Here are 100 books that Milton Friedman on Economics fans have personally recommended if you like
Milton Friedman on Economics.
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Having grown up under a repressive dictatorship in Iran, I always wondered about how humans could come together to bring about change. Years of living in different countries have only prolonged that quest. I had identified as a socialist since my teen years in the 2000s (when this political identity wasn’t so popular) and have continuously studied the history of the Left and the pathways it offers to make a better world. I don’t believe in exhaustive favorite lists, so these are just five books that, I think, will help us better appreciate this long history of a quest for progress.
I still vividly remember the first time I read this book in my teenage years in Tehran. Its powerful rhythm, its vivid political imagery, and its sweeping vision shook me. It caught me right then and has never quite let go.
Not only has it remained relevant throughout the years, but it still reads like the literary masterpiece that it is.
'The proletarians have nothing to lose but their chains.'
Marx and Engels's revolutionary summons to the working classes - one of the most important and influential political theories ever formulated.
Introducing Little Black Classics: 80 books for Penguin's 80th birthday. Little Black Classics celebrate the huge range and diversity of Penguin Classics, with books from around the world and across many centuries. They take us from a balloon ride over Victorian London to a garden of blossom in Japan, from Tierra del Fuego to 16th-century California and the Russian steppe. Here are stories lyrical and savage; poems epic and intimate;…
The dragons of Yuro have been hunted to extinction.
On a small, isolated island, in a reclusive forest, lives bandit leader Marani and her brother Jacks. With their outlaw band they rob from the rich to feed themselves, raiding carriages and dodging the occasional vindictive…
I'm addicted to discovering what lies within the unknown. The biggest mystery, I believe, that baffles us today is not necessarily what lies at the edge of the universe but what lives within this one here. I enjoy attempting to solve large problems and if I can’t compute a result at least understand what the problem suggests. In the realm of the unknown, I'm an expert of nothing. In hours of research and reading and writing, one comes to a point in their process of learning with the realization that it does not matter how much one learns, there will always be that much more, logarithmically multiplied exponentially by the rate of acceleration, to learn.
Moneyless Society, conceptually, is a curious read. Tracking how money affects us all and its presence as a centralized decay against society is another curious concept. I enjoyed reading Moneyless Society for the context of why change needs to be made. Surrounded by the author’s intent in publication is a group of individuals committed to making change. I may quote in my own volumes that money is necessary as a tool but that does not mean you can’t argue otherwise. Moneyless Society is a great feel-good economic story through history into potential change.
IT'S TIME FOR AN ECONOMIC EVOLUTION.The evidence is all around us: Humans are squandering natural resources and destroying the environment. There is no real debate about climate change. And with an ever-widening wealth gap, inequality is destabilizing many regions and worsening famine, disease, and civil unrest.
We must change, fast - and yet we hesitate.
Moneyless Society: The Next Economic Evolution explores how capitalism throttles Earth's capacity to sustain life and undermines our deep longing to live in peace and prosperity. Fortunately, it also provides a blueprint to innovative thinking and new structures to replace our outmoded monetary system. In…
I'm addicted to discovering what lies within the unknown. The biggest mystery, I believe, that baffles us today is not necessarily what lies at the edge of the universe but what lives within this one here. I enjoy attempting to solve large problems and if I can’t compute a result at least understand what the problem suggests. In the realm of the unknown, I'm an expert of nothing. In hours of research and reading and writing, one comes to a point in their process of learning with the realization that it does not matter how much one learns, there will always be that much more, logarithmically multiplied exponentially by the rate of acceleration, to learn.
Since the days of Ronald Regan, trickle-down economic theory has been a pipe dream of the uneducated and I don’t even have a degree. Mark Mattern does a great job inverting the theory of trickle-down in explaining that indeed wealth piles from the bottom up not drip down from the top. I recommend reading this book before you read mine for the simple fact that instead of inverted trickle-down theory, I describe how water moves like a stream through an ecosystem. If it is not properly pitched from the mountaintop to the valley, with proper displacement of creatures below, and flow rate through the foothills, we are inevitably left dependent on drinking from a wasteland.
One of the most durable myths of US political economy is that we take from the rich and give to the poor - penalising the rich for their hard work and rewarding the undeserving. Mark Mattern turns that story on its head. Documenting the everyday, institutionalised ways that income and wealth are transferred upward in the United States, Mattern shows how in fact the bottom subsidises the top.
His provocative analysis, describing in detail the processes and policy choices that systematically favour the rich, is both a tale of "Robin Hood in reverse" and a call for a more equitable,…
When Annie Thornton, midwife and apprentice witch, falls through time to a 15th-century Yorkshire village with her telepathic cat, Rosamund, she befriends Will and Jack, two soldiers returning from the French Wars. Mistress Meg, Annie’s ancestral aunt living in the 15th century, is…
I'm addicted to discovering what lies within the unknown. The biggest mystery, I believe, that baffles us today is not necessarily what lies at the edge of the universe but what lives within this one here. I enjoy attempting to solve large problems and if I can’t compute a result at least understand what the problem suggests. In the realm of the unknown, I'm an expert of nothing. In hours of research and reading and writing, one comes to a point in their process of learning with the realization that it does not matter how much one learns, there will always be that much more, logarithmically multiplied exponentially by the rate of acceleration, to learn.
