth knowledge.
References
- Team, T.O.S. (2021). 10 Business and Economics Books Every Student Should Read. [online] Oxford Summer School 2023 | Oxford Scholastica Academy. Available at: https://www.oxfordscholastica.com/blog/10-books-every-business-and-economics-student-should-read/.
- Oxfordsummercourses.com. (2023). Available at: https://oxfordsummercourses.com/articles/best-books-for-economics-students/ [Accessed 29 Jun. 2023].
- Gwartney, J.D., Stroup, R.L., Sobel, R.S. and Macpherson, D.A., 2021. Economics: private & public choice. Cengage Learning.
- oakesr (2017). Why Study Economics? [online] Why Study Economics? Available at: https://economics.appstate.edu/node/245.
FAQs
- Why do economics students need to read books?
Ans: Reading economic books helps develop critical thinking with which they can interpret the theory and concept of economics. Besides this, it helps them to perform better academically. - What do Freakonomics details?
Ans: Freakonomics discusses the significance of incentives in bringing the best outputs from people. It further discusses that the main aim of an economist is to generate information related to production and consumption, which helps create wealth. - Suggest two ways to read economics books.
Ans: The two ways that can be suggested to economics books are:
Focusing on the key concepts helps in better comprehension of the subject matter.
Taking down notes while studying helps in better retention power of what is being read; thus, understanding the concept gets easier. - What does Jacob Soll detail in his book?
Ans: In his book, Jacob Soll talks about the political and social aspects of economics and further discusses the Italian Renaissance, the french revolution and the occurrence of the financial crisis. - What does Ha-Joon Chang state in his book?
Ans: He states that globalisation cannot make the world richer, and he discusses the myth faced by people in the present society. Furthermore, he opines that there are n such things that can be called a free market.
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