A lot of people want to throw their two cents in when it comes to the economic crisis plaguing our country. Everyone seems to have their own answer: tax cuts, increased government spending, ouija boards. It’s hard to wade through all the bull and know who’s making sense and who’s full of it. For those who want a crash course in economics, I’ve put together a list of some of my favorite books:
• “Dr. Strangelove’s Game” by Paul Strathern: An accessible history of the major economists and their theories. You’ll never think practitioners of the dismal science are boring again after you read about Adam Smith’s Oedipal-esque relationship with his mother. If economic history piques your interest, “The Worldly Philosophers” by Robert Heilbroner is a slightly denser, but equally rewarding, read.
• “Das Kapital” by Karl Marx: Marx’s theories don’t hold much sway with economists these days, but they’ve inspired over a centuries’ worth of revolutionaries. Even if you think he’s talking crazy, he’ll get your blood boiling.
• “The Wealth of Nations” by Adam Smith: Considered the founding father of economics, Smith’s wry style and penetrating insight remain touching. He wrote over two hundred years ago, but he knew more about the world than most of his successors.
• “Capitalism and Freedom” by Milton Friedman: America’s greatest economist is coming in for a lot of criticism these days from people who don’t know squat about his thinking. Everyone should read and appreciate the complexity and elegance of Friedman’s compassionate libertarianism.
• “A Theory of Justice” by John Rawls: A lot of people consider Rawls the best political philosopher of the 20th century. He imagines a welfare state where people are left to pursue their ends equally. Liberals everywhere can thank Rawls for the most coherent statement of principle they have.
• “Austrian Economics: A Reader” edited by Richard M. Ebeling: The Austrian school was a radical group of free market thinkers led by the likes of Ludwig von Mises and Friedrich Hayek. The Austrians’ organic approach to the discipline is refreshing compared to the highly technical writings of most economists.
• “The Use of Knowledge in Society” by Friedrich Hayek: This short, easy to read article explains why markets work better at organizing things than technocrats. If I could only read one thing for the rest of my life, this would be it.
• “The Machinery of Freedom” by David Friedman: Friedman looks at law and institutions from an economic standpoint. The result is a classic statement of anarcho-capitalist ideals. You won’t agree with everything he says, but you’ll have a whole new appreciation for the brilliance of people who prefer markets to governments.
• “Urinetown: The Musical” by Mark Hollmann and Greg Kotis: The funniest musical I’ve ever seen, “Urinetown” tells the story of a civilization plagued by a drought so severe that private toilets become illegal. A large monopoly controls the water supply and is challenged by a brand of revolutionaries that believe people should pee for free. The end will blow your mind.
Hundreds of billions of dollars are being spent on resurrecting the economy; we’re being asked to put future generations in 13 digits worth of debt. We owe it to them to understand and carefully consider the implications of our actions.
Nathaniel French is a sophomore theater studies and math double major. He can be reached for comment at [email protected].
