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Recent Books

Here are some recent books for a general audience that will be useful for students who may consider studying economics. Many of the essays and books a student will find in the databases on the facts & ideas page are written for other economists. In contrast, the popular books are intended for students and others who have not studied economics. Many economists recall that reading a few books like those listed here sparked their interest in studying economics.


Robert J. Gordon, The Rise and Fall of American Growth (Princeton University Press, January 12, 2016)

Bernanke pulls back the curtain on the tireless and ultimately successful efforts to prevent a mass economic failure. Working with two U.S. presidents and two Treasury secretaries, Dr. Bernanke and his colleagues used every Fed capability, no matter how arcane, to keep the U.S. economy afloat. From his arrival in Washington in 2002 and his experiences before the crisis to the intense days and weeks of the crisis itself, and through the Great Recession that followed, Dr. Bernanke gives readers an unequaled perspective on the American economy. This narrative will reveal for the first time how the creativity and decisiveness of a few key leaders prevented an economic collapse of unimaginable scale.

Ben S. Bernanke, The Courage to Act: A Memoir of a Crisis and its Aftermath (W. W. Norton & Company, October 31, 2015) 9780393247213

Bernanke pulls back the curtain on the tireless and ultimately successful efforts to prevent a mass economic failure. Working with two U.S. presidents and two Treasury secretaries, Dr. Bernanke and his colleagues used every Fed capability, no matter how arcane, to keep the U.S. economy afloat. From his arrival in Washington in 2002 and his experiences before the crisis to the intense days and weeks of the crisis itself, and through the Great Recession that followed, Dr. Bernanke gives readers an unequaled perspective on the American economy. This narrative will reveal for the first time how the creativity and decisiveness of a few key leaders prevented an economic collapse of unimaginable scale.

Richard H. Thaler, Misbehaving: The Making of Behavioral Economics (W.W. Norton, 2015) 978-0393080940

Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world. He reveals how behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber.  Thaler is a professor at the University of Chicago and President of the American Economic Association in 2015.

William D. Nordhaus, The Climate Casino:  Risk, Uncertainty, and Economics in a Warming World (Yale University Press, 2013) 978-0300189773

"Nordhaus is the world’s clearest, best informed and most serious thinker on
climate change policy. There is more insight and good sense advice in this volume than in many libraries. This book should be as central to climate policy debates as climate change is to humanity’s future."—Lawrence H. Summers, Charles W. Eliot University Professor and President Emeritus at Harvard University

"Bill Nordhaus is one of the world’s pioneers in applying economic reasoning to the harrowing problem of climate change.  Before there was the UN climate treaty, the recent rounds of IPCC reports, and the Stern Review, there was Nordhaus’ path-breaking thinking, modeling, and research on the subject.  His new book, The Climate Casino, marks a long-awaited update and synthesis of this work for the public and students everywhere.  His core conclusion – that we must act and act now – is carefully explained with Nordhaus’ trademark vigor, clarity, and thoughtfulness."—Jeffrey D. Sachs, Director of The Earth Institute, Quetelet Professor of Sustainable Development, and Professor of Health Policy and Management at Columbia University

George A. Akerlof and Robert J. Schiller,Phishing for Phools: The Economics of Manipulation and Deception (Princeton University Press, 2015) 978-0691168319

As long as there is profit to be made, sellers will systematically exploit our psychological weaknesses and our ignorance through manipulation and deception. Rather than being essentially benign and always creating the greater good, markets are inherently filled with tricks and traps and will "phish" us as "phools.” Akerlof and Schiller are Nobel Laureates in economics.

Anthony B. Atkinson, Inequality, What can be done? (Cambridge, MA: Harvard University Press, 2015) 0674504763

Atkinson has long been at the forefront of research on inequality, and brings his theoretical and practical experience to bear on its diverse problems. He presents a comprehensive set of policies that could bring about a genuine shift in the distribution of income in developed countries. The problem, Atkinson shows, is not simply that the rich are getting richer. We are also failing to tackle poverty, and the economy is rapidly changing to leave the majority of people behind.

