Economics can be exceptionally hair-pulling, mind-bending, and exasperating all in one fell swoop. There’s scarcity, GDP, inflation, market economy, command economy, elasticity — the whole kit and caboodle. If you’re not an economics major, how are you supposed to understand this monstrosity? Where do you go to learn economics? I’ve found nine books that make it unimaginably easy to understand the nooks and crannies of this highly complex topic.
In today’s world, it’s immensely advantageous to understand at least the basics of economic theories and realities. Whether you want to invest or simply figure out why you can’t get a lower interest rate despite your 800 credit score, you really should invest in reading up. These books will save you a lot of time and gray hairs.
Understandable Economics by Howard Yaruss
Understandable Economics by Howard Yaruss breaks down the reasons why middle-class jobs are going the way of the Dodo bird. He enables us to understand why only the wealthy are making financial gains. He also explains the national debt, Bitcoin, tax cuts for the wealthy, and more.
Yaruss does away with the confusing charts and graphs that mean diddly squat to the average person and instead dedicates his time to writing in a clear, sensible manner. You will walk away from the book with a precise understanding of what the U.S. economy is and how it works. The only reader complaints stated that Yaruss has a left-leaning perspective.
In This Economy?: How Money & Markets Really Work by Kyla Scanlon
In This Economy?: How Money & Markets Really Work by Kyla Scanlon hits the metaphorical mark. Scanlon delves into the recession, commodities, and some more personal issues, such as your mortgage and checkbook balance. She presents the information in a clear and concise manner, utilizing illustrations, philosophy, and other effective means. She does away with the more classical definitions and brings economics to the masses for all to enjoy.
There are a few typos you might spot, and she doesn’t always write out the acronyms; however, this book is intended for the general public, not economists. Aside from those minor things, Scanlon really made magic with this one.
Economic Facts and Fallacies, 2nd edition by Thomas Sowell
Thomas Sowell does a fantastic job of clarifying economics without needing prior exposure to the subject in Economic Facts and Fallacies, 2nd edition. He eviscerates common misconceptions that the media and social media repeat ad nauseam. Just like fake news, economic fallacies often contain just enough facts to pass as truthful. Sowell exposes these fallacies, from the U.S. to third-world countries, while maintaining a helpful narrative on the state of economic affairs.
He provides a wealth of historical facts and current data to support his theories and refute the older models. While the average person should certainly read this book, economists should also do so to gain a deeper understanding of their field.
Economics: The User’s Guide by Ha-Joon Chang
If you’re curious about global economics, Economics: The User’s Guide by Ha-Joon Chang thoroughly lays out the hows and whys of many complicated economic theories. He provides the fundamental information you’re looking for in a witty, approachable style.
The only reader complaint was that this work is a little dry in parts. However, it’s well worth the effort if you truly want to understand the concept of world economics in its fullest.
Freakonomics: Revised and Expanded Edition by Steven D. Levitt and Stephen J. Dubner
Another must-read is Freakonomics: Revised and Expanded Edition by Steven D. Levitt and Stephen J. Dubner; it’s a gem. This book uses highly relatable examples to help you see the whole picture without any pretense or unnecessary jargon — and the jargon they do use, they explain in detail.
This number one best seller is the updated follow-up to the number one bestseller Freakonomics, as you may have guessed. This edition offers a quasi-modern and humorous perspective on what is otherwise a profound and challenging concept. They break down the terms and numbers and help you to absorb the general ideas with ease. They dispel with the so-called conventional wisdom and give a fresh and inviting take on economics that you’ll completely grasp. The only complaint was that it’s a little one-sided.
Naked Economics: Undressing the Dismal Science by Charles Wheelan
Naked Economics: Undressing the Dismal Science by Charles Wheelan looks at economics not as a dismal science but rather a dismal art. This book is one you won’t want to put down. Wheelan’s charming explanations for terminology and catchphrases will leave you with the confidence you need to talk about economics with anyone. He expounds on trade, investment, U.S. debt, and a wide range of other topics. He examines it from not only an economic perspective, but also from psychological and sociological viewpoints. If there’s ever been an economics question you felt too self-conscious or sheepish to utter out loud, this book anticipates it.
The more common complaints were that the book is myopic in its views, and some of its premises are extremely controversial. However, Wheelan makes you think — and perhaps that’s the point of his questionable opinions, to make you think about your own views and strengthen your argument.
SuperFreakonomics: Global Cooling, Patriotic Prostitutes, and Why Suicide Bombers Should Buy Life Insurance by Steven D. Levitt and Stephen J. Dubner
Levitt and Dubner have returned even bolder and better with SuperFreakonomics: Global Cooling, Patriotic Prostitutes, and Why Suicide Bombers Should Buy Life Insurance. While the title is a mouthful, the duo answer questions that most people would never think to ask (like what prostitutes and mall Santas have in common and how kangaroo meat could save the world). These questions have economic relevance, I promise.
While this playful and approachable book may be a bit dated (it was written in 2009), the general facts remain as helpful today as they were when first published. The complaints? Not everyone felt the same fireworks that they did with the first one, and the part about the sex workers is a little garish.
Thinking Fast and Slow by Daniel Kahneman
In the New York Times bestseller Thinking Fast and Slow, author Daniel Kahneman, a world-renowned psychologist and Nobel Prize winner in Economics, brings together economics and the psychology of how we think, exposing how they interact and influence each other. One of Kahneman’s theories, that our brains are hardwired to make methodical judgment errors and prevent us from making analytical decisions, even prompted neuroscientists to create studies to disprove his theory, which they ultimately proved possible instead.
This book, which the Wall Street Journal named one of the best books of the year, is easy enough for you to understand the inner workings of two notoriously difficult subjects and insightful enough for economists and politicians to learn a thing or two. The most common complaints were about his theory on our thinking capabilities and, oddly enough, his use of adjectives.
Economix: How Our Economy Works (and Doesn’t Work), in Words and Pictures by Michael Goodwin
The final book is Economix: How Our Economy Works (and Doesn’t Work), in Words and Pictures by Michael Goodwin. This is a graphic novel about the world of economics, from the beginning through today. It covers Western views on the economy and explains them in such a way that you’ll even be able to chime in on topics covered by the Wall Street Journal.
This book effectively connects abstract economic theories to the real world through relevant examples. This is probably the easiest read of all, but it’s still incredibly informative and fun. The only complaints were that this book explores politics too much, teetering on that thin line between economics and the more political sphere.
No book on economics is going to be a light beach read; most of these books top 300 pages. They cover intensely hot topics and debatable theories that people dedicate their lives to. That said, you will likely breeze through most of these reads due to their lighter nature; I found them highly enjoyable. Some of the writing might get a little dry at times, but work your way through it because every one of these books is a testament to just how applicable the science and art of economics can be. This is a subject with which every person should have at least some familiarity and comprehension, and these books will get you there.
Are you interested in reading more about economics? Click here for more on the lowdown!
Would you like to read more nonfiction books? Click here to go to our Bookshop bookshelf!
