100 books like Education and Economic Growth

Theodore Schultz, a personal friend, was President of the American Economics Association, and Head of the Economics Department at the University of Chicago.

He is generally regarded as the father of Human Capital theory and analysis, is the one who hired Gary Becker from Columbia University, and his Presidential Address to the American Economics Association in 1960 is widely cited as the beginning of the human capital revolution in economics.

It transformed the fields of economic growth where modern endogenous growth models are currently the mainstream, the fields of labor economics, home economics, the economics of education, and is in the process of revolutionizing the field of economic development (with ‘endogenous development’).

This highly readable and interesting book will give the reader a basic understanding of human capital analysis. Its roots are in Becker’s Economic Journal article on “the economics of the allocation of human time”.

This makes the non-monetary… show more.

I strongly recommend this book because it is clearly written, explains the methods of estimation, and provides an excellent overview of the extensive worldwide research on the returns to education based on earnings.

It certainly influenced me. It had a massive impact on World Bank lending policies in support of economic development in developing countries. It replaced the kinds of Bank physical capital investment policies such as those supporting dam construction, projects that included educating only for a few people on how to operate dams, with education sector-wide loans that support primary and junior secondary education of the labor force.

Some of these dams later washed out, and forests were destroyed in support of development. The book shows how the returns to investment in primary and secondary education are higher in developing countries where the labor force is often nearly illiterate than they are to investing in other higher levels… show more.

This book is a classic. Gary Becker received the Nobel Prize in Economics in 1992 for his work on Human Capital, (as had TW Schultz).

This book was near the beginning of Gary Becker’s very productive life and launched a well-known wave of research and innovation that has by now had major impacts on many branches of economics such labor economics, international trade, economic growth, home economics, and now economic development.

He received the Medal of Freedom from George W. Bush at the White House in 2007 where President Bush said “Professor Becker has shown that economic principles do not just exist in theory.” Gary Becker died in 2014. He was 83.

This is a ‘must read’ for any person seriously interested in Human Capital, Labor Economics, the Economics of Education, or other fields that have been or are being revolutionized by human capital theory and empirical research. For others… show more.

To understand why some workers are paid more than others, you have to understand how skills are valued and rewarded in the labor market, and how that has changed, as the economy has evolved.

Focused on the United States, Katz and Goldin provide a sweeping overview of how education leads to skills and income, drawing on the most well-established theories in economics. It misses some important causes of inequality, but is essential for understanding the one of the deepest economic forces governing wages: the supply and demand of human capital.

In a captivating journey from the dawn of human existence to the present, Oded Galor offers a fascinating tale of why some nations have developed while others haven't.

The book explains how technology, family size, and adaptation led to a profound change in human history, with the Industrial Revolution as the turning point. The fundamental forces driving the explosion of per capita prosperity (in some nations) can be traced back to sound political institutions, conducive cultural traits, and an 'optimal' ethnic diversity that followed from the dispersal of modern humans out of Africa some 70,000 years ago.

I was struck by how the author brought together a wide variety of research on growth and development in a coherent framework.

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.

This is the first book I read about the role of entrepreneurs in the economy. I have mixed feelings about it.

It’s filled with insights but it is also deeply flawed. Entrepreneurs drive economic development and engage in “creative destruction.” The market is about change rather than equilibrium. These are both great insights.

But history has refuted Schumpeter’s Nietzschean view that entrepreneurship is confined to “captains of industry” with unusual personality traits, and his attempts to explain business cycles is unpersuasive.  

The aims of economic development are often said to be higher incomes, industrialization, efficient investment, and poverty alleviation.

Amartya Sen argues for a broader goal: increasing the capability of all human beings to achieve those things that they most value.

Such an agenda implies more ambitious goals for empowering people, especially in poor countries, to begin a process of expanding the real freedoms that people enjoy: education, health care, longevity, and the ability to influence political decisions.

Sen, a Nobel laureate in economics, draws on a lifetime of thought about human predicaments, famines, and poverty, how to define one’s capabilities, and the meaning of one’s ‘standard of living.’

Rather than offering specific recipes, this book provides a provocative framework for thought. 

This book provides an essential introduction to the expanding field of ecological economics.

Authored by some of the leading figures in the field, it covers the basic evidence of global limits to economic activity such as climate change, biodiversity loss, and land degradation. The historical basis for ecological economic theory is explained in non-technical terms.

The book covers issues of sustainable scale, natural capital, and ecosystem services – simple concepts that nonetheless revolutionize economic thinking. It concludes with an analysis of policies needed to achieve sustainability. 

Olson focuses on the impact of interest groups on public policy. He emphasizes the way that economic interests lobby governments to produce policies favorable to them, but at the expense of the general public. Interests lobby for subsidies, tax breaks, trade barriers to protect them from foreign competition, regulatory barriers to inhibit domestic competitors, and more. Over time, the connection between interest groups and policymakers strengthens, so that increasingly, profits are the result of political connections rather than producing value for consumers. The growth of interest group influence over time leads to the decline of nations.