(Part 2) Best macroeconomics books according to redditors
We found 420 Reddit comments discussing the best macroeconomics books. We ranked the 173 resulting products by number of redditors who mentioned them. Here are the products ranked 21-40. You can also go back to the previous section.
https://www.amazon.com/Economics-High-School-Version-Krugman/dp/1429218266
The real reason why he won't debate systems of Economics? Let us take a look at their educational & publishing backgrounds alone.
Jordan Peterson
Education:
-Books:
Richard D. Wolff
Education:
Books:
Contending Economic Theories: Neoclassical, Keynesian, and Marxian (The MIT Press) Sep 07, 2012 (College Textbook)
Democracy at Work: A Cure for Capitalism Oct 02, 2012
Capitalism's Crisis Deepens: Essays on the Global Economic Meltdown May 30, 2016
Occupy the Economy: Challenging Capitalism (City Lights Open Media) May 08, 2012
Capitalism Hits the Fan Sep 10, 2012
Economics: Marxian versus Neoclassical Aug 01, 1987 (College Textbook)
New Departures in Marxian Theory (Economics as Social Theory) Sep 27, 2006
Economics of Colonialism: Britain and Kenya, 1870-1930 (Yale series in economic history) (Ph.D. Thesis)
I would be happy with an "Economic Systems FAQ" that spent a few hundred words talking about the history of the terms "capitalism," "socialism," and "communism," then spent a few hundred more words on the status of those terms in today's political-economic environment.
Just something as background so that we aren't leaving people empty-handed when we say, "we don't talk about socialism anymore, that's a bad question."
Maybe a good place to start for putting together that FAQ would be chapter 3 of this book. (90% unironically.)
On the topic of anecdotes, anything by Malcolm Gladwell.
Naked Economics is a good layperson's primer to Econ itself, while Freakonomics is more applied/fringe.
Ayn Rand didn’t write textbooks but nice try.
I was thinking more along the lines of this for you.
https://www.amazon.com/Economics-High-School-Version-Krugman/dp/1429218266
You should read the book Macroeconomics, by Gregory Mankiw
This came out last month. But it doesn't seem to be filled with investment advice
He's just finished (and publishing this month) a book on the ethics of finance and how modern finance may have lost it's way. If only this catches on like his other books have.
http://www.amazon.com/Finance-Good-Society-Robert-Shiller/dp/0691154880
Modern Monetary Theory (MMT) is just that, a theory. I do not subscribe to MMT. None of what I have said is based on MMT.
I am in a "Wall Street" industry. I have been making money for the past 10+ years taking the opposite side of trades for people talking about bond vigilantes, QE being inflationary, the USA becoming the next Greece, the US going bankrupt, etc. It's because I use an objective, fact-based analysis of the operational reality of modern monetary systems and am not an academic or politician using historical theories not rooted in reality.
Did you know Paul Krugman didn't incorporate the banking system into many of his models for a long time? Don't even get me started on the Austrian School dorks like Peter Schiff. I lost count of the number of calls they got wrong.
Several of the things you stated are factually incorrect and I explained why. I am beginning to think you don't care about objective facts and are much more interested in emotions and identity politics. It seems like you were trying to bait me into an argument over those but I'm not interested.
If you want to expand your understanding, I highly recommend Pragmatic Capitalism by Cullen Roche.
https://www.amazon.com/Pragmatic-Capitalism-Every-Investor-Finance/dp/1137279311/ref=tmm_hrd_title_0?ie=UTF8&qid=1397498215&sr=1-1
Best of luck in the future.
Intermediate econ if you're up for it:
http://www.amazon.com/Macroeconomics-N-Gregory-Mankiw/dp/1464182892
http://www.amazon.com/Macroeconomics-Policy-Practice-Pearson-Economics/dp/0321436334
http://www.amazon.com/Intermediate-Microeconomics-Modern-Approach-Ninth/dp/0393123960
http://www.amazon.com/Money-Banking-Financial-System-2nd/dp/0132994917
EDIT: For intro econ, you can just get started with the books by Krugman and Wells. I'm sure we all love Krugman here yea?
