Books

Dear all,

Could anyone recommend any books relating to the economy and how it works etc (for a beginner).

I recently watched the video with Ray Dailo (I think that is his name?) and this has really grabbed my interest.

Thank you

Mark

Comments

  • Start with Economics in One Lesson by Hazlitt and Basic Economics by Sowell.
  • Along the same lines as Mark, I am interested in gaining a better understanding of the history of financial markets as well as the boom/bust cycle of economies. Further, I am looking to understand the impact that certain historical events had on markets or vice versa. If anyone has good suggestions please let me know.

    Thanks,
    Max


  • There is this video that Preston and Stig have referenced a few times in their podcast notes. It is more to do with credit cycles, monetary policy, and inflation.

    It does not cover more specifics like price elasticity etc. You can probably get that stuff out of most basic economic texts.

    However if you follow the Buffit method of value investing you don't need to worry about the macro stuff so much. Although recognizing where you are in a credit cycle can help influence better investment choices, this is something that is very hard to do and I have heard that experts are even less likely than the average joe to predict future outcomes as they are very biased by their models. Economics is not a "hard science" as it continues to evolve.
  • I'm gonna have to second Economics in One Lesson. Other than that, it depends on your own view points. There's numerous different methods of explaining macroeconomic events, so I'd recommend looking into some of the different economic schools of thought and go from there.
  • Hi guys,

    I apologise for the late response as I have been away, however, thank you all for your comments. Last year I embarked on a very basic shares course in London. All I can say is thank goodness for Preston and Stigs site! I have found it much easier to learn on here then the course in London.

    Thanks

    Mark :)
  • Basic Economics by Sowell is a fantastic book for understanding the intersection of economics, business, scientific progress, cultural shifts, and politics. Each edition packs on another 100 pages.

    Similarly, one of Sowell's mentors, Milton Friedman, has a number of easy to digest books and videos on Youtube.

    What's interesting about them both is they've studied economies around the world and throughout the past few hundred years.
  • The recommendations here would totally fit what my friend is looking for.
  • I'd also recommend 'Economics in one lesson' by Henry Hazlitt;

    https://www.amazon.com/Economics-One-Lesson-Shortest-Understand/dp/0517548232

    It's a short and simple book with each economic concept explored through story form to make it accessible for the layman. I found this book to be very useful when starting out and it dispelled a number of myths and misunderstandings I had regarding economic theory.

    Regards,

    Anaximander
  • The choices I got are the following:

    - Basic Economics by Thomas Sowell
    - Economics in One Lesson by Henry Hazlitt
  • Basic Economics by Thomas Sowell is a good book! a must read!
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