Poverty and Development

Thomas Pikkety and Arthur Goldhammer, Capital in the Twenty-First Century, (Belknap Press, 2014) 978-0674430006
     In this magisterial work, Thomas Piketty has performed a great service to the academy and to the public. He has written a pioneering book that is at once thoughtful, measured, and provocative. The force of his case rests not on a diatribe or a political agenda, but on carefully collected and analyzed data and reasoned thought. The book should have a major impact on our discussions of contemporary inequality and its meaning for our democratic institutions and ideals. I can only marvel at Piketty’s discipline and rigor in researching and writing it. (Rakesh Khurana, Harvard Business School)

William Easterly, The Tyranny of Experts, (Basic Books, 2014) 978-0465031252
     Bracingly iconoclastic.... Easterly’s stories unfailingly reinforce a select number of crucial themes, the boldest being that the people of the so-called underdeveloped world have been systematically betrayed by the technocrats in charge of the global development agenda.” New York Times Book Review

Financial Crisis

John Kay, Other People’s Money: The Real Business of Finance (Public Affairs, 2015) 978-1610396035
     In a dazzling and revelatory tour of the financial world as it has emerged from the wreckage of the 2008 crisis, Kay does not flinch in his criticism: we do need some of the things that Citigroup and Goldman Sachs do, but we do not need Citigroup and Goldman to do them. And many of the things done by Citigroup and Goldman do not need to be done at all. The finance sector needs to be reminded of its primary purpose: to manage other people’s money for the benefit of businesses and households. It is an aberration when the some of the finest mathematical and scientific minds are tasked with devising algorithms for the sole purpose of exploiting the weakness of other algorithms for computerized trading in securities. To travel further down that road leads to ruin. John Kay is a fellow of St John’s College, Oxford University. 

Alan S. Blinder, After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead,  (Penguin Press, 2013) 978-1594205309
      "True to his scholarly roots and informed by his practical insights, Alan Blinder has produced in After the Music Stopped both a comprehensive and, mirabile dictu, engagingly readable analysis of the great financial crisis. Whether or not one agrees with every particular judgment, the force of the argument is clear: here we are, four years later, still short of reforms that are needed."
—Paul A. Volcker

Nouriel Roubini and Stephen Mihm, Crisis Economics: A Crash Course in The Future of Finance, (Penguin Press, New York, 2010) 978-159420250
       In 2006 New York University Professor Nouriel Roubini forecast the financial crisis of 2008, describing the likelihood of the housing bust and the implosion of credit markets. His latest book puts the crisis in historical context, discusses how governments limited the decline, and advocates important changes in policies to forestall future crises.

John Quiggin, Zombie Economics: How Dead Ideas Still Walk Among Us, (Princeton University Press, 2011) ISBN 9780691145822
       The financial crisis killed off many tenets of conventional wisdom but they live on in the minds of many. This book explains why bad ideas must be put to final rest.

Raghuram J. Rajan, Fault Lines: How Hidden Fractures Still Threaten the World, (Princeton: Princeton University Press, 2010) ISBN 0691146837
       The former chief economist of the IMF analyzes the financial crisis and offers a range of policies to reshape the financial order.

Core Economic Ideas

Dani Rodrik, Economics Rules: The Rights and Wrongs of the Dismal Science, (WW Norton, 2015) ISBN 978-0393246414
     "Economics Rules, by one of the world's truly great economists, describes in fascinating and incredibly well-written detail what it means to be an economist. In so doing it explains why, and when, economists often get it right, but also why they also frequently go astray.”  —George Akerlof, Nobel laureate in economics

Lanny Ebenstein, Chicagonomics: The Evolution of  Chicago Free Market Economics, (St. Martin’s Press, 2015) ISBN 978-0230621954
     Chicagonomics explores the history and development of classical liberalism as taught and explored at the University of Chicago.