As far as history goes, just FYI, Zinn's People's History has a very poor reputation among (even left leaning) academic historians. You can ask about it at /r/askhistorians if you want to know more. You can also check their excellent book list, organized by region and topic.
EDIT: For an overview of US history, The Oxford History of the US series is an excellent primer.
I know less about sociology, but I think a good intro would be Khan's Privilege in that it touches on a contemporary sociological issue in a lay friendly manner but also goes into some theoretical foundations in the tradition of Bourdieu.
Fiction:
The Dispossessed by Ursula K. Le Guin is a great start (good critique of anarchist philosophy).
The Red Mars Trilogy by Kim Stanley Robinson actually cites Mondragon and discusses cooperative economics in detail.
After The Deluge (of Critical Mass fame) by Chris Carlsson is a novel about a post-capitalist San Francisco.
Non-fiction:
After Capitalism by Seymor Melman.
America Beyond Capitalism by Gar Alperovitz.
Democracy at Work: A Cure for Capitalism by Richard Wolff.
Capitalism's Crisis Deepens: Essays on the Global Economic Meltdown by Richard Wolff.
After Capitalism by David Schweickart.
Against Capitalism by David Schweickart.
Capitalism or Worker Control by David Schweickart
Putting Democracy to Work by Frank T Adams.
Collective Courage: A History of African American Cooperative Economic Thought and Practice by Jessica Gordon Nembhard.
Humanizing the Economy: Co-operatives in the Age of Capital by John Restakis.
Owning Our Future: The Emerging Ownership Revolution by Marjorie Kelly.
For All the People: Uncovering the Hidden History of Cooperation, Cooperative Movements, and Communalism in America by John Curl.
God I love you for linking this. this book is what turned me on to a more humanistic way of thinking
I have a few:
In the long run, inflation is essential a monetary phenomenon that can be explained by the Quantity Theory of Money:
MV=PY
Where
Holding V and Y relatively constant, this implies that an increase in the money supply will result in a proportional increase in the money supply. Source. (also Mankiw, 2014)
How does this connect to a UBI? That depends on how a UBI would be funded. Realistically, it would almost certainly be funded by increased taxes, which would have little inflationary impact (just redistribution). But, if we were to fund a UBI entirely through seignorage (printing money), we can get an upper-bound on the inflationary impact.
Lets assume a UBI of $10,000 for every US adult. US adult population is about 240M, so that would take $2.4T. Since the current M1 money stock is about $3.2T, the quantity equation suggests financing a UBI solely through seignorage would lead to at most 70% inflation - super high and a bad idea, but not enough to completely errode the effects of a UBI. Realistically though, it wouldn't be very inflationary at all since it would be funded primarily through taxation.
__
Notes:
But really, I think 'just relax' is best here, so:
etc etc etc
You are aware that he wrote an entire book about the perils of socialism no?
There are plenty of video clips of Senator Paul screaming about how socialism is evil.
Either you are dishonest, or you're reealllllllyyy bad at using Google.
Short rates have almost never seen a 5% real rate. Don't be ridiculous. And I'm not gonna argue with you on two fronts. See my other comment and come back when you're ready. Might I recommend snagging this as well?
Le but actuel de l'économie n'est pas la hausse de l’espérance de vie, la fin de la faim dans le monde ou la baisse du taux de suicide. Ce serait magnifique si on mesure ca d'année en année.
Au lieu de ca, la seule statistique qu'on mesure d'année en année en y accordant une importance très élevée, c'est le Produit Intérieur Brut. Les chinois ont donc suivi l'idéologie dominante et ils ont haussé leur PIB.
