# What economic theory should I read that isn't BS? **URL:** \ **Category:** In My Humble Opinion\ **Created:** [August 2, 2014, 4:07pm UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651 "2014-08-02T16:07:14Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![HMS\_Irruncible](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/hms_irruncible/32/7394_2.png) [@HMS\_Irruncible](https://boards.straightdope.com/u/HMS_Irruncible)\ **Post date:** [August 2, 2014, 4:07pm UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/1 "2014-08-02T16:07:14Z")
What should I read if need a cold introduction to economics, something that has stood the test of time but isn’t a thinly disguised cultural polemic? I would really like to understand the technical fundamentals rather than a discussion of why government is bad, why the invisible hand is good, or why the value of any good is derived wholly from the labor to produce it. Apologies if the question is poorly formed, I don’t have much acquaintance with it. I am also very interested in organizational economics as well, if someone knowledgeable can make any introductions there. ---
**Author:** ![Little\_Pig](https://avatars.discourse-cdn.com/v4/letter/l/c57346/32.png) [@Little\_Pig](https://boards.straightdope.com/u/Little_Pig)\ **Post date:** [August 2, 2014, 5:55pm UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/2 "2014-08-02T17:55:31Z")
I always enjoyed Schumpeter’s creative destruction. You can read about it (briefly) [here.](http://en.wikipedia.org/wiki/Capitalism,_Socialism_and_Democracy) ---
**Author:** ![Stringbean](https://avatars.discourse-cdn.com/v4/letter/s/d6d6ee/32.png) [@Stringbean](https://boards.straightdope.com/u/Stringbean)\ **Post date:** [August 2, 2014, 6:13pm UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/3 "2014-08-02T18:13:23Z")
Adam Smith. He was an economic luminary with a heart (the latter being almost entirely neglected by the current cultural polemic). ---
**Author:** ![WordMan](https://avatars.discourse-cdn.com/v4/letter/w/e8c25b/32.png) [@WordMan](https://boards.straightdope.com/u/WordMan)\ **Post date:** [August 2, 2014, 6:24pm UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/4 "2014-08-02T18:24:41Z")
The best overview of Economic theory - from its emergence as the intersection of Philosophy and Math in Adam Smith’s day through modern thinking - is Heilbroner’s **The Worldly Philosophers** : > **[The Worldly Philosophers: The Lives, Times And Ideas Of The Great Economic...](https://www.amazon.com/Worldly-Philosophers-Economic-Thinkers-Seventh/dp/068486214X)** > > The Worldly Philosophers: The Lives, Times And Ideas Of The Great Economic Thinkers, Seventh Edition \[Heilbroner, Robert L.\] on Amazon.com. \*FREE\* shipping on qualifying offers. The Worldly Philosophers: The Lives, Times And Ideas Of The Great... Very readable and gives a clear understanding of the concepts underscoring many economic philosophies that have emerged over the past few hundreds years. ---
**Author:** ![HMS\_Irruncible](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/hms_irruncible/32/7394_2.png) [@HMS\_Irruncible](https://boards.straightdope.com/u/HMS_Irruncible)\ **Post date:** [August 3, 2014, 1:15am UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/5 "2014-08-03T01:15:22Z")
Thank you for the recommendations, I will put them to good use. ---
**Author:** ![Sefton](https://avatars.discourse-cdn.com/v4/letter/s/5daacb/32.png) [@Sefton](https://boards.straightdope.com/u/Sefton)\ **Post date:** [August 3, 2014, 1:23am UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/6 "2014-08-03T01:23:14Z")
I really liked the [Economics](http://www.thegreatcourses.com/courses/economics-3rd-edition.html) course put out by the Teaching Company. ---
**Author:** ![Andy\_L](https://avatars.discourse-cdn.com/v4/letter/a/c67d28/32.png) [@Andy\_L](https://boards.straightdope.com/u/Andy_L)\ **Post date:** [August 3, 2014, 1:27am UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/7 "2014-08-03T01:27:25Z")
> [@Sefton](#): > > I really liked the [Economics](http://www.thegreatcourses.com/courses/economics-3rd-edition.html) course put out by the Teaching Company. I enjoyed that too. ---
