“Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
From the price of a Freddo to the power of the Dollar, economics drives the world around us. And yet, for many readers, getting to grips with the mechanics and machinations of this world can be full of complex calculations and laborious jargon to get through. Thankfully, there are a wealth of experts on hand to wade through all of this for us. Join us at What We Reading as we present the most comprehensive and accessible economic books for beginners to learn all there is to know about the wonderful world of finance and its key features.
The Armchair Economist: Economics And Everyday Life – Steven E. Landsburg
Kicking off our list of the best books for understanding economies Steven E. Landsburg’s lauded work, The Armchair Economist. Since its first edition was published in 1993, The Armchair Economist has proven to be one of the most invaluable resources for making sense of the most important economic and financial theories.
In his latest edition, Landsburg applies economic theory to some of the most pressing concerns involved with everyday life. The topics and questions he explores range from why failed executives get paid so much, how workplace safety is bad for workers to why life is full of disappointments. Whether these are the type of questions that have bugged them all their life or something they’ve never thought to think about before, The Armchair Economist is the only tool readers need to begin applying economic thinking to everyday life.
Freakonomics (Freakonomics #1) – Steven D. Levitt And Stephen J. Dubner
For those looking to get a better grasp of economics but who cannot stand all the numbers and calculations that can go into it, Steven D. Levitt and Stephen J. Dubner have provided one of the most innovative economics books in Freakonomics.
Through compelling case studies ranging from why drug dealers live with their parents to swimming pools being more dangerous than guns, Freakonomics aims to use storytelling as a means of demonstrating the bizarre and counter-intuitive ways in which the world works. Freakonomics is, at its core, a study of incentives – how people get what they want and need, especially when others want the same thing. Through his devilishly clever delivery and striking insight, Levitt deftly exposes how, if morality is what we want contemporary society to work, economics demonstrates how it does.
Thinking, Fast And Slow – Daniel Kahneman
In his acclaimed book Thinking, Fast and Slow, Nobel Memorial Prize winner Daniel Kahneman takes readers on an eye-opening journey into two systems that drive how we all think. System 1 is fast, impulsive and emotionally driven. System 2 centres on logic and deliberation.
Through this tour of how our mind works, Kahneman exposes how fast thinking can lead to faults and biases that have the capability of upending both our professional and personal lives. Thinking, Fast and Slow exposes how loss aversion and overconfidence impact corporate strategies, the challenges of framing risks both at work and at home, and the effect cognitive biases have on everything from riding the stock market to paying your student debt to planning your next holiday. One of the most illuminating economic books perfect for beginners, Thinking, Fast and Slow radically alters how readers think about thinking.
Economics In One Lesson: The Shortest & Surest Way To Understand Basic Economics – Henry Hazlitt
Looking for a book on economics that covers everything you need to know in one volume? Henry Hazlitt has you covered. As the title suggests, Economics in One Lesson condenses all of economics into a single lesson. First published back in 1946, few works have managed to surpass it for its accessibility and applications in our modern material lives.
Across the book, Hazlitt explores how good economists focus not only on the short-term future and immediate consequences of events or policy but also longer-term, factoring in unpredictable factors and occurrences as well. He goes on to demonstrate these applications in effect through topics such as tariffs, the minimum wage and spending on public works. As relevant today as it was when it was first published, Hazlitt is one of the best guides to getting your economics knowledge off the ground.
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Basic Economics: A Citizen’s Guide To The Economy – Thomas Sowell
Thomas Sowell’s Basic Economics is the go-to read for anyone looking to learn more about how the economy works, but who has no interest in the jargon and equations involved with it. From feudalism, and capitalism to socialism, this economics book focuses on the general principles behind any economy.
Delivered plainly in readable language, Sowell shows readers how to critically assess economic policies based on the incentives they create, rather than the grandiose goals they boast about. Basic Economics gets to the heart of economic thinking, guiding readers through everything from rent control, the successes and failures of business to the international balance of payments, making it one of the best economic books for beginners to kick off their understanding with.
Can’t We Just Print More Money? Economics In Ten Simple Questions – Rupan Patel
Entertaining and essential, Rupan Patel and The Bank of England debunk some of the most commonly asked questions about the world of economics and finance in their book, Can’t We Just Print More Money?
From why all our clothes are made in Asia, how we’re all so much richer than our ancestors to what money even is at its root, Patel takes readers into the heart of the economy, explaining how, from buying a sandwich to affording a mortgage, everything is shaped by it. Patel also lifts the lid on the role of Britain’s most important financial institution. From printing money to regulating banks, the Bank of England educates readers on how economics can – and can’t – teach us about the world. Accessible and often witty, this crash course in economics and why it matters is perfect for readers who want to know more, but don’t know where to start.
Edible Economics: A Hungry Economist Explains The World – Ha-Joon Chang
Ha-Joon Chang brings a crossover readers never thought they needed. Edible Economics is a creative and thought-provoking read that aims at the blandness of single free-market economics. Chang makes challenging economic ideas more scrumptious for readers by serving them up alongside stories about food from across the world, combining their histories to explore economic theory.
It’s certainly one of the more innovative approaches to explaining economics, but undoubtedly succeeds in whipping up a resource that is both myth-busting, witty and incredibly enlightening. A feast of bold ideas about globalisation, climate change, immigration, austerity and automation, ingredients ranging from chocolate to okra are used to help readers understand how economies are like learning a recipe – once we understand it, we can adapt and refine it to serve our palettes.
Part-time reader, part-time rambler, and full-time Horror enthusiast, James has been writing for What We Reading since 2022. His earliest reading memories involved Historical Fiction, Fantasy and Horror tales, which he has continued to take with him to this day. James’ favourite books include The Last (Hanna Jameson), The Troop (Nick Cutter) and Chasing The Boogeyman (Richard Chizmar).