Ventes d'armes ? C'est bon ajoutez le PIB. Entreprises de tabac ? Bon ajoutez ca PIB. 50% de la population américaine est obèse et doit payer des lourds soins médicaux ? Formidable, ajoutez ca au PIB. Le PIB est devenu un dogme religieux. Un dogme sectaire.
Lire l'excellent livre de Joseph Stiglitz sur ce sujet :
https://www.amazon.com/Mismeasuring-Our-Lives-Why-Doesnt/dp/1595585192
https://www.youtube.com/watch?v=QUaJMNtW6GA
Lire aussi le très bon :
"Déconomie - Pourquoi les cons sont-ils désormais au pouvoir ?"
https://www.amazon.fr/D%C3%A9connomie-Jacques-G%C3%A9n%C3%A9reux/dp/202124119X
Tant que le petit cercle des technocrates de Bruxelles et des Banques Centrales, les responsables des grandes organisations internationales et les mandarins de l'économie ne cesseront pas ce dogme sectaire du PIB, nos sociétés n'iront pas de l'avant et iront de crise en crise.
What you want to do is to understand the basic "framework" of the macroeconomy, and I'm afraid that the most effective way to do that is to read an introductory level textbook.
Reading the financial press or these type of "nuggets" from famous investors does not and cannot substitute for having a thorough and deep understanding of the basic framework. No amount of "story-telling" can substitute for that.
I think Mankiw's intro macro textbook or Krugman's basic macro textbook cover what you need to know.
I would say that they are fairly cheap and accessible.
Sure! But before I make a recommendation, do note Econ is typically split up into two worlds - Micro and Macro. I will specializing in Micro after I get done with my first year. With that said, the book I’m going to recommend is a Principles of Macro textbook. Why a Macro text? One main reason:
The book I’m going to recommend is very well written: it cuts out a lot of distracting features like “news clippings” that no one ever looks at; the explanations respect the fact the book is for people new to the subject; and the book does a great job of highlighting the most important facts. I can attest to this because this was the book I used years ago in my first economics course: Principles of Macroeconomics.
Without further ado, here’s the book I recommend:
Macroeconomics: Principles and Applications by Robert E Hall and Marc Lieberman. https://www.amazon.com/dp/1111822352/ref=cm_sw_r_cp_awdb_t1_ioCEAbB18FXKE
Surprisingly, it doesn’t look like they’ve put out a new edition since the 6th (the edition I used). Even so, it’s not like the content has become irrelevant. However, some of the examples might seem a bit dated (e.g., a common event referenced throughout is the 2007 Financial Meltdown - although imo this is still a very relevant topic to discuss and analyze.)
Also, if you want to “check the book out” before buying...Google can be your friend.
Richard D Wolff is big in the Market Socialism/Democratic Socialism world right now.
A good intro to Economics in general would be Economics: a User's Guide (it's very easy to understand and the author has a short animated introduction to his book)
A good intro to Marxism specifically is the Mad Marx series.
Other than that, I recommend that you look into the different forms of Socialism and what's been tried before.
Any introductory textbook will cover this stuff. The gold standard is Mankiw's Principles (micro & macro), though I've recently been using Mateer and Coppock (micro & macro).
Your library might have copies, and old editions of Mankiw can be found online for less than $10.
I recommend Economics: The User's Guide by Ha-Joon Chang
It's very accessible and covers different economic theories, their strengths and their weaknesses.
I don't know how to say this nicely, but have you taken Econ 101? none of what you said is consistent with modern economic theory.
Here are some resources i like to recommend in cases such as this. this this. Good luck HF
One of the more widely used basic texts on the subject:
http://www.amazon.com/Macroeconomics-N-Gregory-Mankiw/dp/0716762137
If you're looking for something about current events that isn't partisan, that's more or less impossible. Your options are to study and make your own conclusions, or read books from opposing authors and try to find a middle ground.
If you're interested in this topic, you could take a look at this book: Mismeasuring Our Lives: Why GDP Doesn't Add Up by Joseph Stiglitz, Amartya Sen and Jean-Paul Fitoussi. (It seems worth mentioning that Stiglitz is a pretty well-known and respected economist, not some random looney.)
