The 9 Best Economics Books

Best Overall: Economics in One Lesson

Henry Hazlitt’s “Economics in One Lesson” earned the top spot on our list for its no-nonsense approach to economic theory, the intersection of government and the economy, and the importance of the free market. Written in 1946, it's sold more than a million copies, a testament to the staying power of Hazlitt’s lessons. Think anti-deficit approaches to the markets and economic liberty.

An economist and journalist, Hazlitt was a founding co-president of the Foundation for Economic Education and an editor of The Freeman magazine.

Best on Microeconomics: Freakonomics

Steven Levitt's and Stephen Dubner’s runaway hit “Freakonomics” tackles everyday questions and explores their answers through the lens of an unconventional economist. Some of the questions may sound a bit out there, like, “What’s more dangerous, a gun or a pool?” or “How much do parents really matter?” But the answers tell us a lot about what incentivizes people, how we make decisions, and how we call conventional wisdom into question.

Levitt is a professor of economics at the University of Chicago. Dubner is an award-winning journalist and radio and TV personality.

Best Psychological Take: Thinking Fast and Slow

Daniel Kahneman’s “Thinking, Fast and Slow” delves into the human mind and the two systems that power everything, one fast and one slow. It explains how these two systems are responsible for everything from overconfidence in the workplace to cognitive bias and how we make decisions on where to vacation next. But Kahneman takes it a step further, delving into when to trust our intuitions, when not to, and how to avoid common pitfalls when making decisions in both our personal and professional lives.

Kahneman is a psychologist and winner of the Nobel Prize in Economics.

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Best on Income Inequality: Capital in the Twenty-First Century

A New York Times and Wall Street Journal bestseller, and winner of the Financial Times and McKinsey Business Book of the Year Award, Thomas Piketty’s “Capital in the Twenty-First Century” offers an unparalleled take on the history of wealth inequality in Europe and the United States. It explores the havoc wreaked by such inequality. The book explains in no uncertain detail that when the rate of return in a country is greater than the rate of economic growth, wealth inequality will continue to spread.

Piketty is a French economist and a professor at the Paris School of Economics.

Best for Beginners: Common Sense Economics

Written by top economists James Gwartney, Richard L. Stroup, and Dwight R. Lee, “Common Sense Economics” answers beginners' pressing questions on the genre, from how an economy works to redistributing wealth. It describes important economic concepts like supply and demand, trade, and private ownership. This pick explains why an understanding of economics is important in clear, easy-to-understand prose.

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Best on Economic History: The Road to Serfdom

First published in 1944, F. A. Hayek’s “The Road to Serfdom” has been established as something akin to the gospel in the world of economic writing. Hayek’s work served up what then was a controversial warning against state control over the production of goods. It has sold more than 400,000 copies and has been translated into more than 20 languages.

The updated version includes a foreword by Bruce Caldwell, a Hayek scholar who adds clarification and modern takes on Hayek’s works, which have often been misinterpreted.

Hayek, a recipient of the Medal of Freedom and the Nobel Memorial Prize in Economics, taught at the University of London, the University of Chicago, and the University of Freiburg.

Best on Behavioral Economics: Misbehaving: The Making of Behavioral Economics

Richard H. Thaler’s “Misbehaving: The Making of Behavioral Economics” turns classic economic theory on its head. It denounces the idea that much of economic theory is based on the behavior of rational actors. According to Thaler, humans are inherently flawed and easily succumb to bias and emotional decision-making. This sets a ripple effect on the economy into motion. Thaler schools readers on how to avoid these emotional pitfalls and make smarter decisions using this theory.

Thaler is a Professor of Economics and Behavioral Science at the University of Chicago's Graduate School of Business and a Research Associate at the National Bureau of Economic Research.

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Best on Applied Economics: The Armchair Economist

Steven Landsburg’s “The Armchair Economist” applies real-world situations to economic theory. Why do celebrity endorsements sell products? Do government deficits matter? Why do women pay more at the dry cleaners? The revised edition of this book tackles all this and more, making the economic concepts much more understandable.

Landsburg is a Professor of Economics at the University of Rochester and the author of “More Sex Is Safer Sex" and “Fair Play,” two textbooks on economics. He also authored the "Everyday Economics" column in Slate magazine.

Best Cerebral Pick: Good Economics for Hard Times

Ever wondered why economics matters? MIT economists Abhijit V. Banerjee and Esther Duflo explain just that in their book, “Good Economics for Hard Times.” It tackles the pressing economic issues of our age, from climate change to globalization to immigration and inequality, and it couples that with modern economic takes that could very well be the solutions to the world’s biggest issues.