10 books like Irrational Exuberance

Admittedly, I’m just a painfully average Joe, but therein lies the paradoxical aptness of my credentials. Like most people, I wasn’t raised specially educated or trained, fed by a spiritual spoon. Instead, my qualifications arise from transitioning out of the common, materialistically driven, atheistic perspective to see the contrasting light of the other side. What was originally a drive for self-development has evolved into a passion for spirituality, which inevitably arises if one introspects long enough. These past few years, I’ve been motivated to try and make more sense out of this senseless topic with the intent of sharing its value with others. 

As an archaeologist, I love prehistoric things and what can I learn from them about the people that made them and left them behind. I study ancient Maya commoners in what is now modern Guatemala. Their material remains are humble but include depictions and symbols normally found in the palaces of Maya kings and queens. First I wondered and then I studied how the title-giving war owl fell into the hands of Maya commoners. By approaching this process as innovation, I discuss creativity in the past and cultural changes that result from it.

I became a behavioral economist in the 1970s, at the time modern behavioral economics came into existence. Much of my work has focused on the way in which the combination of emotions and deliberative thinking impact the way people make decisions about their economic lives. For over four decades, I have been identifying the fascinating ways in which this two system psychological approach influences the important questions of our day.

How did I – as a scholar of German literature – turn to economic topics? That had a certain inevitability. When I left for Paris in the early nineties, reading traces of anthropological knowledge in literature and aesthetics of the 18th century, I came across economic ideas on almost every page, in natural history, in medicine, in philosophy, in encyclopedias, in the theories of signs and in the teachings of beauty. There was circulation, communication, flows of exchange all over the place, and the Robinsons were the model. This reinforced the impression that the human being was engaged in aligning himself with homo oeconomicus. The question of  modern economics has therefore become unavoidable for me.

Since completing my PhD in political economy (dissertation: ‘International Integration and Foreign Policy Decision-making’) I have gone deeper into economic origins of change (eg. Modern Inflation, coauthored with well-known economist Wilhelm Hankel in Bologna, Italy at Johns Hopkins SAIS) and find the interactions between economic, politics, and psychology fascinating—presenting an infinite number of ‘Sherlock Holmes-like puzzles’. We are all now confronted with political, economic, and psychological uncertainties, put on high speed due to the war in Ukraine and great power tensions. So it is time to learn about the origins of our problems and their trends in order to better cope and find a basis for individual, if not collective, peace.

Since completing my PhD in political economy (dissertation: ‘International Integration and Foreign Policy Decision-making’) I have gone deeper into economic origins of change (eg. Modern Inflation, coauthored with well-known economist Wilhelm Hankel in Bologna, Italy at Johns Hopkins SAIS) and find the interactions between economic, politics, and psychology fascinating—presenting an infinite number of ‘Sherlock Holmes-like puzzles’. We are all now confronted with political, economic, and psychological uncertainties, put on high speed due to the war in Ukraine and great power tensions. So it is time to learn about the origins of our problems and their trends in order to better cope and find a basis for individual, if not collective, peace.

Since completing my PhD in political economy (dissertation: ‘International Integration and Foreign Policy Decision-making’) I have gone deeper into economic origins of change (eg. Modern Inflation, coauthored with well-known economist Wilhelm Hankel in Bologna, Italy at Johns Hopkins SAIS) and find the interactions between economic, politics, and psychology fascinating—presenting an infinite number of ‘Sherlock Holmes-like puzzles’. We are all now confronted with political, economic, and psychological uncertainties, put on high speed due to the war in Ukraine and great power tensions. So it is time to learn about the origins of our problems and their trends in order to better cope and find a basis for individual, if not collective, peace.

F. Scott Fitzgerald claimed, “there are no second acts in American lives.” But I am on my third. I started out in the theatre, then became a lawyer, and then a political philosopher. What drove each move is that I was always outraged by injustice and wanted to find a better way to fight against it. For me, reading, writing, and teaching political philosophy turned out to be that way. The books on this list provide important lessons on how certain economic policies can cause injustice while others can cure it. Each has been around for a long time, but they are as relevant today as when they were first written. 

My sons were both reluctant readers and that made me want to write books that they wouldn’t be able to resist reading! Reading should be a pleasure and this list is packed with books that are impossible to put down. They are perfect for young, reluctant readers, as they are not trying to be too serious or worthy or overwhelming with too much text. They pull you in and hook you from the start and you can’t help being moved by the characters as they grow and develop, fostering a love of books and fiction. I love comedy in books, but funny books also have to have heart, believable characters, and a great plot that keeps you reading till the very end.

I am a cognitive scientist interested in how the human mind evolved and how it works. My research focuses on how people make decisions about the future, and in recent years I have become increasingly intent on understanding how to best harness our abilities for long-term thinking. Humans may be the most farsighted creatures that have ever existed on this planet. That also means we are uniquely equipped to tackle the big challenges ahead of us—to use our powers of foresight to create a future worth looking forward to. The books I have chosen below show us how we might do it.