Nah, profit motive is a stronger and quicker solution to pull people out of poverty. I recommend you read this by Robert Schiller.
"He makes a powerful case for recognizing that finance, far from being a parasite on society, is one of the most powerful tools we have for solving our common problems and increasing the general well-being. We need more financial innovation--not less--and finance should play a larger role in helping society achieve its goals."
Going to have to cite your sources...on that...rant.
This is r/economics not r/politics
start by reading this, btw there’s probably a free version online somewhere
> how the economy works is detrimental to stock investment
Incorrect word usage but I digress.
As far as books go, I have two helpful macroeconomic textbooks and study sheets that you might find helpful. I go to NYU currently and here is the macroeconomic textbook we use, as well as a cheat sheet for economic principles.
http://www.amazon.com/Macroeconomics-Principles-Applications-Robert-Hall/dp/1111822352
http://www.amazon.com/Microeconomics-Quickstudy-Business-Inc-BarCharts/dp/1423208552/ref=sr_1_1?s=books&ie=UTF8&qid=1450065997&sr=1-1&keywords=macroeconomic+cheat+sheet
In addition, the Kahn academy videos on Macroeconomics are super helpful,
I recommend starting out with kahn academy and following along with the textbook.
Feel free to ask me any questions, I am leader of the stock investing club and I got an A- in Macro with Professor Edward Steinberg this past summer.
The first statement is a very basic result that has limited applicability (and, indeed, that quote is taken from a high school textbook on economics). Remember the old marginal cost versus marginal benefit curves? That's what you're talking about. It can't even explain economies of scale by itself.
The fact is that the available supply of labor affects the productive capacity of the market as a whole, there really aren't that many other kinds of goods that have that kind of power over the market (fuel and food are the two others I can think of offhand).
You could try the Oxford Companion to Philosophy.
Frederick Copleston wrote a fantastic history of philosophy in 11 volumes.
Anthony Kenny has done a somewhat more concise history.
Brian Magee has done it in one volume
Will Durant is also a good bet and a segue into history.
Read a People's History of the United States by Howard Zinn and/or Lies my History Teacher told Me.
Guns, Germs, and Steel is also good.
Read some theology. Not many people do. Try Rowan Williams. I'd recommend his Resurrection, but he's also written a book on Dostoevsky.
Read Dostoevsky. Crime and Punishment. Notes from the Underground. Brothers Karamazov. Take your pick.
Might check out Edward Said's Orientalism. Maybe some Foucault.
Learn about economics. Naked Economics is a good start. Hazlitt's Economics in one lesson is also popular.
On a very basic level, this book cleared a lot to me.
Absolutely. Here's some reading for you. https://www.amazon.com/Case-Against-Socialism-Rand-Paul/dp/0062954865/
> Sure, because I'm being charitable to you.
and it grows smaller still. Why don't you just call me a peasant and save a few posts? That's where you are going. It will spare you writing the dismissive and condescending post about how I just don't understand because I'm not an economist.
And you have let slip away another chance to show you have bothered to research the issue at all.
I can't help noticing that the actual subject - Krugman being right - is like kryptonite to you. Maybe if you read a textbook on macro or something. Try this one:
http://www.amazon.com/Macroeconomics-2nd-Edition-Paul-Krugman/dp/0716771616
>The real interest rates tells us the real cost of the loan. It doesn't matter what the inflation or deflation is, as long as it is steady and known.
i serious don't understand what are you trying to say.
I provided you the math showing you that deflation adds up to the (real) cost of loans while inflation can be subtracted. The % risk markup that a lender wants covers his effort and the possibility that the borrower will default which is the same regardless of the inflation or deflation rate.
I'm not sure if you understood the concept of real and nominal and deflation and inflation itself.