This is a serious recommendation if you are to read my volumes. Why? Shapes and illustrations. I read this book as a kid and, as you might imagine, it was my favorite book. There is no better investment into our future than investing into the basic understanding of society and commerce. But, back to shapes. My own series includes a vast array of shapes and imagery to tell the story, from what to how to because to why.
Chris Ferrie's bestselling scientific series is expanding! It only takes a small spark to ignite a child's mind! The ABCs of Economics introduces babies (and grownups!) to a new economic concept for each letter of the alphabet. From asymmetric, business cycle, and capital, all the way to zero sum. It's never too early to become an economist! With scientific and mathematical information from an expert, this is the perfect book for enlightening the next generation of geniuses.
I’ve been studying money since the early 1980s, when my dissertation advisor—the late and great Hyman Minsky—warned me not to do “Genesis”, origins stories of money. But I couldn't resist. I'm one of the founders of Modern Money Theory (MMT), an approach developed over the past three decades that has garnered tens of thousands of followers and earned the hatred of the elite. And, yet, those who know how money really works—or who embrace public policy pursuing the public interest (Bernie Sanders, Alexandria Ocasio-Cortez), and even central bankers—have admitted that government cannot run out of money. I’ve written hundreds of academic papers, more blogs, many books, and given hundreds of interviews presenting the MMT alternative.
The book is notoriously difficult. However, it ranks with Darwin’s Origins of the Species, and Einstein’s General Theory of Relativity as among the most important and revolutionary books ever.
It’s no exaggeration to say that Keynes changed everythingin the same way that Darwin and Einstein had. It will change the way you see the world if you make the substantialeffort. Keynes argues that it is the organization of our economy around money that causes unemployment—not high wages or lazy workers.
Here’s my one sentence summary: firms only hire the number of workers they need to produce the output they expect to sell at a profit. If they cannot make money from hiring you, you are unemployed.
John Maynard Keynes's 1936 General Theory of Employment, Interest and Money is a perfect example of the global power of critical thinking. A radical reconsideration of some of the founding principles and accepted axioms of classical economics at the time, it provoked a revolution in economic thought and government economic policies across the world. Unsurprisingly, Keynes's closely argued refutation of the then accepted grounds of economics employs all the key critical thinking skills: analysing and evaluating the old theories and their weaknesses; interpreting and clarifying his own fundamental terms and ideas; problem solving; and using creative thinking to go beyond…
I’m a legal historian with a particular interest in eighteenth-century Britain and the United States. My research has investigated the history of arbitration, historical connections between law and politics, and changing attitudes to the rule of law. Since 2018, I’ve been a professor at Notre Dame Law School, where I teach courses in legal history, civil procedure, conflict of laws, and the rule of law.
Empire, Incorporated makes it clear that corporations mattered in shaping the British Empire. But how did they actually operate?
Virtuous Bankers offers a window into an ordinary workday at the Bank of England, one of the most important institutions in eighteenth-century England. In the process, the book provides new insights into the nature of public credit and the growth of the British state, as well as an engrossing introduction to everyday life in Georgian London.
An intimate account of the eighteenth-century Bank of England that shows how a private institution became "a great engine of state"
The eighteenth-century Bank of England was an institution that operated for the benefit of its shareholders-and yet came to be considered, as Adam Smith described it, "a great engine of state." In Virtuous Bankers, Anne Murphy explores how this private organization became the guardian of the public credit upon which Britain's economic and geopolitical power was based. Drawing on the voluminous and detailed minute books of a Committee of Inspection that examined the Bank's workings in 1783-84, Murphy frames…
Chasing Light is a lyrical meditation on grief, memory, and the fragile beauty of everyday life. At its core, it is a story of resilience, forgiveness, and the transformational power of human connection. It sheds light on the overlooked realities of homelessness and addiction, while emphasizing the importance of compassion…
I am associate professor at Prague University of Economics and Business.My passion is to discover blank spaces in the economy, for which standard mainstream economic models have not provided answers yet. I was usually fascinated by biased behavior of individuals, which might lead to substantial implications at aggregate level. This has led me to narrow my focus on behavioral macroeconomics with special emphasis on monetary theory and policy, vibrant field with a great potential. After all, experimental economics seems to be a wonderful tool to examine phenomena, which is hard to grasp or for which there is no available data, such as money illusion, coordination failure, bank runs or Modigliani-Cohn hypothesis.
I like this book especially due to its ability to illustrate money illusion in a very unconventional context.
Normally, money illusion means that people take nominal variables as proxy for real variables, which leads to suboptimal choice having real effects on the economy and affecting business cycle.
However, to my great surprise this book claims that even economic experts might suffer from some kind of money illusion, because they tend to misinterpret what is happening in the monetary system. This offers a very interesting explanation of recession and suggests that economists have not targeted adequate variables.
Unconventional suggestion to practice nominal GDP (gross domestic product) targeting instead of targeting the money supply is “outcome” of unique author´s vision called market monetarism. Inattention of policymakers to development of nominal GDP is blamed to be the direct cause of recession.