Daron Acemoglu and James Robinson, Why Nations Fail: The Origins of Power, Prosperity, and Poverty (New York: Crown Publishing Group, 2012) 978-0307719218
      “Two of the world’s best and most erudite economists turn to the hardest  issue of all: why are some nations poor and others rich? Written with a deep knowledge of economics and political history, this is perhaps the most powerful statement made to date that ‘institutions matter.’  A provocative, instructive, yet thoroughly enthralling book.” —Joel Mokyr, Robert H. Strotz Professor of Arts and Sciences and Professor of Economics and History, Northwestern University

Abhijit Banerjee and Esther Duflo, Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty  (Public Affairs, 2011)
       "This book is a must-read for anyone who cares about world poverty.  It has been years since I read a book that taught me so much. ‘Poor Economics’ represents the best that economics has to offer."  --Steven D. Levitt

Steven D. Levitt and Stephen J. Dubner, Freakonomics: A Rogue Economist Explores the Hidden Side of Everything, (New York: Harper Perennial, 2005) ISBN 0060731338
       Applies the analytical tools of microeconomics and real data to explore a variety of curiosities. Discusses what schoolteachers and sumo wrestlers have in common, exploring the role of incentives and the phenomenon of cheating. Explains how the Ku Klux Klan is like a group of real-estate agents highlighting the power of information and what happens when that power is abused. Considers why, if crack dealing is so profitable, do most drug dealers still live with their moms, and reveals that conventional wisdom is often a web of fabrication, self-interest, and convenience. Explains how Roe v. Wade helped trigger, a generation later, the biggest crime drop in history and sorts out the facts of crime from the fictions. Examines, from a number of angles, whether and how parents matter for a number of child outcomes. Considers what kind of signal parents are sending when they name a child and whether a child's name really matters.

Steven D. Levitt and Stephen J. Dubner, SuperFreakonomics: Global Cooling, Patriotic Prostitutes, and Why Suicide Bombers Should Buy LIfe Insurance, (William Morrow, New York, 2009)
       This sequel applies economic ideas in a variety of settings from car crashes to chemotherapy.

Steven D. Levitt and Stephen J. Dubner,  Think Like a Freak: The Authors of Freakonomics Offer to Retrain your Brain,  (Wiiliam Morrow, 2014).  0062218336
       Levitt and Dubner offer a blueprint for an entirely new way to solve problems, whether your interest lies in minor lifehacks or major global reforms. As always, no topic is off-limits. They range from business to philanthropy to sports to politics, all with the goal of retraining your brain.

Dan Ariely, Predictably Irrational, Revised and Expanded Edition: The Hidden Forces That Shape Our Decision (New York: Harper, 2010) paper 0061353248

Dan Ariely, The Upside of Irrationality: The Unexpected Benefits of Defying Logic at Work and at Home (New York: Harper, 2010) 0061995037
       Ariely discusses entertaining and engaging examples of behavioral economics.

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Global Growth and International Trade

Pietra Rivoli, The Travels of a T-Shirt in a Global Economy: An Economist Examines the Markets, Power, and Politics of World Trade (Wiley, 2006) ISBN 0470039205
       A fair-minded discussion of the ins and outs of world trade through the market for T-shirts.

P.J. O'Rourke, On The Wealth of Nations (Atlantic Books, 2007) ISBN 1843543885
       An insightful, inciteful, and hilarious discussion of national wealth.

Gregory Clark, A Farewell to Alms:, A Brief Economic History of the World (Princeton University Press, 2007) ISBN 0691121354
       Professor Clark addresses the continuing question as to why some nations are rich and others are poor. He proposes that natural selection plays an important role.

David Warsh, Knowledge and the Wealth of Nations: A Story of Economic Discovery (New York: Norton, 2006) ISBN 0393059960
       David Warsh is a columnist in the Boston Globe who explores the evolution of one of the most important ideas in economics of the last few decades. Specifically, he describes in common language how economic theory came to account for the role of knowledge in economic development.

