Introduction

In the last three years, I’ve delved into behavioral economics, the study of the intersection of economics and psychology. Behavioral economics differs greatly from traditional economics since it argues that individuals behave irrationally and not rationally, as traditional economics claims. 

But at the start of this year, I decided to read more books on traditional economics. My main focus is macroeconomics, particularly economic history, and developmental economics, which examines economics in developing nations.

If you’re interested in reading more books on economics this year, here are some I’ve read and plan to read in 2024.

Books I’ve Read

“Poor Economics” by Abhijit Banerjee and Esther Duflo: 

This book delves into the lives of the impoverished through experiments (RCTs) and case studies, revealing their decision-making processes and proposing ways to improve their conditions. Banerjee and Duflo challenge common ideas about poverty and stress the need for evidence-based, nuanced solutions.

You can find my book review for this book here.

“Economic Facts and Fallacies” by Thomas Sowell: 

Sowell debunks widespread misconceptions about economics by examining common fallacies and their real-world impacts. He offers a clear, empirical perspective on the misunderstood or misapplied economic principles often found in public discourse.

You can find my book review for this book here.

“Why Nations Fail” by Daron Acemoglu and James A. Robinson: 

Acemoglu and Robinson argue that a nation’s success or failure is primarily driven by its political and economic institutions rather than geography or culture. Using historical and contemporary examples, Acemoglu and Robinson illustrate how inclusive institutions lead to prosperity and extractive ones lead to stagnation or decline.

You can find my book review for this book here.

“Economism” by James Kwak

Kwak critiques the rise of economism and the over-reliance on economic theories and metrics to address complex social issues. He argues that this approach often overlooks important non-economic factors and can lead to misguided policies.

You can find my book review for this book here.

“Good Economics For Hard Times” by Abhijit Banerjee and Esther Duflo

By applying rigorous, evidence-based research, Banerjee and Duflo provide insights into addressing contemporary economic challenges, such as inequality and climate change. The authors advocate for practical, context-specific solutions.

Note: As of posting, I am currently reading this book.

Books I Plan To Read This Year

“Basic Economics” by Thomas Sowell 

In Basic Economics, Sowell presents a comprehensive introduction to economic principles, explaining complex concepts in accessible terms. The book covers a wide range of topics, such as supply and demand, market mechanisms, and the role of government in financial activities, ensuring the reader feels well-informed and knowledgeable about the subject.

“Wealth, Poverty, and Politics” by Thomas Sowell

Sowell examines the factors contributing to economic disparities across countries and societies, emphasizing the roles of culture, politics, and institutions. He challenges simplistic explanations for inequality and provides a broader context for understanding economic outcomes.

“Economics in One Lesson” by Henry Hazlitt

Hazlitt outlines fundamental economic principles by explaining the consequences of financial decisions and policies. The book advocates for a clear understanding of the long-term effects of economic actions, promoting free-market ideas and individual liberty.

“Changing World Order” by Ray Dalio

Ray Dalio’s ‘Changing World Order’ delves into the profound significance of the cyclical nature of global power shifts and economic changes, enlightening readers about the patterns of rising and falling empires.

“The Wealth and Poverty of Nations” by David S. Landes

Landes thoroughly analyzes the historical and cultural factors that have led to economic disparities among nations.

“How Europe Underdeveloped Africa” by Walter Rodney

Rodney asserts that European colonial exploitation significantly impoverished Africa and impeded its development.

“Slouching Towards Utopia” by J.M. Roberts

This book examines the evolution of global society through the lens of the 20th century, highlighting the ongoing struggle between progress and catastrophe.

“The Worldly Philosophers” by Robert L. Heilbroner

Heilbroner’s book offers a survey of key economic thinkers throughout history, detailing their ideas and their impact on the development of economic theory.

“Capital in the Twenty-First Century” by Thomas Piketty

Piketty analyzes income inequality and wealth concentration over the past few centuries, arguing that capitalism tends to exacerbate inequality and proposing progressive taxation as a solution

Conclusion

The study of economics encompasses a broad range of concepts, from supply and demand to market structures and economic policies.

As I read more books on the subject, I am continually discovering the valuable works of intellectuals and economists who delve into these concepts, pique my interest, and inspire me to explore them.

Understanding the economy is not just important; it’s crucial. It has a profound impact on our daily lives and can significantly enhance our understanding of the world, societies, and the individuals within them.

To learn more about economics, start by clicking here to shop the books above.