Fans pick 100 books like Worldly Philosopher

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.

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.

In the 1950s and 1960s, J. K. Galbraith was probably America’s most famous economist. A Canadian, whose career began as an agricultural economist, Galbraith achieved notoriety in the United States as Director of the wartime Office of Price Administration, until he was forced to resign. He was one of the economists responsible for spreading Keynesian ideas in America, and became active in the Democratic Party, and a close friend and adviser to President John F. Kennedy. He was the author of a string of best-sellers: American Capitalism, The Great Crash:1929, The Affluent Society, and The New Industrial State, as well as a talented essayist and speech-writer, coining phrases that have become well known, including “the conventional wisdom” and “private wealth and public squalor.” Holding radical political views, he became an outsider to an economics profession that increasingly turned away from his non-technical literary style. Parker has… show more.

This book is a lovingly and expertly written biography of an underappreciated but vastly significant economist, Herman Daly. Professor Daly was an early proponent of ecological economics, and his work is becoming increasingly important and relevant if we want to stop climate breakdown.

One of the main reasons we are approaching climate breakdown is because neo-liberal economic theories and the economic system they have led to through trade agreements and the like rely on false or oversimplified assumptions—like pollution is free or that any resource constraints can be met by new inventions. The fact that neither is true—and the policy implications that set out from that conclusion - are persuasively documented in this biography.

The book is about economics and a great economist who brilliantly and convincingly demonstrated that the Planet and human resource demands on it must be included in our economic analysis and rules. As such, the biography… 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?”

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.  

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.