Jeffrey Sachs, The End of Poverty: Economic Possibilities for Our Time (Penguin, 2005) ISBN 1594200459
       Sachs calls for a large-scale initiative to end world poverty.

William Easterly, The White Man's Burden: Why the West's Efforts to Aid the Rest Have Done So Much Ill and So Little Good (New York: Penguin Press, 2006) ISBN 1594200378
       Easterly provides a readable critique of the failure of foreign aid, military power, the World Bank, the International Monetary Funds, and the UN to reduce poverty in the least developed countries of the world.

Joseph E. Stiglitz, Making Globalization Work (New York: W. W. Norton, 2006) ISBN 0393061221
       An imaginative and, above all, practical vision for a successful and equitable world, Nobel Prize winner Joseph E. Stiglitz's Making Globalization Work draws equally from his academic expertise and his time spent on the ground in dozens of countries around the world.

Benjamin Friedman, The Moral Consequences of Economic Growth (Vintage, 2006) ISBN 1400095719
       Friedman, a former chair of Harvard's economics department, argues that economic growth is vital to social and political progress. Witness Hitler's Germany. Without growth, people look for answers in intolerance and fear. And that, Friedman warns, is where the U.S. is headed if the economic stagnation of the past three decades doesn't soon reverse. It's not enough for gross domestic product to rise, he says. Growth also has to be more evenly distributed. The rich shouldn't be the only ones getting richer.

Jagdish Bhagwati, In Defense of Globalization, (Oxford University Press, 2005)  ISBN 978-0195300031
       Professor Bhagwati offers a witty and insightful book on the gains from globalization and some of its limitations. 

Government and Policies

Edward Glaeser,  Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier, and Happier (Penguin Press, 2011)  ISBN 159420277X
        America is an urban nation. More than two thirds of us live on the 3 percent of land that contains our cities. Yet cities get a bad rap: they're dirty, poor, unhealthy, crime ridden, expensive, environmentally unfriendly... Or are they? 
       As Edward Glaeser proves in this myth-shattering book, cities are actually the healthiest, greenest, and richest (in cultural and economic terms) places to live. New Yorkers, for instance, live longer than other Americans; heart disease and cancer rates are lower in Gotham than in the nation as a whole. More than half of America's income is earned in twenty-two metropolitan areas. And city dwellers use, on average, 40 percent less energy than suburbanites. 

Joseph E. Stiglitz, The Price of Inequality: How Today's Divided Society Endangers Our Future,  (W. W. Norton, 2012) ISBN 978-0393088694
       Stiglitz draws on his deep understanding of economics to show that growing inequality is not inevitable: moneyed interests compound their wealth by stifling true, dynamic capitalism. They have made America the most unequal advanced industrial country while crippling growth, trampling on the rule of law, and undermining democracy. The result: a divided society that cannot tackle its most pressing problems. With characteristic insight, Stiglitz examines our current state, then teases out its implications for democracy, for monetary and budgetary policy, and for globalization. He closes with a plan for a more just and prosperous future.

Robert B. Reich, Beyond Outrage: What has gone wrong with our economy and democracy, and how to fix them, (Knopf, 2012)
       In this eBook exclusive, Robert B. Reich urges Americans to get beyond mere outrage about the nation’s increasingly concentrated wealth and corrupt politics in order to mobilize and to take back our economy and democracy.

Markets and Groups

Amy R. Poteete, Marco A. Janssen, and Elinor Ostrom, Working Together: Collective Action, the Commons, and Multiple Methods in Practice, Princeton University Press, 2010 ISBN 9780691146041
       How do people create systems to address the common property problems that arise in different cultures and with different technologies?

Diane Coyle, The Economics of Enough, How to Run the Economy as If the Future Matters, Princeton University Press 2011. ISBN 9780691145181
       How do we sustain economic growth when faced with so many conflicting problems?