**Author:** ![FeAudrey](https://avatars.discourse-cdn.com/v4/letter/f/7feea3/32.png) [@FeAudrey](https://boards.straightdope.com/u/FeAudrey)\ **Post date:** [August 3, 2014, 2:01am UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/8 "2014-08-03T02:01:00Z")
> [@WordMan](#): > > … Economic theory - from its emergence … through modern thinking … Heilbroner’s **The Worldly Philosophers** … Which was published in 1953, and ends with Joseph Schumpeter, who was influential between the two World Wars. You might want something that will take you through the most recent sixty or seventy years of economic thought, ideally including the post-Soviet period. ---
**Author:** ![WordMan](https://avatars.discourse-cdn.com/v4/letter/w/e8c25b/32.png) [@WordMan](https://boards.straightdope.com/u/WordMan)\ **Post date:** [August 3, 2014, 2:26am UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/9 "2014-08-03T02:26:05Z")
> [@FeAudrey](#): > > Which was published in 1953, and ends with Joseph Schumpeter, who was influential between the two World Wars. > > You might want something that will take you through the most recent sixty or seventy years of economic thought, ideally including the post-Soviet period. You got something better? I’d love to hear about it. It is a _great_ book, and updated for more recent thinking, like the University of Chicago school of economic thought. ---
**Author:** ![Dangerosa](https://avatars.discourse-cdn.com/v4/letter/d/22d042/32.png) [@Dangerosa](https://boards.straightdope.com/u/Dangerosa)\ **Post date:** [August 3, 2014, 3:52pm UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/10 "2014-08-03T15:52:53Z")
Naked Economics is a pretty good overview [http://www.amazon.com/Naked-Economics-Undressing-Dismal-Science/dp/0393049825](http://www.amazon.com/Naked-Economics-Undressing-Dismal-Science/dp/0393049825) ---
**Author:** ![Hari\_Seldon](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/hari_seldon/32/5173_2.png) [@Hari\_Seldon](https://boards.straightdope.com/u/Hari_Seldon)\ **Post date:** [August 3, 2014, 4:21pm UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/11 "2014-08-03T16:21:52Z")
> [@Stringbean](#): > > Adam Smith. > > He was an economic luminary with a heart (the latter being almost entirely neglected by the current cultural polemic). Let me second this and add some observations. Yes, he is a free marketer. But he recognizes that markets do not remain free but tend to a monopoly unless restrained … by governments. So he considers strong governmental regulation a necessary feature of free markets. Of course, the current brand of “free marketers” are horrified by the idea. Just out of curiosity, does anybody here know of any free marketer. As far as I can tell, the phrase has morphed into meaning anti-free-marketer who merely wants to be free of regulation. ---
**Author:** ![cookiecuttercc](https://avatars.discourse-cdn.com/v4/letter/c/f4b2a3/32.png) [@cookiecuttercc](https://boards.straightdope.com/u/cookiecuttercc)\ **Post date:** [August 3, 2014, 4:33pm UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/12 "2014-08-03T16:33:21Z")
"What should I read if need a cold introduction to economics, something that has stood the test of time but isn’t a thinly disguised cultural polemic? " “I am also very interested in organizational economics as well, if someone knowledgeable can make any introductions there.” start by reading about the basics of behavioral economics (example. [How do we really make decisions? - BBC News](http://www.bbc.com/news/science-environment-26258662)) —start at wikipedia article and follow up on the cites for points that interests you. Or for an overview of the predominant schools of thought, watch “Masters of Money,” a 3-part documentary series (probably on youtube or another video site) that covers the basics of Marx, Adam Smith, Hayek—then follow-up by reading the actual texts on points that may interest you. Just be wary as most people use economics to justify personal belief as opposed to using economics to be objective (if being truly objective is possible in the real world.) ---