The first book-length work on market monetarism, written by its leading scholar.
Is it possible that the consensus around what caused the 2008 Great Recession is almost entirely wrong? It's happened before. Just as Milton Friedman and Anna Schwartz led the economics community in the 1960s to reevaluate its view of what caused the Great Depression, the same may be happening now to our understanding of the first economic crisis of the 21st century.
Foregoing the usual relitigating of problems such as housing markets and banking crises, renowned monetary economist Scott Sumner argues that the Great Recession came down to…
Long before I studied economics, I remember being told in church that “money is the root of all evil.” Much later, when I was interviewing for my first professor-level position, I remember one of the interviewers saying, “I suppose everyone is interested in money.” We are not talking here about a fixation on accumulating money, but rather understanding the profound impact monetary policy has upon everyone in society. These readings show how pervasive the effects of bad monetary policy can be and how important it is to keep track of what is going on. Start with the first two chapters of Friedman’s Money Mischief and see if you can stop!
This book not only offers an authoritative account of what the Federal Reserve has been up to since its founding in 1913 but also the rationale for why they did what they did.
One particularly telling observation is made with respect to Arthur Burns, who was the Federal Reserve Chair during 1970-1978: “Burns always attributed [inflation] to nonmonetary sources.” Paul Volcker’s actions during 1979-1987 demonstrated how the restoration of monetary stability was a sine quo non for ending the 1970s inflationary spiral. No matter how necessary the Federal Reserve’s later massive 2020 monetary expansion may have been, it was imperative that this bulge in money also be unwound.
A worrying element, however, is that, in the midst of all this, none of today’s Federal Reserve policymakers “ever mentions money.”
An illuminating history of the Fed from its founding through the tumult of 2020.
In The Federal Reserve: A New History, Robert L. Hetzel draws on more than forty years of experience as an economist in the central bank to trace the influences of the Fed on the American economy. Comparing periods in which the Fed stabilized the economy to those when it did the opposite, Hetzel tells the story of a century-long pursuit of monetary rules capable of providing for economic stability.
Recast through this lens and enriched with archival materials, Hetzel's sweeping history offers a new understanding of…
I am an economics professor at Victoria University of Wellington. As a previous Secretary of the New Zealand Treasury and Governor of the Reserve Bank of New Zealand, I have had quite a bit of experience watching economists’ ideas succeed and fail in the real world. I have written a number of books about policy economists and their lives in peace and wartime. (And a couple of novels too!)
This is the story of the momentous wartime meetings in New Hampshire that mapped out the new institutions that were to guide the global economy through the Cold War and after: the International Monetary Fund and the World Bank. It is an absorbing intellectual battle between arrogant British aristocratic John Maynard Keynes and the scrappy US Treasury official Harry Dexter White. (Spoiler alert: White won, but spoiled his reputation by likely being a Soviet spy.)
When turmoil strikes world monetary and financial markets, leaders invariably call for 'a new Bretton Woods' to prevent catastrophic economic disorder and defuse political conflict. The name of the remote New Hampshire town where representatives of forty-four nations gathered in July 1944, in the midst of the century's second great war, has become shorthand for enlightened globalization. The actual story surrounding the historic Bretton Woods accords, however, is full of startling drama, intrigue, and rivalry, which are vividly brought to life in Benn Steil's epic account. Upending the conventional wisdom that Bretton Woods was the product of an amiable Anglo-American…
Portrait of an Artist as a Young Woman
by
Alexis Krasilovsky,
Kate from Jules et Jim meets I Love Dick.
A young woman filmmaker’s journey of self-discovery, set against a backdrop of the sexual liberation movement of the 1970s and 1980s. In Portrait of an Artist as a Young Woman, we follow Ana Fried as she faces the ultimate…
I'm an economic anthropologist and teach classes and conduct research in this area. Economic anthropology is different from economics in that it questions many of the things that economics takes for granted. For example, most economists assume that allocating goods through the market by buying and selling is the best way to organize human communities. Economic anthropologists have shown, in contrast, that many societies have been organized according to other exchange principles. In fact, some of the oldest communities in the world, such as Sumer and Babylon, based their economies around elaborate systems of redistribution, in which every citizen was guaranteed food shares.
Most of us think of economics and economic policy making the same way that we do about other scientific fields, such as physics or engineering. Like those sciences, economics uses numerical models and mathematical analysis to explain how the world works.
In contrast, this book reveals how economics is a very different kind of science from physics or engineering. Holmes shows how economists and economic policy-makers rely on language as much as, or even more than, numbers to achieve their desired policy goals.
Markets are artifacts of language - so Douglas R. Holmes argues in this deeply researched look at central banks and the people who run them. Working at the intersection of anthropology, linguistics, and economics, he shows how central bankers have been engaging in communicative experiments that predate the financial crisis and continue to be refined amid its unfolding turmoil - experiments that do not merely describe the economy, but actually create its distinctive features. Holmes examines the New York District Branch of the Federal Reserve, the European Central Bank, Deutsche Bundesbank, and the Bank of England, among others, and shows…
