100 books like John Kenneth Galbraith

Joan Robinson is widely considered to be the woman who should have received the Nobel Memorial Prize in economics but never did. This book is the story about how she managed to forge a career as an economic theorist, at a time when such a career path was unusual, in the misogynistic environment of Cambridge. Not only did she succeed in writing a book that arguably changed the way firms and markets were analysed, but she also became involved in the Keynesian revolution. Her career did not just happen: it needed to be promoted and for that strategy was important. Aslanbegui and Oakes focus on the interpersonal interactions through which her career developed taking the story up to the outbreak of the Second World War, by which time she was established as one of the most distinguished economists at Cambridge.

I have picked this book because it tells a story that should interest anyone even if they have no interest in technical economics. Albert Hirschman was born into a Jewish family in Berlin and in his teens became politically committed as a socialist, at a time when the rise of the Nazi party made this a dangerous activity. The book tells the story of his exploits in Germany and occupied Europe before he ended up in the United States, where he made his career as a specialist on economic development, spending a significant part of his life advising the government of Colombia.

Hopefully, the book gives an account of Hirschman’s economic ideas in a way that will make sense even to readers who don’t know any economics, but even without that, it is a sufficiently gripping story of the life of an exile from inter-war Germany who ended up as… show more.

Since the global financial crisis of 2007-8, everyone knows about the transformation of financial markets that has taken place in recent decades. It also well known that developments in information technology have played a major role in that transformation. What is less well known is where the ideas that made it all possible came from. In this book, Perry Mehrling tells the story of Fischer Black, one of the creators of the Black-Scholes formula for pricing options (rights to buy or sell assets at a specified price at some point in the future) which are one of the foundations on which modern finance rests. The book shows how these ideas emerged out of a new type of community that spanned university economics departments and business schools as well private-sector financial firms, many of them founded in order to trade on the basis of the theories their founders had developed.

Lionel Robbins was very important in twentieth-century British economics, primarily because he was a key figure at the London School of Economics, which by mid-century came to dominate the field. Susan Howson tells the story of his life, from his birth on a farm just outside London, through his military service in the First World War to his career as an economist. His views brought him into conflict with Keynes over how government should (or should not) take action to cure the Great Depression, and he was responsible for bringing the Austrian economist, Friedrich Hayek, to London. In the Second World War, he worked alongside Keynes in what later became the Government Economic Service. However, he was much more than an economist and after the war he became a major public figure, important for the arts and laying out a blueprint for the development of British higher education. It is… show more.

I first purchased and read this book as a senior undergraduate student not knowing anything about the author.

Little did I know that this book would later play an important role in not only understanding the limitations of mainstream economics but also in providing me with an alternative approach to make sense of our economic surroundings. 

Bharadwaj’s book is truly a classic and one that I always recommend to my students. 

Her book continues to inspire and educate me.

Under the headings of hope, fear, and confidence, Nasar takes us through the lives, the ideas, the failings, and arguments of several dozen economists, in a lively journalistic fashion. From the last chaotic days of Joseph Schumpeter’s failing post-war Vienna to Joan Robinson’s 1950s propaganda trip to Stalin’s Moscow, she gives us an illuminating view of history and what economists did to try to improve it.

The enduring impact of Milton Friedman and his writings is ably captured in this volume.

Part II focuses on his monetary contributions and relates his writings to the policy actions of the Federal Reserve and many other recent and older episodes. Among these chapters, James Lothian offers a particularly compelling account of not only the evolution of Friedman’s work but also its impact on those around him. Eugene Lerner connects his Friedman-inspired early Civil War research to monetary developments after the global financial crisis in 2008. 

Nobel Prize winner Robert Lucas makes a particularly revealing personal observation: “Friedman has no interest at all in what side you are on. You are expected to articulate a view of the effects of policies. How will it work? Who gains? Who loses?”

This is a heavier read taking us through a group history of the Austrian School of Economics from the coffee houses of Imperial Vienna to the modern-day Libertarians. Economists such as Ludwig von Mises, Friedrich Hayek, and Joseph Schumpeter originated ideas that have had a big impact on economics and politics, and have been much debated ever since.

I admire Keynes and I love this book. Not only is it beautifully written and fun to read but it is also important.

Keynes’ thought remains relevant and Carter does an excellent job of connecting Keynes’ ideas to our present-day predicaments. I feel much of Keynes’ work was motivated by a desire to prevent a repeat of World War I. When this failed, he set about doing his best to make sure that World War II ended with a more durable peace.

Keynes brought a skeptical eye to economic orthodoxy. I regret he died relatively young and was unable to weigh in on the events of the 1970s. Indeed, I regret he is not able to comment on the events of the 2020s but at least this book is. Not to be missed.  

We all loved Freakonomics. The incredible Stephen J. Dubner and Steven Levitt did it again in their second book Super Freakonomics.

Thinking like an economist is a powerful tool. What might surprise you are the motley assortment of questions that you can think about from the perspective of an economist.

This book is bold, funny, and insightful. And what’s the underlying theme? Well, it’s one thing all economists can agree on – incentives matter. Dubner and Levitt are masterful storytellers and teachers.

Even if you aren’t interested in thinking like an economist, their perspective on topics covered is worth the read.