**Author:** ![Stringbean](https://avatars.discourse-cdn.com/v4/letter/s/d6d6ee/32.png) [@Stringbean](https://boards.straightdope.com/u/Stringbean)\ **Post date:** [August 3, 2014, 4:44pm UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/13 "2014-08-03T16:44:18Z")
> [@Hari\_Seldon](#): > > Let me second this and add some observations. Yes, he is a free marketer. But he recognizes that markets do not remain free but tend to a monopoly unless restrained … by governments. So he considers strong governmental regulation a necessary feature of free markets. Of course, the current brand of “free marketers” are horrified by the idea. > > Just out of curiosity, does anybody here know of any free marketer. As far as I can tell, the phrase has morphed into meaning anti-free-marketer who merely wants to be free of regulation. I fear you’re painting with a broad brush to suggest Smith advocated “strong government regulation:” _The sovereign [politician] is completely discharged from a duty, in the attempting to perform which he must always be exposed to innumerable delusions, and for the proper performance of which no human wisdom or knowledge could ever be sufficient: the duty of superintending the industry of private people." (The Wealth of Nations, vol. II, bk. IV, ch. 9.)_ He was anti-monopoly and certainly feared a society stratified by wealth, but his general outlook was to avoid, as much as reasonably possible, government involvement in the operations of an economy. I think he is best described by modern standards as a free-market socialist. ---
**Author:** ![Crafter\_Man](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/crafter_man/32/458_2.png) [@Crafter\_Man](https://boards.straightdope.com/u/Crafter_Man)\ **Post date:** [August 3, 2014, 5:33pm UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/14 "2014-08-03T17:33:51Z")
IMO [The Economic Way of Thinking](http://www.amazon.com/Economic-Thinking-13th-Pearson-Economics/dp/0132991292/) by Paul Heyne is the best book on learning and understanding the fundamentals of economics. Instead of focusing on the nuts-and-bolts, it focuses on reasoning and understanding. ---
**Author:** ![WordMan](https://avatars.discourse-cdn.com/v4/letter/w/e8c25b/32.png) [@WordMan](https://boards.straightdope.com/u/WordMan)\ **Post date:** [August 3, 2014, 7:19pm UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/15 "2014-08-03T19:19:23Z")
> [@Crafter\_Man](#): > > IMO [The Economic Way of Thinking](http://www.amazon.com/Economic-Thinking-13th-Pearson-Economics/dp/0132991292/) by Paul Heyne is the best book on learning and understanding the fundamentals of economics. Instead of focusing on the nuts-and-bolts, it focuses on reasoning and understanding. Looks interesting, but it is around $160!! Amazon says it can be “rented” for a mere $40 or so. Have you read Heilbroner? For a wide-ranging overview, I think it is great - and yes (harumph!) it has been updated from its initial release date to factor in more current schools of thought… ---
**Author:** ![Crafter\_Man](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/crafter_man/32/458_2.png) [@Crafter\_Man](https://boards.straightdope.com/u/Crafter_Man)\ **Post date:** [August 3, 2014, 8:09pm UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/16 "2014-08-03T20:09:24Z")
> [@WordMan](#): > > Looks interesting, but it is around $160!! Professor Heyne is (was) also an fan of capitalism. 😉 ---
**Author:** ![Thudlow\_Boink](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/thudlow_boink/32/320_2.png) [@Thudlow\_Boink](https://boards.straightdope.com/u/Thudlow_Boink)\ **Post date:** [August 3, 2014, 9:06pm UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/17 "2014-08-03T21:06:54Z")
> [@WordMan](#): > > Looks interesting, but it is around $160!! The link goes to the 13th edition. You can find earlier editions for much less (I checked). ---