George A. Akerlof and Robert J. Shiller Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism (Princeton University Press, Princeton, NJ: February 2009) ISBN 0691142335, 264 pages.
       Two leading economists describe how psychological factors drive markets. Markets aren't mechanical instruments but rather reflect human emotions and respond to the perceptions of participants.

Dean Baker, Plunder and Blunder: The Rise and Fall of the Bubble Economy (Polipoint Press, Sausalito, CA: January 2009) ISBN 0981576990, 170 pages
       Baker reviews the run up to the housing bubble and the associated economic instability with some early thoughts about reforms.

Tyler Cowen, Discover Your Inner Economist: Use Incentives to Fall in Love, Survive Your Next Meeting, and Motivate Your Dentist (Dutton, 2007) ISBN 0525950257
       Cowen describes economic and psychological approaches to many situations found in daily living.

Michael Shermer, The Mind of the Market: Compassionate Apes, Competitive Humans, and other Tales from Evolutionary Economics (Times Books, 2007) ISBN 0805078320
       Shermer explores human nature and its value in understanding economic behavior, an introduction to neuroeconomics.

Economic Ideas in Fiction

Michael W. Klein, Something for Nothing: A Novel (MIT Press, 2011) ISBN 978-0262015752    
        The fictional account of a new PhD in economics who begins his career with  a temporary academic job. He struggles with the personal challenges of teaching, getting published, and searching for a more permanent job.

Michael L Walden and M E Whitman Walden, Micro Mischief: A Dia Fenner Economic Thriller (Lincoln, NE, iUniverse, 2006) ISBN 0595388795
        When Dia persists in presenting her economic arguments questioning the viability of a kudzu-based alternative fuel, she first finds her job—then her life—in jeopardy. Her house is vandalized, she's attacked, and shadowy figures stalk her. Someone is trying to silence Dia. Will they succeed?

Classic Titles

Here are some books of continuing interest to young economists.

David R. Henderson, The Concise Encyclopedia of Economics(Liberty Fund, 2007) ISBN 086597666X
       A fourth edition has 160 articles by 152 contributors discussing issues from discrimination to international economics.

Tom Sowell, Basic Economics: A Common Senses Guide to the Economy (Perseus Books, 2007). ISBN 0465002609
       This third edition provides a readable introduction to general economic principles.

Charles Wheelan, Naked Economics: Undressing the Dismal Science, (W. W. Norton, 2010) ISBN 0393337642
       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. 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 readers the tools they need to engage with pleasure and confidence in the deeply relevant, not so dismal science.

The Development of Economic Ideas

Robert L. Heilbroner, The Worldly Philosophers, seventh edition (New York: Touchstone Books, 1999) ISBN 068486214X
       Heilbroner describes economic ideas from Adam Smith to Karl Marx with a view to understanding how capitalism works.

Todd G. Buchholz, New Ideas from Dead Economists: Revised Edition (New York: Plume, 1999) ISBN 0452280524
       Buchholz describes the important developments in economics with particular emphasis on the most recent 60 years.

Economics for Decision-Making

Diane Coyle, Sex, Drugs and Economics: An Unconventional Introduction to Economics (New York, Texere Publishing Ltd, 2002) ISBN 1587991470
       With humor and irony, the author shows how economics can help to make decisions about the most basic of issues—whether to invest tax money in new roads or schools or how to combat world hunger and illegal drugs

Steven E. Landsburg, More Sex Is Safer Sex, the conventional wisdom of economics (Free Press, 2007) ISBN 1416532218
       Economist Landsburg sets out to explain extraordinary findings and logical arguments about the economics of everyday life. In the same vein as the recently popular Freakonomics, this book aims to assault common sense using the tools of evidence and logic to describe reality.

Financial Markets

Burton G. Malkiel, Random Walk Down Wall Street, tenth edition (New York: Norton, 2012) ISBN 978-0393340747
       This is a popular discussion of the stock market.

