The Bookshelf
A note to economics students (and their parents)
Most economics classes these days read a single textbook. This is a fine activity, but it misses an important intellectual point. Reading a textbook that surveys a field is no substitute for reading first-hand accounts of the people and events that changed the course of intellectual debate.
Collected here are a few recommended books (with links to Amazon.com) that should be of interest to any student of economics.
The volumes by Keynes and Friedman establish the foundations for Keynesian economics and monetary economics. One mark of their importance is that others have spent decades trying to develop a full understanding of these two volumes. No student should major in economics without sampling first-hand the words of these two great economists.
The other three volumes capture important slices of economic history. The stock market crash of 1929 was one of the pivotal economic events of the 20th century. President Kennedy's brief administration saw the emergence of Keynesian economics as a dominant policy tool. Finally, Krugman gives us a liberal's view (as of 1994) of the ongoing political battle to claim victory over the business cycle.
Together, all five of these books would total only $88.18, which is less than the average cost of a single college textbook. If you are a parent paying the bills for an econ major, there is no better way to make sure your son or daughter gets an education as well as a degree. If you are that econ major, read these books and get a taste of what makes economics so interesting.
Address comments to editor@econreview.com.
Keynes
"The General Theory" is arguably the most influential volume in the history of economics.
Friedman
This classic volume details the role of bank failures and bad monetary policy in prolonging the Great Depression. It triggered a revolution in macroeconomics by establishing the importance of monetary policy in dealing with business cycles.
Galbraith
This account of one of the pivotal economic events of the 20th century is no less relevant today than when it was first published in 1954. The "speculative excess" of the late 1920's sounds very similar to the "irrational exhuberance" of the later 1990's.
Kennedy
George Will's pick for "much the best book on Kennedy," whose tenure as President marked the high point in the policy influence of Keynesian economics.
Krugman
While Krugman sets out to criticize the economics policies pursued by recent Republican administrations, he produces a thoughtful examination of just how hard it is to arrive at ultimate economic truth.