**Author:** ![Measure\_for\_Measure](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/measure_for_measure/32/557_2.png) [@Measure\_for\_Measure](https://boards.straightdope.com/u/Measure_for_Measure)\ **Post date:** [August 3, 2014, 9:15pm UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/18 "2014-08-03T21:15:37Z")
> [@HMS\_Irruncible](#): > > What should I read if need a cold introduction to economics, something that has stood the test of time but isn’t a thinly disguised cultural polemic? If you want to start learning about a discipline, I’d pick up a textbook rather than the work of a great man written over 30 years ago. What you want is an introductory textbook to economics. Go back 4 editions and they are dirt cheap in the used book market. You can even get 2. Get one that covers both macroeconomics and microeconomics. To be fair, there are also economics texts designed for those not taking courses in college: they generally lack charts. Although there are also comic presentations [like this one](http://www.amazon.com/Economix-Economy-Works-Doesnt-Pictures/dp/0810988399/ref=sr_1_1?s=books&ie=UTF8&qid=1407100427&sr=1-1&keywords=economix) which I haven’t gotten around to yet. ---
**Author:** ![Measure\_for\_Measure](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/measure_for_measure/32/557_2.png) [@Measure\_for\_Measure](https://boards.straightdope.com/u/Measure_for_Measure)\ **Post date:** [August 3, 2014, 9:48pm UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/19 "2014-08-03T21:48:02Z")
Old editions of standard texts: > **[Amazon.com: Economics: 9780070579477: Paul A. Samuelson: Books](https://www.amazon.com/Economics-Paul-Samuelson/dp/0070579474)** > > Amazon.com: Economics: 9780070579477: Paul A. Samuelson: Books > **[Principles of Economics: Case, Karl E., Fair, Ray C.: 9780131441729: Amazon.com:...](https://www.amazon.com/Principles-Economics-7th-Case-Fair/dp/0131441728)** > > Principles of Economics \[Case, Karl E., Fair, Ray C.\] on Amazon.com. \*FREE\* shipping on qualifying offers. Principles of Economics I found an interesting review at Amazon for [Krugman’s textbook](http://www.amazon.com/Economics-Paul-Krugman/dp/0716771586/ref=sr_1_2?s=books&ie=UTF8&qid=1407102089&sr=1-2&keywords=krugman+economics): [INDENT] For those worried about Krugman and whether he has just layered this book full of leftist propaganda, consider this opening paragraph from Chapter 5: “New York City is a place where you can find almost anything - that is, almost anything, except a taxicab when you need one or a decent apartment at a rent you can afford. You might think that New York’s notorious shortages of cabs and apartments are the inevitable price of big-city living. However, they are largely the product of government policies - specifically, of government policies that have, one way or another, tried to prevail over the market forces of supply and demand.” I’ll be honest, as a avid reader of Krugman in the NYT, I’d never expected to read such a paragraph in this book. Krugman saying that sometimes the government is the problem? Krugman goes on to explain exactly what policies are to blame for the housing shortage and taxi cab shortage in New York. The rest of the textbook is full of similar balance. He constantly keeps surprising me and making me think about things that I’ve never noticed before, such as the housing problem in New York. Who knew such a problem has a simple explanation? [/INDENT] Actually, pretty much every working economist has such an understanding. I haven’t read that text, but Krugman is a pretty lucid writer. And his [essentials](http://www.amazon.com/Essentials-Economics-Paul-Krugman/dp/1429218290/ref=sr_1_4?s=books&ie=UTF8&qid=1407102089&sr=1-4&keywords=krugman+economics) text is only a buck (used, plus shipping). ---
**Author:** ![Omar\_Little](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/omar_little/32/269_2.png) [@Omar\_Little](https://boards.straightdope.com/u/Omar_Little)\ **Post date:** [August 5, 2014, 3:12pm UTC](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651/20 "2014-08-05T15:12:23Z")
Here’s a pretty good animated summary by Ray Dalio, founder of Bridgewater: called “How the Economic Machine Works In 30 Minutes”. [![](https://img.youtube.com/vi/PHe0bXAIuk0/maxresdefault.jpg "How The Economic Machine Works by Ray Dalio") ](https://www.youtube.com/watch?v=PHe0bXAIuk0) [Next page](https://boards.straightdope.com/t/what-economic-theory-should-i-read-that-isnt-bs/694651.md?page=2)