5 Economics Books that Every Young Economist must Read

If you are a curious and aspiring student of Economics and want to know about the theories and the history of Economics, you must read the books suggested in this article. The books can offer you insight and a wider perspective on the way to use economic laws and policies in your daily life and how you can perceive the larger economies. How they work and how the economic systems and problems have changed over time from Adam Smith to Richard h. Thaler. To read such books you must be an Economics Enthusiast and an economic geek to draw advantages from reading such wittingly-written, thought-provoking and insightful books.

Here is that list of best books for young enthusiast Economists and economic geeks.

1. Freakonomics

It is a book completely different from traditional or standard Economics books.  This book has been regarded by some people as pure genius due to its unconventional approach. According to Steven D. Levit and Stephen J. Dubner Economics is more concerned with the problems of actual-world as opposed to morality that deals with the ideal world. Additionally, you can notice a variety of case studies related to crime, public school teachers and parents in this freakish book. The main theme of this book is how the incentives can be used to influence the behavior of people in different fields to draw desirable results.

2. The End of Alchemy: Money, Banking and the Future of the Global Economy

An economic geek who has an interest in money, banking, and financial crisis, must read this book. This book discusses elaborately the problems within the banking sector and it also offers solutions while many of the traditional Economics books are obsessed only with the discussions of problems. Mervyn King is a British Economist and had been the former governor of the Bank of England. He has intelligently analyzed the banking system and recommended that the alchemy (functions of banking that are consistent in regular days, but fail when there is chaos or crisis) must be finished or abolished from banking systems to avoid more financial crisis.

3. Naked Economics: Undressing a dismal science

Naked Economics is a must-read for young Economists who have a vision and wish to try something great in Economics. This book is jam-packed with thrilling examples.  The anecdotes really facilitate in understanding various myths related to trade tariffs and Human Development Index (HDI). Naked Economics is straightforward to grasp and is written in a comprehensive style. It's a layman's book or you can say that 'Economics for Dummies' as it explains the economic concepts in an exceedingly plain language. This book principally touches the ideas related to the free-market economy, free trade, and globalization. Naked Economics by Charles Wheelan is widely and globally appreciated and has been recommended to undress this dismal science.

4. Misbehaving: The Making of Behavioral Economics

Noble Laureate Richard H. Thaler has jolted the economic world with his radical ideas. He proposed his ideas that ruthlessly rejected the neoclassical assumptions of rational agents, utility maximization and self-interest. He projected that humans don't behave rationally in their own self-interest, while making decisions. Their decisions and preferences are largely influenced by noneconomic factors like culture, social, emotional and cognitive factors. He has described human behavior based on altruism rather on self-interest. This a good read for all those who wish to know development in Economics that are taking place in this century.

5. The Affluent Society

Every young and geek economist must read this bestselling book about the unconventional ideas on Economics and public policy. This book has challenged the traditional economic theories by arguing that classical theories were developed in an age of mass poverty and inequality whereas our economic systems are supported by advertisement creating the demand for superfluous things and products. The affluent society by John Kenneth Galbraith has vital implications for the modern Economists who are not obsessed with production but with the production of desire to produce more goods.