>banning people from keeping money
I never said anything about banning. I just said that inflation gives an incentive for people to bring their money to banks where it can be reinvested in businesses.
>I just did. Inflation is no incentive to invest. It's an incentive to spend.
debatable. There is no math behind i know that can prove this since its more of a psychological thing.
> Investment is incentivized through the real interest rate. Inflation and deflation do not change the real interest rate.
see top...
i linked you a Wikipedia page (https://en.wikipedia.org/wiki/Real_interest_rate) saying:
>If, for example, an investor were able to lock in a 5% interest rate for the coming year and anticipated a 2% rise in prices, they would expect to earn a real interest rate of 3%.[1] The expected real interest rate is not a single number, as different investors have different expectations of future inflation. Since the inflation rate over the course of a loan is not known initially, volatility in inflation represents a risk to both the lender and the borrower.
In the case of contracts stated in terms of the nominal interest rate, the real interest rate is known only at the end of the period of the loan, based on the realized inflation rate; this is called the ex-post real interest rate. Since the introduction of inflation-indexed bonds, ex-ante real interest rates have become observable.[2]
there is clearly there is a link between the inflation rate and real interest rate
>But my main point is, I have still not seen sufficient theoretical groundwork,
you could start with the college lecture about this topic
Its 500+ pages thick and covers all the basics of our "current system" that is based on Keynesian
I think the best place to start is still a good textbook. You can buy an old one since at the intermediate level (2nd college course) nothing important changed in the past few years.
I'd recommend Greg Mankiw's old intermediate macro textbook. It covers the fundamentals on why interest rates and inflation are so important, business cycles (IS-LM model), growth (Solow model), and some open-economy issues. If you read Greg's book and do the problems you'll know more macroeconomics than 90% of WSJ and The Economist readers and better than most people working in finance. There isn't a lot of math, which is nice.
It costs $5:
http://www.amazon.com/gp/offer-listing/0716762137/ref=dp_olp_used?ie=UTF8&condition=used
They can be found as follow;
http://www.amazon.com/Modern-Principles-Macroeconomics-Tyler-Cowen/dp/1429278404?ie=UTF8&keywords=Modern%20Principles%3A%20Macroeconomics&qid=1462500483&ref_=sr_1_1&sr=8-1
http://www.amazon.com/Macroeconomics-N-Gregory-Mankiw/dp/1464182892/ref=sr_1_1?ie=UTF8&qid=1462500554&sr=8-1&keywords=Mankiw%27s+Macroeconomics
http://www.amazon.com/Debunking-Economics-Revised-Expanded-Dethroned/dp/1848139926/ref=sr_1_1?ie=UTF8&qid=1462500589&sr=8-1&keywords=Debunking+Economics+-+Revised+and+Expanded+Edition
To anyone who's really interested in this, this principle actually serves as the foundation for much of several successful participatory economies and much of traditional anarchist thought throughout history. I would encourage anyone to check out Pëtr Kropotkin's Mutual Aid: A Factor of Evolution (link to public domain copy) or E.F. Schumacher's Small Is Beautiful: Economics as if People Mattered (link to Amazon).
If you're interested in participatory economics, there is the International Organization for a Participatory Society, of which I am a member, and if you're interested in anarchism, /r/anarchism is pretty good, and also the Anarchist Library is proudly anti-copyright and serves all of the books in its quite large library for free.
Really the only good type of deflation is when it is associated with productivity growth. That is, prices fall as they can be produced cheaper and better. But since we're talking about monetary phenomena...
General suggested reading: A Concise Guide to Macroeconomics by David Moss
If you want a few papers on the topic:
Deflation Risk - Matthias Fleckenstein, Francis A. Longstaff, Hanno Lustig
>We find that the market prices the economic tail risk of deflation very similarly to other types of tail risks such as catastrophic insurance losses. In contrast, inflation tail risk has only a relatively small premium. Deflation risk is also significantly linked to measures of financial tail risk such as swap spreads, corporate credit spreads, and the pricing of super senior tranches. These results indicate that systemic financial risk and deflation risk are closely related.