Economic Development

William Easterly, The Elusive Quest for Growth: Economists' Adventures and Misadventures in the Tropics, (MIT Press, Cambridge, 2002) ISBN 0262550423
       Easterly first discusses the importance of growth. He then analyzes the development solutions that have failed. Finally, he suggests alternative approaches to the problem. Written in an accessible, at times irreverent, style, Easterly’s book combines modern growth theory with anecdotes from his fieldwork for the World Bank.

Amartya Sen, Development as Freedom, (Anchor Books, New York, 2000) ISBN 0195655265
       Sen, winner of the Nobel Prize in economics in 1998, summarizes his studies of poverty, famine, literacy, and mortality in the third world. He brings an ethical point of view to his analysis.

Economic Philosophy

Milton Friedman, Capitalism and Freedom, 40th Anniversary Edition (Chicago: University of Chicago Press, 2002) ISBN 0226264211
       From the book jacket:
Selected by the Times Literary Supplement as one of the "hundred most influential books since the war"
How can we benefit from the promise of government while avoiding the threat it poses to individual freedom? In this classic book, Milton Friedman provides the definitive statement of his immensely influential economic philosophy--one in which competitive capitalism serves as both a device for achieving economic freedom and a necessary condition for political freedom. The result is an accessible text that has sold well over half a million copies in English, has been translated into eighteen languages, and shows every sign of becoming more and more influential as time goes on.

Gary S. Becker, The Economic Approach to Human Behavior(Chicago: University of Chicago Press, 1978) ISBN 0226041123
       Becker discusses social interactions; crime and punishment; marriage, fertility, and the family; and "irrational" behavior.

Economics in Fiction

Russ Roberts, The Price of Everything: A Parable of Possibility and Prosperity, (Princeton: Princeton University Press, 2009) 0691143358
       Set out and about the Stanford University campus, this novel introduces economic ideas with charm and wisdom.

Marshall Jevons, Murder at the Margin (Princeton, NJ: Princeton University Press, 1998) ISBN 0691000980
       This murder mystery is one of four by Marshall Jevons to use economics to uncover the perpetrator.
Marshall Jevons, Fatal Equilibrium (New York: Fawcett, 1986) ISBN 0345331583
Marshall Jevons, A Deadly Indifference : A Henry Spearman Mystery (Henry Spearman Mysteries) (Princeton, NJ: Princeton University Press, 1998) ISBN 0691059691
Marshall Jevons, Mystery of the Invisible Hand, (Princeton, NJ: Princeton University Press, 2014) ISBN 0691163138

Tinker Marks, Theoretically Dead (Norwich, VT, New Victoria Publishers, 2001) ISBN 1892281163
        Claire Sinclaire, professor of economics at Hammond College, wanted nothing to do with her partner, Emma Harrington`s philosophy conference. Scholars from all over the country were coming together to discuss the life and work of brilliant philosopher, Erik Weber. Claire could not remain uninvolved however, when she tripped over his body on the sidewalk. It turns out that despite their fascination with his ideas, plenty of Weber`s colleagues had reason to hate him, but which one had opportunity to kill? An amusing and intelligent mystery by new author Tinker Marks.

Michael Watts, The Literary Book of Economics (Wilmington, DE: ISI Books, 2003) ISBN 1932236023
        Watts presented 78 selections from English literature and discusses the economic lessons they teach. Examples are Robert Frost, "The Road Not Taken," John Steinbeck, "East of Eden," Joseph Heller, "Catch-22," and Mark Twain, "Adventures of Huckleberry Finn."

Jonathan B. Wight, Saving Adam Smith: A Tale of Wealth, Transformation, and Value (Prentice Hall, New York, 2002) ISBN 0130659045
       Wight’s novel summons Adam Smith back to life, in heart-pounding adventure ripped straight from today’s headlines. As the suspense builds, Burns rediscovers Adam Smith’s most profound insight about markets: Selfishness is simply not enough.

These books are available from libraries, book stores, and online book sellers. The titles are listed for information and are not endorsed by the American Economic Association.