Two Decades of Japanese Monetary Policy and the Deflation Problem - Takatoshi Ito, Frederic S. Mishkin
>By 2002, the economy and the financial institutions weakened again. Deflationary expectations were setting in, and consumption and investment were depressed. Aggregate demand fell short of potential output, and the widened output gap depressed prices, reinforcing deflationary expectations. There did not seem to be a solution to the deflationary spiral.
http://www.amazon.com/gp/aw/d/1429218878?pc_redir=1409316902&robot_redir=1
https://www.amazon.com/Macroeconomics-William-Mitchell/dp/1137610662/
https://www.amazon.com/Modern-Money-Theory-Macroeconomics-Sovereign/dp/1137539917/
So... Given that you are clearly not engaging in good faith, can I ask, have you ever actually read anything on macroeconomics, and specifically MMT before this discussion?
Before I take the time to explain the points that will quickly be ignored by you like they were previously, id love if you could first give me an answer.
> (they should have some good data/theories from South Korea, China, Japan, right? :)), backing? If you're short on time or whatever, please answer this question at least!
Sure, here you go;
http://www.levyinstitute.org/pubs/wp_821.pdf
http://bilbo.economicoutlook.net/blog/?p=6624
https://www.amazon.com/Macroeconomics-William-Mitchell/dp/1137610662
https://www.vox.com/future-perfect/2019/4/16/18251646/modern-monetary-theory-new-moment-explained <- Very, very simple article, but I link it anyways because some of the hyper links and sources were quite good
https://www.nakedcapitalism.com/2019/04/mmt-scholars-predictive-and-policy-successes-part-a.html
https://heterodox.economicblogs.org/bill-mitchell/2019/mitchell-madame-lagarde-mmt
Thanks for the rec by Sowell. Am I the only one who thinks there should be a good economics anthology out there that chooses from the nine or so major economic schools? The closest I can come to this is Ha-Joon Chang's remarkable Economics: The User's Guide, where he spends a very long chapter delineating the nine major schools out there, emphasizing at the end that we should not only let a hundred flowers bloom but also cross-pollinate. He's said elsewhere that although he disagrees with Marx and Hayek, he thinks reading both is invaluable for forming an eclectic and well-rounded understanding of economics. And he's totally right.
I enjoyed reading Economics: The User's Guide by Ha-Joon Chang, he does a good job of providing an over view of different schools of economic thought. He points out the (often large) assumptions each school makes and then provides the reader with some idea of the limitations of those economic models.
A somewhat more recent idea in economic is the role of psychology is economic activity - see for example Irrational Exuberance - by Shiller , essentially as humans are not rational creatures and out behavior plays a huge role in economic activity (contrary to a central assumption of the neoclassical theory) - this places firm limits to the ability of mathematical models to predict behavior and therefor puts some bounds on the predictability of economic models.
Crianças hoje em dia. Querem tudo na mão. =)
Aqui jovem. Boa leitura.
https://www.amazon.com.br/dp/B01F1G68IA/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1
Am I allowed to suggest two?
Macroeconomics by Gregory Mankiw
International Macroeconomics by Robert Feenstra/Alan Taylor
Most people here in /r/economics know basic economic concepts (well, a sizeable percentage, at least) but it seems to me that few actually know much about international macroeconomics and how markets work/interact on a global scale. Mankiw's is one of the most informative economic books I've ever read, but Feenstra/Taylor's was one of the most enlightening.
Might try Economics: The User's Guide. https://www.amazon.com/Economics-Users-Guide-Ha-Joon-Chang/dp/1620408147
Word of warning: the font size in the paperback is really small, you might be better off getting the ebook. (Haven't seen a hardcover).
What economics? Like this?
Rand's new book is great. https://www.amazon.com/Case-Against-Socialism-Rand-Paul/dp/0062954865